Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 4, 2023

Crypto Market Update

Written by Van

Table of Contents:

Crypto Market and Investments

• Bitfinex Report Forecasts Crypto Market Bull Run
• BlackRock Re-applies for Spot Bitcoin ETF
• Bitcoin and Ether Supply on Exchanges Decreases: Goldman Sachs
• Ethereum Adds New Token, Whale Transactions Surge
• Curve DAO Token Surges as New Stablecoin Gains Traction
• Pepe 2.0 Launches, Surges 1,000% in Market Cap
• Whale Sell-Offs Hit dYdX and The Graph
• 91% Surge in Solana's Liquid Staking Value Propels Growth 

Blockchain and Crypto Services

• Telegram Blockchain Launches Encrypted Messaging Feature
• Lido Stakes 36,000 ETH from Treasury Reserves
• Bitget to Launch Crypto Lending Service with High Interest Rates
• Controversial Bitcoin Standard BRC-69 Causes Plunge in Transactions 

Regulation and Legal

• 3AC Co-Founder Pledges OPNX Token Earnings to Cred Creditors
• UK Finance Proposes £5,000 Limit on Digital Pound Holdings
• Bithumb Sees Surge in Aptos Trading Volumes Due to Pump-and-Dump
• Gemini Gives DCG Ultimatum on Partnership Offer

Geographical and Local Developments

• Hong Kong Considers Government-Backed Stablecoin to Challenge Crypto Dominance 
• South Africa's IFWG Demands Cryptocurrency Operators to Register for Enhanced Regulation 
• UK's FCA Sets Deadline for Crypto Promotion Compliance in 2023 

NFTs and Decentralized Finance

• Justin Bieber Suffers $1.2M Loss on NFT Investments
• Credit Suisse and Swiss FA Issue NFTs for Women's Football
• NFT Market Faces Over 1,200 Liquidations
• Bored Ape Yacht Club NFTs Hit Two-Year Low

Bitfinex Report Forecasts Crypto Market Bull Run

Bitfinex's report suggests that on-chain metrics and investor behavior indicate a potential bull run in the cryptocurrency market. The report highlights a decrease in Bitcoin's exchange balance, an increase in stablecoin supply, and a rise in the number of active Bitcoin addresses. Additionally, the report notes a surge in the number of new investors entering the market, as well as an increase in the number of long-term investors.

BlackRock Re-applies for Spot Bitcoin ETF

BlackRock, the world's largest asset manager, has re-applied for a spot Bitcoin ETF after making adjustments to its application. The firm, which manages $9.5 trillion in assets, is seeking approval from the US Securities and Exchange Commission (SEC). The SEC has yet to approve a Bitcoin ETF, despite numerous applications.

Bitcoin and Ether Supply on Exchanges Decreases: Goldman Sachs

Bitcoin and Ether's supply on exchanges fell in June, according to Goldman Sachs. Bitcoin's supply on exchanges dropped by 2.6% to 2.44 million, while Ether's supply fell by 11.2% to 19.8 million. The decrease in supply could be due to investors moving their holdings to private wallets, indicating a bullish sentiment. Goldman Sachs also noted that the total market capitalization of cryptocurrencies fell by 6% to $1.4 trillion in June.

Ethereum Adds New Token, Whale Transactions Surge

Ethereum adds new token ERC-223 to prevent daily loss of $600,000 from smart contract mistakes. ERC-223 requires only one step for transactions, reducing costs. ETH whale transactions increase 54% in 24 hours, potentially impacting price. Largest transaction is 125,000 ETH, valued at $28 million. 

Curve DAO Token Surges as New Stablecoin Gains Traction

Curve DAO, a decentralized finance (DeFi) protocol, saw a 17% increase in its native token, CRV, at one point as its stablecoin gained traction. The rise followed the launch of a new stablecoin, FRAX, on the Curve platform. The total value locked in Curve's protocol increased by 3.41% to $3.99 billion. The platform's daily trading volume also rose by 3.41% to $384.91 million.

