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News/Coin360 Daily Dispatch (Apr 13, 2023): Crypto Market Updates & Highlights

Coin360 Daily Dispatch (Apr 13, 2023): Crypto Market Updates & Highlights

Apr 13 2023

last year3 minutes read
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Crypto Market Update: eToro Teams up with Twitter to Launch Real-Time “$Cashtags” for Cryptocurrencies and Stocks

Written by Van - Perfected by ChatGPT

eToro has partnered with Twitter to offer a new service named “$Cashtags” that will provide real-time prices for cryptocurrencies, stocks, and other assets and direct users to the eToro platform to make trades. This aligns with Twitter owner Elon Musk’s plans to integrate financial services into the platform, with the aim of creating a “super app.”

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Arthur Hayes Questions Negative Perpetual Funding Rates Despite Bitcoin’s Price Increase

Arthur Hayes has questioned why the perpetual funding rates are negative despite an almost 100% rise in Bitcoin’s price post-FTX trading platform’s impact. Perpetual funding rates are tools used by crypto derivative exchanges to maintain perpetual futures contracts’ prices with the underlying asset’s spot price. Negative perpetual funding rates suggest the market is bearish, even as Bitcoin’s price nearly doubled since FTX’s event.

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Source: Arthur Hayes/Twitter

This could be due to short-term traders selling their positions, creating a temporary imbalance between buyers and sellers. Despite the speculation, Bitcoin is holding steady around $30,500 and has seen a 1.4% increase in the last 24 hours.


Ethereum Jumps Over $2,000 As Shanghai Upgrade Boosts Liquidity And Validator Relief

Ethereum’s recent upgrade, the Shapella upgrade, has caused ether to gain over 4% and surpass the \(2,000 mark. The rally that followed suggests that Shapella may not be the driving force behind the jump, with liquidity and relief playing a bigger role. At present, there have been 22,764 validators waiting to fully withdraw their 818,392 [ETH](https://coin360.com/coin/ethereum-eth) as per Nansen dashboard, with the majority of withdrawals varying between 2.8-3.2 ETH. However, some validators may not be withdrawing the whole amount due to the average price of staked ETH being \)3,149.

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Source: Nansen

Exchanges including Coinbase, BitGo, Kraken, Binance, and Bitfinex have announced their support for the upgrade and are processing withdrawal requests. Kraken started withdrawing validators for their US customers on April 11, while Binance will start processing withdrawal requests from April 19.


Bankrupt Cryptocurrency Exchange FTX Eyes Comeback Following Recovery of Majority of Assets

Bankrupt cryptocurrency exchange FTX has recovered a majority of its assets owed to customers and may make a comeback next year. The exchange now has $7.3 billion in distributable assets, including cash and crypto. FTX’s attorney stated that the legal team will start planning for the potential restart or recapitalization of FTX and aim to file a preliminary plan of reorganization in July. Confirmation of that plan will ideally take place by Q2 2024. FTT surged by 95% at one point before going back, posting a 68.22% gain throughout the day.

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DeFi Hack: Attacker Mints Over 1 Quadrillion yUSDT Worth $11.6 Million

Blockchain security firm, PeckShield, has detected a recent DeFi hack that allowed the attacker to mint over 1 quadrillion Yearn Tether (yUSDT) from \(10,000, which was then traded for other stablecoins totaling \)11.6 million.

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The attacker transferred 1,000 Ether, worth almost $2 million, to the cryptocurrency mixer Tornado Cash. DeFi protocols Aave and Yearn.finance were alerted, with yearn.finance stating the exploit was limited to an outdated contract. Aave confirmed the hack did not impact their v1, v2 or v3 protocols.

YFI dropped by 5% after the news, then slightly recovered to mark a -1.86% loss. AAVE even went higher than it was a few days ago, with a 1.92% increase seeing the price surpass $80.

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Aptos Launches $20 Million Grant Program to Support Creatives Using Blockchain

Blockchain company Aptos has launched a $20 million grant program to support artists and creatives who will use its blockchain to realise their vision. The funding will be provided by the Aptos Foundation, and those who are successful will have access to the infrastructure required to make the most of Aptos’ ecosystem. The new initiative is part of Aptos’ expansion plans, as it aims to increase the number of people and projects engaging with and building on its blockchain chain. As a result, the APT price increased by 8.16% over the past 24 hours.

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Dog-themed Cryptocurrency Bonk Inu Launches Decentralized Exchange on Solana

Bonk Inu, a dog-themed cryptocurrency protocol, has released its decentralized exchange (DEX), BonkSwap, on Solana smart contracts. Users can swap SOL, BONK, and stablecoins, with most of the fees going to liquidity providers and locked stakers of Bonk and BonkSwap LP positions. The developers plan to offer more features in the future, including a bonk-based game and futures offerings on the Bonkswap exchange. BONK experienced a surge of over 24%, which sent its price to the highest level since the end of February this year.

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Summary of Market Events and Price Action

As a summary of today’s events and price action in the market, it is crucial to note the following key points:

  • BTC stays above $30,500 as market sentiment remains bullish
  • ETH surpasses $2,000 post-Shapella
  • FTT soars following FTX’s revival plan
  • YFI and AAVE see mixed reactions amid Yearn.finance exploit
  • APT bulls celebrate $20 million grant program
  • BONK comes into spotlight again with BonkSwap

Top Altcoin Gainers and Losers

Gainers:

FTX Token FTT (+67.48%)

Radix XRD (+33.12%)

Arbitrum ARB (+11.91%)

Losers:

ApeCoin APE (-38.76%)

Stacks STX (-2.72%)

Kaspa KAS (-1.77%)

NFT Market Map

Adidas is launching a new ALTS by Adidas collection to expand its presence in the metaverse. This follows the brand’s first foray into the metaverse in December 2021 with its “Into The Metaverse” collection. The ALTS by Adidas NFT collection features dynamic NFTs with eight different “ALT[er] egos,” which can be accessed by holders of NFTs from the previous two phases by burning their old NFTs. Adidas intends to improve the user experience and showcase its commitment to digital art and collectibles. As of publication, the collection has a floor price of 0.78 ETH (nearly $1,500).

The trading volume for the modified version of the CryptoPunks NFT collection has surged over \(211 million in the past 30 days, putting it ahead of the [Bored Ape Yacht Club](https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d) collection. These [Wrapped CryptoPunks](https://coin360.com/nft/0xb7f7f6c52f2e2fdb1963eab30438024864c313f6) can now be sold on marketplaces like OpenSea and Blur, boosting their liquidity. Blur has recently become the top marketplace by volume by offering an incentive plan and not charging fees. The high trading volume appears to be motivating many holders to sell their NFTs, with 16 CryptoPunks selling for over \)100,000 each in just an hour on Blur.

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