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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 8, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 8, 2024

Van Thanh Le

May 8 2024

2 months ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Market Trends and Investment Highlights

  • Bitcoin Market Shows Mixed Signals Amidst ETF Challenges
  • GBTC Outflows and Massive Susquehanna Investment Highlight Market Activity
  • Grayscale Halts Ethereum ETF Application Amidst Legal Concerns
  • Vitalik Buterin Proposes EIP-7702 for Enhanced Ethereum Accounts

Regulatory and Legal Developments

  • SEC Challenges Ripple's New Stablecoin Initiative
  • LocalMonero and AgoraDesk Cease Operations Amid Regulatory Pressure
  • Mastercard and US Banks Test Tokenized Asset Settlements

Platform and Technology Advances

  • Ethernity Moves to Ethereum Layer-2 with AI Enhancements
  • Injective Plans Launch of InEVM Layer-3 Network
  • BounceBit Anticipates Mainnet Launch with BB Token Rollout

Expansion and Partnerships

  • Bitpanda and Raiffeisen Bank Extend Strategic Partnership
  • Tether Invests in CityPay.io to Expand Crypto Payments
  • Sophon ZKSync Hyperchain Secures $60M for Blockchain Expansion

Airdrops and Token Updates

  • Mode Network Initiates Massive Crypto Airdrop on Optimism Stack
  • 0L Network Hard Fork Results in Significant Token Loss

Event and Special Announcements

  • FTX Offers Comprehensive Repayment Plan to Creditors
  • Crypto Thief Distributes Stolen WBTC Amidst Traceability Efforts
  • Trump Plans Mar-a-Lago Dinner for NFT Buyers
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Bitcoin Market Shows Mixed Signals Amidst ETF Challenges

Bitcoin witnesses a rangebound price at $62,000 with signs of "boredom" and reduced momentum, although previous patterns suggest a potential upward movement. However, CryptoQuant analysts see Bitcoin holders “at a peak” optimism level, choosing between securing profits or anticipating a longer bull market. Bitcoin ETFs have seen overall outflows, mostly from Grayscale while other ETFs didn’t attract significant inflow, contrasting with the recent minor recovery, and miners are retaining new coins, signaling confidence in Bitcoin's stability and potential growth.

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GBTC Outflows and Massive Susquehanna Investment Highlight Market Activity

GBTC’s significant outflows of $29M countered brief inflows in U.S. spot bitcoin ETFs, resulting in total net outflows of $15.64M and cooling the market's post-listings fervor. Concurrently, Susquehanna’s massive $1.2B investment in spot ETFs, including $1.09B in GBTC, underscores substantial institutional engagement. Simultaneously in Hong Kong, the launch of the first ETF liquidity fund, valued at $128M by LD Capital and partners, aims to facilitate smoother trading. Furthermore, Wintermute enhanced liquidity for six new bitcoin and ether spot ETFs in collaboration with OSL and HashKey, significantly bolstering investment security and market stability in the region.


Grayscale Halts Ethereum ETF Application Amidst Legal Concerns

Grayscale has withdrawn its application for an Ethereum futures ETF, indicating a potential halt in their legal challenges against the SEC, despite earlier expectations of a lawsuit should their spot Ethereum ETF face rejection. Meanwhile, Solana's validators are now earning more in maximal extractible value (MEV) than Ethereum's, with significant revenue coming from a new protocol, despite concerns about spam and transaction failures. On the investment front, Ethereum's capital inflows remain weak compared to Bitcoin, according to Glassnode, particularly influenced by the latter's spot ETFs, while Ethereum still awaits SEC’s ETF decision. 

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Vitalik Buterin Proposes EIP-7702 for Enhanced Ethereum Accounts

EIP-7702, proposed by Ethereum co-founder Vitalik Buterin and others, aims to enhance Ethereum’s externally owned accounts (EOAs) by temporarily integrating smart contract functionalities. Unlike its predecessors, the proposal does not rely on new opcodes or hard forks. Its potential impact is highly anticipated, with an emphasis on increased accessibility and security for everyday users.   


SEC Challenges Ripple's New Stablecoin Initiative

The SEC objects to Ripple's stablecoin launch, alleging unregistered XRP sales and a plan to issue an unregistered crypto asset. Ripple's CLO accuses the SEC of overreaching and disregarding international regulatory standards. Meanwhile, the SEC intensifies scrutiny on the crypto industry, issuing Wells notices to major players and aiming to bring the sector under tighter regulation.  

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LocalMonero and AgoraDesk Cease Operations Amid Regulatory Pressure

LocalMonero and AgoraDesk are shutting down due to a mix of internal and external factors, with all operations ceasing by November 7, 2024. The platforms will stop Monero trades by May 14 and have already disabled new sign-ups and ads. This follows broader concerns and regulatory pressure on privacy-focused services, highlighted by similar actions against privacy coins and platforms. Monero (XMR) currently trades at $128.73, reflecting a 1.33% decrease over the last 24 hours, amidst a 6% increase over the past week and a 2.6% drop over the month. Users are urged to withdraw their funds to avoid forfeiture.

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Mastercard and US Banks Test Tokenized Asset Settlements

Mastercard collaborates with major US banks, including Citigroup and JPMorgan, to trial Regulated Settlement Network (RSN) for tokenized asset settlements. RSN, designed to streamline settlement processes, converts assets into tokens for collective settlement on a shared ledger. The initiative aims to enhance efficiency, reduce errors and fraud, with 10 major banking giants involved.  