Pepe 2.0 Launches, Surges 1,000% in Market Cap

Pepe 2.0 (PEPE2.0), a new version of meme coin Pepe (PEPE), launched to rectify past mistakes. PEPE2.0 has seen a weekly price increase of nearly 1,000%, reaching a market cap surpassing $20 million. The current price is $0.0000000487, up 14.36% in the past 24 hours. It currently has over 10,600 holders and a 24-hour volume of nearly 6.2 million.

Whale Sell-Offs Hit dYdX and The Graph

Decentralized exchange dYdX and The Graph (GRT) have experienced significant losses due to massive sell-offs by whales. dYdX's native token, DYDX, fell by 20% within 24 hours, while GRT's price dropped by 15%. The sell-offs were triggered by a whale who moved 2.9 million DYDX tokens, worth approximately $50 million, from a dYdX wallet to Binance. Similarly, a whale moved 20 million GRT tokens, worth around $20 million, to Binance, causing a price drop.

91% Surge in Solana's Liquid Staking Value Propels Growth 

Solana's liquid staking value grew 91% in H1, driven by its popular blockchain platform with fast transactions and low fees. Total locked value reached $1.2bn. SOL aims for a 40% rally, given its 3,200% price increase and $8.3bn market cap. DeFi and NFT growth on Solana, along with its network's speed and low fees, contribute to the surge.

Telegram Blockchain Launches Encrypted Messaging Feature

The Telegram Open Network (TON) blockchain has launched an on-chain encrypted messaging feature. The feature allows users to send encrypted messages to each other, with the messages stored on the blockchain. The messages are encrypted using the recipient's public key, ensuring only the intended recipient can decrypt and read the message. The feature is expected to be used for smart contracts and transactions.

Lido Stakes 36,000 ETH from Treasury Reserves

Lido, a liquid staking solution for Ethereum 2.0, has staked 36,000 ETH from its treasury reserves, demonstrating its commitment to the Ethereum network. The move is expected to increase the security and decentralization of the Ethereum network. Lido's staking solution allows users to earn rewards while maintaining liquidity of their staked assets.

Bitget to Launch Crypto Lending Service with High Interest Rates

Singapore-based cryptocurrency exchange Bitget is set to launch a crypto lending service. The service will allow users to lend their digital assets to the platform and earn interest. Bitget will offer an annualized interest rate of up to 12% for Bitcoin and Ethereum, and up to 30% for other cryptocurrencies. The platform will also provide insurance coverage for the digital assets lent by users.

Controversial Bitcoin Standard BRC-69 Causes Plunge in Transactions 

Bitcoin's new standard, BRC-69, has significantly reduced the data limit for ordinal numbers, causing a plunge in the number of transactions. The standard, which was designed to improve privacy and security, has been criticized for its impact on transaction volume. Despite this, developers argue that the benefits outweigh the drawbacks.

3AC Co-Founder Pledges OPNX Token Earnings to Cred Creditors

Kyle Davies, co-founder of Three Arrows Capital (3AC), has pledged to donate all future earnings from his OPNX tokens to creditors of the defunct cryptocurrency exchange, Cred. Davies' decision comes after Cred filed for bankruptcy in November 2020, leaving many creditors unpaid. The exact amount to be donated is unknown, as it depends on the future value of OPNX tokens.

UK Finance Proposes £5,000 Limit on Digital Pound Holdings

UK Finance, a trade association for the UK banking and financial services sector, has proposed a £5,000 limit on digital pound holdings for individuals. The proposal is part of a response to the Bank of England's consultation on a potential central bank digital currency (CBDC). UK Finance believes the limit would prevent bank runs and maintain financial stability. The association also suggested that the digital pound should be interest-free to avoid competition with commercial banks.

