Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 3, 2023
Crypto Market Update
Written by Van
Table of Contents:
Crypto Regulatory Updates
- SEC Dismisses Gary Gensler Resignation Rumors
- Thai SEC Restricts Crypto Use in Investments and Lending
- Belarus Considers Banning P2P Crypto Transactions
- Singapore Proposes Trust Requirement for Crypto Firms
Crypto Exchange & Platform Updates
- Ethereum Whale Closes Short Position, Sparks Market Sentiment Shift
- DeFi Platforms Secure $10M Ethereum via Liquid Staking
- Poly Network Hack Leads to $10M Worth of Ether Theft
- Pendle Price Sees Surge and Drop after Binance Listing
- NFT Blockchain Flow Receives $300M Investment
- Bittrex Challenges SEC's Jurisdiction Over Crypto Exchanges
Crypto Market Projections & Trends
- Bitcoin Price Could Reach $40,000, Says Analyst
- Solana's Firedancer Upgrade Boosts SOL Token Price
- Digital Asset Funds See $125M Weekly Inflows
- Monero, Cosmos Enjoy Price Surge Amid Market Developments
- ApeCoin, Aptos, Optimism Set to Unlock $100M Tokens
Blockchain in the Creative Industry
- Dior, RTFKT Partner for Ethereum-Powered Sneakers
- Ubisoft’s Ethereum-Based Game Champions of the Multiverse on the Horizon
SEC Dismisses Gary Gensler Resignation Rumors
The US Securities and Exchange Commission (SEC) has dismissed rumors about the resignation of Chairman Gary Gensler. Speculation began after a fake Twitter account announced his resignation. The SEC confirmed that Gensler remains in his position and the false information was spread by a scam account.
Thai SEC Restricts Crypto Use in Investments and Lending
The Thai Securities and Exchange Commission (SEC) has banned companies from using customers' crypto assets for investment or lending. The move aims to prevent firms from using digital assets as collateral for loans. The SEC has also set a 7% maximum interest rate for digital asset-backed loans. The new rules will take effect from 1st September 2021.
Belarus Considers Banning P2P Crypto Transactions
Belarus' Ministry of Finance is considering banning peer-to-peer (P2P) crypto transactions. The ministry believes that P2P transactions could be used for money laundering, and wants to regulate the crypto market to prevent such activities. The proposed legislation would require crypto exchanges to identify users and report any suspicious activities to the authorities.
Singapore Proposes Trust Requirement for Crypto Firms
Singapore's Monetary Authority (MAS) has proposed a new regulation requiring crypto firms to hold client funds in a trust. The move aims to protect consumers if the company goes under. The proposal also requires firms to have a capital of S$250,000 ($185,000) and to hold a base capital of S$100,000 ($74,000). The MAS has invited public feedback on the proposal until 13th December.
Ethereum Whale Closes Short Position, Sparks Market Sentiment Shift
A large Ethereum (ETH) trader, known as a 'whale', closed a sizable short position at a loss of $1.88 million, according to on-chain data. This comes amid a recent surge in ETH prices, which have increased by over 30% in the past week. The whale's move suggests a possible shift in market sentiment, with traders becoming less bearish on ETH.
DeFi Platforms Secure $10M Ethereum via Liquid Staking
Decentralized Finance (DeFi) platforms have secured over $10 million Ethereum, worth close to $20 billion, through liquid staking. Liquid staking allows users to earn rewards on their staked assets while still being able to use them in DeFi protocols. The largest platform, Lido, holds 7.8 million Ethereum, worth around $15.6 billion. The staking industry has grown rapidly, with the total value locked in DeFi protocols reaching $80 billion.
Poly Network Hack Leads to $10M Worth of Ether Theft
Poly Network's services remain suspended after a second major hack. An attacker managed to swap out over $10 million worth of ether from Poly Network. Security analysts suggest a compromise or theft of private keys may have been the source of the attack. Poly Network has suspended its services and is working with exchanges and law enforcement to identify the perpetrator and recover the funds. They have also asked users to unlock their assets and appealed to the attacker to return the stolen funds.
Pendle Price Sees Surge and Drop after Binance Listing
Pendle (PENDLE) experienced a 50% surge in its price following its listing on Binance, before posting a 11% drop today. The rise is also attributed to the launch of Pendle's yield tokenization protocol on Ethereum's mainnet, which allows users to separate and trade future yield on their DeFi assets. Pendle also secured $3.5 million in a funding round led by Mechanism Capital and including participation from CMS Holdings, Spartan Group, and QCP Capital.
NFT Blockchain Flow Receives $300M Investment
Flow, a blockchain built for NFTs, has seen its price surge by 35% after a $300 million investment from a group of investors led by Coatue. The platform, developed by Dapper Labs, is home to popular NFT projects like NBA Top Shot and CryptoKitties. The recent investment round included participation from Andreessen Horowitz, Venrock, and Accel.
