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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 1, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 1, 2023

Jun 1 2023

12 months ago4 minutes read

Crypto Market Update

Written by Van

Table of Contents:

Regulatory and Legal Updates

  • Warren Targets Crypto in Chinese Fentanyl Trade
  • Cumberland Ceases Filecoin Trading Over Regulatory Concerns
  • Circle Replaces Treasury Bonds Amid Debt Ceiling Crisis
  • Georgia Tightens Crypto Regulations in Line With Western Sanctions
  • Crypto.com Secures Major Payment License in Singapore

Crypto Exchanges and Platforms

  • Tether Soars as Competitors Struggle Amid Regulation
  • Privacy Coins Criticize Binance's Delisting Amid Regulatory Concerns
  • Gate.io Denies Insolvency Rumors Amid Multichain Controversy
  • Binance Plans Reorganization Amid Regulatory Scrutiny
  • Rocket Pool Deploys on zkSync, Enabling Faster Transactions

Stablecoins and Coin Releases

  • Revised Law Allows Japanese Firms to Issue Stablecoins
  • First Digital Group Launches FDUSD Amid Regulatory Constraints
  • MakerDAO Votes to Remove $500M USDP from Reserves
  • Ripple Releases 1 Billion XRP Amid Market Speculation
  • OPNX Introduces OX Token to Reduce Trading Fees

Blockchain and Mining Developments

  • Ethereum's Transaction Fees Plummet, Making Utility More Affordable
  • Record-High Bitcoin Mining Difficulty Signals Tight Competition
  • TON Foundation Proposes Burning Half of Transaction Fees

DeFi and Investment News

  • EOS Network Foundation Rolls Out Yield Farming-Friendly EVM Update
  • Bitcoin Magazine Ventures Launches Bitcoin Ecosystem Fund
  • TD Cowen Shuts Down Crypto Unit Amid Market Challenges

Partnerships and Collaborations

  • Sui Joins Forces with Formula One's Red Bull Racing Team
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Warren Targets Crypto in Chinese Fentanyl Trade

U.S. Senator Elizabeth Warren highlighted the use of cryptocurrency in the Chinese fentanyl trade during a Senate hearing. She referred to data showing that over 90 Chinese businesses accepting crypto were involved in shipping fentanyl precursors. Warren proposed the Digital Asset Anti-Money Laundering Act to cut off crypto payments and combat the fentanyl trade.


Cumberland Ceases Filecoin Trading Over Regulatory Concerns

Crypto trading firm Cumberland has decided to cease trading Filecoin with its over-the-counter counterparties due to regulatory concerns. The move comes amid increased regulatory scrutiny in the US and follows Grayscale Investments' withdrawal of a registration for a filecoin investment trust.

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Circle Replaces Treasury Bonds Amid Debt Ceiling Crisis

Circle Internet Financial has removed all U.S. Treasury bonds from its reserves, replacing them with $24 billion in overnight repurchase agreements, to protect its USD Coin stablecoin from potential market turbulence during the U.S. debt ceiling crisis. The company is also launching USDC natively on Arbitrum on June 8, with plans to introduce Cross-Chain Transfer Protocol to facilitate seamless transfers between Ethereum and other supported chains. Circle recently introduced Euro Coin stablecoin on Avalanche.

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Georgia Tightens Crypto Regulations in Line With Western Sanctions

The National Bank of Georgia will begin supervising cryptocurrency service providers from September 1, 2023, to prevent money laundering and comply with sanctions. The move aims to enhance compliance with Western sanctions against Russia and Belarus. Additionally, restrictions will be imposed on Russian citizens' withdrawals from their Georgian bank accounts. The Georgian government is also set to approve cryptocurrency legislation and establish the country as a global crypto hub.


Crypto.com Secures Major Payment License in Singapore

Crypto.com has obtained a Major Payment Institution licence for Digital Payment Token services from the Monetary Authority of Singapore. The regulator has a reputation for setting a high bar for approving companies in the crypto industry.


Tether Soars as Competitors Struggle Amid Regulation

Tether's market cap has hit an all-time high of over $83bn, whilst its competitors such as Circle-issued USD Coin and Binance USD are struggling to maintain their market share due to regulatory scrutiny. USDC's market cap stands at $28.8 billion, a difference of over $50 billion to USDT.

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Privacy Coins Criticize Binance's Delisting Amid Regulatory Concerns

Several privacy coin projects, including Secret (SCRT)Zcash (ZEC), and Dash (DASH), have criticized Binance's decision to delist their tokens, objecting to the "privacy coin" label. Dash argues it is a fork of Bitcoin and transactions are transparent, while SCRT Labs states Secret is not a privacy coin but rather suitable for GDPR-type applications. Electric Coin Co., the developer of Zcash, warns that Binance's move threatens individual privacy and may be influenced by EU regulations. Despite the delisting, the prices of privacy-focused cryptocurrencies have not been significantly affected.


Gate.io Denies Insolvency Rumors Amid Multichain Controversy

Gate.io, a centralized crypto exchange, denied rumors of insolvency following allegations of a connection with Multichain. Multichain recently reported that its CEO was missing, and Twitter users posted images of alleged large MULTI and FTM deposits to Gate.io. The exchange clarified that it was processing withdrawals normally and was focusing on establishing a trading platform in Hong Kong.

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Binance Plans Reorganization Amid Regulatory Scrutiny

Binance, facing regulatory scrutiny, plans layoffs in June while reallocating resources. The company denies downsizing and aims to fill hundreds of open roles. Some departments are still hiring amid shrinking market share. Binance, however, denies rumors of a 20% staff cut, dismissing them as "FUD" (Fear, Uncertainty, and Doubt). The CEO emphasizes talent optimization and cost efficiency. Binance has faced controversies and regulatory challenges in the past.


