cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 16, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 16, 2024

Van Thanh Le

Sep 16 2024

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

Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin struggles below $60,000 amid rate cut anticipation
  • Ethereum whales resurface as ETH/BTC ratio hits low
  • Crypto products see sharp reversal with $436 million inflows
  • Binance founder to be released after four-month sentence

Token and Coin Developments

  • Trump-related tokens fall after second assassination attempt
  • Binance lists NEIRO, Turbo, and Baby Doge Coin
  • Flappy Bird makes crypto comeback on Telegram
  • Catizen players upset over airdrop criteria changes
  • DeltaPrime suffers $6 million exploit on Arbitrum

Partnerships and Collaborations

  • Circle partners with Sony to enhance USDC on Soneium network
  • Scroll co-founder joins Trump-backed WLFI advisory team

Innovations in Crypto Services

  • BitGo introduces token management service for crypto foundations

Stablecoins and Market Share

  • Tether’s USDT market share reaches 75%
  • Coinbase defends cbBTC against transparency allegations

Blockchain Technology Advancements

  • Hedera contributes source code to Linux Foundation project
  • Bybit secures provisional approval from Dubai’s VARA
  • Chainlink’s CCIP integration enhances ZKsync interoperability

Tokenized Assets and Gold

  • Matrixdock launches XAUm gold token backed by LBMA gold

Investment and Funding Rounds

  • Multicoin Capital leads $10 million round for Permissionless Labs

Legal and Security Concerns

  • Former Celsius CEO faces potential 115-year prison sentence
  • BaseBros Fi accused of rug pull after $130,000 siphoned

NFT and Digital Asset Projects

  • DeGods launches DEGOD token to consolidate NFT ecosystem
  • Chiru Labs acquires Anime.com to expand digital footprint
Coin360.png

Bitcoin struggles below $60,000 amid rate cut anticipation

Bitcoin dropped below $58,000 after staying above $60,000 for most of the weekend, amid rate-cut anticipation and an assassination attempt on Donald Trump. Bitcoin exchange deposits hit an 8-year low as traders hold assets, reflecting bullish sentiment ahead of the Fed’s rate-cut decision. Gold reached a record high of $2,589, reflecting risk aversion, while Bitcoin struggled to surpass the $60,000 mark. Bitcoin transactions plunged 50% in a week, with numbers dropping from 909,000 to 412,000 amid reduced network activity, according to CryptoQuant data. Analysts expect market volatility with a 50 basis-point rate cut this week, further driving a shift toward safe-haven assets like gold. 

chart.png

Ethereum whales resurface as ETH/BTC ratio hits low

The ETH/BTC ratio dropped to its lowest since April 2021, influenced by Bitcoin ETFs' success, while Ether ETFs faced cumulative net outflows of $581 million. A long-dormant Ethereum whale resurfaced on September 15, selling 350 ETH after holding it for 8 years, gaining 446%. Meanwhile, another whale transferred $41 million worth of ETH to Binance, signaling a potential sell-off amid bearish market sentiment. Despite the negative trends, 61% of Ethereum holders remain in profit, a strong contrast to past cycles where profitability dropped as low as 3%. 

chart (1).png

Crypto products see sharp reversal with $436 million inflows

Last week, crypto investment products experienced a sharp reversal with $436 million inflows, countering previous outflows. ETF trading volumes remained stagnant at $8 billion, notably below the average. The surge was linked to market sentiment changes anticipating a 50 basis point interest rate cut. Bitcoin led inflows at $436 million, while Ethereum faced $19 million outflows due to profitability concerns post-Dencun.  


Binance founder to be released after four-month sentence

Changpeng Zhao, Binance founder, will be released on September 29, 2023, after a 4-month sentence for failing to implement anti-money laundering measures. The low-security facility shifted from FCI Lompoc to Long Beach RRM. He faced a $50 million fine and stepped down as CEO, while the exchange endured a $4.3 billion fine. 


Trump-related tokens fall after second assassination attempt

Following Donald Trump's second assassination attempt in Florida, MAGATRUMP, and TREMP, Trump-related cryptocurrencies, experienced a price drop, hinting at potential implications for his presidential bid. Trump's reassurance to his supporters and the impact on the PolitiFi tokens are key takeaways, raising questions about the recovery and future resilience of these crypto tokens. Polymarket sees nearly $1 billion staked on the election with Trump's odds barely affected despite a second assassination attempt.

