Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 10, 2023

Crypto Market Update

Written by Van

Table of Contents

Market Overview

• July's Key Economic Events and Crypto Performance
• Bitcoin Whales Accumulate Despite Stagnant Prices
• Third Week of Positive Inflows into Crypto Investment Products
• Meme Coins in Red Amid Market Competition

Crypto Investments and Startups

• Arkham Intel Exchange: Paying Crypto Sleuths for On-Chain Analysis
• High-Value Token Unlocks Predicted This Month
• Mantle Network's $200 Million Fund Targets Developer Adoption
• Find Satoshi Lab Announces Social MMO: Gas Hero

Legal and Regulatory Developments

• HKSI to Offer Crypto Trading Programs Following New Licensing System
• Terraform Labs Co-Founder Faces Charges Over Illicit Profits
• YouTuber Blue Accused in Multi-Million Crypto Scams

Crypto Exchanges and Platforms

• Bankrupt Voyager Digital Faces Significant Asset Withdrawals
• Binance.US Features Bitcoin Trading at Significant Discount

Security and Scams

• Arcadia Finance Suffers $455,000 Hack on Ethereum and Optimism
• Razer Faces Second Data Breach with $100k Ransom Demand

Blockchain and Tech Developments

• Shibarium Set to Launch as Layer 2 Solution for Shiba Inu

NFT Market

• Internal Conflicts Cause NFT Market Collapse
• Bitcoin's Ordinals Threaten to Overtake Ethereum in NFT Market

July's Key Economic Events and Crypto Performance

Bitcoin and Ether remained stable while other cryptocurrencies, such as AVAX and SOL, retreated from last week's gains. Investors are looking towards US inflation figures this week for insight into the Fed's next actions.

July is a significant month for economic activity, with key events including the CPI data release on July 12, PPI data release on July 14, FOMC meeting on July 25-26, and GDP report on July 27. The ECB meeting on July 27 will also discuss monetary policy.

Inflation and global growth are expected to decline gradually.

Bitcoin Whales Accumulate Despite Stagnant Prices

Bitcoin sharks and whales have accumulated around 71,000 BTC, worth $2.14 billion, in the past three weeks, despite the stagnant price. The confidence in bitcoin's future is fueled by the filing of a BTC ETF by BlackRock and other finance giants following suit.

Long-term holders also continue to invest, with institutional investors increasing their focus on bitcoin. BTC Fear and Greed Index remains in the "Greed" territory. 

Third Week of Positive Inflows into Crypto Investment Products

Last week, inflows into crypto investment products reached $136 million, marking the third consecutive week of inflows, according to CoinShares. Bitcoin saw the majority of inflows with $133 million, while Ethereum received $2.9 million.

Overall, the crypto market sentiment has turned bullish, supported by spot prices and the filing of Bitcoin ETF proposals. However, trading turnover has decreased, potentially due to seasonal effects. 

Meme Coins in Red Amid Market Competition

The top meme coins, including Dogecoin, Shiba Inu, and PEPE, have been trading in the red due to new competitors in the market. Pepe has experienced the largest losses, down 14.9% since last week. However, it is still up 52.5% on a 30-day scale.

The launch of copycat projects and the decline in Bitcoin and Ethereum prices have contributed to the selling pressure. 

Arkham Intel Exchange: Paying Crypto Sleuths for On-Chain Analysis

Arkham Intelligence is launching the Arkham Intel Exchange, an on-chain intelligence marketplace where crypto sleuths can get paid for providing on-chain analysis. The platform is set to go live on July 18, following the initial sale of the ARKM token on Binance Launchpad. 

ARKM has attracted big investors, or "whales", who borrowed a total of 16,600 BNB ($4.03m) from RDNT Capital and Venus Protocol to buy the token. The announcement caused a 5% rise in BNB's price.

High-Value Token Unlocks Predicted This Month

According to crypto YouTuber Coin Bureau, over $169 million worth of tokens are set to be unlocked this month. Aptos and ApeCoin will see the highest values unlocked, with $37.1 million and $34.5 million, respectively. Other tokens, including Optimism and Axie Infinity, will also have significant unlocks.

Investors may sell their holdings, potentially impacting prices negatively. 

Mantle Network's $200 Million Fund Targets Developer Adoption

Mantle Network plans to create a $200 million ecosystem fund called Mantle EcoFund, focusing on developer and decentralized application (dApp) adoption. It will consist of $100 million USDC from the Mantle Treasury and an additional $100 million from venture partners.

The fund targets deploying over 40 projects in the Mantle Ecosystem with a financial returns target of over 1.5 times Multiple on Invested Capital (MOIC).

Find Satoshi Lab Announces Social MMO: Gas Hero

Crypto startup Find Satoshi Lab (FSL) is developing a web and mobile playable MMO called Gas Hero. The game emphasizes social interaction and will use FSL's token, GMT.

