Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 8, 2023
Crypto Market Update
Table of Contents
Crypto Market Resilience and Growth
- Bitcoin Clings to $34K-$36K Amid Market Optimism
- HSBC Partners with Ripple for 2024 Digital Asset Service
- Circle Considers IPO Following $9B Valuation
- Binance Introduces Trust Wallet's Web3 Service
Legal and Regulatory Updates
- Wintermute Contemplates Action Over Near Deal
- UAE Cracks Down on Unlicensed Crypto Activities
Crypto Exchanges and Trading
- FTX's Solana Moves Spark Price Manipulation Worries
- Gate and KuCoin to List New Bitcoin-Based Memecoin
- Robinhood Targets EU Market Amidst Revenue Dip
Blockchain and Cryptocurrency Integration
- Linekong Interactive Pledges $15M to Bitcoin Projects
- Evmos to Focus Solely on Ethereum Transactions
- NEAR Foundation Advances Blockchain Interoperability
Crypto Platforms and Ecosystems
- Ethereum Edges Out Bitcoin in Recent Rally
- Toncoin Soars Following Telegram's Giveaway
- Illuvium Set for Mainstream Leap on Epic Games Store
- Coatue Management Drastically Reduces OpenSea Valuation
- NFT Daily Trading Hits Three-Month Peak
Bitcoin Clings to $34K-$36K Amid Market Optimism
Bitcoin's resilience is on display as it hovers around the $34,000 to $36,000 mark. Despite attempts to breach this level, it's met with resistance, hinting at a cautious buy sentiment inching down to $34,000. Meanwhile, altcoins are catching eye with a significant surge. CME traders are upping their game with more Bitcoin upside bets, pushing open interest towards new peaks.
The market's vibe is cautiously optimistic, with a hint of hesitance as traders steer clear of over-leverage, signaling a shift from bearish tones. Bitcoin's dance around key resistance levels and altcoin's spirited performance sketch a market that's cautiously buoyant yet watchful.
HSBC Partners with Ripple for 2024 Digital Asset Service
HSBC is teaming up with Ripple-owned Metaco to roll out a digital asset custody service, targeting a 2024 launch for institutional clients. This move is part of HSBC's wider blockchain strategy, which includes the recent introduction of a tokenized gold system.
Meanwhile, Ripple is expanding remittance routes in Africa, the Gulf States, the UK, and Australia via partnerships with Onafriq, PayAngel, Pyypl, and Zazi Transfer. Ripple's XRP token saw a price surge following regulatory approval in Dubai and its role in a Georgian CBDC project. Ripple is also enhancing its product offerings and updating licenses to cater to a broader market, including enterprises and SMEs.
Circle Considers IPO Following $9B Valuation
Circle, issuer of the USDC stablecoin, is reportedly considering an IPO in 2024 after a failed SPAC attempt. Valued at $9 billion in 2022, it is backed by major financial entities like Goldman Sachs and BlackRock. The USDC's market cap has seen a significant decline from nearly $56 billion to over $24 billion.
Binance Introduces Trust Wallet's Web3 Service
Binance has launched a self-custody Web3 wallet, leveraging Trust Wallet's Wallet as a Service (WaaS) technology, to facilitate seamless interaction within the DeFi ecosystem across 30 blockchains. Trust Wallet's native token TWT dipped by 7% post-announcement, trading at $1.49.
The new wallet, accessible via Binance's app, offers features like staking and lending, aiming for user-friendly and secure Web3 exploration. Trust Wallet has recently introduced its WaaS, aiming to ease businesses into Web3 by providing tools for crypto services, targeting both crypto natives and traditional companies.
Wintermute Contemplates Action Over Near Deal
Wintermute, a crypto trading firm, is considering legal steps against the Near Foundation after an $11.2M deal went sour. The agreement was for Wintermute to sell 11.2M USN, Near's native stablecoin, with the expectation of redeeming them for USDT in Spring 2023.
Despite assurances from the Near Foundation for a swift redemption process, Wintermute claims they have not received USDT since submitting the USN in August. Near's USN faced issues last October, becoming undercollateralized by $40M, leading to its sunset.
The Near Foundation had promised that its USN Protection Programme would cover the shortfall, but Wintermute's CEO suggests a lack of accountability and transparency in the program's operation by Aurora Labs and the Near Foundation.
UAE Cracks Down on Unlicensed Crypto Activities
The UAE has implemented penalties for unlicensed virtual asset service providers (VASPs) and issued "Red Flags" to identify suspicious activities. This move is part of the country's efforts to address deficiencies in its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regimes to be removed from the FATF’s "grey list."
FTX's Solana Moves Spark Price Manipulation Worries
FTX has been offloading Solana (SOL), moving 250,000 tokens worth $10.83 million to Binance, raising price manipulation concerns. Meanwhile, Solana whales shifted $29M to exchanges like Binance and Kraken, contributing to a 94% monthly SOL price surge.
