Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 15, 2023

Crypto Market Update

Written by Van

Table of Contents:

Cryptocurrency Exchanges and Platforms

• Binance Allegedly Lays Off Thousands Amid Legal Scrutiny
• Coinbase to Contest Legal Action Against Staking Service
• Ark Invest Sells Coinbase Shares, Eyes Meta and Robinhood
• Synthetix Announces Upcoming DEX Infinex
• Sui Network Hits 1 Million Addresses Despite Struggles

Regulatory Developments

• SEC Reviews Applications for Spot Bitcoin ETFs
• Fantom Requests Freezing of Stablecoins Following CEO Arrest
• Geist Finance Shuts Down Following Multichain Exploit

Market Trends and Performance

• Bitcoin and Altcoins Plunge Amid Market Sell-Off
• Bored Ape #1734 Sale Revives BAYC NFT Market

NFT and Metaverse News

• Spanish Museum Mints Van Gogh NFTs, Partners with LG

Binance Allegedly Lays Off Thousands Amid Legal Scrutiny

Binance, the world's largest cryptocurrency exchange, has reportedly laid off thousands of employees as it faces increased legal scrutiny. The exact number of layoffs has not been confirmed, but reports suggest it could be “over 1,000” between 1,500 and 3,000. 

However, CEO CZ denies the figures and calls it FUD. Binance claims it is focusing on talent concentration and reassessing expertise rather than downsizing. The company currently has around 8,000 employees globally.

Coinbase to Contest Legal Action Against Staking Service

Cryptocurrency exchange Coinbase has said it will fight legal action by certain US states seeking to ban its staking service. However, while the court case is ongoing, it will stop allowing new customers in California, New Jersey, South Carolina, and Wisconsin to stake additional assets through its platform. 

The move follows legal action by the states' securities regulators and a lawsuit by the US Securities and Exchange Commission alleging that Coinbase offered and sold unregistered securities through its staking service.

Ark Invest Sells Coinbase Shares, Eyes Meta and Robinhood

Cathie Wood's Ark Invest has sold off a portion of its Coinbase shares for the second time this week, while actively investing in Meta Platforms and Robinhood shares. The firm sold a total of 478,356 Coinbase shares valued at $53 million. Coinbase stock has tanked 9% after suspension of staking in four US states.

Synthetix Announces Upcoming DEX Infinex

Synthetix plans to launch Infinex, a derivatives front-end DEX, with features similar to centralized exchanges. Infinex aims to address current limitations faced by traders on Kwenta, Synthetix's existing DEX, and provide a user-friendly experience. 

The DEX will generate unique key pairs for each user and offer a non-custodial setup. Release expected alongside Synthetix's version 3 of perpetual futures trading.

Sui Network Hits 1 Million Addresses Despite Struggles

The Layer 1 blockchain Sui (SUI) Network has achieved 1 million active addresses within two months of its mainnet launch. It has gained notable adoption and partnerships, including with Formula 1 team Oracle Red Bull Racing. 

However, DeFi activity on Sui has declined, and the project faced issues with a misleading DEX and a critical vulnerability. Despite its success, Sui's price has struggled, trading at under $0.7.

SEC Reviews Applications for Spot Bitcoin ETFs

The US Securities and Exchange Commission (SEC) has acknowledged applications for spot bitcoin exchange-traded funds (ETFs) from Fidelity, VanEck, WisdomTree, Invesco and BlackRock. The SEC's concerns have centred on the potential for price manipulation. 

Cboe and Coinbase have collaborated to enhance surveillance-sharing agreements (SSAs) between asset managers and exchanges. The revised ETF applications now state an intention to enter into an SSA with Coinbase. The SEC will now enter a period of deliberation, which is expected to last about 240 days.

Fantom Requests Freezing of Stablecoins Following CEO Arrest

Fantom Foundation has requested Circle, Tether Holdings and TrueUSD to freeze stablecoins associated with the Multichain bridge following the arrest of its CEO and other senior figures. The remaining team has ceased operations, but the platform remains active. Fantom has identified $62m locked and will look for other affected assets. It plans to pursue an alternative bridge infrastructure.

Geist Finance Shuts Down Following Multichain Exploit

Lending platform Geist Finance is permanently shutting down after suffering losses from the Multichain exploit. The platform had over $29 million worth of assets locked in its contracts, but the value of the tokens is misreported by the oracles used by Geist. 

This makes it impossible to re-enable lending, resulting in the closure of the platform. The Multichain hack allowed over $100 million to be withdrawn from Ethereum side bridges, and the Multichain team confirmed it was a hack.

Bitcoin and Altcoins Plunge Amid Market Sell-Off

In a surprising turn, Bitcoin's price dropped over 3% to $30,290 due to a sudden sell-off in the cryptocurrency market. The stronger-than-expected consumer sentiment index at 72.6 may have diverted funds from Bitcoin to traditional markets. 

XRP plunged 17% at one point, leading to $218 million in liquidations. Altcoins like ADA, LTC, XLM, MKR, FTM, and BSV were also affected. XRP's price surged 100% after a court ruled it is not a security, but uncertainty remains around Ripple's ODL sales and XRP releases from escrow. 

Top Altcoin Gainers and Losers

Gainers:

Compound COMP (+11.66%)

Arbitrum ARB (+7.26%)

Optimism OP (+7.26%)

Losers:

Stellar Lumens XLM (-12.52%)

Ripple XRP (-9.59%)

Bitcoin SV BSV (-8.69%)

NFT Market Map

Bored Ape #1734 Sale Revives BAYC NFT Market

The BAYC NFT collection experienced a recent drop in prices but made a comeback with a record sale of Bored Ape #1734 for over $1 million. The collection shows positive signs with an 8% increase in floor price but faces challenges with a significant decline in volume and sales. 

The collection topped daily rankings with a surge in average price and market cap. The recent sale is the highest recorded in the past 30 days across all NFT collections, sparking anticipation for the future of BAYC and the NFT market.

Spanish Museum Mints Van Gogh NFTs, Partners with LG

The Thyssen-Bornemisza National Museum in Spain is minting its own NFTs for the first time, featuring Van Gogh masterpieces. The NFTs represent original pieces and are part of a limited series, with only 100 available for purchase. 

The museum aims to democratize access to art and offer an immersive digital experience through the Olyverse metaverse platform. The NFTs will also be showcased on blockchain-powered displays provided by tech giant LG.

This article has been refined and enhanced by ChatGPT.