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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | February 8, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | February 8, 2024

Van Thanh Le

Feb 8 2024

5 months ago3 minutes read

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Crypto Market Update

Table of Contents

Market Movements and Investment Trends

  • Bitcoin Nears $45K: A Volatile Market's Tale, BlackRock and Fidelity Lead Crypto ETF Surge
  • Ether Hits $2,400 Amid ETF Speculation
  • Bakkt Warns of Cash Shortage in SEC Filing

Legal and Regulatory Updates

  • FTX and Celsius' Legal Entanglements Raise Eyebrows
  • NBA Entangled in Voyager Digital Lawsuit
  • Yellen and SEC Clash Over Crypto Regulation
  • Cash Still King in Crime, Crypto Misuse Lower

Technology and Innovation

  • Ethereum Name Service Eyes Layer 2 Expansion
  • Wormhole Launches Token Airdrop for Governance
  • Frax Finance Debuts Ethereum Layer 2 Network

Market Insights and Reports

  • Token Unlocks Report: A Surge in Prices Post-Unlock

NFT and Community Engagement

  • Stephen Chow's NFT Collection Achieves 10K ETH Volume
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Bitcoin Nears $45K: A Volatile Market's Tale, BlackRock and Fidelity Lead Crypto ETF Surge

Bitcoin's price is on the brink of hitting $45,000, signaling a cautionary tale for leveraged traders amidst a volatile market. Meanwhile, an anticipated decline in the dollar is expected to catalyze a significant surge in cryptocurrency values, as noted by Glassnode founders.

In the ETF arena, BlackRock's Bitcoin ETFs have made a splash with a whopping $1 billion in volume, marking a significant day for crypto investments. Concurrently, spot Bitcoin ETFs are witnessing a sustained inflow for the ninth consecutive day, with Fidelity taking the lead in this bullish trend. This momentum is further underscored by the liquidity advantage that BlackRock and Fidelity's Bitcoin ETFs hold over competitors like Grayscale, as per JPMorgan, offering investors a more fluid entry and exit point into the market. 

Amidst these developments, 90% of Bitcoin holders are finding themselves in a profitable position amid increased holdings among large wallets, highlighting the growing investor confidence and market strength in the cryptocurrency space.

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Ether Hits $2,400 Amid ETF Speculation

Ether's price soared, crossing the $2,400 mark, buoyed by Cathie Wood's ARK and 21Shares revising their spot ETH ETF application, signaling strong market optimism. This uptick towards $2,450 was further fueled by a bullish sentiment in the ether options market, with analysts pointing to the open interest as a positive sign for a potential May spot ETH ETF approval. 

Amidst this bullish backdrop, Prometheum announced its Ether Digital Asset Security, showcasing innovation in Ethereum-based financial products. Additionally, Ethereum's staking landscape hit a new milestone, with a record 25% of ETH supply now staked, underscoring the community's confidence and commitment to the network's security and future.

chart (1).webp

Bakkt Warns of Cash Shortage in SEC Filing

Bakkt, a digital asset platform backed by ICE, filed a warning with the SEC that it might not have enough cash to continue operations. The move comes after struggles to generate sustainable profits and cash flows. The company is now seeking to raise up to $150 million in registered securities to fund its long-term vision.  

now-deleted X post from Bakkt.jpg
Now-deleted X post from Bakkt.

FTX and Celsius' Legal Entanglements Raise Eyebrows

US prosecutors allege conflict of interest as FTX's Sam Bankman-Fried and Celsius' Alex Mashinsky share lawyers, potentially biasing legal proceedings. Both firms have intertwined operations, and Bankman-Fried reportedly discussed buying Celsius. Prosecutors suggest adding another counsel to alleviate concerns, while Bankman-Fried's parents deny involvement in FTX's alleged illicit activities.  

ftt cel.png

NBA Entangled in Voyager Digital Lawsuit

The NBA faces a class-action lawsuit over its marketing ties with collapsed crypto lender Voyager Digital. Investors claim losses of over $4.2 billion and allege the NBA's negligence in approving Voyager's promotional deal with the Dallas Mavericks. The lawsuit also involves allegations against Voyager's law firm, McCarter & English, and other sporting entities facing similar legal action.  


Yellen and SEC Clash Over Crypto Regulation

US Senate Janet Yellen urges Congress to regulate crypto due to potential risks and need for oversight. SEC contradicts by claiming no legislative gaps exist. Ripple's Stuart Alderoty and attorney John Deaton highlight the inconsistency. The debate centers on whether crypto assets are securities, with no final decision despite XRP's partial victory.  


Cash Still King in Crime, Crypto Misuse Lower

The US Treasury's report on money laundering reveals that despite some misuse of cryptocurrencies, cash remains the primary choice for criminals due to its anonymity and stability. Bulk cash smuggling and transportation of currency via private aircraft are common methods. Crypto misuse is comparatively low, with DeFi and mixing services emerging as new laundering avenues.  


Ethereum Name Service Eyes Layer 2 Expansion

The Ethereum Name Service (ENS) is exploring layer 2 network expansion and the potential creation of an "identity layer." It aims to integrate with the Optimism network and implement zero-knowledge proofs for data protection. ENS faces awareness challenges but seeks to overcome them, as evidenced by its partnership with GoDaddy to facilitate mainstream adoption of blockchain domain names.  

chart (3).webp

Wormhole Launches Token Airdrop for Governance

Wormhole announces an airdrop of its native token "W" with a maximum supply of 10 billion. 82% of the tokens will initially be locked and released gradually over four years. The protocol plans to decentralize governance to W holders, empowering the community for on-chain governance. Wormhole was previously targeted in a major hack in 2022. 


Frax Finance Debuts Ethereum Layer 2 Network

Frax Finance has launched Fraxtal, its Ethereum Layer 2 network, initially available to select launch partners. Fraxtal operates as an Ethereum-compatible optimistic rollup, focusing on decentralized finance. The network includes decentralized infrastructure providers such as Safe, Chainlink oracles, and Axelar and LayerZero bridges. Frax's ecosystem includes the Frax stablecoin and Frax Ether, with a TVL of over $1 billion.  

chart (2).webp

Token Unlocks Report: A Surge in Prices Post-Unlock

The "Annual Report 2023: Unlock Revolution" by Token Unlocks reveals that token prices typically surge 34.5% following private investor unlocks. Prices decline seven days pre-unlock, possibly due to retail concerns. Founder/Team unlocks don't result in price decreases, and Private Investor unlocks see significant increases post-unlock, despite initial drops.  

token unlocks.webp
Source: Token Unlocks

Top Altcoin Gainers and Losers

Gainers:

BitTorrent New BTT (+34.50%

Dymension DYM (+26.56%

Kaspa KAS (+17.82%

Losers:

Bittensor TAO (-7.17%

Pendle PENDLE (-6.72%

Monero XMR (-2.97%)  

NFT Market Map

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Stephen Chow's NFT Collection Achieves 10K ETH Volume

Hong Kong director Stephen Chow’s "Nobody" NFT collection has hit 10,000 ETH in trading volume on Opensea. The collection, launched on Moonbox, features NFT characters with interactive capabilities. Chow engaged celebrities and planned community events. He collaborated with OKX for a whitelist giveaway, with 2,500 NFTs distributed from a total of 10,000.  

This article has been refined and enhanced by ChatGPT.

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