Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 23, 2024

Crypto Market Update

Table of Contents

Crypto Market Updates

• Bitcoin Reaches One-Month High, Gold Hits Record
• Ether Outperforms Bitcoin But Faces Whale Pressure
• Crypto Market Recovers with Institutional Inflows
• Kamala Harris Promotes AI, Digital Assets in Economic Strategy

Crypto Exchanges and Platforms

• Binance Set for System Upgrade as CZ’s Return Nears
• Coinbase Brings Native Bitcoin to Solana Blockchain

Governance and Corporate Developments

• Bitfarms and Riot Platforms Resolve Governance Conflict
• BlackRock Mandates 12-Hour Bitcoin Withdrawals Amid ETF Fears

Security and Legal News

• Telegram to Share Rule Violator Data Amid Founder’s Arrest
• Ashigaru Open Source Project Focuses on Privacy and Security
• DualPools Hacker Siphons $230K Through Smart Contract Exploit

Country-Specific Developments

• Chinese Bitcoin Miners Retain 55% of Global Network

Airdrops, Incentives, and Token Launches

• Hamster Kombat Faces Backlash Over Airdrop Disqualifications
• TRON Launches Meme Creator Incentive with Airdrop

Regulatory and Licensing Updates

• Circle Leverages MiCA to Promote USDC and EURC
• Sygnum Expands into EU with New Crypto License

Innovations and Partnerships

• INX Expands Tokenized Stock Offerings for Non-US Investors

Market Performance and Token Surges

• TAO Token Surges as Investors Eye AI Investments
• Aavegotchi Token Surges After Binance Listing
• Trader Turns 6 SOL into $1.3M with Meme Coin

Blockchain and Layer 2 Developments

• Zeta Markets to Launch Solana’s First Layer 2 Network
• Hemi Network Blends Bitcoin and Ethereum for Asset Movement

Payment and Blockchain Expansions

• Travala Expands Payment Options with Solana-Based Tokens

Rebrands and Community Engagement

• Trader Joe Rebrands to Strengthen Community Ties

NFT Developments and Legal Challenges

• STEPN GO Partners with adidas for NFT Sneaker Collection
• OpenSea Faces Securities Lawsuit Over NFT Sales

Bitcoin Reaches One-Month High, Gold Hits Record 

Gold surged to a record $2,620 per ounce amid geopolitical tensions and the U.S. Fed’s rate cut of 0.5%, and the Japanese yen weakened significantly due to the Bank of Japan’s unchanged interest rates. Meanwhile, Bitcoin almost climbed to a one-month high of $64,700 before coming back to $63,400. Analysts expect gold to reach $2,700 by 2025, with Bitcoin eyeing $65,000 as its next resistance level. Bitcoin’s RSI suggests potential bullish moves, hinting at further gains by year-end. 

Ether Outperforms Bitcoin But Faces Whale Pressure

Ether has surged ~15% since the Federal Reserve's 50 bps rate cut, leading the big-cap tokens and even outperforming Bitcoin. However, some whales have started offloading large amounts, including 8.5K ETH deposited to centralized exchanges. This selling pressure, led by whales like a dormant ICO participant and Genesis Trading, could impact the ongoing rally. Ether's market dominance dipped, though meme coins saw gains of 40%. 

Crypto Market Recovers with Institutional Inflows

The global crypto market experienced a significant recovery, with $321 million in net inflows. Major firms like BlackRock and Fidelity contributed, signaling growing institutional interest. Bitcoin led with $284 million in inflows, while Ether products faced $29 million in net outflows, and total assets under management reached $9.5 billion. Geographically, US-based funds secured the majority of inflows. The recovery reflects renewed investor confidence in the crypto sector, despite varying sentiments across global markets.

Kamala Harris Promotes AI, Digital Assets in Economic Strategy

Vice President Kamala Harris's recent pledge at a Wall Street fundraiser on Sept. 22 emphasized boosting investments in artificial intelligence and digital assets, while safeguarding consumer and investor interests. Her proposed economic strategy aims to unite various sectors for national competitiveness, emphasizing clarity in regulations to boost confidence. Meanwhile, Former President Donald Trump stated he won't run for the presidency in 2028 if he loses on November 5th. A tight race against Kamala Harris with key metric showing a 5-point lead for Harris.

