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News/Coin360 Daily Dispatch (May 7, 2023): Crypto Market Updates & Highlights

Coin360 Daily Dispatch (May 7, 2023): Crypto Market Updates & Highlights

May 7 2023

last year2 minutes read

Crypto Market Update

Written by Van

Table of contents:

Crypto Market Overview

  • Bitcoin Whales Withdraw $240M Amid Market Volatility
  • Ethereum Reaches 20,000 Active Deposits
  • Pepe Memecoin Tanks in Value, Investor Loses $500,000
  • Tron Takes the Lead in Blockchain Adoption Trend

Banking and Regulatory Updates

  • Binance Faces US Justice Department Investigation, BNB Bearishness Increases
  • Cryptocurrency lender Voyager Digital to Close Down, Customers Recover 36%
  • L1 Joint Task Force Upgrades Testnet to Bolster Terra Classic

Crypto Exchanges and Platforms

  • Stripe Launches Fiat-to-Crypto On-Ramp Service in US

Security Breaches and Incidents

  • Deus Finance Suffers $6M Loss After Security Breach

Bitcoin Whales Withdraw $240M Amid Market Volatility

Bitcoin's SOPR indicator, Bollinger Bands, and on-balance volume suggest that the market is in a period of consolidation or indecision among its investors. Long-held coins remaining inactive contribute to sideways movement, while sentiments need to improve for the price to reclaim $30,000.

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Bitcoin whales withdrew nearly $240 million from exchanges amid volatile market conditions and the rise of meme coins. Ethereum Foundation and Vitalik Buterin's cash-outs added to the uncertainty. Whales are taking a more cautious approach, seeking to mitigate potential losses.

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Source: CryptoQuant

Ethereum Reaches 20,000 Active Deposits

Analytics firm Santiment reports that Ethereum has hit 20,000 active deposits for the first time since November 2021, indicating a surge in traders rotating their profits from Pepe to ETH. Digital assets are showing signs of decoupling from the stock market, remaining relatively firm following the Fed's latest interest hike, with crypto's correlation to these events lessening.

Santiment.jpg
Source: Santiment

Pepe Memecoin Tanks in Value, Investor Loses $500,000

PEPE, a memecoin based on the Pepe the Frog cartoon meme, experienced a second-day decline, with one investor sitting on paper losses of $500,000. Despite warnings of no utility and an anonymous team, it has a market cap just over $1 billion and a trading volume of $250 million in 24 hours last week.

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Tron Takes the Lead in Blockchain Adoption Trend

Tron (TRX) has established a massive lead over other major blockchains, with a user base of 1.87 million, daily transactions on their network spiking, and a total value locked of $5.45 billion. They also joined hands with Footprint Analytics to bring greater transparency to blockchain data. TRX traded at $0.07039 with a market cap of around $6.73 billion.

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Binance Faces US Justice Department Investigation, BNB Bearishness Increases

Binance is facing potential misconduct investigation by the US Justice Department's national security division concerning sanctions tied to Russia's invasion of Ukraine. This is the latest encounter between the exchange and regulatory or governmental entities, triggering a prevailing sentiment of bearishness for BNB with the trading volume falling below the billion-dollar mark.

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Cryptocurrency lender Voyager Digital to Close Down, Customers Recover 36%

Cryptocurrency lender Voyager Digital plans to liquidate its assets and close down after deals to sell itself to FTX or Binance.US fell through. Customers will recover only 36% of their holdings, while some assets that can't be withdrawn will be liquidated. Voyager's lawyers are withholding $259.6 million for other claims and litigation costs while an objection period runs.

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L1 Joint Task Force Upgrades Testnet to Bolster Terra Classic

The L1 Joint Task Force team has upgraded its testnet to version 2.0.0, boosting the Terra Classic blockchain's functionality and security. This could lead to a price increase in LUNC and support for decentralized applications.

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Stripe Launches Fiat-to-Crypto On-Ramp Service in US

Online payment processor, Stripe, has launched a fiat-to-crypto on-ramp service, which will allow US customers to buy cryptocurrency at the moment they need it. Stripe itself will host the service, which aims to help Web3 companies to overcome the “cold start problem” faced by customers who don’t have crypto in their wallets. Stripe will manage several compliance-related tasks, including identity verification, fraud prevention and optimising the authorisation.


Deus Finance Suffers $6M Loss After Security Breach

Decentralized finance protocol Deus Finance has lost over $6 million due to a security breach on its stablecoin DEI. The attacker exploited a vulnerability in the BNB Smart Chain and Arbitrum network, resulting in paused contracts and burned DEI tokens. It's not the first time Deus has been hacked.

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Top Altcoin Gainers and Losers

Gainers:

Radix XRD (+14.30%)

Optimism OP (+3.62%)

Render Token RNDR (+1.37%)

Losers:

Pepe PEPE (-12.80%)

Kaspa KAS (-10.28%)

PancakeSwap CAKE (-7.07%)

NFT Market Map

David Gokhshtein, founder of Gokhshtein Media, and active supporter of meme cryptocurrencies, has posted tweets about the Pepe meme coin as it exploded in price before and after being listed by Binance, providing a chance to snatch "blue chip NFTs." 

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This article has been refined and enhanced by ChatGPT.

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