Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 30, 2023

Crypto Market Update

Written by Van

Table of Contents:

Crypto Market Updates and Analysis

• Margot Robbie Sparks Crypto Debate with 'Ken' Remark
• Bitcoin Holders Remain Resilient as Market Predicts Massive Surge
• Justice Tokens: OPNX's Innovative Solution to Crypto Defamation
• Cryptic Elon Musk Tweet Stirs Dogecoin Speculation
• AI Crypto Projects Face Volume Decline Amid Market Movements
• Shiba Inu Sees Surge Following Testnet Bridge Announcement
• Cardano Introduces Mithril: Advancing Efficiency and Security

Regulatory and Legal Developments

• HRF Launches Bitcoin UX Improvement Bounty Challenge
• U.S. House Committee Passes 'Keep Your Coins Act' for Crypto Self-Custody
• Worldcoin Addresses Security Issues Amid Regulatory Scrutiny
• US Lawmakers Question Apple's Stance on Crypto and NFTs

Banking Updates and Disruptions

• Heartland Tri-State Bank Shuts Down Amid Rising Interest Rates

NFT Market Performance and News

• The Sandbox Faces Mixed Results Amid NFT Market Volatility
• Gucci NFT Holders Cash in on Luxury Rewards

Margot Robbie Sparks Crypto Debate with 'Ken' Remark

Australian actress Margot Robbie's comment about Bitcoin being reminiscent of Barbie's companion, Ken, sparked mixed reactions in the crypto community. Michael Saylor and Layah Heilpern expressed differing views, while crypto influencer Girl Gone Crypto felt bullish.

The remarks were interpreted by some as insulting toward male Bitcoin enthusiasts, but others suggested that embodying Ken's energy could signify adaptability and selflessness. Overall, Robbie's comment has generated discussion within the crypto community. 

Bitcoin Holders Remain Resilient as Market Predicts Massive Surge

Long-term Bitcoin holders now possess over 1.10 million BTC ($33 billion) and the HODLing trend remains strong, with a record high of 14.52 million BTC held. Capital inflows are increasing as indicated by the realized cap, while whale-to-exchange net flows remain high.

Fundstrat Research predicts a 521% price surge to $180,000 before the Bitcoin halving in April 2024. Additionally, the number of non-zero Bitcoin wallets has hit a new peak at 47.8 million, indicating growing interest and investment.

Fear among market participants is evident by the increased discussions around Bitcoin compared to other top 100 assets, according to Santiment. 

Justice Tokens: OPNX's Innovative Solution to Crypto Defamation

Open Exchange (OPNX) has launched Justice Tokens aimed at compensating victims of defamation in the crypto space. The tokens will be distributed to holders of RLB, LUNA, LUNC, and OX. The first edition of Justice Tokens will compensate those affected by defamation from the whistleblower FatManTerra. OX rallied 22% to an all-time high of $0.049 upon the announcement. 

Cryptic Elon Musk Tweet Stirs Dogecoin Speculation

Elon Musk, the proprietor of the new X, posted a message hinting at an upcoming surprise. Cryptocurrency market users have linked this tweet to Dogecoin, which has been rumored to be integrated as a payment option on Twitter. The precise meaning of Musk's tweet remains unclear, but it has had a favorable impact on the price of DOGE.

AI Crypto Projects Face Volume Decline Amid Market Movements

AI-focused crypto projects, such as Oasis Network, Render, and The Graph, are experiencing a decline in trading volume, Kaiko reported. Worldcoin's unique launch, involving eye-scanning technology, has attracted attention. XRP shows sustained speculative interest. Bitcoin and Ethereum have witnessed a significant reduction in volatility in the past three months. 

Shiba Inu Sees Surge Following Testnet Bridge Announcement

Shiba Inu (SHIB) surged over 5% at one point today, regaining its position in the top 14 cryptocurrencies by market cap. The spike may be attributed to the announcement of a testnet bridge between Shibarium and Ethereum. 

SHIB developers are working on a Layer 2 upgrade called Shibarium, which aims to reduce costs and increase transaction speeds. The coming months will be crucial in determining if SHIB can retest previous price highs.

