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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 9, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 9, 2024

Van Thanh Le

May 9 2024

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

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Crypto Market Update

Table of Contents

Market and Financial Updates

  • Bitcoin Struggles Amid Global Financial Shifts
  • Ethereum Faces Challenges and Innovations
  • Hong Kong ETFs Target Global Markets
  • Memecoins Rally Amidst Presidential Campaign Buzz
  • MarketVector Meme Coin Index Skyrockets

Regulatory and Legal Developments

  • ESMA Considers Cryptos in Investment Funds
  • House Moves to Allow Bank Crypto Custody
  • Binance Counters Regulatory Challenges and Fines

Innovations and Technology

  • Lightning Labs Innovates with Stablecoins on Bitcoin
  • Espresso Systems and Polygon Tackle Blockchain Liquidity
  • Optimism Boosts Layer-3 Developers

Company and Growth Reports

  • Ledn Sees Record Growth in Crypto Lending
  • DCG Reports Strong Financial Performance
  • Exodus' NYSE Uplisting Delayed by SEC

Scandals and Recoveries

  • Mystery Return of Wrapped Ether Spurs Hope

Hard Forks and Protocol Updates

  • Cardano Prepares for Chang Hard Fork

Crypto in Sports and Entertainment

  • Chiliz and Azuro Dive into Sports Prediction Markets

Crypto Personalities and Influencers

  • Trump Promotes Crypto Ventures Despite Legal Scrutiny

Bitcoin Struggles Amid Global Financial Shifts

Despite the European equities rally and a possible summer rate cut by the Bank of England, Bitcoin struggles to maintain above $62,000. The DXY index dipped slightly, correlating with a brief Bitcoin brief rise of over $62,000 as U.S. jobless claims reached a 9-month high. Additionally, analysts believe the declining Japanese yen could lead to a significant influx of liquidity into the markets, potentially benefiting Bitcoin as an alternative investment. This scenario is expected if the U.S. and Japanese central banks intervene to support the yen, influencing global financial stability and market liquidity.


Ethereum Faces Challenges and Innovations

Ethereum (ETH) price has recently seen a dip below $3,000 with a support base around $2,972, amidst political debates over its classification as a security. Notably, the Ethereum network is no longer considered "ultra sound money" due to the Dencun upgrade, which decreased transaction fees but reduced the total amount of fees burned, thus failing to keep ETH deflationary. This change has led Ethereum to become inflationary, as confirmed by on-chain data. 

Meanwhile, Ethereum's co-founder Vitalik Buterin has proposed a "multidimensional gas pricing" system to tackle inefficiencies in the network’s transaction processing. This system aims to more accurately price different types of computational efforts, potentially making transactions cheaper and the network more robust against misuse.

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Hong Kong ETFs Target Global Markets

Hong Kong's spot crypto ETFs, led by MetaComp and Bosera International, are now targeting global markets with offerings like Bosera HashKey Bitcoin and Ethereum ETFs. This move aligns with MetaComp's strategy to integrate traditional and digital asset markets, supported by Wintermute providing liquidity to enhance trading efficiency. Concurrently, Bitwise recorded a significant $11.5409 million net daily inflow into its Bitcoin spot ETF on May 8, 2024, pushing the total net asset value of Bitcoin spot ETFs to $51.504 billion despite the Bitcoin price dropping 3.46% the same day.

Memecoins Rally Amidst Presidential Campaign Buzz

In the past 24 hours, memecoins inspired by U.S. presidential candidates Trump and Biden surged, with the Trump-inspired memecoin MAGA rising over 44% and Jeo Boden increasing by more than 22%. The Block's GMCI Meme index also rallied by nearly 9% in the past week. Trump’s announcement about accepting crypto donations for his campaign likely contributed to this trend.  


MarketVector Meme Coin Index Skyrockets

The MarketVector Meme Coin Index, managed by VanEck's subsidiary, has surged over 137% year-to-date, outperforming the S&P 500 by 15x. This index includes the top memecoins such as DogecoinShiba Inu, and Pepe. Memecoins are known for their volatility and have delivered exponential returns, with Pepe being the highest gainer at 482% YTD. Despite the recent sell-off, memecoins have maintained their appeal, driven by social media hype cycles.   

ESMA Considers Cryptos in Investment Funds

The European Securities and Markets Authority (ESMA) is exploring the integration of cryptocurrencies like Bitcoin into Undertakings for Collective Investment in Transferable Securities (UCITS). Seeking stakeholder input until August 7, this move could establish UCITS as major funds with crypto exposure. This approach differs from Bitcoin ETFs and aims to enhance regional investment.  

House Moves to Allow Bank Crypto Custody

The U.S. House of Representatives voted to nullify SEC's SAB 121, allowing banks to custody crypto assets. The bipartisan bill H.J. Res 109 received 228 votes, with President Biden threatening a veto. The bill addresses concerns of financial instability, contrasting the White House's support for SEC regulations to safeguard investors and financial markets.  