Bittrex Challenges SEC's Jurisdiction Over Crypto Exchanges
Cryptocurrency exchange Bittrex is arguing that the Securities and Exchange Commission (SEC) lacks the authority to regulate it. The SEC claims Bittrex violated securities laws by allowing customers to trade digital assets that were unregistered securities. Bittrex, however, asserts that the SEC's jurisdiction does not extend to the exchange because it does not operate as a traditional securities exchange.
Bitcoin Price Could Reach $40,000, Says Analyst
Bitcoin's price has managed to reach $31,000 and can top $40,000 if it maintains its current momentum, according to cryptocurrency analyst Oliver Isaacs. As per Glassnode, 79% of Bitcoin's circulating supply is in profit, indicating a potential bull run. Large-scale investors are accumulating coins, suggesting a strong buying trend, and Bitcoin's strong rally is expected to continue into July.
Solana's Firedancer Upgrade Boosts SOL Token Price
Solana's recent Firedancer upgrade has led to a price rally for its SOL token. The upgrade will allow the network to process 400,000 transactions per second (TPS), a significant increase from its current 65,000 TPS. This improvement is expected to make Solana more competitive against Ethereum, which can only handle 15 TPS.
Digital Asset Funds See $125M Weekly Inflows
Digital asset funds saw $125 million in weekly inflows, despite the SEC's disapproval of a Bitcoin ETF. The inflows were led by Bitcoin ($50 mmillion) and Ethereum ($30 mmillion). Overall, digital asset funds have seen inflows of $4.2 billion this year, with the total value of assets under management reaching $15.5 billion. The SEC's stance on Bitcoin ETFs has not deterred investors, who continue to show interest in digital assets.
Monero, Cosmos Enjoy Price Surge Amid Market Developments
Monero (XMR) has reached a five-month high, increasing by 20% in a week to $175, while Cosmos (ATOM) extended its recent gains by 7% to $9.96. The rise in XMR's price is attributed to its enhanced privacy features and the upcoming network upgrade. ATOM's growth is due to its interoperability function, which allows it to connect with other blockchains.
ApeCoin, Aptos, Optimism Set to Unlock $100M Tokens
This month, ApeCoin, Aptos, and Optimism are unlocking over $100 million worth of tokens, with the largest unlock from ApeCoin at 15.6 million tokens. Historically after each unlock, the price of the tokens fell slightly before recovering. ApeCoin and Aptos will go to the project’s treasury and developers, while Optimism will go to core contributors and investors.
Dior, RTFKT Partner for Ethereum-Powered Sneakers
French luxury fashion house Dior has partnered with crypto artist RTFKT to launch limited edition Ethereum-powered sneakers. The shoes will have a unique NFT (non-fungible token) associated with them, making each pair distinct. They will also use Ethereum's blockchain to verify their authenticity. The sneakers are expected to be sold for between $10,000 and $25,000 per pair.
Ubisoft’s Ethereum-Based Game Champions of the Multiverse on the Horizon
Ubisoft is developing a new blockchain-based game, "Champions of the Multiverse," which will utilize the Ethereum blockchain. The game will feature player-owned characters and items, with players able to earn rewards and trade assets on the blockchain. Ubisoft has previously experimented with blockchain technology in its game "HashCraft," and is a member of the Blockchain Game Alliance.
Top Altcoin Gainers and Losers
Filecoin FIL (+17.06%)
Pepe PEPE (+15.12%)
BitDAO BIT (+13.28%)
Unus Sed Leo LEO (-7.01%)
Litecoin LTC (-4.33%)
Synthetix SNX (-4.25%)
NFT Market Map
Azuki NFT holders are down an average of $21,500 per token as the floor price has crumbled. The current floor price is 1.5 ETH ($4,800), an 83% decline from its all-time high. AzukiDAO is voting on whether to return 20,000 Ether (around $40 million) to the original contributors after a coding error led to an unexpected transfer to the DAO's treasury.
OpenSea saw a 1,500% increase in volume in Q2 2021, with total sales reaching $95 million. The platform's user base also grew by 1,225%, with 56% of users being new. Despite a recent dip in NFT sales, OpenSea's unique buyer count increased by 97%. The most popular NFT collections on the platform were CryptoPunks, Art Blocks, and Rarible.
The floor price of Bored Ape Yacht Club (BAYC) NFTs has dropped by 50% to 20 ETH amid a broader market crash and the launch of BAYC's online game, ApeCoin. The game's launch was marred by technical issues and a lack of gameplay, causing a sell-off. Meanwhile, the overall NFT market has seen a 30% drop in volume and a 40% decrease in sales.
This article has been refined and enhanced by ChatGPT.