Binance Set for System Upgrade as CZ’s Return Nears

Binance will conduct a three-hour system upgrade on September 25, 2024, aiming to enhance platform performance and stability. Users may experience brief disruptions, including in spot and derivatives markets, but no risk to their assets. The upgrade coincides with anticipation surrounding the release of former CEO Changpeng Zhao, who is expected to be freed soon. Allegedly, sensitive data of nearly 13 million Binance users has emerged on the dark web. The leaked information, including names, email addresses, phone numbers, and residential details, potentially exposes users to phishing attacks and social engineering tactics. Cybercriminal group "Greavys" is reportedly selling the data.

Coinbase Brings Native Bitcoin to Solana Blockchain

Coinbase is bringing its native cbBTC (Coinbase Bitcoin) to the Solana blockchain, enabling fast and inexpensive Bitcoin transactions. This move simplifies Bitcoin access for Solana users, offering increased versatility and potential rewards. The introduction of cbBTC on Solana excites developers, allowing them to build applications and tools, ultimately enhancing the cryptocurrency experience for all users.  

Bitfarms and Riot Platforms Resolve Governance Conflict

Bitfarms and Riot Platforms settlement resolve a governance conflict. It entails Andrés Finkielsztain's resignation from Bitfarms’ board, Amy Freedman’s appointment, and a standstill agreement until 2026. Bitfarms will gain a sixth board member subject to shareholder approval. The dispute arose when Riot proposed a buyout, leading to increased stake acquisition and board change demands. 

BlackRock Mandates 12-Hour Bitcoin Withdrawals Amid ETF Fears

BlackRock has mandated 12-hour Bitcoin withdrawals from Coinbase due to investor concerns over ETF transparency. Meanwhile, the SEC approved options for BlackRock’s iShares Bitcoin Trust, sparking fears of a potential gamma squeeze similar to GameStop's surge in 2021. Analysts expect a rapid price rise driven by institutional demand for Bitcoin options. Market makers may be forced to buy more Bitcoin as prices rise to hedge positions, amplifying price volatility. Institutional interest is growing despite concerns over counterparty risks.

Telegram to Share Rule Violator Data Amid Founder’s Arrest

Telegram founder Pavel Durov announced sharing violator data with authorities and using AI to block illegal content after his arrest in France. The platform will share IP addresses and phone numbers of rule violators, prioritize safety in searches, and deter abuse. Durov is under judicial supervision and cannot leave France. French authorities accused Telegram of illicit activities. 

Ashigaru Open Source Project Focuses on Privacy and Security

The Ashigaru Open Source Project, a fork of Samourai Wallet, debuted following legal hurdles. Emphasizing privacy and decentralized tools, it offers security enhancements like mandatory Dojo nodes and aims to remove entry barriers while eliminating counterparty risk. The original developers faced legal challenges, including allegations of facilitating illegal transactions and a subsequent bail denial. 

DualPools Hacker Siphons $230K Through Smart Contract Exploit

The DualPools hacker group siphoned $230,000 from Bankroll Status through a smart contract deployed three months prior. Smart contract vulnerabilities led to nearly 60% of the top 100 DeFi hacks, causing about 52% of attacks to target private keys and resulting in roughly 56% of total crypto losses. 

Chinese Bitcoin Miners Retain 55% of Global Network

Despite China's crypto ban, Chinese Bitcoin miners retain over 55% of the global Bitcoin mining network. The U.S. holds 40%, primarily serving institutional miners. China plans to expand AML regulations in 2025, targeting crypto transactions. Bitcoin miner revenue declined in August to $827.56 million, the lowest in a year, with 13,843 BTC mined.  

Hamster Kombat Faces Backlash Over Airdrop Disqualifications

Hamster Kombat faced backlash for excluding 57% of its claimed 300 million users from the Season 1 airdrop, with only 43% eligible to receive tokens. 2.3 million users were disqualified for cheating. Community uproar ensued due to unfair disqualifications and late changes to eligibility criteria, sparking calls for transparency and fair treatment.  