Cardano Introduces Mithril: Advancing Efficiency and Security

Cardano has announced the launch of Mithril, a stake-based signature protocol that improves node syncing times on the mainnet. This advancement will make the Cardano network more efficient and capable of supporting a wider range of applications. 

Mithril also enhances security and facilitates decentralized decision-making. Cardano has also released node v.8.1.2 and announced the Intersect institution to drive the development of its ecosystem.

HRF Launches Bitcoin UX Improvement Bounty Challenge

The Human Rights Foundation (HRF) has launched a bug bounty challenge offering a reward of 20 Bitcoins (worth over $500,000) to improve the Bitcoin user experience (UX), primarily in mobile wallets.

The bounties aim to address specific problems faced by Bitcoin and include issues such as generating and memorizing seed phrases when crossing borders. These bounties are financially incentivized by the HRF's Bitcoin Development Fund, which supports financial freedom for dissidents and human rights activists. The bounty challenge will run until the end of 2024.

U.S. House Committee Passes 'Keep Your Coins Act' for Crypto Self-Custody

The U.S. House Committee on Financial Services has passed the Keep Your Coins Act of 2023, which aims to protect the self-custody of cryptocurrency. The bill prohibits federal agencies from restricting the use of cryptocurrency for personal purchases and allows individuals to self-custody their digital assets. The committee also passed three other crypto-related bills.

Worldcoin Addresses Security Issues Amid Regulatory Scrutiny

Proof of Humanity protocol Worldcoin, which offers free tokens to users who verify their humanity through iris scans, has released audit reports addressing concerns over its data collection practices. The reports detected a total of 29 security issues, with the majority being addressed and resolved.

Worldcoin has faced criticism since its launch on 25 July, with regulators in the UK and France expressing concerns about its compliance with data protection laws.

US Lawmakers Question Apple's Stance on Crypto and NFTs

US lawmakers have raised concerns that Apple's App Store guidelines may hinder the progress and growth of emerging technologies, particularly blockchain and non-fungible tokens (NFTs). They cited a discernible pattern in Apple's approach to its App Store guidelines, where the company appeared to capitalise on crypto apps while simultaneously limiting their functionality. The lawmakers emphasised their commitment to promoting transparency and fairness within the industry to support American ingenuity.

Heartland Tri-State Bank Shuts Down Amid Rising Interest Rates

Heartland Tri-State Bank of Elkhart has been closed and taken over by the Federal Deposit Insurance Corporation (FDIC). Its four branches will reopen as branches of Dream First Bank. Rising interest rates and poor risk management are believed to be the factors behind the bank's collapse. The FDIC estimates that the cost to the Deposit Insurance Fund will be $54.2 million.

Top Altcoin Gainers and Losers

Gainers:

XDC Network XDC (+5.27%)

Optimism OP (+4.99%)

Uniswap UNI (+4.97%)

Losers:

Toncoin TON (-8.07%)

TRON TRX (-2.34%)

Casper CSPR (-2.05%)

NFT Market Map

The Sandbox Faces Mixed Results Amid NFT Market Volatility

In Q2, The Sandbox experienced growth in NFT mints and primary sales, but total revenue declined due to a fall in secondary sales and revenue from other marketplaces. Non-LAND primary sales accounted for 37% of total revenue, while revenue decreased by 15% QoQ. 

NFTGo reported a 61% increase in LAND NFTs minted, resulting in a 29% growth in LAND primary sales. Secondary trading for both LAND and non-LAND assets declined, possibly due to poor market conditions. 

Gucci NFT Holders Cash in on Luxury Rewards

Gucci NFT holders can now redeem their tokens for a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag. The NFTs were minted in March and can be redeemed through partner platform 10KTF.shop. The wallet can be redeemed with one token, while the duffle bag requires three tokens. The bag offers better value than buying it separately from Gucci's e-commerce site. 

The NFTs were originally rewarded to users who participated in a 10KFT mission in Battle Town. This demonstrates a trend of a "play-to-earn" or "engage-to-earn" model for NFT rewards, which is expected to continue in the future.

This article has been refined and enhanced by ChatGPT.