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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 6, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 6, 2023

Jul 6 2023

last year3 minutes read

Crypto Market Update

Written by Van

Table of Contents:

Crypto Market Volatility

  • Bitcoin Volatility and Impact of Monetary Policy
  • Crypto Whale Loses $4 Million in Risky ETH/BTC Play

Stablecoin Developments

  • Circle Set to Launch Stablecoin in Japan
  • Abracadabra Money to Register as Legal Entity

Bankruptcy and Legal Issues

  • Voyager Transfers Billions of Shiba Inu Coins Amid Bankruptcy
  • BlockFi Faces Opposition Over Bankruptcy Plans
  • Celsius and Ex-CEO Accused of US Regulatory Violations

Crypto Exchanges and Platforms

  • dYdX Launches Testnet for Fully Decentralized Exchange
  • Pepe 2.0 Surges, Rivaling Other Meme Coins

Hackathons and Events

  • Tron and BitTorrent Chain Launch HackaTron Event

Regulatory Updates by Country

  • Namibia Regulates Digital Assets with New Legislation
  • Israel Approves Tax Exemptions for Crypto Profits

NFT Innovations

  • Coca-Cola Partners with SolSea for NFT Event
  • Blur Founder Refutes Claims of Hurting NFT Market
  • La Maison Steel Unveils NFT-Verified Luxury Apple Watch Cuffs
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Bitcoin Volatility and Impact of Monetary Policy

Bitcoin (BTC) experienced high volatility, falling to new July lows at $29,925 after reaching its highest levels since mid-2022. Traders anticipate a return to the $28,000 range as market expectations increase for a Federal Reserve rate hike.

Despite the drop, crypto liquidations remained relatively low, with BTC liquidations totaling $43 million and cross-crypto liquidations at around $120 million on July 6. The tightening monetary policy has contributed to the decline in crypto markets over the past 18 months. 

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Crypto Whale Loses $4 Million in Risky ETH/BTC Play

A cryptocurrency whale lost around $4 million last month by using a risky strategy to invest in the ETH/BTC ratio. The whale deposited ETH on Aave, borrowed WBTC, exchanged it for ETH on Binance, and repeated the process to increase ETH holdings.

However, the strategy backfired as the ETH/BTC ratio fell by 20%, resulting in a negative balance. The whale had to liquidate assets to cover losses and avoid being liquidated by the platform.


Circle Set to Launch Stablecoin in Japan

Circle plans to launch a stablecoin in Japan following the country's new regulations. Circle CEO Jeremy Allaire praises Japan's stablecoin bill and sees strong demand for stablecoins in Asian markets. The Japanese stablecoin may be backed by yen, and it must be fully backed by legal tender.

Only licensed financial institutions can issue stablecoins in Japan.


Abracadabra Money to Register as Legal Entity

Abracadabra Money, a stablecoin minting platform, plans to register its governing body as a legal entity to address issues such as intellectual property theft. The team wants a legal body to handle essential services and protect the protocol's intellectual property. They are considering crypto-friendly countries for the establishment.

This move follows similar actions taken by other DeFi protocols and a federal court ruling on DAOs.


Voyager Transfers Billions of Shiba Inu Coins Amid Bankruptcy

Over the past week, bankrupt broker Voyager has transferred over 511 billion Shiba Inu (SHIB) meme coins to anonymous wallets. The transactions included eight transfers ranging from 16 billion to 80 billion SHIB each. The total amount moved is equivalent to $3,832,500.

It is speculated that these transfers could be sales or preparations for sales, or Voyager may be returning crypto to its customers. The Voyager 1 wallet still holds 2,350,881,606,627 SHIB tokens.

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BlockFi Faces Opposition Over Bankruptcy Plans

Defunct crypto lender BlockFi is facing opposition to its bankruptcy plans from FTX, Three Arrows Capital, and the SEC. FTX claims its claims have been unfairly downgraded, citing hundreds of millions of dollars in repayments and collateral.

Three Arrows Capital argues it hasn't been given a chance to contest fraud allegations, and the SEC says proposed release clauses are too vague. 


Celsius and Ex-CEO Accused of US Regulatory Violations

Celsius and its former CEO, Alex Mashinsky, are facing allegations of violating US regulations, as determined by the Commodity Futures Trading Commission (CFTC). If supported by the CFTC commissioners, the findings may lead to a case against Celsius in federal court. This highlights regulatory challenges in the cryptocurrency industry.