Rocket Pool Deploys on zkSync, Enabling Faster Transactions

Ethereum liquid staking protocol Rocket Pool has deployed on the zkSync Era network, enabling faster and cheaper transactions with its native token. This move expands Rocket Pool's compatibility and enhances the user experience in DeFi applications. zkSync Era is a Layer 2 network on Ethereum using zero-knowledge proofs. Rocket Pool is a decentralized liquid staking provider, distinguishing itself with a non-rebasing token model.

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Revised Law Allows Japanese Firms to Issue Stablecoins

Japanese firms can now issue stablecoins under the revised Payment Services Act. Only regulated financial industry firms can issue these coins, and they must prove they have underlying assets. New anti-money laundering rules and potential use in B2B payments, remittances, and online shopping are expected.


First Digital Group Launches FDUSD Amid Regulatory Constraints

First Digital Group is launching FDUSD, a USD stablecoin issued on Ethereum and BNB Chain. It's backed by cash reserves in regulated institutions and will be issued by First Digital Trust. However, it won't be available to retail users in Hong Kong due to pending regulations.


MakerDAO Votes to Remove $500M USDP from Reserves

MakerDAO's community has voted to remove $500 million worth of Paxos Dollar (USDP) stablecoin from its reserves, affecting half of USDP's supply. The decision negatively impacts Paxos, which has faced regulatory issues and a decline in the market capitalization of its stablecoin. The decision to remove USDP was driven by the lack of revenue generation for MakerDAO and the need to enhance capital efficiency for its own stablecoin, DAI.

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Ripple Releases 1 Billion XRP Amid Market Speculation

Ripple has released another 1 billion XRP tokens from its escrow system, with ongoing debate about their influence on the market. XRP has become the most trending asset in the cryptocurrency space, leading to speculation of a potential price increase, including reaching the $1 mark. The outcome of Ripple's lawsuit with the SEC could impact XRP's long-term trajectory. Currently, XRP is priced at $0.51, significantly lower than its record high in 2018.

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OPNX Introduces OX Token to Reduce Trading Fees

OPNX, a bankruptcy claims exchange, has introduced a new governance token called OX to reduce trading fees. The existing token, FLEX, surged by 16% at one point as FLEX holders can convert it to OX at a ratio of 1:100. OX offers discounts based on trading volume, and the platform achieved a record high of $17 million in trading volume after the token's release. The OX token is an ERC-20 token with a maximum supply of 9.86 billion and was trading at $0.0115 with a market cap of $7.7 million.

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Ethereum's Transaction Fees Plummet, Making Utility More Affordable

Ethereum's average transaction fees have decreased by nearly 70% since May. Lower fees suggest less activity on the network but could make it more affordable for utility purposes. Ethereum is currently trading at around $1,860.

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Record-High Bitcoin Mining Difficulty Signals Tight Competition

Bitcoin's mining difficulty reached an all-time high, indicating increased competition among miners and reduced profitability. The difficulty level correlates with the hashrate, which also hit a record high. The U.S. congressman announced the scrapping of a proposed tax on cryptocurrency miners' electricity use. Bitcoin mining-related stocks surged.

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Source: Blockchain.com

TON Foundation Proposes Burning Half of Transaction Fees

TON Foundation suggests burning 50% of transaction fees on the TON network, similar to Ethereum's EIP-1559. The impact on inflation would be smaller due to the network's staking rewards. The proposal awaits approval from TON validators.

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EOS Network Foundation Rolls Out Yield Farming-Friendly EVM Update

EOS Network Foundation has launched EOS EVM v0.50, providing yield farming opportunities for DeFi investors and optimizing EOS for DeFi. The update includes Yield+ Liquidity and other improvements for user experience and network optimization.

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Bitcoin Magazine Ventures Launches Bitcoin Ecosystem Fund

Bitcoin Magazine Ventures has launched the world's first Bitcoin Ecosystem Fund, raising $30 million and already oversubscribed by $90 million. The fund will invest in new applications, tools and infrastructure like Ordinals, Lighting, BRC-20, DLC, and other UTXO-related elements, to develop the Bitcoin ecosystem and its underlying infrastructure. 


TD Cowen Shuts Down Crypto Unit Amid Market Challenges

TD Cowen, an American investment bank, is closing its crypto unit, Cowen Digital, a year after its launch. This comes after the recent closure of Digital Currency Group's TradeBlock. Regulatory challenges and a difficult market environment were cited as reasons for the closures.


Sui Joins Forces with Formula One's Red Bull Racing Team

Blockchain platform Sui has signed a multiyear deal to become the blockchain partner of Formula One's Oracle Red Bull Racing team. Sui's native token rose by 1.7% on the news. The blockchain will offer digital experiences for racing fans in the coming months.

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Top Altcoin Gainers and Losers

Gainers:

XDC Network XDC (+22.67%)

Injective INJ (+15.76%)

Quant QNT (+15.53%)

Losers:

Kava KAVA (-13.88%)

Optimism OP (-11.91%)

Pepe PEPE (-10.86%)


NFT Market Map

Influencers on social media, particularly in the realm of non-fungible tokens (NFTs), have a responsibility to act in good faith when promoting projects. Recently, an NFT collection called Pixel Penguins was promoted by an influencer, claiming it was to raise money for a cancer patient. 

However, it turned out to be a scam, resulting in financial losses for those who participated. The incident highlights the risks of blindly trusting influencers without conducting personal research. It also raises questions about the accountability of influencers in the NFT space and the need for individuals to be cautious when investing in such projects.

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This article has been refined and enhanced by ChatGPT.

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