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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 13, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 13, 2023

Jul 13 2023

last year3 minutes read

Crypto Market Update

Written by Van

Table of Contents:

Regulatory Actions and Legal Developments

  • Celsius Network Fined $4.7 Billion for Misappropriation of Assets
  • Court Ruling Boosts Bitcoin and Ethereum, Ripple's XRP Surges
  • Digitex Founder Ordered to Pay $16 Million Over Illegal Platform

Token Updates and Market Movements

  • Polygon Proposes MATIC Token Upgrade for Enhanced Scalability
  • Ethereum's On-Chain Metrics Show Growing Confidence
  • Solana Defies Odds with Significant Rally Amid SEC Pressure
  • Shiba Inu Early Investor Moves $30 Million to Multiple Wallets
  • Whales and Sharks Accumulate USDP and DAI Stablecoins

Blockchain and Platform Updates

  • BNB Chain Prepares for Major Security Upgrade 'ZhangHeng'
  • Safe Integrates ERC-4337 for Advanced Ethereum Wallet Features

Crypto Exchanges and Services

  • Telegram Launches Cryptocurrency Payment Service 'Wallet Pay'
  • Bitget Sets New Industry Benchmark with 223% Reserve Ratio

Business and Workforce Changes

  • Circle Announces Layoffs in Strategic Financial Move

NFT Updates

  • Dapper Labs Announces Third Round of Layoffs Amid NFT Market Struggles
  • Google Play Store Introduces Support for Tokenized Digital Assets
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Celsius Network Fined $4.7 Billion for Misappropriation of Assets

The US Federal Trade Commission has fined crypto lender Celsius Network $4.7 billion for misappropriating over $4 billion of consumers' assets. The company marketed itself as a safe place for cryptocurrency deposits while making false claims about insurance and misleading customers. The co-founders will face legal action, and additional lawsuits have been filed by regulatory agencies. 


Court Ruling Boosts Bitcoin and Ethereum, Ripple's XRP Surges

Several popular cryptocurrencies, including Bitcoin and Ethereum, experienced spikes in price following a court ruling that stated sales of Ripple's XRP do not constitute investment contracts. This ruling may set a standard for the crypto industry and affect the SEC's stance on unregistered securities. XRP surged over 26%, with other tokens like Bitcoin, Ethereum, DogecoinLitecoin, and Cardano also seeing positive movement. 

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Digitex Founder Ordered to Pay $16 Million Over Illegal Platform

Adam Todd, founder of crypto exchange Digitex, has been ordered by a federal court to pay almost $16 million to resolve accusations that he ran an illegal platform and manipulated its native token, DGTX. The judge also banned Todd from trading in CFTC-regulated markets. Todd argued that his company tried to keep out US customers and that the CFTC did not have jurisdiction over his new venture, Digitex Games.


Polygon Proposes MATIC Token Upgrade for Enhanced Scalability

Polygon has proposed upgrading its MATIC token to a multipurpose token, pending approval from its community. The upgrade will rename the token to POL and enable validation across multiple chains, offering infinite scalability and improved security. Validators stand to gain various incentives, including protocol rewards and transaction fees. The move aligns with Polygon's focus on Web3 gaming and progressing decentralization. 

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Ethereum's On-Chain Metrics Show Growing Confidence

Ethereum's on-chain metrics indicate growing confidence as staked ETH surpasses 25.6 million ($48 billion) and total supply decreases. Exchange outflows suggest a decline in sell-side pressure, while the number of ETH holders and institutional interest continue to rise. Gas prices outpacing deflationary rate contribute to potential price increase. 

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Solana Defies Odds with Significant Rally Amid SEC Pressure

Solana (SOL) has defied the odds and emerged as one of the top-performing digital assets despite recent selling pressure caused by the SEC's lawsuits against major exchanges. SOL has seen a significant rally, rising more than 10% in the past week and over 40% in the past month. However, there are concerns that the cryptocurrency may experience a correction in the near future due to overbought signals on key indicators.