Screenshot_1.png

Binance lists NEIRO, Turbo, and Baby Doge Coin

Binance announced the listings of First Neiro on Ethereum (NEIRO), Turbo (TURBO), and Baby Doge Coin (1MBABYDOGE). NEIRO surged 500% post-listing, while Binance caused confusion by listing two versions of NEIRO on spot and perpetual futures markets. Turbo and Baby Doge Coin showed volatility. NEIRO on Ethereum crashed, while the new version rallied 10x on Uniswap, with whales increasing holdings.

Screenshot_3.png

Flappy Bird makes crypto comeback on Telegram

The popular game Flappy Bird is making a return on Telegram with a crypto reboot, partnered with Notcoin for its relaunch. Tied to the TON blockchain, it will engage players in games and mining events. The involvement of the original creator is refuted, with reports indicating disavowal and denouncement of the crypto-focused reboot.


Catizen players upset over airdrop criteria changes

Players of the Telegram game Catizen are upset after surprise changes to the airdrop criteria by Pluto Studio, causing disappointment with lower-than-expected token allocations. The total supply of CATI tokens is 1 billion, with 305 million tokens set to circulate at launch. Players expressed frustration over what they deemed a lack of transparency and fair distribution. Additionally, changes to the distribution model and allocation criteria, not communicated in advance, have led to widespread complaints amongst the players.  


DeltaPrime suffers $6 million exploit on Arbitrum

DeltaPrime, a DeFi platform, experienced a $6 million exploit after an admin lost control of the private key, affecting its deployment on Arbitrum. The hacker initially drained $4.5 million before continuing to steal funds. DeltaPrime assured that the risk is contained and the company is investigating the compromised private key, working on asset retrieval and minimizing user losses. 


Circle partners with Sony to enhance USDC on Soneium network

Circle has partnered with Sony to integrate Bridged USDC Standard on Sony's Ethereum L2 network, Soneium. This collaboration aims to enhance stablecoin adoption and blockchain technology while providing developers with easier access to digital dollar payments. USDC's $35.6 billion market cap solidifies its position as a leading stablecoin in the market.  


Scroll co-founder joins Trump-backed WLFI advisory team

Scroll co-founder Sandy Peng joined World Liberty Financial (WLFI) as the sixth advisor. WLFI, supported by Donald Trump's family, launches on September 16 with the involvement of top crypto security firms. The project aims to advance DeFi and bolster U.S.-pegged stablecoins to strengthen American financial dominance. The advisory team has been expanding since August 30, with a diverse group of experts.


BitGo introduces token management service for crypto foundations

BitGo introduced a Token Management Service for crypto foundations like Worldcoin and LayerZero, aiming to simplify asset lifecycle management. The service assists in digital asset vesting, unlocking, and on-chain activities. BitGo addresses market fragmentation by offering a regulated and insured custody platform, easing the burden on protocol builders.  


Tether’s USDT market share reaches 75%

Tether's USDT market share increased by 20% to reach 75% of the entire stablecoin market in the past two years. Tether generated approximately $400 million in revenue over the last 30 days, with a significant portion of its profit attributed to financial gains in Bitcoin and gold. Meanwhile, 1 billion USDT was minted on the Ethereum network at Tether Treasuries authorized for inventory replenishment, not yet issued, per CEO Paolo Ardoino. The mint sparked bullish comments, speculating a bull run. 


Coinbase defends cbBTC against transparency allegations

Coinbase's CEO defended the firm against allegations of lack of transparency in its Bitcoin reserves and new cbBTC offering. The allegations arose after the launch of cbBTC, with questions about its BTC backing and accusations of selling "paper BTC" to BlackRock. Coinbase addressed these concerns, but doubts about cbBTC's reserves and transparency remain. 


Hedera contributes source code to Linux Foundation project

Hedera, a premier member of the Linux Foundation’s Decentralized Trust initiative, has contributed its entire source code, including the hashgraph consensus algorithm, forming the new project "Hiero." The move signifies a substantial shift toward decentralization, fostering an open, collaborative environment for developers worldwide, accelerating innovation and adoption. 


