Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 19, 2023

•

Jul 19 2023

last year4 minutes read

Markets360

Crypto Market Update

Written by Van

Polygon Announces Overhauled Governance System
Starknet Launches 'Appchains' for Customizable Blockchains
Manta Network Raises $25 Million in Funding for Layer-2 Infrastructure
Kik Messaging Team Launches Solana-Based Crypto Wallet 'Code'
Solana Labs Introduces Solang, Marinade Finance Launches Staking Service
Terraform Labs Appoints Interim CEO Amid Co-Founder's Legal Troubles

Cryptocurrency in Sports and Arts

BitMEX Expands Partnership with AC Milan
HUG Partners with Avalanche Foundation to Spotlight Avaissance Artists

NFTs and Digital Assets

OpenSea Suspends Trading of Ether.Fi's NFT Collection
Neopets Cancels NFT Game, Secures Management Buyout
Luxury Marketplace Altr Sells Ferrari F40 for $2.5 Million
Pepe Meme NFT Series Sees Surge in Interest and Value

Nasdaq Abandons Crypto Custody Plans Amid Regulatory Concerns

Nasdaq has decided to halt its plans for a crypto custody service due to concerns about the regulatory environment. The exchange operator had been awaiting approval from the New York Department of Financial Services, but has now decided to abandon its plans. Nasdaq will instead focus on building out technology to become a leading digital assets software solutions provider. The company is also awaiting approval for a spot bitcoin ETF.

US Senator Reed Proposes Anti-Money Laundering Bill for DeFi

The Crypto-Asset National Security Enhancement Act of 2023, sponsored by Senator Jack Reed, would impose tough anti-money laundering (AML) requirements on decentralized finance (DeFi) protocols. This bill seeks to tackle crypto-facilitated crime and prevent money laundering and sanctions evasion through the implementation of bank-like controls and user identity verification.

It also expands the Treasury Department's authority to regulate money laundering in non-traditional financial settings, including crypto, and would require virtual currency kiosks such as bitcoin ATMs to comply with KYC laws.

ASIC Revokes FTX Australia's Financial License Amid Tightening Regulations

The Australian Securities and Investments Commission (ASIC) has revoked the financial license of FTX Australia, the local subsidiary of the now-bankrupt cryptocurrency exchange. FTX Australia must conclude its dealings with clients and compensate them by July 12, 2024. The move reflects Australia's efforts to tighten regulations on the crypto industry and comes after the country's parliamentary committee called for closer scrutiny of financial licenses.

The collapse of FTX and regulatory actions have had far-reaching effects on the Australian crypto landscape, including the banning of central Australian banks from processing payments to Binance.

Crypto Custodian Prime Trust Placed into Receivership

Crypto custodian Prime Trust has been placed into receivership by the Eighth Judicial District Court of Nevada following allegations of a shortfall in customer funds and the use of customer funds to meet withdrawal requests. The company's operations will be taken over by Bank of Nevada's president. Prime Trust is accused of using funds from customer accounts to fulfill withdrawal requests.

Societe Generale-Forge Secures France's First DASP License

Societe Generale-Forge, the digital asset division of Societe Generale, has received France's first digital asset service provider (DASP) license. The license allows Forge to provide digital asset custody, buy and sell digital assets for legal tender, and trade digital assets.

The CEO of Forge, Jean-Marc Stenger, stated that the license confirms their pioneering role in the crypto assets ecosystem. Compliance requirements for a license are higher than for registration, and firms must also be domiciled in France.

$116 Million in ETH Moves from Dormant Wallet to Kraken

An Ethereum wallet address containing $116 million worth of pre-mined ETH has transferred its entire balance to an address associated with the Kraken crypto exchange. The wallet had been dormant for eight years and was part of Ethereum's public crowdsale in 2014.

Reddit's MOON Token Listed on Crypto.com

The native token of cryptocurrency users on Reddit, called MOON, has been listed on Crypto.com, causing its price to surge for a second day. The token is up 32% today and trading at $0.5. This listing has sparked excitement among Reddit users, with some seeing Crypto.com as a major exchange for Moons.

Moons are ERC-20 tokens distributed to users based on their activity in the r/Cryptocurrency subreddit and can be used for tipping. Kraken crypto exchange, which was previously rumored to be considering a listing, has clarified that it has no intention of doing so.

