Coin360 Daily Dispatch | Crypto Market Updates & Highlights | August 24, 2023
Crypto Market Update
Written by Van
Table of Contents:
- Pantera Capital Forecasts Bitcoin Price Post-Halving
- Glassnode Founders Predict Ethereum Breakout
- Bitcoin's Price Reflects Traditional Market Trends
Exchange and DeFi News
- 1inch Launches on Base for Enhanced DeFi Integration
- Coinbase Assets Suspends Six Cryptocurrencies
- Balancer Announces $2.8 Million Vulnerability Warning
- Binance Alters Trading Fees, Ends Some Partnerships
- PancakeSwap Expands to Linea Mainnet
Partnerships and Collaborations
- Base and Optimism Unite for Governance
- Algorand and Cardano to Explore Partnership
- Nvidia's Earnings Boost AI-Related Cryptocurrencies
- Whale Purchases Significant Crypto Holdings
- Pre-Order for Ethereum Phones Launched
Wallets and Tokens
- Large Bitcoin Withdrawals from Binance Continue
- Experienced Traders Increase Holdings of dYdX Tokens
- EigenLayer Closes Restaking Pools for Tokens
Individual Stories and Opinions
- Shiba Inu Team Reopens Shibarium Mainnet
- Dogecoin Investor Stays Optimistic Despite Loss
- FTX Considers Partnership with Galaxy Digital
Security and Regulation
- Coin Center Criticizes Tornado Cash Indictment
- SIM Swap Scams Steal $13.3 Million in Four Months
- UK Treasury Considers Crypto Cold Call Ban
- NFT Collections See Major Price Fluctuations
- Trump's NFT Collection Sales Surge
- Rarible's Trading Volume Soars Following Decision
Gaming and Entertainment
- NFL Rivals by Mythical Games Hits Two Million Downloads
Pantera Capital Forecasts Bitcoin Price Post-Halving
Hedge fund Pantera Capital predicts that Bitcoin's price could reach $148,000 after the next halving event in 2024. The fund's report highlights the historical impact of previous halvings on Bitcoin's supply and price, and notes that Bitcoin has historically bottomed out around 477 days prior to the halving before experiencing a rally. The fund believes that Bitcoin could reach $35,000 ahead of the halving and $148,000 after it.
Glassnode Founders Predict Ethereum Breakout
The founders of on-chain analytics platform Glassnode believe that the selling pressure on Ethereum may be setting the stage for a potential breakout; if ETH can push above $1,700 and key indicators such as the RSI and CMF move in positive directions, the price of ETH could move towards $2,000, impacting the Ethereum market cap. However, ETH is still in a bearish phase and buyers need to win the struggle with sellers for a potential uptrend to occur.
Bitcoin's Price Reflects Traditional Market Trends
Bitcoin's price is heading towards $26,000, mirroring the decline in traditional markets. Ether is also in a downtrend since last week's digital asset price drop. Investors are eyeing Federal Reserve Chair Jerome Powell's upcoming remarks for hints on monetary policy. U.S. economic signs are strong, with jobless claims falling and rapid growth forecasted for Q3.
Since the August 17 crash, large Bitcoin holders added 11,629 tokens and Ethereum whales accumulated over 56k ETH. A recent 2,910 BTC transfer to Coinbase, worth around $76 million, may signal a looming selloff.
1inch Launches on Base for Enhanced DeFi Integration
Decentralized exchange aggregator 1inch has launched its services on Base, the Ethereum layer-2 network incubated by Coinbase. The move allows users to access the 1inch Aggregation Protocol and the 1inch Limit Order Protocol, which enables the placement of buy and sell orders at specific prices.
The Base blockchain will also benefit from Coinbase product integrations and easy fiat onramps. While Base has seen increased activity, particularly due to the popularity of Friend.tech, the DeFi sector remains in its early stages.
Coinbase Assets Suspends Six Cryptocurrencies
Coinbase Assets has announced the suspension of trading for six cryptocurrencies, including BarnBridge, DerivaDAO, Jupiter, Multichain, Ooki, and Voyager. The decision is based on a review that found the assets did not meet the exchange's listing standards.
The suspension will take effect on September 7, with the assets experiencing price declines following the announcement.
Balancer Announces $2.8 Million Vulnerability Warning
Balancer, an Ethereum automated market maker and decentralized finance protocol, has warned that $2.8 million, or 0.42% of its total value locked, remains at risk following the discovery of a vulnerability. Users are advised to withdraw their funds immediately from affected liquidity provider pools. The vulnerability has not been exploited so far.
