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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 4, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 4, 2024

Van Thanh Le

May 4 2024

2 months ago3 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Market and Whale Activity

  • Bitcoin's Rapid Recovery: Whales Buy Big
  • ETFs Surge with Major Inflows Amidst Market Shift
  • Crypto Funding Soars in Q1 with Increased Deals
  • $71M WBTC Loss Exposes Risks in Address Copying
  • Yong Rong Leads Massive Investment in BlackRock Bitcoin ETF

Platform and Protocol Updates

  • LayerZero Introduces Token Rewards to Curb Sybil Attacks
  • MakerDAO Unveils New Tokens to Enhance Stability and Governance
  • Saga Blockchain Launches Major Airdrop to Boost Engagement
  • USDT Issuance on TON Blockchain Experiences Sharp Rise

Regulatory and Legal Challenges

  • Former Cred Executives Face Serious Fraud Charges
  • OKX Ceases Naira Transactions Following Regulatory Pressure
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Bitcoin's Rapid Recovery: Whales Buy Big

Bitcoin rebounded to $63,000 after dropping to $56,900, spurred by a weaker-than-expected U.S. jobs report and increased investor activity. In a day, Bitcoin whales purchased 47,000 BTC, worth about $2.8 billion, demonstrating significant market confidence. Despite market uncertainty, including pressures from the Middle East and U.S. inflation, the whale purchases suggest a positive shift, potentially inviting more retail investments into Bitcoin.

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ETFs Surge with Major Inflows Amidst Market Shift

Grayscale's GBTC spot Bitcoin ETF witnessed a substantial shift, ending a 78-day outflow streak by attracting $63 million in net inflows on Friday. This marked a significant turnaround since its inception. The broader U.S. spot Bitcoin ETF category also experienced a notable change, recording the largest daily net inflow of $378.3 million. Key players like Franklin Templeton’s EZBC, Fidelity's FBTC, and BlackRock's IBIT saw substantial inflows, hinting at evolving investor sentiment amidst market uncertainties, potentially shaping the future trajectory of the ETF landscape.  


Crypto Funding Soars in Q1 with Increased Deals

In Q1, crypto firms raised $2.5 billion across 603 deals, a 29% increase in funding and 68% rise in deal count. Galaxy considered the growth modest, citing factors like market recovery, high-interest environments, and limited later-stage investment opportunities. Early-stage deals dominated, while infrastructure, Web3, and trading firms led capital raise.  


$71M WBTC Loss Exposes Risks in Address Copying

A user fell victim to a $71 million WBTC loss through an address poisoning attack in a deceptive 0.05 ETH transaction. Common but low in success rate, these attacks exploit users' tendencies to blindly copy addresses. To combat such threats, users are advised to be vigilant, verify each digit, and avoid relying solely on clipboard data for transactions.  


Yong Rong Leads Massive Investment in BlackRock Bitcoin ETF

Yong Rong HK Asset Management has invested $38M in BlackRock Bitcoin ETF, becoming the largest holder, while Ovata has allocated $74M in various Bitcoin ETFs. Analysts speculate possible market impact of Yong Rong's move and discuss Bitcoin's resilience amidst economic uncertainties and potential Federal Reserve rate cuts.  


LayerZero Introduces Token Rewards to Curb Sybil Attacks

LayerZero Labs aims to combat sybil activity by introducing a self-reporting mechanism, offering 15% of tokens to confess sybil users in a 14-day window. Penalties await those who fail to self-report by May 17. The initiative aims to reward genuine network contributors and deter deceptive practices, aligning with the protocol's commitment to fair token distribution and sustainable growth.  


MakerDAO Unveils New Tokens to Enhance Stability and Governance

MakerDAO has introduced two new tokens – NewStable (NST) and NewGovToken (NGT), replacing Dai and MKR, respectively. NST offers enhanced stability and adoption features, with existing Dai holders having the option to upgrade. NGT empowers governance, with each MKR converting to 24,000 NGT, encouraging broader engagement. MakerDAO plans a $600 million investment in DeFi assets. 

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Saga Blockchain Launches Major Airdrop to Boost Engagement

Saga, a gaming-focused layer-1 blockchain, is executing the "Power-Level Over 9,000" airdrop campaign involving partnerships with over 100 projects. A snapshot was taken on April 26, awarding 3 million SAGA (worth $10.2 million) to eligible stakers. The campaign aims to distribute bundles of tokens and NFTs to SAGA holders who stake their tokens within the network.  

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USDT Issuance on TON Blockchain Experiences Sharp Rise

The supply of USDT on the TON blockchain has surged to 130 million within two weeks, with 70 million added since its introduction. Currently, 34,438 owners hold USDT on TON, with Ston.fi dex being the largest holder. The increase follows an earn campaign offering attractive yields in toncoin. While minor compared to other networks, its rapid growth ranks TON as the eighth-largest in USDT issuance.  

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Former Cred Executives Face Serious Fraud Charges

The US DOJ has charged three former Cred executives with conspiracy, wire fraud, and money laundering, alleging their involvement in a scheme causing customers to lose over $783 million in crypto holdings. The accused executives made false statements, and the charges carry potential decades in prison plus millions in fines.  


OKX Ceases Naira Transactions Following Regulatory Pressure

OKX has stopped supporting the Nigerian naira on its P2P platform, following Binance's lead. The move comes amidst a crackdown on crypto trading in Nigeria, with reports suggesting a potential blanket ban on crypto p2p trading. Local fintech startups are also reportedly set to block accounts related to crypto trading, as regulations tighten.  

Top Altcoin Gainers and Losers

Gainers:

dogwifhat WIF (+20.42%

Nervos Network CKB (+19.37%

Stacks STX (+15.81%

Losers:

Helium HNT (-3.74%

Unus Sed Leo LEO (-1.08%

Immutable X IMX (-0.57%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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