Bybit secures provisional approval from Dubai’s VARA

Bybit secures provisional approval from Dubai's VARA, marking a significant step towards obtaining a full VASP license. This non-operational approval enables Bybit to offer virtual asset exchange services in Dubai, reinforcing the company's commitment to compliance. Dubai's favorable policies and strategic positioning make it an ideal hub for cryptocurrency businesses. 


Chainlink’s CCIP integration enhances ZKsync interoperability

The integration of Chainlink's CCIP on ZKsync's Era Mainnet enhances cross-chain interoperability, creating a unified layer-2 ecosystem on Ethereum. This provides an additional on-ramp for users to join the Elastic Chain ecosystem and equips Web3 developers with infrastructure for creating feature-rich dApps. It aims to connect decentralized finance with traditional finance, providing a gateway for institutions to enter the blockchain space.  


Matrixdock launches XAUm gold token backed by LBMA gold

Matrixdock, owned by Matrixport, launched the XAUm gold token on September 16, 2024. Representing a significant milestone in real-world asset tokenization, XAUm is backed by 99.99% pure LBMA-standard gold. It allows purchases using USDT or USDC and offers the option to redeem for physical gold in Hong Kong and Singapore with a 0.25% fee. It supports ERC-20/BEP-20 and ERC-721/BEP-721 standards, providing interoperability across Ethereum and BNB. XAUm offers an innovative and efficient approach for users to interact with gold, bridging physical gold with digital technologies, and setting a standard for future developments in precious metals tokenization and the digital asset space. 


Multicoin Capital leads $10 million round for Permissionless Labs

Multicoin Capital led a $10 million Series A financing round in Permissionless Labs, a key contributor to Pipe Network on Solana. Other participants included Robot Ventures, Solana Ventures, and co-founder Anatoly Yakovenko. The funds will be used to recruit, scale network presence, and launch a private beta and testnet at Breakpoint. Permissionless Labs aims to revolutionize the CDN industry with decentralized content distribution. The project is designed to handle traffic for large enterprises and implement edge-video advertising insertion technology.


Former Celsius CEO faces potential 115-year prison sentence

Former Celsius CEO Alex Mashinsky faces a potential 115-year prison sentence after being accused of defrauding customers and manipulating Celsius’ profitability. He's requested testimony from six witnesses, including the chief financial officer and chief revenue officer. A memo from his lawyers claims he didn't intend harm and relied on Celsius professionals, while the prosecution alleges he artificially manipulated CEL's price. Former Chief Revenue Officer Roni Cohen-Pavon, who reportedly pled guilty, is also a proposed witness. The memo alleges that employees didn't follow Mashinsky's instructions regarding CEL token transactions.

chart (2).png

BaseBros Fi accused of rug pull after $130,000 siphoned

BaseBros Fi, a DeFi protocol on the Base blockchain, disappeared, sparking rug pull allegations after siphoning $130,000 through a vulnerable Vault contract. Despite undergoing audits by Chain Audits, the backdoor vulnerability in the unaudited Vault contract raises concerns about the thoroughness of DeFi security audits, affecting multiple investors financially.  

Top Altcoin Gainers and Losers

Gainers:

Fellaz FLZ (+15.59%)

Losers:

Sei SEI (-13.08%)

Bittensor TAO (-9.88%)

BEAM (onbeam) BEAM (-9.18%)

Injective INJ (-8.17%)

Celestia TIA (-7.96%)

NFT Market Map

Screenshot_2.png

DeGods launches DEGOD token to consolidate NFT ecosystem

DeGods, a popular Solana NFT project, has launched the DEGOD token to consolidate its NFT ecosystem, promoting liquidity and community unity. However, this move has elicited mixed reactions due to concerns about NFT rarity and price volatility. The transition to the memecoin market is perceived as a considerable risk, with success contingent on community engagement, product development, and market dynamics.


Chiru Labs acquires Anime.com to expand digital footprint

Chiru Labs, the creator of Azuki NFT collection, acquired Anime.com to expand its digital footprint and strengthen ties with the anime community. This strategic move aims to foster fan engagement and innovative digital experiences. With this acquisition, Chiru Labs seeks to delve deeper into the anime world, providing new opportunities for growth and interaction with fans.

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.7.17
© 2017 - 2024 COIN360.com. All Rights Reserved.