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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | August 30, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | August 30, 2023

Aug 30 2023

11 months ago4 minutes read

Crypto Market Update

Written by Van

Table of Contents

Crypto Exchanges and Platforms

  • EOS Tokens Greenlit for Japanese Exchanges
  • Binance Japan Expands Crypto Asset Offerings
  • HashKey Partners with imToken for Retail Focus
  • Whale Moves and Ethereum's Bearish Signals

Market Trends and Predictions

  • Bitcoin's Uncertain Outlook for September
  • Shiba Inu's L2 Blockchain Hits Milestones
  • Major XRP Transactions and Market Optimism

Regulatory and Governance Updates

  • Cosmos Hub Considers Liquid Staking Module
  • USDC Stablecoin to Launch on Base Network
  • Robinhood Ends Partnership with Jump Trading
  • Bloomberg's Bitcoin ETF Approval Forecast

Legal Developments and Precedents

  • Uniswap Wins Lawsuit, Sets DeFi Precedent
  • Tether Partners with Britannia Bank Amid Scrutiny

NFTs and Gaming

  • Starknet's NFT Mint Halted Due to Demand
  • GameFi and Art NFTs: A Performance Contrast
  • OpenSea Aims to Standardize Redeemable NFTs

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EOS Tokens Greenlit for Japanese Exchanges

EOS tokens have been approved for trading on Japanese exchanges after being granted whitelist approval by the Japan Virtual and Crypto Asset Exchange Association (JVCEA). The tokens will begin trading in mid-September on BitTrade, a regulated cryptocurrency exchange in Japan.

This approval is seen as a significant achievement for EOS and will open up new opportunities in the Japanese market, particularly in the gaming industry.

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Binance Japan Expands Crypto Asset Offerings

Binance Japan has announced plans to increase the number of crypto assets offered on its trading platform from 34 to 100. The exchange is seeking collaboration with local exchanges and market makers to secure liquidity. Binance Japan also intends to register the company to broker transactions of fiat-backed stablecoins.


HashKey Partners with imToken for Retail Focus

Hong Kong-based crypto exchange HashKey has partnered with crypto wallet provider imToken to target retail clients. HashKey will offer a trusted trading platform while imToken will serve as the non-custodial wallet partner.

HashKey recently obtained the first crypto trading license in Hong Kong and aims to attract up to 1 million users by the end of the year.


Whale Moves and Ethereum's Bearish Signals

Before a whale splurged $13 million, the Ethereum market cap had been on a downward trend since April, marked by large holders offloading their assets. Santiment's director of marketing notes that while prices can still rise as profit-taking occurs, it is not being perpetuated by these large holders. Ethereum's transaction and trade volumes have also decreased, indicating disinterest from traders. 

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Bitcoin's Uncertain Outlook for September

Following the release of the US GDP data at 2.1% (expected 2.4%), the crypto price of BTC soared to $27,400, only to correct itself and hover around $27,100.Previously, Bitcoin price surged to $28,000 after Grayscale's win against the SEC.

Santiment data revealed that whales and sharks bought over $388 million in BTC just before the news. This suggests potential manipulation and insider knowledge. The court ruling increases the chances of the US market getting its first spot Bitcoin ETF.

Analysts suggest that Bitcoin's poor performance in August and historical trends indicate an uncertain September ahead. Factors such as low trade volume, a flash crash, and a rising US dollar contribute to this uncertainty. Analysts predict increased volatility and trade volume in September, with some investors expecting downside pressure. However, there is more positive sentiment for Bitcoin in October and November.

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Shiba Inu's L2 Blockchain Hits Milestones

Since its public relaunch, Shiba Inu's L2 blockchain has hit several milestones, making waves in crypto coin prices with over 336,000 wallets and more than half a million transactions. The average block production time is five seconds, showing the success of the upgrade. The token Bone ShibaSwap (BONE) saw a 7% increase in response to the developments, before back to -4%.

BitMex has listed BONE on Futures with up to 33x leverage, and the SHIB/USD & SHIB/USDT Quanto smart contracts. The token currently trades at $1.26.

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Major XRP Transactions and Market Optimism

Cryptocurrency charts have highlighted several large XRP transactions in the past 24 hours, including a notable 31 million XRP transfer by Ripple Labs to an anonymous wallet. The largest transaction involved 424 million XRP and the wallet was also traced back to Ripple Labs.

