Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 2, 2023

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Jul 2 2023

last year2 minutes read

Markets360

Crypto Market Update

Written by Van

Table of Content:

Crypto Market Performance

LTC Soars to 15-Month High, DOGE Maintains Bullish Trend
Bitcoin's Value Remained Steady Since July 2023
Litecoin Nears Bitcoin in Daily Transactions, Says IntoTheBlock
Bitcoin Tops Major Global Assets with 83.8% H1 2023 Gain

Major Crypto Platforms and Their Activities

Binance Executes 11th Token Burn, Billion Coins Eliminated
Buterin Admits to Staking Only a Fraction of His ETH
PolyNetwork Attacker Distributes Worthless Billions in Latest Crypto Breach

Regulatory and Institutional Developments

Majority of Institutions Optimistic About Crypto, Survey Reveals
Ripple's Momentum Falters as Citigroup Reconsiders Metaco Deal

Country-Specific Crypto Developments

Hong Kong Forms Task Force for Web3 Development

LTC Soars to 15-Month High, DOGE Maintains Bullish Trend

Litecoin (LTC) has reached a 15-month high, while Dogecoin (DOGE) continues its bull run. LTC's price surge is attributed to its upcoming Mimblewimble privacy upgrade and the overall positive sentiment in the cryptocurrency market. DOGE's rise is fueled by increasing support from high-profile figures like Elon Musk and Mark Cuban. Other cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have also experienced significant price gains. The cryptocurrency market is currently benefiting from increased institutional interest and growing acceptance among mainstream investors.

Bitcoin's Value Remained Steady Since July 2023

Bitcoin's price has never decreased in July since 2013, according to data. In July 2023, Bitcoin's price was 4.5 times higher than its previous all-time high. The cryptocurrency has experienced a compound annual growth rate of 196% over the past decade. Bitcoin's price has also consistently increased in August and September, making these months historically profitable for investors. However, past performance is not a guarantee of future results, and market conditions can always change. Bitcoin is expected to face a significant sellout of $105 million as miners are cashing out their profits.

Litecoin Nears Bitcoin in Daily Transactions, Says IntoTheBlock

Litecoin is gaining ground on Bitcoin in terms of daily transactions, according to crypto analytics firm IntoTheBlock. The number of daily transactions for Litecoin has been steadily increasing and is now close to Bitcoin's level. This growth is attributed to Litecoin's lower transaction fees and faster block confirmation times. Additionally, the number of active addresses and unique addresses for Litecoin has also been on the rise. These metrics indicate a growing adoption and usage of Litecoin in the cryptocurrency market.

Bitcoin Tops Major Global Assets with 83.8% H1 2023 Gain

Bitcoin outperformed other major world assets in the first half of 2023, with a gain of 83.8%. This surpassed the returns of stocks, bonds, and commodities. The cryptocurrency's performance was driven by increased institutional adoption and growing interest from retail investors. Bitcoin's volatility remained a concern, but its long-term potential as a store of value and hedge against inflation continued to attract investors. Despite regulatory challenges, the overall sentiment towards Bitcoin remained positive, contributing to its strong performance.

Binance Executes 11th Token Burn, Billion Coins Eliminated

Binance, the cryptocurrency exchange, has conducted its 11th token burn, destroying over 1.2 million BNB tokens worth around $68 million. This move is part of Binance's commitment to reduce the total supply of its native token and increase its value. The token burn process involves removing tokens from circulation, which helps to maintain a healthy ecosystem and incentivize investors. Binance plans to continue conducting regular token burns until it reaches a total supply of 100 million BNB tokens.

Buterin Admits to Staking Only a Fraction of His ETH

Vitalik Buterin, co-founder of Ethereum, stated that he is not staking all of his ETH holdings. He mentioned that it is not a good idea to put all of one's assets into a single investment. Buterin also highlighted that diversifying investments is important for risk management. He further explained that staking ETH involves locking up the tokens, which limits their liquidity. However, he acknowledged the potential benefits of staking, such as earning passive income through rewards.

PolyNetwork Attacker Distributes Worthless Billions in Latest Crypto Breach

Poly Network experienced a $600 million hack in 2021 and was recently hacked again. The hackers reportedly exploited a smart contract vulnerability and created $4.2 billion of altcoins. Poly Network offered a $500,000 reward for the stolen assets to be returned. Attackers issued billions of BUSD, BNB, and SHIB tokens but faced liquidity issues in monetizing them, except for exchanging some SHIB tokens for ETH. Binance cooperated with the team but “do not support deposits from this network.”

Majority of Institutions Optimistic About Crypto, Survey Reveals

Over 60% of institutional investors are optimistic about the future of cryptocurrencies in the next 12 months, according to a survey. Around 40% of these investors already have exposure to digital assets, while 60% plan to invest in the sector within the next five years. The majority of respondents believe that Bitcoin will continue to outperform other cryptocurrencies. Regulatory concerns and market manipulation are the main factors preventing some investors from entering the crypto market.

Ripple's Momentum Falters as Citigroup Reconsiders Metaco Deal

Ripple's bullish momentum has been lost due to reports of Citigroup reconsidering its deal with Metaco. The cryptocurrency's price dropped by 8% in response to the news. Citigroup had previously partnered with Metaco, a digital asset custody solution provider, to explore the potential of digital currencies. However, the recent reports suggest that Citigroup may be having second thoughts about the collaboration, which has negatively impacted Ripple's market performance.

Hong Kong Forms Task Force for Web3 Development

Hong Kong has established a task force to explore the development of Web3 technologies. The task force will focus on blockchain, artificial intelligence, and big data applications. It aims to enhance the city's competitiveness and attract global tech talent. The government plans to invest $100 million in the initiative, with a particular focus on supporting startups and research projects. The task force will also collaborate with industry stakeholders and academia to foster innovation and promote the adoption of emerging technologies.

Top Altcoin Gainers and Losers

Gainers:

Flow FLOW (+29.99%)

Compound COMP (+16.22%)

Maker MKR (+7.18%)

Losers:

eCash XEC (-12.67%)

Rocket Pool RPL (-6.45%)

NEO NEO (-6.44%)

NFT Market Map

Cristiano Ronaldo is launching his second NFT collection exclusively on Binance. The collection will consist of 3D digital art pieces and will be available for purchase on the Binance NFT marketplace. Ronaldo's first NFT collection sold out within hours, generating $1.9 million in sales. The new collection aims to attract more fans and crypto enthusiasts. Ronaldo's move into the NFT space follows the growing trend of celebrities and athletes embracing digital collectibles.