Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 26, 2023
Crypto Market Update
Written by Van
Table of Contents:
Market Movements and Predictions
- Bitcoin Braces for Federal Reserve Rate Decision
- Elon Musk’s Support Spikes Dogecoin Value
- MakerDAO's MKR Rises Amidst Market Slump Due to Governance Voting
- Quantstamp to Repay $28 Million ICO After SEC Charges
- US House Democrats Resist Crypto Regulation Reform Bill
DeFi Sector Developments
- DeFi Sector Struggles Amid Declining TVL and Security Breaches
- BadgerDAO Launches Feeless eBTC Protocol Leveraging stETH
- Ribbon DAO Approves Merger with Aevo Derivatives Exchange
Cross-chain and Security News
- LayerZero Achieves Cross-Chain Transfer Milestone Amidst Security Risks
- Cryptojacking Attacks Surge in 2023, SonicWall Reports
Institutional Interest and Investment
- Institutional Investors Set to Increase Crypto Investments, Study Shows
- Bank of Italy's Milano Hub Backs Security Token Ecosystem Project
Crypto Exchanges and Wallets
- Binance Delays FDUSD Listing Due to Technical Issues
- SafePal Aims to Expand in Asia with Upcoming S1 Pro Wallet
- Palau Conducts Stablecoin Trial Linked to US Dollar
Collaborations and Partnerships
- Crypto.com, Line Xenesis Forge Collaboration for Crypto Innovation
- Worldcoin's Iris-Scanning Crypto Project Sees Decline in Sign-ups
- Gitcoin Launches Ethereum-based PGN for Public Good Funding
NFTs and Crypto Art
- Reddit Releases Fourth-Generation NFT Avatars Amid Mixed Reactions
- Binance NFT Launches AI Art Generator Amid Controversy
- Lacoste Combines Immersive Retail with NFTs in Virtual Store
Bitcoin Braces for Federal Reserve Rate Decision
Bitcoin price is trading just around $29,000 as investors await the Federal Reserve's rate decision, which could impact the cryptocurrency's value. Bitcoin traders anticipate increased volatility as the US Federal Reserve announces interest rates. The market predicts short-term price fluctuations as Fed Chair Jerome Powell's commentary holds significance.
Analysis suggests that some entities expect BTC to decline following the announcement, with $16 million worth of bid liquidity at $28,000. The US Dollar Index remains uncertain, with traders observing its historical relationship with risk assets like Bitcoin. Popular traders predict a Bitcoin breakout in the near future.
Elon Musk’s Support Spikes Dogecoin Value
Dogecoin's value surged over 14% over the past few days, surpassing Cardano as the seventh-largest cryptocurrency. Elon Musk's support for Dogecoin and speculation of its integration into his platform X has led to a 10% price surge today before declining. Real Vision CEO Raoul Pal suggests Dogecoin could facilitate global payments on X.
Pseudonymous analyst "Kaleo" advises accumulating DOGE during market dips, anticipating potential future integration. The Dogecoin community eagerly awaits Musk's official announcement.
MakerDAO's MKR Rises Amidst Market Slump Due to Governance Voting
MakerDAO's MKR saw a 2.37% price increase, reaching $1,173, amidst a bear market. This growth is attributed to the Maker Governance voting on proposed changes to the Spark Protocol, aiming to improve the DAI market's user experience and enhance supplier returns. The voting has generated significant attention and increased MKR trading volume.
Quantstamp to Repay $28 Million ICO After SEC Charges
Quantstamp, a blockchain security firm, will repay $28 million raised from its 2017 ICO following charges by the SEC for conducting an unregistered offering. The company emphasized the potential value appreciation of its tokens, which the SEC deemed to be securities. Quantstamp agreed to pay disgorgement, prejudgment interest, and a civil penalty, as well as establishing a "Fair Fund" to return funds to affected investors.
US House Democrats Resist Crypto Regulation Reform Bill
Democrats on the House Financial Services Committee opposed a bill that would direct regulators to give a clear path for a digital asset to transition from a security to a commodity, among other significant changes to crypto oversight in the US. However, senior members of the House of Representatives suggested that a deal to create a comprehensive framework in the US around stablecoins could be close.
DeFi Sector Struggles Amid Declining TVL and Security Breaches
The decentralized finance (DeFi) sector has experienced a challenging month, with plummeting transaction volume and a series of hacks and exploits. The total value locked (TVL) across all DeFi protocols has slumped from $45.3 billion to $42.9 billion in July, and several protocols have seen significant drops in TVL. However, there have been a few winners, such as EigenLayer, Lybra Finance, and Marinade Finance, which have seen growth in their TVL.
BadgerDAO Launches Feeless eBTC Protocol Leveraging stETH
BadgerDAO has unveiled its eBTC Protocol, which allows users to borrow synthetic Bitcoin without upfront fees or interest. The protocol uses stETH as collateral and generates revenue by taking a percentage of accrued staking yield. It employs a liquidation mechanism to ensure solvency and adopts a trustless governance mechanism. Reliable oracle infrastructure is provided through Chainlink and a controlled backup oracle.
Ribbon DAO Approves Merger with Aevo Derivatives Exchange
Ribbon DAO token holders have approved a proposal to merge Ribbon Finance with Aevo derivatives exchange. The move will involve transferring the Ribbon Finance dapp to the Aevo domain and adopting Aevo's visual identity. The vote also authorizes a 1:1 token conversion from RBN to a new AEVO token. The proposal aims to improve tokenomics and the reputation of the project.
LayerZero Achieves Cross-Chain Transfer Milestone Amidst Security Risks
Bridge protocol LayerZero has reached a milestone of over 50 million messages transferred between different blockchains, demonstrating the demand for cross-chain liquidity transfers and token swaps. This comes despite the risks of vulnerability, as bridge exploits resulted in over $2 billion in stolen assets in 2022.
