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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | July 8 - July 14, 2023

5 months ago5 minutes read

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | July 8 - July 14, 2023

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

Legal and Regulatory Updates

  • Ripple Triumphs in SEC Lawsuit, XRP Soars
  • US Inflation Rate Drops, Bitcoin Remains Steady
  • Celsius Network Faces Legal Challenges, CEL Recovers
  • Arkham Intelligence Launches Crypto Data Marketplace Amid Privacy Concerns

Market and Economic Trends

  • Europe's First Spot Bitcoin ETF to Debut

Crypto Exchanges and Platforms

  • FTX Launches Claims Portal, FTT Token Boosts

Token and Protocol Developments

  • Polygon Labs Proposes MATIC Token Upgrade
  • Starknet's Quantum Leap Upgrade Boosts Transaction Throughput
  • Multichain CEO Detained, Operations Cease

Corporate Actions and Layoffs

  • Circle Internet Financial Announces Layoffs
  • Dapper Labs Cuts Staff Amid NFT Market Downturn

NFT and Gaming

  • Google to Allow NFTs in Android Apps
  • Christie's and Gucci Collaborate for NFT Art Collection
  • Luxury Watch Used as Collateral for DeFi Loan
  • Cool Cats NFT Project to Launch Three New Games
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Crypto Weekly Recap: Price Actions, Market Trends, and Key Developments

Bitcoin:

  • Bitcoin up 3.98% week-over-week
  • $133M injected into Bitcoin products last week; altcoins saw minor inflows
  • BTC traded flat around $30,200 over weekend, started Monday at $30K
  • BTC steady above $30K Monday as China factory deflation signaled end of tightening cycle; US inflation data awaited 
  • Standard Chartered predicts BTC could reach $120K by end of 2024
  • As 75% of BTC supply turns profitable, echoes of previous mid-cycle patterns emerge per Glassnode
  • Tuesday: Coinbase shares surged 16% on crypto exchange's BTC ETF applications, boosting BTC to $30.8K
  • Wednesday: Report said MicroStrategy may sell some BTC; BTC dips to $30.5K  
  • Rebounded to $30.8K as US inflation drops to 40-year low of 3% in June 
  • DoJ moved $302M in Silk Road BTC, traders worried as BTC briefly hit $30,500 
  • Despite market condition, Bitcoin holders accumulating 
  • Thursday: Celsius regulator trouble sent BTC to $30.3K
  • Ripple victory over SEC boosted BTC to weekly high of $31.7K
  • Currently above $31.2K after slight retracement, still at its 13-month high
  • Bitcoin on-chain spending suggests bull market cycle similar to previous ones
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Ethereum:

  • Ethereum up 8% week-over-week 
  • ETH outperformed BTC but was trading flat while BTC was high
  • ETH traded flat from last Friday to Monday around $1880-$1890
  • Touched $1900 briefly Wednesday after inflation data  
  • Surged Thursday amid Ripple news and positive market sentiment
  • Broader rally pushed ETH above $2000 
  • Remains around $2000 on Friday
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Altcoin Weekly News:

  • Crypto trading volume fell 23% in Q2, Binance dominance declined
  • Over $300M crypto liquidations in 24 hrs, 70% from short traders 
  • XRP replaced BNB to be the 4th biggest cryptocurrency by market cap
  • Polygon MATIC reclaimed 10th position as token surged
  • Stellar XLM surged 50% in one day amid Ripple XRP’s effect
  • LBRY token plummeted 50% as file-sharing project shut down
  • Synthetix launched decentralized exchange Infinex 
  • HNT hit 30-day high after Coinbase listing
  • Conflux's CFX surged on Bank of China's NFC payment news
  • Apecoin crashed to all-time low at $1.83 as Bored Ape NFT prices sank
  • BNB Chain hard fork to improve security against exploits
  • DeFi protocol closing caused 55% drop in Algorand value 
  • Kava upgrade to enhance scalability and staking
  • Axelar partners with Microsoft for hybrid blockchain solutions
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Source: Coinglass

Ripple Triumphs in SEC Lawsuit, XRP Soars

Ripple has won a significant legal victory against the US Securities and Exchange Commission (SEC) in a lawsuit initiated in December 2020, which accused Ripple of unfairly amassing over $1.3bn through the sale of XRP by categorising it under securities.

