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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | August 5 - August 11, 2023

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | August 5 - August 11, 2023

Aug 11 2023

10 months ago5 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Written by Van

Table of Contents

Crypto Market Overview

  • Crypto Weekly Recap: Price Actions, Market Trends, and Key Developments

Banking and Payment Innovations

  • PayPal Launches Stablecoin PYUSD on Ethereum
  • Visa Tests On-Chain Gas Fee Payments with ERC-4337
  • Coinbase Debuts Base Mainnet, a Layer 2 Solution for Ethereum
  • Concerns Arise Over Huobi's Solvency and Leadership Stability

Regulatory Updates and Legal Matters

  • Bittrex Settles with SEC for $24 Million Over Unregistered Securities
  • Bitstamp to Suspend Trading for Seven Tokens Amid SEC Regulation
  • Binance Achieves Full Licensing in El Salvador Amid Regulatory Challenges

Cryptocurrency Exchanges and Platforms

  • Institutional Investors Change Stance on Bitcoin Shorting
  • Circle CEO Reveals 70% of USDC Adoption is Outside the U.S.

Technology and Strategic Partnerships

  • Microsoft and Aptos Labs Partner to Accelerate Web3 Adoption

NFTs and the Gaming Industry

  • NFT Thefts Decline by 31% in July
  • Crypto Gaming Attracts $297 Million in Investment Funding in July
  • DeLabs’ NFT Project y00ts Migrates Back to Ethereum
  • Creative Trader Deceives Competitor, Nets 800 ETH in NFT Marketplace
  • Amazon Prime Offers Free In-Game NFTs from Blockchain Games

Crypto Weekly Recap: Price Actions, Market Trends, and Key Developments


  • Weekly change: +1.02%
  • This week, Bitcoin twice peaked above $30,000.
  • After trading flat over the weekend, Bitcoin dropped to a weekly low of $28,800 on Monday due to Huobi insolvency rumors.
  • PayPal's Ethereum-based U.S. dollar-pegged stablecoin (PYUSD) launched Monday but caused no immediate volatility in Bitcoin, possibly because of Curve's exploit contagion echo.
  • Bitcoin reached over $30,000 on Tuesday night but fell below that mark later in the day.
  • Coinbase Global publicly launched its Ethereum layer 2 blockchain Base on Wednesday.
  • Thursday's U.S. CPI report revealed a 3.2% annual inflation increase in July, with core CPI (excluding food and energy) also up 0.2% for the month.
  • Bitcoin briefly exceeded $30,000 after the CPI release, then corrected to $29,400.
  • On Friday, Bitcoin remained stable at $29,400, as a 0.3% surge in PPI challenged the Fed, marking the potential start of an unpredictable inflationary phase.
  • Friday's global crypto market capitalization was $1.19 trillion, a 0.64% decrease from the previous week (as of 1:45 PM UTC).
  • Investors await July's Federal Open Market Committee meeting minutes for insight into U.S. interest rate decisions.
  • The Fed's September 19th meeting has an 89% prediction of no interest rate change, an increase from Thursday's 87%, according to CME FedWatch Tool analysts.
  • Bitcoin's sideways price action, lackluster spot demand, low Coinbase premium, and high derivative activity indicate market concerns.  


  • Weekly change: +0.93%
  • Ether below $1,900 support since July 23.
  • ETH price unimpressive despite Ethereum ETF and PayPal stablecoin news.
  • Ether whale burned 2500 ETH ($4.5M) on Monday, puzzling community.
  • ETH hit $1,870 weekly high on Wednesday, then stepping back to $1,850.
  • IntoTheBlock: 80% ETH and DOGE supply owned by 0.01% of holding addresses.
chart (1).webp