Celsius has not issued an official statement, and the specific regulations violated have not been disclosed. The CFTC's investigation adds to the mounting legal challenges for Mashinsky, including a lawsuit from the New York Attorney General.

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dYdX Launches Testnet for Fully Decentralized Exchange

Crypto exchange dYdX has launched a testnet for its v4 iteration, removing centralized components to achieve full decentralization. The exchange aims to eliminate its centralized order book and matching engine, becoming a decentralized exchange without relying on automated market makers.

The testnet allows users to try out the app and virtual trades, with the mainnet launch expected after integrating stablecoins and Cosmos Inter-Blockchain Communication.


Pepe 2.0 Surges, Rivaling Other Meme Coins

Pepe 2.0, a new meme coin, has gained significant attention with a 2,338% value increase in the past week. It currently trades at $0.0000001099 with a 35% surge in the last 24 hours.

It has a high trading volume of $36 million and is being seen as a potential rival to other meme coins. 

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Tron and BitTorrent Chain Launch HackaTron Event

Tron and BitTorrent Chain will launch the fifth season of their HackaTron event on July 6, 2023, offering developers a chance to win up to $500,000 in prizes. The event will feature five tracks, including AI, Web3, DeFi, Artistry, and Builder.

Huobi Ventures will provide an additional $25,000 pool for first-place winners, and the Tron Builder Tour will offer bug bounties and events. Submissions will be accepted until October 5, with winners announced on November 10. 

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Namibia Regulates Digital Assets with New Legislation

Namibia has passed a bill to regulate digital assets and cryptocurrencies, aiming to establish a licensing and regulatory framework for virtual asset service providers (VASPs). The legislation intends to ensure consumer protection, prevent market abuse, and mitigate the risks of money laundering and terrorism financing.

Noncompliant VASPs could face penalties of up to 10 million Namibian dollars ($671,572) and a 10-year prison term. The Bank of Namibia maintains that cryptocurrencies do not hold legal tender status in the country. 


Israel Approves Tax Exemptions for Crypto Profits

Israel's parliament has passed a bill that would grant tax exemptions on capital gains from the sale of digital currencies for foreign residents. The bill also aims to reduce the tax on crypto bonuses for employees.

The legislation aims to enhance the country's appeal to global investors and address regulatory gaps in the digital currency industry. The bill has garnered support from ruling coalition parties and signifies Israel's endorsement of cryptocurrency.

However, there are concerns regarding the categorization of digital assets as securities in the proposed regulatory framework. The Bank of Israel has also considered the development of a central bank digital currency. 


Top Altcoin Gainers and Losers

Gainers:

eCash XEC (+19.89%)

Bitcoin Cash BCH (+13.92%)

Frax Share FXS (+7.34%)

Losers:

WOO Network WOO (-4.53%)

Radix XRD (-4.05%)

Maker MKR (-4.04%)


NFT Market Map

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Coca-Cola Partners with SolSea for NFT Event

Coca-Cola is partnering with Solana NFT platform SolSea to offer limited edition hoodies and NFTs at a music event in Serbia. The collaboration aims to engage younger audiences and explore new revenue streams through the use of NFTs, which provide proof of ownership and rarity.

In the past, Coca-Cola has participated in NFT projects and raised funds for charitable causes. 

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Blur Founder Refutes Claims of Hurting NFT Market

The founder of Blur, a rival NFT marketplace, defended the platform against accusations of killing the market. He attributed price fluctuations to liquidity injections and removals, dismissing criticism as the cost of doing business. Despite selloffs in major collections, the wider NFT market remains stable.


La Maison Steel Unveils NFT-Verified Luxury Apple Watch Cuffs

Nicole Steel, founder of La Maison Steel, unveiled luxury connected cuffs for the Apple Watch, integrating Web3 technology to combat counterfeiting. The cuffs, starting at $290, incorporate NFC chips and NFTs on the Polygon network for provenance verification.

Steel aims to merge craftsmanship with blockchain technology and attract more people, especially women, to the blockchain space. The collection was launched during Paris Haute Couture Week at Le Bristol, coincidentally coinciding with the hotel's own NFT project.

This article has been refined and enhanced by ChatGPT.

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