Bithumb Sees Surge in Aptos Trading Volumes Due to Pump-and-Dump

South Korean cryptocurrency exchange, Bithumb, saw a sudden surge in trading volumes for the relatively unknown cryptocurrency, Aptos. The coin's price jumped from $0.0002 to $0.02 overnight, a 100-fold increase. The surge in trading volumes and price was reportedly due to a pump-and-dump scheme, a fraudulent practice where the price of an asset is artificially inflated to attract investors before being sold off for profit.

Gemini Gives DCG Ultimatum on Partnership Offer

Gemini, a cryptocurrency exchange owned by the Winklevoss twins, has given Digital Currency Group (DCG) two days to accept its "best and final offer" for a partnership. The offer includes a $1 million investment in DCG, a 1% equity stake, and a seat on the board. The Winklevoss twins have previously invested in Bitcoin and Ethereum, and this move is seen as a way to further expand their influence in the cryptocurrency market.

Hong Kong Considers Government-Backed Stablecoin to Challenge Crypto Dominance 

A policy proposal suggests Hong Kong issue a government-backed stablecoin, HKDG, to with existing stablecoins. proposed stablecoin could enhance financial inclusiveness, transaction efficiency, and payment systems. could challenge the dominance of the U.S. Dollar in crypto ecosystem and promote innovation. 

South Africa's IFWG Demands Cryptocurrency Operators to Register for Enhanced Regulation 

South Africa's Intergovernmental Fintech Working Group (IFWG) has released a position paper requiring all cryptocurrency operators to register with the Financial Intelligence Centre. The move is part of a broader effort to regulate the crypto industry and prevent money laundering and terrorist financing. The paper also recommends that all crypto assets service providers be included in the country's regulatory framework.

UK's FCA Sets Deadline for Crypto Promotion Compliance in 2023 

The UK's Financial Conduct Authority (FCA) has set a compliance deadline of 6th January 2023 for crypto promotions. The new rules require firms to obtain FCA approval before they can promote their crypto products. The FCA aims to ensure that all promotional material is clear, fair, and not misleading. The regulator has also warned that non-compliance could result in penalties.

Top Altcoin Gainers and Losers

Gainers:

Aave AAVE (+10.66%)

Maker MKR (+5.88%)

Aptos APT (+5.30%)

Losers:

Flow FLOW (-12.64%)

FTX Token FTT (-10.43%)

eCash XEC (-5.45%)

NFT Market Map

Justin Bieber Suffers $1.2M Loss on NFT Investments

Pop star Justin Bieber reportedly lost $1.2 million on non-fungible token (NFT) investments. The singer's losses are attributed to the recent crash in the NFT market, which saw a 70% drop in sales. Despite the loss, Bieber remains optimistic about the future of NFTs and continues to invest in the digital asset.

Credit Suisse and Swiss FA Issue NFTs for Women's Football

Credit Suisse has partnered with the Swiss Football Association to issue NFTs on Ethereum, featuring digital representations of Swiss women's national football players. The NFTs will be sold from July 11 to August 31, with proceeds going to the Swiss Women's National Team and youth initiatives focused on girls' football. The NFTs are available exclusively to Swiss residents with a client relationship with Credit Suisse. 

NFT Market Faces Over 1,200 Liquidations

The NFT market has been hit by over 1,200 liquidations, with blue-chip NFTs being significantly affected. The liquidations have led to a 50% drop in the floor price of Bored Ape Yacht Club (BAYC) NFTs, while World of Women (WoW) NFTs have seen a 40% drop. The market downturn has been attributed to a lack of liquidity and high gas fees.

Bored Ape Yacht Club NFTs Hit Two-Year Low

The Bored Ape Yacht Club (BAYC) NFT floor price has dropped to a two-year low of 8.8 ETH, down 88% from its peak of 75 ETH. This is due to a market downturn and the launch of a derivative project, Mutant Ape Yacht Club. Both Mutant Ape Yacht Club and Bored Ape Yacht Club NFTs have experienced significant declines in value, with Mutant Ape down 30% and Bored Ape down 20% in the past week. Ape NFTs may also be affected. 

This article has been refined and enhanced by ChatGPT.