Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | July 15 - July 21, 2023

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Jul 21 2023

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Weekly360

Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Written by Van

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

Bitcoin:

Weekly change: -5.05%
Bitcoin dominance declined 2.6% to 50.14% after US court ruling, spurring altcoin gains.
Bitcoin retraced from $31,200 to $29,950. Long-term holder coins worth 1.52x more.
The count of addresses holding 1+ Bitcoin reached an all-time high of 1,009,850.
Bitcoin stuck around $30k until slipping under Monday night. Bullish calls correlated with recent local top, said Santiment.
JPMorgan predicted Bitcoin halving may raise costs and competition for miners.
Bitcoin saw institutional inflows while Ethereum had outflows.
$116M in futures bets liquidated Tuesday as Bitcoin softened. Dropped below $30k as altcoins fell 4%+.
SEC reviewing 6 Bitcoin ETF apps, including BlackRock's.
Regulatory uncertainty from miner BTC selling, Nasdaq halting crypto plans, and DeFi regulation bill caused BTC to drop to $29,700 on Wednesday.
Tesla's BTC holdings unchanged in Q2 at $184M, neither buying nor selling
BTC briefly hit $30.3k before sliding to $29.6k, potentially due to Fednow launch
BTC recovered slightly to $29.9k Friday as US sold 8.2k BTC from Silk Road
Stablecoin market cap hit lowest since Aug 2021, down to 10.3% of crypto market
Bitcoin mining delays over an hour reported
BTC drop below $30k preceded declines across crypto market, including SOL -8% and XRP -6%, while revised US bill raises DeFi concerns.

Ethereum:

Weekly change: -5.52%
ETH closely followed BTC price movements
ETH whales reportedly sold holdings Sunday after XRP ruling
ETH up 66% YTD despite only three 7%+ weekly gains
ETH fell from $2k to $1.9k over weekend, hitting $1.88k Monday
200+ Ethscriptions NFTs stolen in marketplace hack
ETH 2.0 deposits hit new high of 25.9M ETH Tuesday
116M ETH transferred by ICO whale to Kraken Wednesday
47% expect ETH to surpass BTC per survey by Fidelity Digital Assets
ETH burn tops 146k ETH, over $6.5B in value
ETH hit $1,925 Thursday before falling to $1,880-$1,890 range
Report suggests ETH gearing up to surge above $2k in August

Altcoins:

CoinFund raised $158M for early crypto projects
Mantles: MNT token outperformed rival layer 2s, BitDAO’s BIT surged
Thodex CEO jailed in Turkey for tax issues
Fantom requested freeze of assets after Multichain exploit
Telegram issued bonds, CEO owns TONCoin
Unstoppable Domains added ENS .eth domains
Crypto VC investment hit 5-quarter low of $2.3B in Q2: Galaxy Digital
Solana integrated Neon EVM and Solang compiler for Ethereum devs
Nearly $500M BNB tokens burned by Binance Chain after being heavily shorted
Prime Trust put into receivership over misused funds
Stellar rallied amid Ripple's legal win and upcoming Fonbnk partnership
Binance Labs invested $10M in Radiant Capital
Ripple: SEC lawsuit settlement conference, UK/Ireland license bids
Aave: Launches stablecoin GHO on Ethereum mainnet
Hedera: Stablecoin payments tested by South Korea's Shinhan Bank, HBAR reached 30-day high
Uniswap: Launches UniswapX cross-AMM protocol
Chiliz: Receives US approval for fan token brand
Arkham: Listed on Binance, started airdrop
1inch: South Korean volumes surge, token hits 3-month high
MOON: Listed on Crypto.com after Kraken rumors
Litecoin: Whales purchase $59M ahead of halving
MKR surges 17% amid Andreessen Horowitz and CMS Holdings activities.

Nasdaq's Crypto Custodianship Plans on Hold Amid Regulatory Uncertainty

Nasdaq Puts a Pause on Crypto Custody Plans.webp

Nasdaq has halted its plans for crypto custodianship due to regulatory uncertainty. The move comes as established players like Anchorage Digital pose a challenge. However, Nasdaq remains committed to exploring crypto products such as ETFs and continues collaborations with firms like BlackRock.

Meanwhile, the US Senate has proposed the Crypto-Asset National Security Enhancement Act to impose strict AML protocols on DeFi. The SEC, however, is reluctant to assist in US crypto market legislation. SEC Chair Gary Gensler seeks additional funding to regulate the chaotic and non-compliant crypto markets.