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Shiba Inu Early Investor Moves $30 Million to Multiple Wallets

An early investor in the Shiba Inu (SHIB) token has moved $30 million worth of their holdings to eight different wallets, according to on-chain analytics tool Lookonchain. The investor, who currently holds 10% of the token's total supply, previously purchased $14,000 worth of SHIB tokens and has sold just under $20 million worth in 2021. The wallet is considered to be the largest holder of SHIB tokens. 

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Whales and Sharks Accumulate USDP and DAI Stablecoins

Santiment reports that whales and sharks are accumulating USDP and DAI stablecoins, with addresses worth $100,000 to $10 million increasing significantly since June 27. This suggests a potential bull run in Bitcoin, as investors often turn to stablecoins. 


BNB Chain Prepares for Major Security Upgrade 'ZhangHeng'

BNB Chain, the blockchain of the Binance ecosystem, will undergo a major upgrade called ZhangHeng to improve security features. The upgrade will not result in the issuance of new BNB tokens and will require validators to upgrade their nodes. The hard fork aims to protect BNB Chain and its users by addressing reconciliation errors. The cryptocurrency BNB has experienced volatility and regulatory challenges, with its value declining by over 30% in the past month.

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Safe Integrates ERC-4337 for Advanced Ethereum Wallet Features

Safe, formerly known as Gnosis Safe, has integrated ERC-4337, which enables account abstraction on Ethereum. This allows wallets to function as smart contracts and implement advanced features. Safe, one of the largest institutional wallet providers, secures $60 billion in digital assets. 

The update adds support for ERC-4337 and offers developers more flexibility in building products. Account abstraction was highlighted as a crucial advancement by Ethereum co-founder Vitalik Buterin and has attracted attention from companies like Visa.


Telegram Launches Cryptocurrency Payment Service 'Wallet Pay'

Telegram Messenger has launched a cryptocurrency payment service called Wallet Pay, allowing users to buy and sell cryptocurrencies within the app. The service is available in most jurisdictions but not in the United States or countries blacklisted by the Financial Action Task Force. 

The platform supports payments in Bitcoin, Tether, and Toncoin. The service is custodial and charges fees ranging from 1% to 3% during the beta period.


Bitget Sets New Industry Benchmark with 223% Reserve Ratio

Singapore-based crypto exchange Bitget has published its proof of reserves (PoR), showing a reserve ratio of 223%. The company claims this is a new industry benchmark, with the current standard at 100%. 

Bitget also highlighted its debt-free status and revealed its reserve ratios for different cryptocurrencies. The exchange plans to maintain transparency by working with audit firms and prioritizing financial and technical stability.


Circle Announces Layoffs in Strategic Financial Move

Circle, the crypto company behind the second-largest stablecoin, has announced layoffs as part of a plan to strengthen its financial position and focus on core activities. The decision comes months after the company revealed its intention to increase its workforce by 25%. 

Despite the workforce reduction, Circle still plans to hire for key roles globally. The layoffs follow similar moves by other crypto firms, including Coinbase and Gemini.


Top Altcoin Gainers and Losers

Gainers:

Ripple XRP (+35.04%)

Stellar Lumens XLM (+18.21%)

Solana SOL (+13.39%)

Losers:

Kava KAVA (-5.18%)

FTX Token FTT (-3.82%)

eCash XEC (-3.61%)


NFT Market Map

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Dapper Labs Announces Third Round of Layoffs Amid NFT Market Struggles

Dapper Labs, the creator of NFT collections CryptoKitties and NBA Top Shots, is laying off staff for the third time, with as many as 51 employees leaving the firm. 

The latest lay-offs are part of a restructuring to make the business leaner and more efficient. Dapper Labs raised $305m in March 2021, but has been affected by the recent struggles of the broader NFT market.


Google Play Store Introduces Support for Tokenized Digital Assets

Google has introduced support for tokenized digital assets such as NFTs in apps and games on the Play Store. Reddit collaborated with Google to update the store's policy on digital assets. The move is seen as a positive step for the crypto space.

This article has been refined and enhanced by ChatGPT.

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