Coinbase led net buying with 2.2 million SOL since October 18, while Binance followed, amassing a volume delta of 1.9 million SOL. Upbit saw net sales of nearly 4 million SOL. The SOL/ETH ratio has notably increased, with SOL's trading volume topping US exchanges and weekly gains hitting 16.65%.
Gate and KuCoin to List New Bitcoin-Based Memecoin
Crypto exchanges Gate and KuCoin are planning to list Sats, a memecoin based on the Ordinals BRC-20 token standard, on their platforms. Sats is a memecoin created on Bitcoin and currently has a market capitalization of $270 million. This announcement follows Binance's decision to list another BRC-20 memecoin called Ordi.
The Ordinals protocol allows developers to assign a distinct identity to every satoshi within the Bitcoin network, enabling the creation of fungible tokens like BRC-20 tokens and non-fungible tokens (NFTs).
Robinhood Targets EU Market Amidst Revenue Dip
Robinhood plans to expand crypto trading to the EU and launch a UK brokerage amid disappointing Q3 results. The firm saw a 55% decline in crypto revenues, contributing to a 11% drop in transaction-based revenue. Despite this, total net revenue rose 29% to $467 million, falling short of analyst estimates.
Linekong Interactive Pledges $15M to Bitcoin Projects
Linekong Interactive, listed on HKEX, is investing $15 million in Bitcoin projects through "BTC Next." Founder Wang Feng aims to accelerate Bitcoin ecosystem developments, including asset issuance protocols, trading markets, NFTs, and GameFi. The firm's expansion into Web3 aligns with Feng's emphasis on blockchain and decentralized finance initiatives.
Evmos to Focus Solely on Ethereum Transactions
Evmos, a blockchain solution that integrates Ethereum smart contracts into the Cosmos blockchain, plans to stop supporting Cosmos transactions and focus exclusively on Ethereum-based transactions. This transition aims to improve the efficiency of Ethereum wallets on the network and simplify development work. The process will be executed in phases and is expected to be completed by Q3 2024.
NEAR Foundation Advances Blockchain Interoperability
NEAR Foundation is making strategic moves to enhance blockchain interoperability and efficiency. Collaborating with Polygon Labs, they're crafting a zero-knowledge proof solution, zkWASM, to streamline validation processes and boost scalability for developers.
Meanwhile, NEAR's new 'Data Availability' layer, NEAR DA, is set to drastically cut costs for data posting on Ethereum by 8,000 times, offering a more economical alternative for Web3 creators. This innovation is poised to support Ethereum's layer-2 networks, with initial adopters like Madara by Starknet, Caldera, and Movement Labs already on board.
Ethereum Edges Out Bitcoin in Recent Rally
Ether has recently outshone Bitcoin with a 4% edge, as Bitcoin's market sway wanes, per CoinShares insights. Ether's rally seems more a technical rebound than a surge in Ethereum interest, bouncing from June 2022 lows. Bitcoin's dominance dipped slightly from 54.4% to 52.7%, yet it hovers near yearly highs, hinting at altcoins' robust performance.
Meanwhile, Ethereum's price forecast appears subdued, with industry experts predicting a lower-than-expected future value, suggesting a cautious market stance amidst economic headwinds and stiff blockchain competition. Finder's panel revised Ethereum's end-of-2023 value to around $1,840, down from $2,451, and a 2030 estimate to $14,411 from $16,414.
Toncoin Soars Following Telegram's Giveaway
Toncoin (TON) price surges to 11-month high post Telegram's 'Giveaways'. Market cap hits $9B. Pavel Durov buys $200,000 of TON for Telegram Premium subscriptions. TON rallies 19.5%. Integration with Telegram's wallet boosts adoption potential. Partnerships with Blockchain.com and Dubai Financial Centre signal positive market response.
NFT Market Map
Illuvium Set for Mainstream Leap on Epic Games Store
Illuvium, a blockchain-based game, is gearing up for a notable leap in mainstream adoption with its listing on the Epic Games Store. The game, developed using Unreal Engine 5 on the Immutable X network, will present three diverse game genres, aiming to attract a broader audience. This move signifies a significant advancement for the blockchain gaming industry.
Coatue Management Drastically Reduces OpenSea Valuation
Asset manager Coatue Management has slashed the valuation of NFT marketplace OpenSea by 90%. NFT sales have been slow to recover, with weekly sales dropping to 23,000 from 176,000 at the start of the year, and the weekly sales value declining from $118 million to $62 million.
NFT Daily Trading Hits Three-Month Peak
Daily NFT trading volume reached a three-month high of $19.1 million, with a notable portion attributed to the purchase of a CryptoPunks NFT by Bored Ape Yacht Club (BAYC) co-founder Wylie Aronow. The increase in trading volume coincided with a high-profile segment on "The Simpsons" mocking the NFT industry, which led to increased interest and sales in the market.
This article has been refined and enhanced by ChatGPT.