Gas Hero's lore is set in the year 2084 after a nuclear strike, and FSL plans to release the game's details gradually through seven white papers. FSL is running a contest for character designs with prizes including a share of the Gas Hero Genesis Hero NFT collection.

HKSI to Offer Crypto Trading Programs Following New Licensing System

The Hong Kong Securities and Investment Institute (HKSI) plans to offer programs and workshops on virtual assets to train traders following the city-state's new licensing system for digital trading platforms. The move is expected to attract younger generations and boost confidence in the industry.

Terraform Labs Co-Founder Faces Charges Over Illicit Profits

Terraform Labs co-founder Daniel Shin has had his first hearing in South Korea for charges related to allegedly illicit profits from the sale of Terra (LUNA). Prosecutors claim that Shin deceived investors and manipulated token prices, resulting in unfair profits of approximately $354 million.

Shin's LinkedIn profile indicates he has not been involved with Terra since January 2020. Co-founder Do Kwon, who was arrested for alleged passport forgery, could also face extradition.

YouTuber Blue Accused in Multi-Million Crypto Scams

Crypto sleuth ZachXBT has uncovered evidence implicating a YouTuber known as Blue in a series of crypto scams that allegedly resulted in the theft of over $1.5 million. Blue, who gained popularity through gaming and trolling videos, is accused of using phishing scams and NFT drainer technology to steal funds.

The investigation revealed that Blue made significant purchases using the stolen assets and boasted about his scams on Discord and Twitter. 

Bankrupt Voyager Digital Faces Significant Asset Withdrawals

Voyager Digital, a struggling crypto broker, has seen over $250 million withdrawn after a year-long suspension. The platform's balance now stands at $176.38 million, with a clean asset ratio of 96.15%.

Voyager recently reopened withdrawals after filing for Chapter 11 bankruptcy and gaining approval for a liquidation plan that aims to return $1.33 billion in crypto assets to customers. Customers are expected to recover 35.72% of their deposits, with potential for additional recoveries in the future.

Binance.US Features Bitcoin Trading at Significant Discount

Bitcoin is trading at a significant discount on Binance.US compared to global spot prices, but the discount only applies when trading against fiat USD.

Users have been unable to deposit new USD since June 9, and concerns about USD withdrawals being halted have led to some users trading their cryptocurrencies below market value. The last day for USD withdrawals is expected to be July 20. 

Arcadia Finance Suffers $455,000 Hack on Ethereum and Optimism

Arcadia Finance, a non-custodial protocol, suffered a hack on both the Ethereum and Optimism networks, resulting in a loss of approximately $455,000. The attacker exploited the protocol using frontrunning and transferred funds to Tornado Cash for obfuscation. The incident significantly impacted Arcadia's Total Value Locked (TVL). 

Razer Faces Second Data Breach with $100k Ransom Demand

Gaming tech firm Razer has suffered a second data breach in three years, with a hacker demanding $100,000 in Monero cryptocurrency for source code and back-end login details stolen from the American-Singaporean company. The firm said it was investigating the potential breach and had not confirmed whether customer credit card details had also been compromised. 

Shibarium Set to Launch as Layer 2 Solution for Shiba Inu

Shibarium is set to launch in August 2023 as a Layer 2 solution for the Shiba Inu ecosystem. It aims to reduce gas fees on the Shiba Inu network, making it more accessible and affordable for users. 

Shiba Inu's social dominance and transaction fees have increased, with network growth acting as a catalyst. The launch of Shibarium Layer 2 is expected to draw new addresses to the ecosystem. BONE addresses have increased by 145% over the past week.

Top Altcoin Gainers and Losers

Gainers:

Binance Coin BNB (+4.32%)

eCash XEC (+3.42%)

Kava KAVA (+3.36%)

Losers:

ApeCoin APE (-6.28%)

FTX Token FTT (-5.98%)

Injective INJ (-5.69%)

NFT Market Map

Internal Conflicts Cause NFT Market Collapse

The NFT market is experiencing a collapse as internal conflicts intensify, leading to the lowest sales count and volume since June 2021. Blue-chip collections like Bored Ape Yacht Club and CryptoPunks are seeing significant drops in floor prices. 

Azuki NFTs have also suffered a dramatic fall due to backlash, resulting in a 63% price decline. The market decline is attributed to conflicts and the policies of the NFT marketplace Blur. The NFT sector is at a critical crossroads, requiring resolution to avoid an implosion.

Bitcoin's Ordinals Threaten to Overtake Ethereum in NFT Market

Bitcoin's native non-fungible tokens (NFTs) called "Ordinals" are on the verge of surpassing Ethereum in the NFT market. The Ordinals have experienced significant growth in sales and active buyers, with a 129.50% increase in USD sales and close to 10% of the buyer market. 

While Ethereum currently leads the NFT sector with over $24 million in sales, the rapid rise of Bitcoin's Ordinals suggests a potential "flip" in the market. 

This article has been refined and enhanced by ChatGPT.