cryptocurrency widget, price, heatmap
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | September 6, 2023

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

Sep 6 2023

9 months ago4 minutes read

Crypto Market Update

Written by Van

Table of Contents

Top Market Movements

  • Solana's Sharp Decline in Daily Addresses
  • SBI Remit Deepens Ripple Partnership
  • Synapse Token Rebounds After Sell-Off
  • PEPE Token Records Hefty Loss

Banking and Regulatory Updates

  • Grayscale Pushes for Bitcoin ETF Approval
  • Legal Troubles Freeze Mashinsky's Assets
  • Coinbase Reenters Lending Market

Coin and Token News

  • Synthetix Anticipates New Protocol with Bull Run
  • FDUSD Market Cap Sees Rapid Growth
  • Ethereum Holders in a Downturn
  • Bitcoin Holds Steady Amid Uncertainty

Crypto Exchanges and Platforms

  • Coinbase's Layer-2 Network Briefly Stalls
  • SOMA Finance Eyes Digital Security Tokens

Global Crypto Impact

  • The Wealth of Crypto Millionaires
  • Marathon's Bitcoin Mining Revenue Skyrockets

Crypto Innovations and Exploits

  • Euler Finance Exploit Linked to Whitehat Hacker
  • Yuga Labs Introduces Cipher Puzzle Series

Media and Entertainment in Crypto

  • Justin Bieber's Song Enters NFT Space

Policy and Regulation

  • Google's New NFT Gaming Ad Policy

Solana's Sharp Decline in Daily Addresses

Solana's daily active addresses on its blockchain have dropped to its lowest point since late 2020, reaching around 204,000 on August 31.

The decrease in active users has been attributed to the collapse of FTX, the association of Solana with FTX and Alameda Research, and the classification of Solana's native SOL token as a security by the SEC.

Amid turbulence, crypto coin prices are wavering, exemplified by SOL currently standing at around $19.3.


SBI Remit Deepens Ripple Partnership

SBI Remit, a subsidiary of SBI Group, has expanded its partnership with Ripple and SBI Ripple Asia to introduce international remittance services using XRP as a bridge currency in the Philippines, Vietnam, and Indonesia. The move aims to streamline the remittance process and accelerate cryptocurrency adoption in these countries. SBI Remit plans to expand its reach further in the future.

chart (1).webp

Synapse Token Rebounds After Sell-Off

Synapse's native token, SYN, bounced back after a liquidity provider sold tokens, causing a 25% price slump. Trading volume of SYN has increased, reaching over $25 million in the past 24 hours. The protocol has a total value locked of $113 million.

Nima Capital, the firm tied to the wallet that sold tokens, has not responded to requests for comment. However, the token has been back to the downtrend.

chart (2).webp

PEPE Token Records Hefty Loss

A significant loss of $242,000 has been recorded on the sale of PEPE tokens, as the price of the token continues to stall. The loss was incurred as three wallets sold the tokens at a lower price than when they received them.

The PEPE token has suffered a blow to its reputation after three anonymous developers sold $16 million worth of tokens without consent, causing the token price to drop.

chart (3).webp

Grayscale Pushes for Bitcoin ETF Approval

Grayscale Investments has urged the SEC to approve its bitcoin ETF application "expeditiously" after a US appeals court vacated a previous denial by the regulator. Grayscale's lawyers argue there is no reason to differentiate between bitcoin futures ETFs and spot bitcoin ETFs, which the SEC has rejected 15 times.

They say the regulator cannot impose additional surveillance requirements on spot bitcoin ETFs beyond what is required for futures ETFs. The lawyers contend that delaying approval is harming Grayscale's existing investors by causing its Bitcoin Trust shares to trade at a discount to net asset value.

Legal Troubles Freeze Mashinsky's Assets

Former Celsius chief Alex Mashinsky's banking and real estate assets have been frozen as a criminal case against him progresses. Mashinsky was arrested in July on charges including securities fraud and manipulation of the company's CEL token. He has pleaded not guilty.

The order to freeze his assets was issued to prevent them from being drained before being frozen. Mashinsky's creditors are currently voting on whether to sell assets to the buyer consortium Fahrenheit.

chart (8).webp

Coinbase Reenters Lending Market

Coinbase has launched a crypto lending service for US institutional investors, following the bankruptcies of several high-profile firms in the sector. The lending programme has already attracted $57m from Coinbase's Prime customers.

This move marks a return to the lending market for Coinbase, which had stopped issuing loans to retail investors in May.

Synthetix Anticipates New Protocol with Bull Run

Decentralized Finance (DeFi) protocol Synthetix (SNX) is experiencing a bullish rally ahead of the anticipated launch of its newer and more advanced protocol, Synthetix V3. The upgrade aims to enhance liquidity provision and unlock new solutions for developers.

This development has generated a lot of excitement and contributed to the recent surge in SNX's price and market valuation.

chart (4).webp

FDUSD Market Cap Sees Rapid Growth

The First Digital USD (FDUSD) stablecoin is making waves on cryptocurrency charts, with its market cap surging 51% in the past 30 days to reach around $394 million. The majority of FDUSD holdings are located on Binance, with limited adoption in the wider cryptocurrency and DeFi sectors.

chart (6).webp

Ethereum Holders in a Downturn

Data from IntoTheBlock shows that 44.2% of Ethereum investors are currently holding their coins at a loss, indicating that the asset may be nearing its bottom. The percentage of investors in loss has increased since July, suggesting that more downtrend may be needed before a bottom is reached.

