Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 18, 2024

Crypto Market Update

Table of Contents

Crypto Market Updates

• Bitcoin Price Around $60,000 Amid Rate Cut Anticipation
• Ethereum ETFs Record Net Outflows as Prices Underperform Bitcoin
• Bitcoin ETFs Gain, Ether ETFs Suffer Significant Outflows
• BlackRock, Microsoft Form $100B AI Investment Partnership

Stablecoins and Blockchain Innovations

• Revolut Set to Launch USD-Backed Stablecoin
• BitGo to Launch USDS Stablecoin in 2025
• Monerium Launches Euro-Backed Stablecoin on Noble Blockchain
• Sky Debuts Governance Token and Stablecoin on Mainnet
• BNB Chain Enhances Stablecoin Payments With Gas-Free Transactions
• TrueX Launches With PayPal's PYUSD for Stablecoin Trades

Crypto Exchange Developments

• River Exchange Unveils Bitcoin Proof of Reserves
• Binance Apologizes for Leaked Moonbix Telegram Mini-Game
• Google Cloud Launches Blockchain Data Access Service
• CEX.io Expands USDC Options With MoneyGram Partnership
• SIX to Launch European Crypto Trading Platform

Investment and Fundraising Initiatives

• TON Blockchain Secures $30M Investment to Boost Growth
• Borderless Capital Launches $100M DePIN Fund
• Chromia Launches $20M AI and Data Fund
• Hemi Labs Raises $15M to Bridge Bitcoin and Ethereum
• SingularityDAO Integrates RWAs in DynaVaults v2

Technology Partnerships and Innovations

• 1inch Introduces Fusion+ for Secure Cross-Chain Swaps
• Io.net Partners With TARS to Reduce AI Model Training Costs
• Osmosis to Bridge Bitcoin to Cosmos Ecosystem With ckBTC
• Phantom Introduces Custom Usernames for Enhanced Transactions

Other Market Developments

• Bitcoin L2 and Sidechains Reach $1.31B in Locked Value
• Nervos Network Surges After Upbit Listing

Security, Hacking, and Regulatory Actions

• Dark Angels Hackers Secure $75M Bitcoin Ransom in Attack
• Richard Heart Faces Criminal Investigation in Finland
• Justin Sun Calls for Coinbase Proof-of-Reserve for cbBTC
• Pudgy Penguins CEO Criticizes SEC's Actions on NFTs

Bitcoin Price Around $60,000 Amid Rate Cut Anticipation

Bitcoin hovered slightly around $60,000, driven by anticipation of the Federal Reserve’s rate cut. CME futures traders increased short positions amid concerns of volatility, and whale sell-offs raised bearish sentiments with $1.2 billion offloaded. Analysts debated whether a 50 basis-point cut could trigger a rally or signal economic distress, leading to potential sell-offs. Some forecast a rally over the next six months, while others cautioned about short-term declines, as similar cuts in 2007 led to market downturns. 

Ethereum ETFs Record Net Outflows as Prices Underperform Bitcoin

Ethereum ETFs recorded net outflows again on September 17, leading to weak market sentiment and lower demand. ETH prices rose only 7.7% from the current monthly low, underperforming Bitcoin’s 14%. Despite this, a bullish fractal pattern from 2021 suggests a potential price rally to $3,375. Open interest and buy volumes have also dipped, but top traders are cautiously shifting to a bullish stance. 

Bitcoin ETFs Gain, Ether ETFs Suffer Significant Outflows

The 12 bitcoin ETFs gained $186.76 million on September 17, with Fidelity's FBTC leading at $56.61 million. In contrast, nine ether ETFs suffered $15.11 million in outflows, primarily due to Grayscale's ETHE losing $17.89 million. The cumulative inflows for bitcoin ETFs since January 11, 2024, reached an impressive $17.5 billion.  

BlackRock, Microsoft Form $100B AI Investment Partnership

According to Reuters, BlackRock, Microsoft, Global Infrastructure Partners, and MGX have established the Global AI Infrastructure Investment Partnership, aspiring to raise $100 billion for AI-related infrastructure, with a focus on data centers and sustainable energy projects. The initiative underpins long-term investment opportunities, responding to the soaring computational demands of AI. Nvidia will offer design and integration guidance.

Revolut Set to Launch USD-Backed Stablecoin

Revolut, the global financial technology company, is set to launch its U.S. dollar-backed stablecoin to expand its cryptocurrency offerings, catering to the growing demand for stable digital assets. Their compliance-first approach and commitment to stringent regulatory requirements aim to establish a secure and trusted option, contributing to the crowded stablecoin market with a significant milestone of over $164 billion market capitalization.

BitGo to Launch USDS Stablecoin in 2025

BitGo is gearing up to launch USDS, a 1:1 USD-backed stablecoin, in Q1 2025. USDS aims to be an open-participation stablecoin, rewarding network participants for liquidity provision. Different from traditional stablecoins, USDS targets market dominance, prioritizes transparency, and global accessibility with rewards distributed to ecosystem contributors.  