UK Government Rejects Crypto as Gambling, Plans Regulatory Framework

The UK's HM Treasury rejects the proposal to regulate cryptocurrencies like gambling, citing international recommendations. Instead, the government plans to establish a financial services regulatory framework to monitor crypto risks while encouraging innovation.

The Financial Conduct Authority (FCA) will play a crucial role, maintaining a register of authorized crypto firms and providing input on prudential rules. The FCA warns firms to have strong systems against financial crimes.

The FCA and HM Treasury are fostering innovation through sandboxes and encouraging experimentation in the crypto sector to promote economic growth and international competitiveness.

SG-Forge Bags First French Crypto License, Milestone for Digital Assets

SG-Forge, a subsidiary of Societe Generale, has secured the first-ever French crypto license as a digital asset service provider (DASP). This regulatory milestone grants SG-Forge the ability to custody digital assets, facilitate crypto purchases, trade digital assets, and receive/transmit orders for digital assets.

The license signifies enhanced security, compliance, and cybersecurity systems. SG-Forge will also qualify as a Class 1 and Class 2 crypto asset service provider under MiCA legislation. This achievement strengthens SG-Forge's position in the digital assets space and supports the development of their euro-pegged stablecoin, EURCV.

Binance Faces Regulatory Challenges Amid Global Crackdown

Binance, the world's leading cryptocurrency exchange, is facing regulatory challenges and profit drops. Amid increasing scrutiny, the company has scaled back employee perks and laid off over a thousand employees. Binance is withdrawing from various markets and facing lawsuits from regulatory bodies like the CFTC and SEC.

The exchange's native crypto, BNB, has seen rising skepticism. Binance CEO, Changpeng Zhao, disputes exaggerated layoff numbers and ongoing recruitment efforts. Binance also terminated its partnership with the Argentine Soccer Association due to a contract breach. These challenges come amidst a global regulatory crackdown on the exchange.

DOJ Accuses FTX Founder of Interference in Fair Trial

The US Department of Justice (DOJ) has accused Sam Bankman-Fried, founder of FTX, of leaking the private diary of Caroline Ellison to reporters from the New York Times in order to "interfere with a fair trial by an impartial jury." The DOJ has asked the judge to limit extrajudicial statements made by parties and witnesses involved in the case.

FTX has filed a lawsuit to recover over $1bn allegedly misappropriated by its former top executives, including SBF, Ellison, CTO Zixiao “Gary” Wang, and Nishad Singh. All the top executives named in this lawsuit, except for SBF, have pleaded guilty to criminal charges.

NAB Blocks Payments to High-Risk Crypto Exchanges Due to Scam Surge

National Australia Bank (NAB), one of Australia's major banks, has blocked payments to "high-risk" crypto exchanges due to the prevalence of scams. Crypto scams have been identified as the fastest-growing security threat in Australia, resulting in losses of A$221 million in 2022 alone.

NAB aims to protect its customers from organized transnational crime groups using cryptocurrency platforms to transfer stolen funds overseas. Binance Australia could face additional pressure as the ban may include the exchange. Other major Australian banks have also restricted access to crypto platforms to mitigate scam risks.

Indonesia's National Cryptocurrency Exchange Begins Operations

Indonesia's national cryptocurrency exchange, monitored by local regulators, has begun operating, making it the only legal space in the country for the exchange of digital assets. Licensed traders have one month to join the exchange, which also features a futures clearing house.

The project has been in development since at least December 2021 and was delayed to June 2023 for the review of potential participants. Approximately 4% of Indonesia's population, or nearly 11 million people, have invested in cryptocurrency.

Canadian Police Warn of Home Invasion Robberies Targeting Crypto Investors

Canadian police in Richmond and Delta have issued a warning about a wave of home invasion-style robberies targeting high-value cryptocurrency investors. The attacks involve armed assailants posing as delivery personnel or authoritative figures to gain access to victims' homes and steal their digital assets.

While the exact figures haven't been disclosed, significant amounts of digital currency have been stolen. Authorities have made an arrest in connection with one incident and are investigating a discernable pattern followed by the criminals.

The police are urging precautions, such as not allowing strangers into homes and avoiding sharing sensitive financial information in public places. Crypto exchanges are also exiting the Canadian market due to regulatory developments.