Meanwhile, a whale has purchased 19,508 ETH in the last two days, worth approximately $32 million. This smart wallet owner acquired ETH during price dips and is speculated to anticipate a significant price pump.

The Ethereum market cap is taking a hit, with its current trading price standing at $1,623 per coin. 

chart (7).webp

Bitcoin Holds Steady Amid Uncertainty

In the last 24 hours, BTC has maintained a steady crypto price, experiencing only a 0.8% drop to settle at $25,500.

According to Yuya Hasegawa, Bitbank's crypto market analyst, the majority of speculative funds have already left the crypto market and investors are now anticipating the next move by the Fed. Bitcoin's bullish momentum is weakening as liquidity shifts on the Binance order book, potentially leading to increased volatility.

Bid support has moved to $24,600, below the previous lower low, indicating potential downside. However, there is no clear strength on either the bullish or bearish side. Traders expect a short-term rally before a breakdown.

Bitcoin's drop to $25,000 coincided with a peak in long-term holder supply, as indicated by the Spent Output Profit Ratio (SLRV) inversion. This suggests a market dominated by patient long-term holders rather than speculators, while short-term activity appears to be dwindling.

The SLRV Ratio serves as an indicator of market trends and measures the percentage of Bitcoins moved within 24 hours versus those moved between 6-12 months prior. 

chart (5).webp

The US Dollar Index (DXY) has reached its highest level since March, which could have implications for Bitcoin and the wider crypto sector.

The DXY's surge has raised concerns of potential downward pressure on Bitcoin, with some analysts suggesting it could push the cryptocurrency towards the $23,500 mark.

However, Glassnode founders Yann Allemann and Jan Happel believe the mid-term risk/reward for Bitcoin and crypto is favorable and predict Bitcoin will bottom out in mid-September.

Coinbase's Layer-2 Network Briefly Stalls

Coinbase's Ethereum layer-2 network, Base, experienced a 45-minute outage on Sept. 5, halting block production. The issue was identified and fixed, and block production has resumed. Base developers will continue to monitor the network for any further issues.

Critics warn that layer-2 networks are not as "battle tested" as Ethereum's mainnet. In a separate development, Genesis Global Trading will shut down its cryptocurrency spot trading service on Sept. 18 for business reasons.

The closure is voluntary, and the company is working with regulatory authorities to ensure an orderly discontinuation of services.

SOMA Finance Eyes Digital Security Tokens

Joint venture SOMA Finance is set to offer the first legally issued and compliantly structured digital security, with plans to sell up to $5m in tokens. The SOMA token will represent a financial interest in SOMA at a corporate level and will be a non-cumulative, participating preferred stock of

The Wealth of Crypto Millionaires

Nearly half of the world's 88,200 crypto millionaires hold their wealth in Bitcoin, according to a report by Henley & Partners. The report also reveals that Bitcoin is the preferred cryptocurrency among the world's crypto centi-millionaires and billionaires.

The global market value of crypto now stands at $1.18 trillion, demonstrating the significant financial impact of the asset class.

Marathon's Bitcoin Mining Revenue Skyrockets

Bitcoin mining firm Marathon has reported a 228% increase in revenue in Q2 2023 compared to the same period in 2022. The company also disclosed a profit of $23.4m from selling 63% of the Bitcoin mined during the quarter.

Additionally, Marathon held 13,286 Bitcoin, with plans to sell portions of its holdings in the future.

Euler Finance Exploit Linked to Whitehat Hacker

A whitehat hacker, known as Kankodu, has claimed that a bug fix they submitted inadvertently led to a $200 million exploit on Euler Finance in March 2023. Kankodu had previously identified a bug in Euler's code and was awarded $50,000 for the discovery.

The fix introduced an additional function that unintentionally created a larger vulnerability that was exploited in the attack. However, Euler was able to recover most of the funds that were drained.

Top Altcoin Gainers and Losers


Kaspa KAS (+13.46%)

Synthetix SNX (+4.10%)

Radix XRD (+3.15%)


Solana SOL (-5.60%)

Stacks STX (-3.86%)

NEO NEO (-3.58%)

NFT Market Map


Yuga Labs Introduces Cipher Puzzle Series

Yuga Labs has launched a 13-week cipher puzzle series based on its TwelveFold bitcoin NFT collection. The first puzzle has already been solved, with the answer being "Jigsaw". The prize for correctly solving each puzzle is 0.12 BTC, and the fastest solver of the final puzzle will be awarded a Twelvefold ordinal.

Justin Bieber's Song Enters NFT Space

Justin Bieber's hit song "Company" is being turned into a nonfungible token (NFT) by anotherblock. Fans who invest in the NFT will have the opportunity to earn a 1% royalty share from future streams of the track. The NFT will be limited to 2,000 copies, and the rights to the song will remain with co-producer Axident. This venture aims to create a connection between fans and the music industry through blockchain technology. 

Google's New NFT Gaming Ad Policy

Google has updated its cryptocurrency advertising policy to allow for blockchain-based NFT gaming advertisements, as long as they don't promote gambling or gambling services. The new changes will go into effect from 15 September and will be limited to games that meet certain criteria.

Advertisements for games that allow players to wager or stake NFTs against other players will continue to be banned. Additionally, NFT casino games and social betting paradigms that allow players to wager for real-world prizes will also remain banned.

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.18
© 2017 - 2024 All Rights Reserved.