Binance Counters Regulatory Challenges and Fines

DWF Labs denied engaging in $300 million of wash trading on Binance in 2023, countering claims from a Wall Street Journal report. Binance's investigation found insufficient evidence, leading to the dismissal of its surveillance team. Separately, Canadian regulator FINTRAC fined Binance $6 million CAD for failing to register as a foreign money services business and not reporting a virtual currency transaction over $10,000. This violation was identified in over 5,900 instances, leading to a substantial fine and highlighting Binance’s ongoing regulatory challenges.

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Lightning Labs Innovates with Stablecoins on Bitcoin

Lightning Labs' CEO Elizabeth Stark is paving the way for stablecoins on Bitcoin through the Lightning Network Taproot Assets protocol. This innovation enables instant, low-fee transactions for stable assets on Bitcoin. The protocol, heralded for its security and decentralization, aims to revolutionize transactions by offering cheap fees compared to traditional financial systems, fostering global adoption.  

Espresso Systems and Polygon Tackle Blockchain Liquidity

Espresso Systems and Polygon Labs have joined forces to address fragmented liquidity in the blockchain space by developing an aggregation layer (AggLayer) utilizing proof aggregation. This partnership aims to enable seamless transaction verification across multiple chains, enhancing scalability, user experience, and interoperability in Ethereum's ecosystem.  

Optimism Boosts Layer-3 Developers

Optimism plans to enable layer-3 developers on their Superchain, offering benefits like retro funding and airdrops. New features include custom gas tokens and "Plasma Mode" for reduced operating costs. While some question L3 necessity, co-founder Buterin sees them offering customized functionalities. OP Mainnet secures $6.76 billion with an 18% market share in layer-2 networks.  

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Ledn Sees Record Growth in Crypto Lending

Ledn processed a record $690 million in loans in the first quarter of 2024, with $584 million directed to institutional market makers, particularly those involved with newly approved spot bitcoin ETFs in the U.S. Retail loans contributed over $100 million, with $40 million refinanced in the wake of the Celsius network collapse. The firm's significant growth reflects broader market recovery and an increase in demand for digital asset financial products, doubling its loan book since November 2022. The crypto lending sector is recovering, with decentralized finance platforms like Aave reporting a substantial increase in total value locked, further illustrating a rebound from previous downturns.

DCG Reports Strong Financial Performance

Digital Currency Group (DCG) reported a Q1 2024 revenue of $229 million, up 11% from the previous quarter, with Grayscale contributing $156 million. Despite heavy outflows, Grayscale's revenue stayed flat due to rising bitcoin and ether prices. DCG's yearly revenue rose by 51% compared to the previous year, alongside a 134% increase in bitcoin price.  

Exodus' NYSE Uplisting Delayed by SEC

Exodus' planned uplisting to NYSE American on Thursday was postponed due to SEC review. The registration statement had become effective in April. CEO JP Richardson aimed for expanded investor base and enhanced stock liquidity. The company expressed surprise at the delay, remaining hopeful for a swift resolution while focusing on customer and shareholder value.  

Mystery Return of Wrapped Ether Spurs Hope

Over $20 million in wrapped Ether was mysteriously returned to ZKasino's wallet, raising hopes for a refund to victims of an alleged exit scam. The 6,021 wstETH represents two-thirds of the missing amount. A suspect was arrested, and Binance's involvement in leading law enforcement to the arrest has provided renewed hope for victims of the scam.  

Cardano Prepares for Chang Hard Fork

Charles Hoskinson, the founder of Cardano, has approved the integration of Cardano Improvement Proposal (CIP) 69 into the upcoming Chang hard fork, emphasizing community feedback and aligning with the demands of the Cardano Foundation. The Chang hard fork is anticipated to occur in Q2 this year, marking a significant milestone in the Cardano roadmap and transitioning into the "Voltaire" era of governance. This involves the deployment of governance features and advancing mechanisms for on-chain governance capabilities, enhancing the ecosystem's sustainability and responsiveness to user needs.  

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Chiliz and Azuro Dive into Sports Prediction Markets

Chiliz and Azuro have partnered to leverage Chiliz Chain integrating the Azuro Protocol, expanding into the sports-focused prediction market. Azuro, a DAO, raised $11 million and claims to be the fastest-growing protocol on Gnosis Chain and the top revenue-generating protocol on Polygon. They will co-sponsor a grants program aimed at incentivizing app developers. Chiliz, with its platform, facilitates the distribution of blockchain-based sports and entertainment services and goods, offering fan tokens for engagement with major sports teams and businesses.

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Top Altcoin Gainers and Losers


Akash Network AKT (+16.10%

AIOZ Network AIOZ (+9.90%

Arweave AR (+8.83%


Core DAO CORE (-6.02%

Pendle PENDLE (-4.92%

Chiliz CHZ (-4.43%

NFT Market Map


Trump Promotes Crypto Ventures Despite Legal Scrutiny

Donald Trump, amidst legal challenges, has been actively promoting his NFT collections, hosting dinners for top buyers, and maintaining a pro-crypto stance. Despite legal entanglements, Trump's recent NFT, minted on Bitcoin Ordinals, rapidly sold out, raising $4.6 million. Concurrently, comedian Jimmy Kimmel criticized collectors of these NFTs, which inadvertently doubled the prices of Trump Digital Trading Cards on the secondary market. 

This article has been refined and enhanced by ChatGPT.

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