In other news, Grayscale has won a case against the SEC, which has caused optimism in the crypto community and led to a rise in the price of Bitcoin and XRP.

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Cosmos Hub Considers Liquid Staking Module

The Cosmos Hub is voting on a proposal to introduce the Liquid Staking Module (LSM), which would replace current staking, distribution, and slashing modules. The proposal has received widespread support and, if passed, would allow for the unlocking of 25% of staked ATOM tokens.

The LSM would also introduce a validator bond and safety framework to prevent excessive control and corruption. The introduction of the LSM would make liquid staking more accessible and reduce costs.

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USDC Stablecoin to Launch on Base Network

Circle's CEO, Jeremy Allaire, announced that the USDC stablecoin will launch natively on the Base network "next week." This new version will replace the current bridged version, eliminating the need for USDbC.

The contract for the new token has already been deployed to Base, and further details on the launch will be provided. The Base network gained over 136,000 active users within a day of its launch. 


Robinhood Ends Partnership with Jump Trading

Robinhood has reportedly ended its crypto partnership with financial institution Jump Trading. On-chain data suggests the partnership may have ended in July, and Jump Trading has been distancing itself from the US crypto market due to regulatory uncertainty. Robinhood and Jump Trading have not yet commented on the matter.


Bloomberg's Bitcoin ETF Approval Forecast

Bloomberg analysts have raised their odds of the SEC approving a spot Bitcoin ETF to 75% by the end of the year and 95% by the end of 2024, following a court win by Grayscale.

The analysts believe the SEC will struggle to justify further denials as deadlines approach and negative PR mounts. Despite an upcoming SEC decision on spot Bitcoin ETFs, the analysts believe the outcome will not matter as much, as the SEC is likely to approve a launch eventually.


Uniswap Wins Lawsuit, Sets DeFi Precedent

Ethereum-based crypto exchange Uniswap has won a class action lawsuit, with the court ruling that the platform cannot be held accountable for the losses of its users or the actions of third parties.

Legal experts believe that this case sets an important precedent for the decentralized finance (DeFi) industry and highlights the need for legislation in the evolving crypto landscape. The decision is seen as favoring truly decentralized protocols.

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Tether Partners with Britannia Bank Amid Scrutiny

Tether, the leading stablecoin, has expanded its banking network by partnering with Bahamas-based Britannia Bank & Trust. The move comes amid concerns over Tether's transparency and ties with traditional financial systems.

Tether has faced strained relationships with US banks in the past and has been criticized for its lack of transparency in its banking partnerships. The inclusion of Britannia Bank may indicate Tether's challenges in maintaining robust connections with conventional financial systems.

However, the bank's acquisition of a crypto firm and its founder's bribery trial add complexity to the alliance. The lack of transparency surrounding Tether's banking relationships raises doubts about the stability of its financial infrastructure and operations.


Top Altcoin Gainers and Losers

Gainers:

XDC Network XDC (+10.39%)

Toncoin TON (+5.48%)

Mantle MNT (+1.71%)

Losers:

Rollbit Coin RLB (-8.12%)

Conflux CFX (-6.26%)

Internet Computer ICP (-5.00%)


NFT Market Map

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Starknet's NFT Mint Halted Due to Demand

Starknet halted its Quantum Leap NFT mint after experiencing "enormous demand" that caused network issues. The team hopes to resume the drop within a few days. Twitter users questioned if Starknet is the future of scaling if one mint caused a crash, while others suggested a longer minting window to prevent network congestion.


GameFi and Art NFTs: A Performance Contrast

According to recent data from Nansen, GameFi and Play-to-earn NFTs have seen a significant setback, with a $1,000 investment in January 2022 now only worth $90, representing a 91% decline. In comparison, art NFTs have been the standout performers, outperforming Blue Chips and Metaverse NFTs.  


OpenSea Aims to Standardize Redeemable NFTs

NFT marketplace OpenSea is working to standardize redeemable NFTs, following a drop in monthly volume and controversies. It has released four improvement proposals and is seeking community feedback. OpenSea plans to provide a self-serve tool for creators, offer trait redemption, and explore off-chain redeemable NFTs.

This article has been refined and enhanced by ChatGPT.

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