Binance Alters Trading Fees, Ends Some Partnerships
Starting September 7, Binance is altering its zero-fee Bitcoin trading for BTC/TUSD pairs, introducing regular taker fees and eliminating maker fees to promote FDUSD stablecoin over TUSD.
Binance is also ending its crypto-backed debit card services in Latin America and the Middle East from September 21, impacting less than 1% of users, with core services remaining unaffected.
The Mastercard and Binance crypto card partnership in Argentina, Brazil, Colombia, and Bahrain is ending, though Mastercard's other crypto programs will continue.
PancakeSwap Expands to Linea Mainnet
Decentralized exchange protocol PancakeSwap has expanded to the Linea mainnet, a Consensys-powered Ethereum Layer 2 scaling network. This move aims to provide users with lower gas fees, faster transactions, and improved capital efficiency.
PancakeSwap plans to bring its swap, liquidity provisioning, farm, and initial farm offering features to Linea in the coming months. This expansion to Linea is part of PancakeSwap's multichain strategy, as it aims to support various Ethereum scaling networks.
Base and Optimism Unite for Governance
Base and Optimism have announced a shared governance and revenue-sharing framework. Base's smart contracts can only be upgraded with the consent of the Optimism team. Base will pay a portion of its revenue or profits to Optimism and receive OP Tokens for protocol governance. Coinbase pledges neutrality in Base's network.
Some critics believe Base's centralized nature may attract regulatory scrutiny. Ethereum investors are hopeful about Base and Optimism's potential for onboarding new users.
Algorand and Cardano to Explore Partnership
Algorand and Cardano are exploring a partnership to boost security and enable cross-chain value transfers. The collaboration might include Cardano's L1 pool operators validating for Algorand and more integration between the chains, enhancing liquidity. Concerns exist about Cardano stakeholders' added responsibilities and validator reliability. The partnership emphasizes blockchain innovation.
Nvidia's Earnings Boost AI-Related Cryptocurrencies
Nvidia's better-than-expected second quarter earnings have led to an increase in the value of cryptocurrencies tied to artificial intelligence (AI). AI-related cryptocurrencies such as Render, SingularityNET, and Fetch have all experienced price gains within the last 24 hours.
The popularity of AI and its increasing mainstream adoption have helped AI cryptocurrencies maintain their popularity despite a summer market decline. Nvidia also expects high sales for the third quarter.
Whale Purchases Significant Crypto Holdings
A whale recently spent around $5 million to buy various cryptocurrencies including UNI, LDO, ETH, and AAVE, and the crypto coin prices of all the cryptocurrencies bought by the whale increased in the past 24 hours. The largest purchase was 413,727 UNI worth about $2 million. The prices of all the cryptocurrencies bought by the whale increased in the past 24 hours.
Meanwhile, four major Ethereum (ETH) holders have acquired around $94 million worth of ETH in just one week. This comes as several dormant wallets have been activated recently, with significant transfers of ETH and Bitcoin (BTC) taking place.
Pre-Order for Ethereum Phones Launched
A pre-order campaign has been launched for "Ethereum phones," a mobile device with Ethereum OS pre-installed. The phone, based on Google Pixel 7a, aims to increase decentralization, transparency, and censorship resistance on the Ethereum platform. Customers can mint specific NFTs to reserve a phone from the first series for $650.
Large Bitcoin Withdrawals from Binance Continue
Investors are withdrawing large amounts of Bitcoin from Binance amid rumors about the crypto exchange, leading to fluctuations in the crypto price for Bitcoin. In one case alone, there were five withdrawals totaling 5,729 BTC.
Binance has experienced six consecutive days of negative Bitcoin outflow since August 17, with a total of 14,460 BTC leaving its reserves by August 22. Additionally, Glassnode reported a 5-year low for BTC balances on exchanges, suggesting that investors are moving their cryptocurrency to private wallets.
Experienced Traders Increase Holdings of dYdX Tokens
These wallets, which likely include top DEX traders, liquidity providers, and venture funds, now hold over 47 million tokens, representing a 30% increase since the start of the year. Additionally, there have been net outflows of the token from exchanges over the past 30 days, indicating increased holdings by traders. However, these holdings are still only a small portion of the total token supply.
EigenLayer Closes Restaking Pools for Tokens
EigenLayer, a restaking protocol, has closed its liquid staking token (LST) restaking pools for stETH, rETH, and cbETH after stETH reached the deposit cap of 100,000 tokens. EigenLayer stopped accepting new deposits shortly after.
The protocol currently has almost $240 million locked in total value and has launched an NFT collection called Eigen Worlds. Stader Labs is building a solution that allows DeFi users to retain access to their liquidity when using EigenLayer.