Coinbase Discontinues 'Borrow' Service Due to Low Adoption Rates

Coinbase has announced the discontinuation of its lending service, Coinbase Borrow, after low adoption rates. Existing loan holders have until November 20 to repay their outstanding balances or risk Coinbase liquidating their BTC collateral. The service enabled users to secure fiat loans using their Bitcoin holdings as collateral.

Coinbase is offering affected customers prioritized support and waiving the liquidation fee if they choose to use their BTC collateral to repay the loan. The decision to end Coinbase Borrow is not attributed to the SEC charges the platform is currently facing.

Chainlink Surges After Release of Cross Chain Interoperability Protocol

Chainlink (LINK) experienced a significant rally, surging 22% after releasing its Cross Chain Interoperability Protocol (CCIP). CCIP aims to enhance communication and data transfer between different blockchain protocols, facilitating interaction between networks. Chainlink's co-founder, Sergey Nazarov, envisions CCIP uniting the institutional/bank chains and the existing public blockchain DeFi ecosystem into a single on-chain network.

Since the mainnet release, developers from platforms such as Polygon, Optimism, Ethereum, and Avalanche can utilize CCIP. The protocol has already generated over $12,000 in LINK revenue and is expected to increase as more projects integrate CCIP.

Top Weekly Altcoin Gainers and Losers

Gainers:

Synthetix SNX (+41.07%)

Maker MKR (+25.91%)

Kaspa KAS (+23.06%)

XDC Network XDC (+21.50%)

BitDAO BIT (+17.06%)

Losers:

Rocket Pool RPL (-19.02%)

Fantom FTM (-16.01%)

GMX GMX (-13.16%)

WOO Network WOO (-12.69%)

Pepe PEPE (-12.12%)

NFT Market Map

OpenSea Launches Peer-to-Peer NFT Swap Feature, "Deals"

OpenSea, the NFT marketplace, has introduced "Deals," a new peer-to-peer NFT swap feature. It enables collectors to trade NFTs directly with one another and includes the option to add wrapped ether (WETH) to enhance the deal. OpenSea aims to make NFT swapping more trustworthy, addressing concerns about untrustworthy direct messages and websites.

Users can choose up to 30 NFTs and specify the amount of WETH they want to include in the swap. Deals must involve NFTs from verified collections on the same blockchain. Presently, OpenSea does not charge fees or creator royalties for Deals swaps.

Moonbirds Unveils Mythics Collection in a 200-Day Reveal Plan

Kevin Rose's a16z-backed Moonbirds has launched a 200-day reveal of their new collection called Mythics. The NFT brand aims to keep collectors interested with a unique release plan, unveiling 100 new NFTs each day for 200 days. The collection comes after a year in the making and seeks to enrich the Moonbirds brand with added lore.

Average sales prices for Moonbirds NFTs have fallen significantly since its initial release, with interest declining in recent months. Proof Collective, led by Kevin Rose, is behind this ambitious venture.

Neopets Cancels NFT Game, Shifts Focus to Non-Crypto Mobile Game

Neopets has cancelled its NFT game, Neopets Metaverse, despite raising $4m from crypto firms and selling over 9,000 Solana NFTs. The team will instead focus on a non-crypto mobile game called World of Neopets.

Neopets is now under new leadership and has undergone a management buyout, becoming independent for the first time in 18 years. The company has assured its support for the Web3 community and will continue to operate a Discord server for NFT holders. It is unclear whether NFT owners will be able to claim refunds.

Altr Converts $2.5 Million Ferrari into an NFT on Polygon

Altr, a marketplace for luxury items, has turned a Ferrari worth $2.5 million into a Polygon NFT, offering proof of ownership. The company also offers secure storage for buyers until they are ready to claim their items. The move is part of Altr's plan to become a leading platform for NFTs in the luxury market.

'Black Swan' Author Nassim Taleb Criticizes NFT Industry

Nassim Nicholas Taleb, author of "Black Swan," criticized the NFT industry for its suboptimal status as an investment choice due to its lack of intrinsic value and speculative behavior. His tweet was in response to Jack Dorsey's tweet NFT, which sold for $2.9 million in March 2021 but received a bid of only $1.14 recently. The NFT market has seen a substantial downturn, with average sale prices falling over 90% from their peak.

This article has been refined and enhanced by ChatGPT.

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | July 15 - July 21, 2023

Crypto Weekly Market Update

Table of Contents:

Crypto Market Overview

Crypto Market Regulatory Updates

Country-Specific Developments

Crypto Exchanges and Platforms

NFT Market