  • XRP: Saw price glitch after being relisted on Gemini exchange, hitting $50 briefly.  
  • WLD: Worldcoin global ID demand doubled despite regulatory hiccup, with Argentina investigating its biometric data collection.
  • ADA: ADA accumulation reached its highest level since September 2022, with over $116.1 million in ADA being grabbed.
  • YGG: YGG price surged nearly 600% before crashing, likely due to Binance’s perpetual contracts launch and Guild Advancement Program (GAP) season 4, which led to potential whale offload. Bitkraft Ventures and DWF Labs sent their holdings to Binance on Monday.
  • MakerDAO: Surpassed Aave to be the second biggest protocol in the DeFi TVL race, attracting $700M in deposits after increasing DAI savings rate.
  • PancakeSwap: PancakeSwap expanded to Ethereum Layer 2 Arbitrum One.
  • Curve Finance: Binance Labs committed $5 million to invest in CRV, after Curve Finance recovered 73% of hacked funds. 
  • Solana: Solana reduced the Saga phone price amid disappointing sales. 
  • OPNX: OPNX crypto exchange sought 75% stake in Hodlnaut, proposed infusing up to $30M in FLEX tokens.
  • Aave: Aave DAO approved $2 million OTC purchase of Curve tokens.
  • Rocket Pool: Coinbase Ventures' undisclosed investment in Rocket Pool's RPL token sparked a 9% surge.  
  • Chainlink: Chainlink whales purchased over $100M in LINK amid developer activity surge and Base’s integration.
  • Trading volumes for top Play to Earn (P2E) tokens down 98% in June/July compared to November 2021 peak.
  • Bitstamp discontinued trading of AXSCHZMANAMATICNEARSAND and SOL for US customers.
  • FTM: Fantom is considering integrating optimistic rollups to connect with Ethereum, while its popular DEX SpiritSwap is shutting down.
  • MOON: MOON price surges as popular trader GCR bought 450k tokens. Kraken listing, social media support, and changes in Reddit's Terms of Service also contribute to the increase.  
  • Rollbit: RLB token surged 60% as the crypto casino announced daily token burn to reduce its circulating supply.
  • Sandbox transferred out 60M SAND tokens ahead of Monday's $133M unlock.

PayPal Launches Stablecoin PYUSD on Ethereum

PayPal has launched its stablecoin, PayPal USD (PYUSD), which is tethered to the US dollar and built on the Ethereum blockchain. The company plans to integrate PYUSD into its Venmo payments app and allow users to convert it into other cryptocurrencies.

PayPal's CEO Dan Schulman hopes PYUSD will become a key player in the digital payments ecosystem. PYUSD's launch is seen as a response to the growing popularity of stablecoins and could impact traditional payment networks such as Mastercard and Visa. Tether's CTO Paolo Ardoino sees PYUSD's emergence as positive for the crypto industry.

chart (3).webp

Visa Tests On-Chain Gas Fee Payments with ERC-4337

Visa is testing a new system that allows users to pay on-chain gas fees through their Visa cards, eliminating the need for users to keep Ethereum specifically for fee payments.

The system uses the ERC-4337 standard of Ethereum and a smart contract known as the "Paymaster" for off-chain gas fee settlements. The process begins with a user initiating an Ethereum transaction through their wallet, and the gas fee is directly charged to the user's Visa card.

Visa tried this unique concept on the Ethereum Goerli testnet, successfully waving off the necessity for ETH through the Paymaster.

Coinbase Debuts Base Mainnet, a Layer 2 Solution for Ethereum

Coinbase launched its Base Mainnet, a layer 2 scaling solution for Ethereum, on August 9, 2023. The launch triggered a multi-week event called Onchain Summer, which saw over 100 DApps and service providers, as well as 50 significant brands, platforms, artists, and creators, participate in the event.

The network has seen over $100 million in asset transfers and over 133,300 NFT holders. High-profile participants known as Base Whales have traded high-risk tokens on the network, including memecoins. The network anticipates welcoming more decentralized exchanges and lending platforms to expand beyond memecoins.

Concerns Arise Over Huobi's Solvency and Leadership Stability

Recent events at Huobi, a cryptocurrency exchange, have sparked concerns of insolvency and instability. The exchange experienced significant outflows of funds, a drop in total value locked, and rumors of arrests involving Huobi's leadership in China.

