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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 11, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 11, 2023

Jun 11 2023

2 years ago3 minutes read

Crypto Market Update

Written by Van

Table of Contents:

Banking and Regulatory Updates

  • Nigeria's Crackdown on Binance Amid US SEC Charges
  • Crypto Market Volatility Spiked by SEC's Security Concerns
  • FTX Wins Privacy Battle in Delaware Bankruptcy Court
  • US Senator Lummis Champions Clear Crypto Regulatory Framework

Country-Specific Developments

  • Hong Kong Invites Crypto Exchanges, Encourages Fintech Ecosystem
  • Three Arrows Capital Founders Rebuild in Bali After Collapse

Crypto Exchanges and Platforms

  • Uniswap's Milestone Amid TVL Fluctuations and UNI Price Decline
  • Bedrock Upgrade Drastically Cuts Optimism's Network Costs

Cryptocurrency Updates

  • Bitcoin Holders Stand Firm Despite Market Fluctuations
  • Ethereum's Continued Dominance Amid NFT Sector's Decline
  • Polygon Confident Despite SEC Litigation and Network Decline

Legal and Fraud News

  • Ex-Vikings Co-owner Fowler Sentenced for Crypto Fraud
  • TrueUSD Loses Dollar Peg amid Prime Trust Insolvency Rumors
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Nigeria's Crackdown on Binance Amid US SEC Charges

Binance has been deemed illegal by Nigeria's securities authority and is banned from soliciting Nigerian investors due to being unregistered and unregulated. This comes after the US SEC pressed charges against Binance for unregistered offers and sales of securities. Meanwhile, Binance CEO CZ refutes reported outflows of $392 million, stating that third-party analysis firms' approach to measuring outflows is misleading. He explains that price drops and arbitrage trading can create the illusion of greater outflows. The price of BNB increased by 0.83% upon the announcement. 

Recently, Binance has made changes to its terms of service, giving it the right to determine which digital assets are listed on its platform and convert delisted assets into another type without notifying users. The move could be a response to regulatory pressures.

Binance.webp
Source: Binance.com

Crypto Market Volatility Spiked by SEC's Security Concerns

Bitcoin and altcoins experienced significant volatility after the US Securities and Exchange Commission (SEC) raised concerns about unregistered securities. While altcoins plummeted, some, including ADASOL, and SHIB, saw a rebound. The overall market lost $60 billion in a day but recovered $20 billion. BTC reacted positively initially but also suffered losses. 

The crypto market suffered a devastating correction resulting in $349 million worth of longs liquidated and $75 million in short positions yesterday. Altcoins saw values plummet by up to 40% at one point, with Cardano (ADA) and Binance Coin (BNB) being hit the hardest. The SEC's recent labeling of certain assets as "securities" amplified market volatility.

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Source: Coinglass

FTX Wins Privacy Battle in Delaware Bankruptcy Court

FTX has been allowed to permanently remove the names of individual customers from all court filings by the United States Bankruptcy Court for District of Delaware, according to a Reuters report. The names of institutional investors and companies will be removed temporarily before an FTX request to maintain confidentiality is made in 90 days. However, the media still believe that releasing the list is essential to the public's "presumptive of access to bankruptcy filings." 


US Senator Lummis Champions Clear Crypto Regulatory Framework

US Senator Cynthia Lummis is still pushing for a positive regulatory framework for cryptocurrencies, with the upcoming legislative effort expected to make significant progress in Congress this year. The proposed bill will provide a clear definition of cryptocurrencies and aims to create a stable framework for businesses and investors, promote responsible growth and innovation in the sector while addressing regulatory uncertainties. Senator Kirsten Gillibrand has emphasised the importance of a meticulous approach to establishing a comprehensive framework encompassing various aspects of tokenisation. 


Hong Kong Invites Crypto Exchanges, Encourages Fintech Ecosystem

A Hong Kong Legislative Council member, Johnny Ng, has invited Coinbase and other cryptocurrency exchanges to establish operations in the region, offering support and potential stock listing opportunities. The move is in line with Hong Kong's progressive stance to establish a strong ecosystem for crypto and fintech, including the introduction of a retail central bank digital currency and implementation of compliance measures. This development is significant, as it anticipates the potential growth of the cryptocurrency industry in Hong Kong, as well as its positive impact on the broader digital currency landscape. 