Ethernity Moves to Ethereum Layer-2 with AI Enhancements

Ethernity has transitioned to Ethereum Layer-2 with AI integration, targeting entertainment and eco-friendly infrastructure. The upgrade aims to enhance privacy, reduce transaction costs, and simplify user interfaces. The new projects on Layer-2 include the Fanable App, Exorians, and 0xLoans, potentially reshaping how the entertainment sector integrates with Web3 technologies.  

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Injective Plans Launch of InEVM Layer-3 Network

Injective, a Cosmos-based blockchain, plans to launch "inEVM," its own layer-3 network based on Arbitrum's technology, aiming to energize the struggling INJ token. The integration allows developers to build within the Ethereum L2 ecosystem while retaining Injective’s fast speeds and low fees. This move aligns with the industry's emphasis on interoperability and cross-chain liquidity.  

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BounceBit Anticipates Mainnet Launch with BB Token Rollout

BounceBit is gearing up for its highly anticipated mainnet launch on May 13, alongside the introduction of the BB token and a dual staking system. With a total token supply of 2.1 billion, the platform will list the BB token on Tier-1 exchanges like Binance, accompanied by an airdrop for early supporters. Notably, over 100,000 individuals participated in the Megadrop event organized by Binance, indicating widespread engagement. The current market value of each BounceBit point, approximately 0.0089 dollars, provides insights into the potential value of the BB token, estimated at around $5 based on a total estimated fair value of 10 billion dollars. 


Bitpanda and Raiffeisen Bank Extend Strategic Partnership

Bitpanda and Raiffeisen Bank's strategic partnership expanded to 55 branches in Austria after a successful year of testing in Vienna. Regulatory clarity in Europe and the implementation of the Market in Crypto Assets (MiCA) laws have facilitated this expansion. Bitpanda also aims for global growth, opening an office in Dubai to tap into the Middle East market. The expansion through regulated channels will promote the adoption of Bitpanda Ecosystem Token (BEST), positioning the exchange for significant competition in the cryptocurrency market.  


Tether Invests in CityPay.io to Expand Crypto Payments

Tether has increased investment in CityPay.io to facilitate crypto payments in Eastern Europe, especially in Georgia, Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. With over 600 locations in Georgia, CityPay.io plans to expand to 500,000 crypto payment points. Georgia's crypto-friendly environment has attracted major firms, positioning it as a significant global crypto hub.  


Sophon ZKSync Hyperchain Secures $60M for Blockchain Expansion

Sophon ZKSync Hyperchain secured $60 million in a node sale, aimed at building a robust infrastructure for gaming and AI protocols. The sale offered 200,000 nodes, accompanied by a recent $10 million funding round. Sophon plans to reward node holders with airdrops and emission fees, creating a community to amplify network effects.  


Mode Network Initiates Massive Crypto Airdrop on Optimism Stack

Mode Network launched the MODE governance token on the Optimism Stack and initiated a 550 million crypto airdrop. With a total token supply of 10 billion, it prioritizes ecological growth. The network's TVL is $603 million, ranking in the top 10 Layer-2 networks, supporting 30+ apps, 450,000 active addresses, and 20 million transactions, aiming for DeFi service expansion.  


0L Network Hard Fork Results in Significant Token Loss

A trader allegedly lost over $1 million in Libra tokens due to an unapproved hard fork by 0L Network. The fork resulted in a wipeout of 4% of the total supply and affected innocent wallets. The lead developer, suspected to be Lucas Geiger, had a history with regulatory issues, raising concerns about the project's leadership.  


FTX Offers Comprehensive Repayment Plan to Creditors

FTX's latest proposal suggests repaying all creditor claims plus "billions in compensation," totaling $14.5 to $16.3 billion. However, creditors below $50,000 will be eligible for 118% recovery, disappointing some as the plan reimburses based on assets' values at the time of bankruptcy. Industry figures argue that current market prices should be considered for fair compensation.  

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Crypto Thief Distributes Stolen WBTC Amidst Traceability Efforts

Stolen from a $71 million wallet scam, 1,155 WBTC were quickly converted to approximately 23,000 ETH and remained inactive for six days. Now, the thief has started distributing the loot across 400 wallets to obfuscate the funds and make tracking more difficult. However, the stolen funds are still traceable back to the original scammer.

Top Altcoin Gainers and Losers

Gainers:

THORChain RUNE (+8.55%

Ethereum Classic ETC (+4.50%

Cheelee CHEEL (+4.09%

Losers:

dogwifhat WIF (-12.34%

SingularityNET AGIX (-10.95%

Fetch.AI FET (-10.72%)  

NFT Market Map

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Trump Plans Mar-a-Lago Dinner for NFT Buyers

Former President Donald Trump reportedly plans to dine with supporters who purchased his "Mugshot Edition" NFTs, each priced at $99. The NFT buyers, invited to Mar-a-Lago in Palm Beach, bought over 47 NFTs individually. They will also receive a physical card with a piece of Trump's suit from his arrest in Atlanta last August. Trump is currently facing a criminal trial in New York.  

This article has been refined and enhanced by ChatGPT.

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