Russia Accelerates Plans for Digital Ruble Amid Western Sanctions

Russia is planning to introduce a Central Bank Digital Currency (CBDC), Digital Ruble, next month if approved. Western sanctions have hastened its efforts for financial independence, making it easier for cross-border payments. The BIS predicts 15 retail and 9 wholesale CBDCs by 2030.

Chinese Authorities Make First-Ever Cryptocurrency Confiscation

Chinese authorities have made their first-ever cryptocurrency confiscation through a court ruling. The case involved a large-scale cross-border online gambling operation that used cryptocurrency to facilitate illicit activities. This marks a significant milestone in China's efforts to crack down on illicit activities involving cryptocurrencies. The government has been strengthening regulations on crypto trading since 2017.

Bitcoin Price Decline Continues Due to Miner Sell-Offs

Bitcoin's price remains below $30,000 due to miner sell-offs and the expiration of derivative contracts. Some miners are selling their bitcoin due to increased mining profit margins, while others may be engaging in de-risking strategies. Bitcoin's historic correlations with other assets may be less reliable during bear cycles. It is expected that a full-fledged bull cycle will begin in mid-2024.

XRP Price Surges Following Developments in SEC vs. Ripple Case

XRP is defying the overall slump in the crypto market and is moving towards reclaiming last week's yearly high. The surge follows developments in the ongoing case between the SEC and Ripple, as a judge directed the two parties to agree on dates for a possible settlement conference.

The news has raised hopes that the risk of an appeal by the SEC against the court's decision may be reduced. Additionally, Ripple's recent investments in the AI and metaverse sector have boosted its ecosystem. Thanks to the Ripple effect and the partnership with Bitso, XLM also saw a 15% surge today.

BNB Burns $484 Million Worth of Tokens

Blockchain BNB Chain recently burned over 1.99 million BNB tokens, removing $484 million worth of tokens from circulation. BNB uses an auto-burn system to gradually reduce its total supply, but the burn event did not generate immediate demand for the tokens.

Litecoin Whales Accumulate Ahead of Halving Event

Litecoin whales are accumulating large amounts of LTC in anticipation of the network's halving event. Whales holding 100,000-1,000,000 LTC have acquired over 590,000 LTC in the last two days. However, LTC's price has not reacted significantly to this buying spree.

The network has also recorded positive news, including processing over 170 million transactions and becoming the leading crypto for payments on the BitPay platform. The upcoming halving event, scheduled for August 2, 2023, is driving growth in engagement with Litecoin.

Shiba Inu Ecosystem Tokens BONE and LEASH Surge in Value

The prices of the Shiba Inu ecosystem tokens, BONE and LEASH, have surged as the ecosystem gains more attention. BONE is up nearly 6% in the last 24 hours, while LEASH is up nearly 7%. The recent price increase for LEASH may be due to upcoming activities for LEASH holders in the ecosystem. Additionally, the adoption of BONE is increasing as the launch of the Shibarium mainnet approaches.

Polygon Announces Overhauled Governance System

Polygon, the Ethereum scaling protocol, has announced plans for a re-engineered governance system for its layer 2 ecosystem. This new governance model aims to merge Polygon's ethos with a community-centered approach and includes an overhauled proposal structure, an ecosystem council, and a two-phase community treasury. The team also introduced a new token called POL to replace its original native token MATIC.

Starknet Launches 'Appchains' for Customizable Blockchains

Ethereum Layer 2 Starknet has launched appchains, a framework that enables the creation of application-specific blockchains within its ecosystem. Developers can use the Starknet Stack toolkit to build these appchains, which offer enhanced security and performance. Appchains also allow for customization of features not present on the main network. This development reflects the growing trend of modular networks in the Layer 2 ecosystem.

Manta Network Raises $25 Million in Funding for Layer-2 Infrastructure

Manta Network has raised $25 million in a funding round, reaching a valuation of $500 million. The company aims to simplify app development with its layer-2 infrastructure, Manta Pacific, which includes zero-knowledge (ZK) applications. Manta Pacific's testnet is now live and offers various ZK applications for users to access.

The company plans to use the funds to expand the network, attract more users, and explore diverse use cases. One of Manta Pacific's ultimate goals is to implement ZK applications for patient data, allowing for self-sovereignty and ownership of medical information.