Monerium Launches Euro-Backed Stablecoin on Noble Blockchain

Monerium has launched EURe, the first euro-backed stablecoin natively on the Noble blockchain within the Cosmos ecosystem. EURe is collateralized by euro-denominated deposits, compliant with the SEPA framework, and integrated with the broader Cosmos network. Noble, facilitating over $3 billion in IBC transfer volume, serves as the native asset issuance network for various blockchains in the Cosmos ecosystem.  

Sky Debuts Governance Token and Stablecoin on Mainnet

Sky, formerly known as MakerDAO, has launched its new SKY governance token and USDS stablecoin on the mainnet. Users can convert MKR to SKY at a ratio of 24,000:1 and DAI to USDS at 1:1 ratio. The Sky dApp offers a 6% annual yield on USDS, which doubles during its inaugural month. The subDAO "Chronicle" also launched, providing secure, low-cost Oracles for the protocol. Sky's Endgame overhaul aims to transform the protocol by reorganizing it into individual Stars, marking MakerDAO's complete transformation.  

BNB Chain Enhances Stablecoin Payments With Gas-Free Transactions

BNB Chain upgrades its stablecoin infrastructure to enable faster, cheaper, and more accessible payments, focusing on gas-free transactions via centralized exchanges, wallets, and bridges. Partnerships with major payment providers support fee-free transfers for USDT, USDC, and FDUSD. A "Gasless Carnival Season" starts on September 19, 2024, with zero withdrawal fees and sponsored gas-free cross-chain transfers. 

TrueX Launches With PayPal's PYUSD for Stablecoin Trades

TrueX, a stablecoin-centric exchange, launches with PayPal's PYUSD as its default settlement currency. Founded by former Coinbase and Goldman Sachs executives, it has secured $9M in seed funding and aims to minimize slippage between stablecoins. The platform seeks to provide a more stable trading environment compared to volatile cryptocurrencies like Bitcoin and Ethereum. 

River Exchange Unveils Bitcoin Proof of Reserves

River, a prominent U.S. Bitcoin exchange, introduced River Proof of Reserves to verify full Bitcoin holdings, securing over $800 million. The initiative by CEO Alex Leishman aims to enhance transparency, integrity, and long-term trust, setting a new industry standard post-FTX failures. This move promotes honesty, stability, and confidence in Bitcoin custody with multi-sig cold storage. 

Binance Apologizes for Leaked Moonbix Telegram Mini-Game

Binance confirmed the upcoming release of Moonbix, its Telegram mini-game, which was leaked ahead of schedule. The exchange issued an apology and is working to improve the game's user experience. Binance is reviewing individual impact cases, urging patience and warning against impersonation accounts. The debut of Moonbix aligns with the growing trend of mini-games in crypto platforms.  

Google Cloud Launches Blockchain Data Access Service

Google Cloud's Blockchain RPC service simplifies blockchain data access, focusing on Ethereum initially, with plans for multi-chain support. Key features include improved DApp response times, reliability, and easy integration via Ethereum's JSON-RPC standard. The service aims to enhance application efficiency, foster blockchain adoption, and offer infrastructure reliability for developers in the rapidly evolving blockchain ecosystem.  

CEX.io Expands USDC Options With MoneyGram Partnership

CEX.io has integrated MoneyGram and the Stellar blockchain to offer expanded cash-in and cash-out options through USDC conversion. The partnership allows physical cash to be converted to USDC and vice versa at participating MoneyGram locations. Initially targeting the European Economic Area (EEA) and other regions, the integration aims to facilitate easier management of crypto and cash for users in various countries. Stellar's technology enables fiat-to-USDC and USDC-to-fiat services at MoneyGram locations, enhancing payment method accessibility for CEX.io users. 

SIX to Launch European Crypto Trading Platform

SIX, Switzerland's stock exchange, plans a European crypto trading platform to cater to institutional demand for digital assets. Leveraging Switzerland's crypto-friendly regulations, SIX aims to attract traditional investors and expand its digital bond platform to include cryptocurrency trading. This move aligns with the growing institutional interest in digital assets and reflects a broader trend in financial markets towards embracing cryptocurrencies.

TON Blockchain Secures $30M Investment to Boost Growth

The Open Network (TON Blockchain) secured a $30 million investment from Bitget and Foresight Ventures through TON token acquisition, aiming to boost Tap-to-Earn adoption. TON has become one of the fastest-growing blockchains, experiencing substantial growth in on-chain transactions, total value locked, and dApp usage. Bitget's global user base doubled to 45 million in 2024, contributing to TON's ecosystem.  

Borderless Capital Launches $100M DePIN Fund

Borderless Capital has launched its third $100 million DePIN fund, backed by Peaq, Solana Foundation, Jump Crypto, and IoTeX, to accelerate the growth of decentralized physical infrastructure networks (DePIN). DePIN utilizes blockchain technology and token incentives to build physical infrastructure networks, aiming to set a global standard. The top 10 DePIN projects had raised over $1 billion combined as of April 2024.