Huobi's Tether and USD Coin holdings were found to be significantly lower than claimed, leading to suspicions of insolvency. However, Huobi still holds nearly $1 billion in highly liquid assets. Despite these challenges, the exchange managed to make a profit in Q1.

A recent whale deposit provided a boost to Huobi's holdings, but the situation remains uncertain. 

huobi asset balance (1).webp
Huobi's asset balance on DefiLlama, as of August 11, 2023.

Bittrex Settles with SEC for $24 Million Over Unregistered Securities

Crypto exchange Bittrex has reached a settlement with the SEC, agreeing to pay a $24 million fine for offering U.S. investors access to unregistered securities. The SEC sued Bittrex earlier this year, accusing the exchange of simultaneously operating as a securities exchange, broker, and clearinghouse without proper registration.

Bittrex filed for bankruptcy in May. The settlement requires Bittrex to file a liquidation plan and pay the fine within two months. The SEC has also brought similar charges against Coinbase and Binance.US

Bitstamp to Suspend Trading for Seven Tokens Amid SEC Regulation

Bitstamp, a Luxembourg-based cryptocurrency platform, will suspend trading for seven tokens classified as securities by the SEC in the US. The affected tokens are AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL. Bitstamp attributed this decision to the evolving regulatory landscape and the associated obligations.

Users were urged to complete any transactions before the August 29 deadline. Despite the suspension, Bitstamp will continue to trade 30 other cryptocurrencies. Other platforms, including Binance.US, Robinhood, and eToro, have also taken similar actions in response to the SEC's actions. 

bitstamp altcoin.webp

Binance Achieves Full Licensing in El Salvador Amid Regulatory Challenges

Binance has become the first crypto exchange to be fully licensed in El Salvador. This regulatory win aims to help overcome challenges in foreign markets. Binance now holds both the Bitcoin Services Provider license (BSP) and the Digital Assets Services Provider license (DASP) in the country.

The exchange has faced difficulties in registration and compliance in Germany, the Netherlands, and Cyprus. Meanwhile, Binance's latest proof-of-reserves (PoR) report shows that the exchange holds more than enough crypto and cash to cover user funds.

However, the movement of its USDC reserves after the collapse of Silvergate Bank has generated discussion. Binance's USDC balance decreased significantly, and it is believed that they converted a portion of their reserves into Bitcoin and Ethereum. 

Institutional Investors Change Stance on Bitcoin Shorting

According to CoinShares' latest fund report, institutional investors have stopped shorting Bitcoin for the first time in fourteen weeks. This suggests that large digital asset funds are taking a different approach to Bitcoin. However, there has been a significant sell-off, with investors selling over $111 million worth of Bitcoin-related funds.

Solana has seen increased buying pressure from European and American institutions, while Ripple and Litecoin also received some institutional interest. Canadian and German funds were the main contributors to last week's selling, with outflows of over $70 million and $28 million, respectively. 

CoinShares' latest fund report (1).webp
Source: CoinShares

Circle CEO Reveals 70% of USDC Adoption is Outside the U.S.

Circle CEO Jeremy Allaire has revealed that 70% of USD Coin (USDC) adoption is occurring outside of the United States, specifically in Asia, Latin America, and Africa. This trend has contributed to a reduction in USDC's market share, which now stands at 21%.

Concerns regarding liquidity were also addressed, with Allaire announcing the expansion of Circle's global banking and liquidity network. Circle is relying on its $1 billion cash reserves to withstand competition. The company's total stablecoin supply has decreased by 43% since January, largely due to Binance's shift to its own stablecoin.

Meanwhile, Tether's supply has risen by 18% to $84 billion, and new non-crypto native competitors like PayPal are entering the market. Circle's CEO, Jeremy Allaire, expects more companies to enter the field due to increased competition. 