Three Arrows Capital Founders Rebuild in Bali After Collapse

The founders of collapsed cryptocurrency hedge fund Three Arrows Capital, Kyle Davies and Su Zhu, have been living in Bali following the failure of their company. They spent time painting, reading, sightseeing, and engaging in personal activities. Despite the collapse of their fund, they have largely avoided serious repercussions. They are currently working on OPNX, an exchange for trading crypto-related bankruptcy claims, which has faced regulatory scrutiny in Dubai.


Uniswap's Milestone Amid TVL Fluctuations and UNI Price Decline

Uniswap has achieved over 250 million swaps and experienced growth with the launch of Uniswap V3 on various blockchain networks. However, the Total Value Locked (TVL) on the platform has fluctuated, with a current TVL of over $4 billion. Uniswap's UNI token has seen a decline of over 20% in price over the past week, but the number of active addresses has increased, indicating positive user engagement.

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Bedrock Upgrade Drastically Cuts Optimism's Network Costs

The recent Bedrock upgrade on Optimism's layer 2 solution has significantly reduced network costs. The upgrade resulted in a 66% reduction in the cost of transferring ETH from the base layer to L2. Transaction fees per transaction also dropped by 58%. Despite a temporary decline in trading activity, the upgrade positions Optimism as a competitive L2 solution for decentralized finance (DeFi) protocols and other dApps due to lower transaction fees. Optimism is currently the second-largest L2 network with assets worth $1.52 billion.

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Source: DefiLlama

Bitcoin Holders Stand Firm Despite Market Fluctuations

Bitcoin holders continue to hold on to their assets despite recent price fluctuations. The average accumulation rate per month is 37,400 BTC, indicating a focus on long-term outcomes. Ancient coins have been spent more, while recently accumulated coins have decreased in spending volume. Whales have taken the opportunity to accumulate more BTC. Bitcoin's price has stabilized around $25,800, with decreased exchange outflows.

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Source: Glassnode

Ethereum's Continued Dominance Amid NFT Sector's Decline

Ethereum's dominance in the crypto sector remains strong in DeFi, with increased Total Value Locked (TVL) and growth of decentralized exchanges (DEXes). However, the NFT sector experienced declining prices, while the number of validators on the Ethereum network continued to grow. Ethereum's market cap in BTC terms and optimistic trader behavior also indicated positive expectations for the cryptocurrency.

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Source: Messari

Polygon Confident Despite SEC Litigation and Network Decline

Polygon responded to the SEC's litigations by highlighting its global focus and confidence in future development. Network growth has declined, and the number of MATIC holders at loss continues to increase to 92%. There has been a decline in active addresses and transactions, but recent activity suggests a potential rebound. The Total Value Locked has decreased, but the zkEVM progress may enhance the network's DeFi ecosystem.

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Source: IntoTheBlock

Ex-Vikings Co-owner Fowler Sentenced for Crypto Fraud

Reginald Fowler, a former co-owner of the Minnesota Vikings, has been sentenced to 75 months in prison and ordered to pay $74.02 million in forfeiture and $5.31 million in restitution to the Association of American Football (AAF). He processed around $750 million in cryptocurrency transactions without the required license and defrauded the AAF. The US Department of Justice has established a National Cryptocurrency Enforcement Team to tackle such crimes.


TrueUSD Loses Dollar Peg amid Prime Trust Insolvency Rumors

TrueUSD (TUSD), the fifth-largest stablecoin, briefly lost its dollar peg after a pause in minting activities through its partner Prime Trust. TUSD has repeatedly lost its peg over the past year. It is unclear if the halt in minting is related to rumors of insolvency surrounding Prime Trust, which is set to be purchased by BitGo.

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Top Altcoin Gainers and Losers

Gainers:

Cardano ADA (+10.76%)

Polygon MATIC (+8.25%)

Cronos CRO (+7.54%)

Losers:

Frax Share FXS (-5.92%)

KuCoin Token KCS (-5.69%)

Render Token RNDR (-4.83%)


NFT Market Map

Performance artist Foodmasku's journey into the world of NFTs began when his viral food mask creations were shared without his consent. Wanting to protect his digital files, he explored NFTs and started minting collections of his edible works. Foodmasku's unique combination of food, masks, and technology resonates with people worldwide, bridging cultural gaps. With almost 2,000 Foodmasku NFTs created, he has earned about $92,000 in sales. He is now delving into artificial intelligence with a project called "Proof of Eat" to explore the blurring line between humans and machines.

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This article has been refined and enhanced by ChatGPT.

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