Cryptojacking Attacks Surge in 2023, SonicWall Reports
A new report by cybersecurity firm SonicWall has revealed that cryptojacking attacks have increased by 399% in the first half of 2023 compared to the previous year. Cryptojacking involves secretly using other people's servers and devices to mine digital assets using cryptocurrencies, with Monero being the most popular. The report also indicates that the education and healthcare sectors have been heavily targeted by these attacks.
Institutional Investors Set to Increase Crypto Investments, Study Shows
A new study shows that 74% of institutional investors and asset managers plan to increase their cryptocurrency investments in the next year. The majority of respondents found the investment opportunities in the crypto sector attractive. 38% said their organization has already increased its investment in cryptocurrencies in the past year.
Bank of Italy's Milano Hub Backs Security Token Ecosystem Project
The Bank of Italy's Milano Hub has selected a project by Cetif Advisory and Polygon Labs to research a security token ecosystem for institutional decentralized finance (DeFi). The project aims to create a safe and open operating environment for supervised entities and will develop Cetif Advisory's Lionity platform. The project will receive support from the Milano Hub for six months.
Binance Delays FDUSD Listing Due to Technical Issues
Binance has postponed the listing of the First Digital USD (FDUSD) stablecoin due to technical issues faced by liquidity providers. Trading for FDUSD will be halted on July 26, with all pending orders canceled. The stablecoin is fully backed by cash and cash equivalents and is redeemable at a 1:1 value in USD. Binance offered zero maker fees for FDUSD trading pairs during the promotional period.
SafePal Aims to Expand in Asia with Upcoming S1 Pro Wallet
Cryptocurrency wallet provider SafePal has announced the upcoming release of its S1 Pro hardware wallet, aimed at increasing its presence in Japan and other Asian markets. The upgraded wallet features a more durable screen, improved camera, and longer battery life.
SafePal plans to tackle language barriers and expand its team to better reach users in these markets. The company is also integrating zero-knowledge and EVM networks into its wallet suite and anticipates completing the open-sourcing process by early 2024.
Palau Conducts Stablecoin Trial Linked to US Dollar
Palau, a Pacific country without a central bank, is conducting a trial of a stablecoin linked to the US dollar. The stablecoin, called Palau Stablecoin (PSC), runs on Ripple's XRP ledger and has been distributed for three weeks. The government will evaluate the success of the trial and decide whether to continue with the project.
In addition to the stablecoin trial, Palau has partnered with blockchain research firm Cryptic Labs to launch a digital residency program and is working on establishing a cryptocurrency exchange.
Crypto.com, Line Xenesis Forge Collaboration for Crypto Innovation
Crypto.com and Line Xenesis have signed a memorandum of understanding to promote cryptocurrency innovation in Asia-Pacific and the global industry. The collaboration will initially focus on enhancing Line Xenesis' crypto offerings in Japan and exploring NFT integrations and crypto payment capabilities. Crypto.com recently obtained a digital token license in Singapore.
Worldcoin's Iris-Scanning Crypto Project Sees Decline in Sign-ups
Worldcoin's iris-scanning crypto project has seen a decline in sign-ups, with only around 1,000 registrations across 20 countries. The project has faced criticism and scrutiny, with notable figures in the crypto community expressing concerns.
Payment discrepancies between Hong Kong and Indonesia have also raised questions. Reports say that it pays Hong Kong users $60 for participating in its iris-scanning crypto project, while Indonesian test subjects were paid only $15.
Gitcoin Launches Ethereum-based PGN for Public Good Funding
Gitcoin has launched its Layer 2 Public Goods Network (PGN), a low-cost solution on Ethereum aimed at funding public goods. PGN utilizes Optimistic Rollups technology to reduce transaction costs while maintaining security features. A portion of sequencer fees will be allocated to support public goods projects instead of profits for venture capitalists.
Top Altcoin Gainers and Losers
Compound COMP (+15.67%)
Kaspa KAS (+7.61%)
Solana SOL (+6.22%)
Lido DAO Token LDO (-5.21%)
Gala GALA (-5.06%)
Toncoin TON (-4.34%)
NFT Market Map
Reddit Releases Fourth-Generation NFT Avatars Amid Mixed Reactions
Reddit recently announced the release of its fourth-generation NFT avatars, called Retro Reimagined. The announcement received mixed reactions from the crypto community, with some criticizing the launch and others appreciating it.
Concerns were raised about bot protection and interface freezing during purchases. However, there were also those who welcomed the collection and praised it as valuable art. Reddit's avatars have previously been listed on OpenSea after an airdrop.
Binance NFT Launches AI Art Generator Amid Controversy
Binance NFT has launched an AI NFT generator called "Bixel" that allows users to create custom artwork using AI technology. Users must complete a KYC process and pay a minting fee of 0.008 BNB ($1.9) to use the tool.
Binance will also provide ten free chances per day for users to generate artwork using AI. The beta version of the tool, called "Bicasso," reached its capacity of 10,000 NFTs within 2.5 hours after release. Binance denied allegations of copying the idea from BNB Chain hackathon winners.
Lacoste Combines Immersive Retail with NFTs in Virtual Store
Lacoste has launched a new virtual store experience that combines immersive retail elements with NFT-based rewards. Customers can explore a virtual tiled boutique and outdoor pool area, and purchase items from the summer apparel collection.
Holders of Lacoste's UNDW3 tokens can access an underwater VIP space offering exclusive apparel collections as well as a scavenger hunt game and prizes. This is the second virtual activation created by retail technology developer Emperia for Lacoste. Emperia has previously worked with brands such as Bloomingdale's, Burberry, Christie's, and Dior.
This article has been refined and enhanced by ChatGPT.