Microsoft and Aptos Labs Partner to Accelerate Web3 Adoption

Microsoft and Aptos Labs have partnered to integrate Microsoft's Azure OpenAI Service, aiming to accelerate the adoption of web3 technologies. The Aptos Assistant, designed to bridge the gap between web2 and decentralized web3, will simplify the transition for users and developers.

The partnership also plans to develop solutions for digital asset tokenization, advanced payment systems, and CBDCs. Validator nodes for Aptos blockchain will be hosted on Azure to enhance efficiency and resilience.

The fusion of AI and blockchain is seen as a pivotal moment for innovation that can redefine the internet's future and make it more accessible and user-centric.

chart (2).webp

Top Weekly Altcoin Gainers and Losers


Coin360 (2).webp

Rollbit Coin RLB (+100.70%)

SHIBA INU SHIB (+23.34%)

FLEX FLEX (+22.81%)

THORChain RUNE (+16.54%)

OKB OKB (+14.15%)


Coin360 (1).webp

XDC Network XDC (-27.36%)

GMX GMX (-12.26%)

Mantle MNT (-10.28%)

Optimism OP (-8.07%)

Compound COMP (-7.95%)

NFT Market Map

nft heatmap.webp

NFT Thefts Decline by 31% in July

NFT thefts have dropped by 31% in July compared to the previous month, according to a report by Peckshield. The report also reveals an 81% decrease in NFT thefts since February 2023. Despite this positive development, over $40 million worth of NFTs have been stolen this year.

The decrease in NFT thefts may be attributed to the dwindling sales and wavering market sentiment, with NFT sales volume plunging 40% in the previous month. NFT trading volume has also declined by 29% in July.

peckshield nft report (2).webp
Source: Peckshield

Crypto Gaming Attracts $297 Million in Investment Funding in July  

In July, the crypto gaming industry received $297 million in investment funding, with 63% of that allocated for infrastructure development. This surge follows a comparably lower investment in June, which may have been influenced by regulatory uncertainty.

The sector had previously experienced consistent investment of over $400 million each month from March to May. Notably, several game publishers and startups secured substantial funding during July. However, the NFT market within the metaverse space witnessed a decline in trading volume and prices. Yuga Labs remained a dominant player in the metaverse NFT economy. 

Source: Dappradar

DeLabs’ NFT Project y00ts Migrates Back to Ethereum

DeLabs' NFT project y00ts has migrated from Polygon to Ethereum, just four months after its move to Polygon. The team has also returned $3m in grants from Polygon Labs.

While some in the crypto community have viewed y00ts' exit as a blow to Polygon, others have suggested the move gave Polygon free promotion.

y00ts only accounted for around 8% of Polygon's NFT sales in the past 30 days, with collections such as Draft Kings and Misfits by Pluto gaining notoriety. Polygon Labs CEO Marc Boiron said he was not worried due to the ecosystem's infrastructure and growing marketplaces.

Creative Trader Deceives Competitor, Nets 800 ETH in NFT Marketplace

Hanwe Chang, a creative trader on the Blur NFT marketplace, has caused controversy after deceiving a competitor into purchasing specific Azuki NFTs at an inflated price. Bidding on Blur has become popular due to gamified incentives that reward participants with tokens according to trade-based activity. 

Hanwe Chang noticed that other traders had developed bots to help them place automatic bids by copying other traders’ bids, and he took advantage of this to trick the bots into bidding for NFTs at a huge markup, netting 800 ETH in profit from 12 Azukis in a matter of minutes.

Amazon Prime Offers Free In-Game NFTs from Blockchain Games

Amazon Prime subscribers can now claim free in-game non-fungible tokens (NFTs) from blockchain games such as Mojo Melee and Blankos Block Party. Amazon has chosen Prime Gaming as the preferred portal to distribute NFTs, which is a massive endorsement of the technology and blockchain games. 

The available NFTs provide distinct advantages or characters in listed games such as BBP and Mojo Melee. The launch of Amazon NFTs for Prime Subscribers was expected, especially since rumors in March suggested that the technology company was planning on introducing NFTs linked to real-world assets.

This article has been refined and enhanced by ChatGPT.

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