The team is currently running the contract on a testnet and plans to deploy it on the mainnet soon.
Shiba Inu Team Reopens Shibarium Mainnet
The Shiba Inu team has reopened the Shibarium mainnet after reviewing and testing the chain. The gas token Bone ShibaSwap (BONE) saw a 15% increase in price. Shibarium has implemented a monitoring system and fail-safe mechanisms to improve security and stability. The team will also implement ShibPaper for governance and management.
Dogecoin Investor Stays Optimistic Despite Loss
Glauber Contessoto, who invested $250,000 of his savings into Dogecoin and saw his holdings reach $3 million, has watched the value of his investment drop to as low as $50,000. Despite this, Contessoto remains optimistic about Dogecoin's future, believing it will become the preferred cryptocurrency for payments on Twitter.
Dogecoin's price is heavily influenced by Elon Musk's tweets, and it is currently the ninth largest cryptocurrency with a market cap of $9 billion. Contessoto acknowledges the volatility of the crypto market and plans to sell some of his holdings in the future.
FTX Considers Partnership with Galaxy Digital
Cryptocurrency exchange FTX is considering appointing Galaxy Digital Holdings to manage and monetize its digital assets. FTX is seeking court approval for an investment services contract with Galaxy Asset Management as it navigates bankruptcy proceedings.
The move comes after FTX's operations collapsed in November 2022, with debts owed to customers totaling around $8.7 billion.
Coin Center Criticizes Tornado Cash Indictment
Crypto advocacy group Coin Center has criticized the indictment of two former Tornado Cash developers, arguing that the facts offered don't show any clear violations of money-transmitting-related offenses.
Coin Center's research director argues that the claims in the indictment appear to run counter to guidance from the US Financial Crimes Enforcement Network, stating that Tornado Cash only provides the software to transmit money rather than transmitting the money itself.
SIM Swap Scams Steal $13.3 Million in Four Months
Over the past four months, $13.3 million has been stolen through 54 SIM swap scams, with most victims being Americans. These scams involve hackers convincing mobile carriers to connect a victim's phone number to a SIM card in their possession, allowing them access to bank accounts and crypto wallets.
Experts warn against using SMS two-factor authentication and recommend using authenticator apps or security keys instead.
UK Treasury Considers Crypto Cold Call Ban
The UK Treasury is considering banning cold calls related to crypto investments due to cases of investors losing money. The government aims to gather evidence from stakeholders to ensure the ban does not negatively impact legitimate businesses.
Last month, the Financial Conduct Authority proposed including risk warnings in crypto promotions to retail investors and warned that unauthorized promotions could result in jail time or fines. Crypto scams accounted for more than 40% of reported crimes in 2022, with losses totaling £115.7 million ($146 million) in November.
Top Altcoin Gainers and Losers
Render Token RNDR (+3.43%)
Immutable X IMX (+2.08%)
dYdX DYDX (+1.29%)
THORChain RUNE (-8.92%)
Rollbit Coin RLB (-7.68%)
Synthetix SNX (-7.10%)
NFT Market Map
NFT Collections See Major Price Fluctuations
The floor prices of some well-known NFT collections, like Bored Ape Yacht Club and DeGods, have declined significantly, and the corresponding cryptocurrency charts show drops of 27% and 55% respectively. The Nansen NFT-500 index is down 40% year-to-date, and the Blue Chip 10 index is down 33%.
However, there are also lesser-known collections, like Miladys and Sproto Gremlins, that have seen significant price increases.
Trump's NFT Collection Sales Surge
Sales and trading volumes of Donald Trump's NFT collection have surged following a viral interview, with prices rising to over $215. The collection, which features 45,000 fantasy cards, has over 17 ETH in trading volume and more than 13,000 unique holders.
Trump holds $2.8 million in a cryptocurrency wallet and earned $4.87 million in licensing fees from the NFT collection. However, the collection's value has declined over the past few months.
Rarible's Trading Volume Soars Following Decision
NFT marketplace Rarible experienced a 637% surge in trading volume within 24 hours after announcing its decision to maintain creator royalties and remove OpenSea and Blur from its aggregation data. Rarible's co-founder emphasized the importance of supporting and compensating creators and artists in the industry. The organization aims to redefine the NFT industry and create a better Web3 ecosystem.
NFL Rivals by Mythical Games Hits Two Million Downloads
Blockchain-based mobile game "NFL Rivals" by Mythical Games has been downloaded over two million times since its April soft launch. The game allows players to buy and sell gaming assets without leaving the app and aims to introduce a wider audience to the concept of digital ownership.
This article has been refined and enhanced by ChatGPT.