Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 23, 2023

Crypto Market Update

Written by Van

Table of Contents:

Crypto Wallet and Exchange News

• Alphapo's Hot Wallets Breached: $23M in Cryptos Drained
• StormX's STMX Experiences Pump-and-Dump Amid Contract Incident
• Market Manipulation Concerns Surround Adventure Gold's Volatility
• Bitcoin: Bullish Signs, Record High Holders, and Market Volatility

Crypto Price Analysis and Predictions

• Ethereum: Predictions of a Bullish Turn Despite Trading Below $1,900
• BNB Chain Marks a Strong Week with Robust Activity
• Shiba Inu Sees Surge in New Addresses: The Summer of Shibarium

Crypto and National Security Concerns

• TRM Labs: ISIS Affiliates Increasingly Using Crypto for Operations

Legal and Regulatory Updates

• John Deaton's Opinion: SEC's Appeal Unlikely to Impact XRP Holders
• Nigeria's CBDC, eNaira, Enhanced with NFC Technology

NFT Market Insights

• DJ Steve Aoki Suffers Major Losses in Blue-Chip NFTs

Alphapo's Hot Wallets Breached: $23M in Cryptos Drained

Crypto payments processor Alphapo's hot wallets were drained of at least $23 million in Ethereum, Tron, and Bitcoin. HypeDrop, an Alphapo customer, has disabled withdrawals due to issues with their provider. The situation is being monitored, and affected funds are deemed secure. 

StormX's STMX Experiences Pump-and-Dump Amid Contract Incident

The price of StormX's STMX token experienced pump-and-dump price action due to an "emergency incident of the STMX contract," according to a translated tweet from a Binance customer service representative. The cryptocurrency surged in value before experiencing a full retracement, after surging from $0.0063 to nearly $0.015.

Market Manipulation Concerns Surround Adventure Gold's Volatility

Adventure Gold's volatile price action has raised concerns about market manipulation. A Bybit trader warned of "bad actors" in the market, pointing out suspicious trading patterns on the platform. Adventure Gold is the 352th-ranked cryptocurrency, and this incident highlights the risks associated with low-cap altcoins. 

Bitcoin: Bullish Signs, Record High Holders, and Market Volatility

Bitcoin's long-term holders reached a record high, while exchange reserves declined. Addresses with 1,000-10,000 BTC had the most holders. Whale activity and bullish metrics were observed. Investors' faith in BTC's price growth remained strong. The decline in exchange balances may indicate increased accumulation or a shift towards decentralized exchanges. 

Bitcoin's price is expected to experience significant movement, with concerns of a potential downward trend. Traders are closely monitoring key levels at $25,000 and $20,000, while others anticipate a decisive move within the narrow price range. The upcoming week's volatility will be influenced by the Federal Open Market Committee's decisions on interest rates. 

Ethereum: Predictions of a Bullish Turn Despite Trading Below $1,900

Ethereum (ETH) is currently trading below $1,900 but Santiment predicts a bullish upturn, with the digital asset potentially reaching $2,000 in the coming month. Ethereum's "under the radar" status and low sell-off likelihood due to self custody are seen as positive indicators, despite the largest inflows into CEXes in the past two months. Analysts suggest Ethereum could make a move above $2,000 in August.

BNB Chain Marks a Strong Week with Robust Activity

The latest on-chain data reveals that BNB Chain had 4.32 million active users and 22.94 million transactions in a week, with an average of 3.82 million daily transactions. The network's robust activity and low transaction fees contribute to its strong user growth, but BNB's performance is still influenced by market conditions. 

Shiba Inu Sees Surge in New Addresses: The Summer of Shibarium

The Shiba Inu (SHIB) network has seen a 115% increase in new addresses in the past week, suggesting growing optimism and excitement. The Shiba Inu development team has announced the "summer of Shibarium," a new era for the ecosystem. The total number of transactions on the Shibarium testnet has surpassed 31 million, indicating significant growth in utility. 

TRM Labs: ISIS Affiliates Increasingly Using Crypto for Operations

Blockchain intelligence platform TRM Labs has released a report highlighting the increasing use of cryptocurrency by ISIS affiliates in Asia. The report states that there is mounting evidence that these groups in Tajikistan, Indonesia, and Afghanistan have used cryptocurrency for fundraising and operations, with Tether on the Tron network being the primary choice. 

The report also noted instances of individuals using Indonesian-based exchanges to send funds to pro-ISIS fundraising campaigns in Syria. TRM Labs identified over $500,000 in transfers made using USDT on Tron for these campaigns.

John Deaton's Opinion: SEC's Appeal Unlikely to Impact XRP Holders

Pro-XRP lawyer John Deaton believes that an appeal by the SEC will not significantly impact XRP holders. If the SEC decides to appeal the ruling that XRP tokens are not securities when sold on retail digital asset exchanges, the appeal process could extend over two years. The summary judgment will remain in effect during this time. The SEC's jurisdiction is limited to securities, and if a token is not classified as a security, the SEC should not have a role in its regulation. 

Nigeria's CBDC, eNaira, Enhanced with NFC Technology

The Central Bank of Nigeria has enhanced its central bank digital currency (CBDC), eNaira, by adding Near Field Communication (NFC) technology for contactless payments. The addition of NFC is expected to boost adoption rates for the CBDC. The CBDC will also have programmability features to limit payments to designated government programs and reduce fraudulent activities. 

The use of CBDCs aims to address financial inclusion and provide valuable insights for other economic players. However, adoption rates for eNaira have been below expectations. Former CBN Governor Godwin Emefiele blamed commercial banks for impeding its growth. 

Top Altcoin Gainers and Losers

Gainers:

Kaspa KAS (+8.58%)

Casper CSPR (+4.28%)

Toncoin TON (+4.23%)

Losers:

Stellar Lumens XLM (-5.08%)

Ripple XRP (-4.06%)

Solana SOL (-3.78%)

NFT Market Map

DJ Steve Aoki Suffers Major Losses in Blue-Chip NFTs

According to Herbie’s analysis, DJ Steve Aoki has suffered massive losses as the value of his blue-chip NFTs plummeted, with some experiencing a 97% decrease. His investments, once worth $1.6 million, are now valued at just $33,000. This highlights the volatility of the NFT market and the importance of careful research before investing. 

This article has been refined and enhanced by ChatGPT.