Kik Messaging Team Launches Solana-Based Crypto Wallet 'Code'

Code Inc., founded by the team behind the Kik messaging app, has launched its Solana-based crypto wallet Code. The payment app, centred around the cryptocurrency KIN, allows instant transfers using QR code scanning and features built on Solana’s blockchain to process transactions during network outages. KIN is the only token on Solana to have gone through the US Securities and Exchange Commission’s scrutiny.

Solana Labs Introduces Solang, Marinade Finance Launches Staking Service

Solana Labs has introduced Solang, a compiler that helps developers familiar with Solidity transition to the Solana network. Marinade Finance has launched Marinade Native, a non-custodial staking service with 130+ validators offering 7% APY with no management fees. This taps into an $8.1B market opportunity and will attract institutional investors previously discouraged by smart contract risks.

Terraform Labs Appoints Interim CEO Amid Co-Founder's Legal Troubles

Terraform Labs has appointed Chris Amani as interim CEO while co-founder Do Kwon faces fraud charges and is incarcerated in Montenegro. Amani plans to revive the Terra blockchain and develop utility applications. Kwon is currently facing extradition from both the US and South Korea, and Amani expressed hope that he will be able to clear his name. Meanwhile, a group of engineers is working on a plan to revive the Terra Classic ecosystem and its LUNC tokens.

BitMEX Expands Partnership with AC Milan

BitMEX has expanded its partnership with AC Milan, transitioning from a sleeve sponsor to becoming the soccer team's official cryptocurrency trading partner. The deal aims to tap into AC Milan's global fan base to boost BitMEX's brand presence. The value and duration of the partnership were not disclosed.

HUG Partners with Avalanche Foundation to Spotlight Avaissance Artists

HUG, a social network for artists, is partnering with Avalanche Foundation to provide global exposure for Avaissance artists through weekly art challenges and gallery opportunities at Korea Blockchain Week. HUG has over 2,000 artists from 70+ countries and a network of art collectors. The collaboration aims to raise the profile of emerging digital artists on Avalanche's blockchain platform.

Top Altcoin Gainers and Losers

Gainers:

FLEX FLEX (+36.31%)

Stellar Lumens XLM (+17.76%)

BitDAO BIT (+11.96%)

Losers:

Sui SUI (-4.17%)

Frax Share FXS (-2.33%)

FTX Token FTT (-1.59%)

NFT Market Map

OpenSea Suspends Trading of Ether.Fi's NFT Collection

OpenSea has suspended the trading of a newly-launched NFT collection by Ether.Fi due to concerns about financial activities that require registration and licensing. Ether.Fi CEO, Mike Silagadze, criticized the decision, stating that his team received no warning or notice and that OpenSea allows gambling but not NFT collections with utility. The EtherFan collection is still available on Rarible.

Neopets Cancels NFT Game, Secures Management Buyout

Neopets has cancelled its NFT game, the Neopets Metaverse, although it has not explained why. It has raised millions of dollars from investors including Polygon Ventures and Avalanche's ecosystem fund. The company has a new leadership team, and its CEO Dominic Law recently changed his title from CMO to CEO.

Neopets has also secured a management buyout and will be independent for the first time in 18 years. It plans to launch a new homepage on July 20. It remains unclear why Neopets cancelled the NFT game and whether owners will receive any benefits in the new mobile game.

Luxury Marketplace Altr Sells Ferrari F40 for $2.5 Million

Altr, a marketplace for luxury items authenticated on the Polygon blockchain with NFTs, has sold a Ferrari F40 for $2.5 million. The company issues an NFT as proof of ownership and takes care of storing the physical asset until the buyer is ready to claim it. Altr also offers fractionalized ownership, allowing multiple buyers to own a share of a luxury item.

Pepe Meme NFT Series Sees Surge in Interest and Value

Open Edition, an Ethereum NFT series featuring the Pepe meme, has seen a surge in interest and value after becoming the focus of a viral trend on social media. The floor price of the collection has reached an all-time high of 0.85 ETH ($1,625) in the last 48 hours. The surge in interest was sparked by a friendly feud between two crypto influencers on Twitter. The collection has generated nearly $44 million in sales to date.

This article has been refined and enhanced by ChatGPT.