TRON Launches Meme Creator Incentive with Airdrop

TRON initiated a SunPump “888 TRX” meme creator incentive with an airdrop, rewarding 888 TRX ($135) to eligible creators. Meanwhile, MyTonWallet announced support for TRON assets, including TRX and USDT using the TRC-20 standard, promoting blockchain interoperability. The activity on SunPump has drastically declined, with token launches dropping from 7,531 to 201 daily.

Circle Leverages MiCA to Promote USDC and EURC

Circle is leveraging MiCA regulations to promote USDC and EURC as official currencies in the EU. EURC's market cap surged 70% since MiCA's effect, making it the largest compliant Euro stablecoin. USDC also remains dominant. MiCA imposes strict standards for stablecoin issuers, benefiting Circle while restricting Tether's presence. 

Sygnum Expands into EU with New Crypto License

Sygnum, a digital asset bank with roots in Switzerland and Singapore, secured a crypto service provider license in Liechtenstein to expand into the EU and EEA under the Markets in Crypto Assets Regulation. This strategic move enables them to offer regulated services like brokerage, custody, and B2B banking in alignment with upcoming MiCA regulations.

INX Expands Tokenized Stock Offerings for Non-US Investors

INX and Backed have expanded tokenized stock offerings for eligible non-US investors, introducing shares such as Tesla, Microsoft, Google, and GameStop. These assets, tokenized on Polygon's PoS blockchain, provide 24/7 trading, fractional ownership, and enhanced security, catering to the growing trend of financial digitization in a regulated, accessible environment.  

TAO Token Surges as Investors Eye AI Investments

The price of TAO, Bittensor's native token, surged over 18% to $542.37 at one point, with a weekly increase of over 82%. Vice President Kamala Harris' support for increased investments in AI and crypto, along with Bittensor's upcoming Ethereum-compatible smart contracts, has driven this remarkable growth and investor enthusiasm.  

Aavegotchi Token Surges After Binance Listing

Aavegotchi (GHST) price surged by 37% at one point following Binance's launch of the GHSTUSDT perpetual contract, offering up to 75x leverage trading. The token's intraday low and high were $0.8713 and $1.21, respectively, with a 1103% increase in intraday trading volume. The listing announcement and future listing reflect the market's optimistic sentiments towards Aavegotchi (GHST).  

Trader Turns 6 SOL into $1.3M with Meme Coin

A trader turned 6 SOL into $1.3M within days by investing in the MOODENG meme coin, inspired by a viral Thai baby hippo. The coin's market cap stands at over $50 million with a trading value of $0.051 at present, showing signs of cooling down. The trader also holds other meme coin investments, with substantial gains.  

Zeta Markets to Launch Solana’s First Layer 2 Network

Zeta Markets announced plans to launch Bullet, Solana's first Layer 2 network, at the Solana Breakpoint conference. Bullet aims to leverage a zero-knowledge virtual machine for smart contract execution, targeting a testnet release in Q4 2024 and a mainnet launch in Q1 2025. Zeta X, a decentralized exchange on Bullet, promises CEX-level speed and efficiency.  

Hemi Network Blends Bitcoin and Ethereum for Asset Movement

The Hemi Network, spearheaded by core Bitcoin dev Jeff Garzik, aims to blend Bitcoin and Ethereum through tunnels for secure coexistence. Different from bridges, Hemi ensures heightened security by merging Bitcoin's security features. With $15M funding, Hemi leverages its tunnels to enhance asset movement between Bitcoin and Ethereum for widespread usability.  

Travala Expands Payment Options with Solana-Based Tokens

Travala, a crypto-based travel platform, now accepts Solana-based tokens along with stablecoins like USDT and USDC. This expansion, announced by Juan Otero, Travala's CEO at the Solana Breakpoint conference, enables users to book flights and hotels using Solana's native token SOL, emphasizing high-speed and cost-effective transactions on the Solana blockchain.

Trader Joe Rebrands to Strengthen Community Ties

Trader Joe, a leading decentralized exchange on Avalanche, rebrands to Let’s F***ing Joe (LFJ) with a commitment to maintaining fast, cost-effective trading services. The revamped LFJ aims to strengthen global community connections with a redesigned mascot and logo. The project's domain will also transition to LFJ.gg, ensuring a seamless user experience.