Chromia Launches $20M AI and Data Fund

Chromia introduces a $20 million Data and AI Ecosystem Fund, led by Yeou Jie, to promote data cleaning and automation in AI-centric projects. The forthcoming Q4 2024 Asgard Mainnet Upgrade will bring Extensions for enhanced functionalities, supporting dApps and external clients with oracle solutions, AI computation, and zero-knowledge proofs, aiming to expand Chromia's ecosystem.

Hemi Labs Raises $15M to Bridge Bitcoin and Ethereum

Hemi Labs, led by ex-Bitcoin developer Jeff Garzick and co-founder Max Sanchez, raised $15 million in funding to create a "supernetwork" bridging Bitcoin and Ethereum using Ethereum-compatible technology. The venture aims to enhance communication between the two cryptocurrencies, offering advanced customization options for developers and targeting the DeFi sector.   

SingularityDAO Integrates RWAs in DynaVaults v2

SingularityDAO's DynaVaults v2 partners with Cogito Finance to integrate Real-World Assets (RWAs), providing low-risk investment options like TFUND for U.S. Treasury Bills and environmentally beneficial GFUND. Mario Casiraghi emphasizes the goal of open finance, while Cloris Chen highlights the development of an institutionally robust and accessible on-chain financial solution. The integration aims to set new standards in security, efficiency, and transparency for DeFi.

1inch Introduces Fusion+ for Secure Cross-Chain Swaps

1inch introduces Fusion+, enabling secure cross-chain swaps with built-in MEV protection. Fusion+ combines on-chain and off-chain liquidity, supporting trustless and "all-or-nothing" atomic swaps governed by smart contracts. It eliminates the need for bridges, allowing swaps between assets on the same or different blockchains. Resolvers execute swaps, and timelock protection ensures transaction completion. The feature provides superior security and a seamless user experience, aligning with the growing interest in cross-chain interoperability solutions.  

Io.net Partners With TARS to Reduce AI Model Training Costs

Io.net partnered with TARS Protocol to reduce AI model training costs by 30% through decentralized GPUs and CPUs, integrating 11,000 distributed devices into the TARS AI Hub. Despite this, Io.net's IO token struggles, remaining 70% below its all-time high, prompting co-marketing activities to attract over 1,000 developers and businesses.

Osmosis to Bridge Bitcoin to Cosmos Ecosystem With ckBTC

The decentralized exchange Osmosis will soon bridge non-custodial bitcoin token ckBTC to the Cosmos ecosystem, providing an alternative to WBTC amid concerns over centralization. With a 1:1 peg to BTC, ckBTC allows users to leverage their BTC value on other networks, offering a secure option for DeFi developers seeking to export bitcoin.  

Phantom Introduces Custom Usernames for Enhanced Transactions

Phantom's latest update introduces custom usernames, enhancing user experience in cryptocurrency transactions. The feature aims to simplify transactions, enhance user privacy, and streamline the process. It prioritizes security, offers synchronized settings, an integrated address book, customizable avatars, and aligns with Phantom's commitment to simplifying cryptocurrency interactions and mass adoption in the Solana ecosystem. 

Bitcoin L2 and Sidechains Reach $1.31B in Locked Value

Bitcoin L2 and sidechain networks have surged, totaling $1.31 billion in locked value. Core and Bitlayer lead with 56% dominance. Core boasts $387.94 million locked, while Bitlayer secures $358.75 million. Other notable networks include Rootstock, Stacks, and BOB. Rapid growth showcases demand for scalability and interoperability, reshaping the Bitcoin ecosystem.  

Nervos Network Surges After Upbit Listing

Nervos Network (CKB) experienced a substantial rally following its listing on Upbit, with volumes on the South Korean exchange driving temporary price disparities. CKB's price peaked at $0.020, showcasing strong price action. Additionally, CKB doubled its trading volumes to nearly $600M, leading to a surge in open interest and expanded short positions. 

Dark Angels Hackers Secure $75M Bitcoin Ransom in Attack

The hacking group Dark Angels orchestrated the largest known ransomware attack, securing a $75 million bitcoin ransom from drug distributor Cencora in February. Their targeted approach differs from typical ransomware groups' indiscriminate attacks. Blockchain firm Chainalysis estimated over $450 million lost to ransomware attacks in the first half of 2024.  

Richard Heart Faces Criminal Investigation in Finland

Richard Schueler, also known as Richard Heart, is under criminal investigation in Finland for gross tax evasion and assault. The Finnish police suspect him of evading hundreds of millions of euros in taxes and not paying taxes from June 2020 to April 2024. The SEC has also charged him with illegally raising over $1 billion through unregistered cryptocurrency offerings. His current location is unknown.  

Justin Sun Calls for Coinbase Proof-of-Reserve for cbBTC

Justin Sun urges Coinbase to publish its Proof-of-Reserve (PoR) for cbBTC amid a growing call for transparency. He emphasized the need for transparent financial health status and on-chain funds. Despite concerns, cbBTC achieved a $100 million market cap within 24 hours on Base and Ethereum, supported by a 1:1 Bitcoin ratio.