The court ruled that Ripple's sale of XRP tokens did not constitute an investment contract and hence, not a security. This ruling provides regulatory clarity for the cryptocurrency industry and defines the legal status of XRP. The ruling impacted XRP’s price, soaring by over 27% within hours of the announcement.

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US Inflation Rate Drops, Bitcoin Remains Steady

The US inflation rate unexpectedly fell to 3.0% YoY in June, while Bitcoin prices remained relatively flat. Traditional markets reacted to the news with Treasury yields and the dollar index falling, while stock index futures surged. 

A large sum of Bitcoin connected to the Silk Road transactions was directed towards unused wallets, sparking speculation about the government's future plans. Analysts view this as a missed opportunity, as the potential returns had the Bitcoins been held could have been up to $5.6 billion.


Celsius Network Faces Legal Challenges, CEL Recovers

Celsius Network, a crypto lending firm, and its ex-CEO Alex Mashinsky face multiple legal challenges, including a $4.7bn fine by the Federal Trade Commission and allegations of fraud and token manipulation. Mashinsky has been indicted on seven counts, including wire fraud, while Celsius is accused of offering unregistered securities.

Mashinsky's assets have been depleted, and he faces a bail of $40m. The company is undergoing reorganization and recovery efforts, but some in the crypto community have called for advised liquidation of remaining funds. The CEL token has shown signs of recovery amid the legal turmoil.

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Arkham Intelligence Launches Crypto Data Marketplace Amid Privacy Concerns

Arkham Intelligence recently announced a controversial crypto data marketplace for users to auction off data tied to blockchain wallets. The ARKM token will be available on Binance Launchpad with a $0.05 price-per-token and a $2.5 million cap. Whales are already investing heavily in the project.

Despite their claims that data won't be sold to individual users, privacy advocates are concerned about potential data leakage and exploitation.


Europe's First Spot Bitcoin ETF to Debut

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Europe's first spot Bitcoin ETF is set to be listed this month, after a 12-month delay from its initially planned debut. Jacobi Asset Management delayed the launch of the ETF following the Terra-Luna collapse, which wiped out billions of dollars from the global cryptocurrency market.

This is not the first cryptocurrency-based financial product in Europe, as Germany's Xetra exchange listed BTCE in 2021. The development follows a series of spot Bitcoin ETF applications in the US from financial heavyweights, including BlackRock, WisdomTree, and Fidelity Investments. 


FTX Launches Claims Portal, FTT Token Boosts

Cryptocurrency exchange FTX has launched a claims portal for users to pledge and possibly attain their locked funds. The native FTX token, FTT, saw a boost of 17.27% on July 11, peaking at $1.79.

The launch of the claims portal symbolizes a rejuvenation drive in the vein of a potential FTX 2.0 reboot, as teased earlier by the CEO. However, the claim portal's journey wasn't without hiccups. After going live on July 11, the portal experienced a brief period of downtime.

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Polygon Labs Proposes MATIC Token Upgrade

Polygon Labs has proposed an upgrade to its MATIC token, replacing it with POL, which will be the native token of the Polygon ecosystem. The upgrade is expected to improve security, scalability, and support, and eliminate friction within the ecosystem.

Polygon Labs predicts that POL's price during a 10-year growth scenario will average $5. MATIC holders will be allowed to upgrade their holdings to POL at a 1:1 ratio for a prolonged period.

The upgrade would also benefit the ecosystem, as each chain can offer validators various roles and corresponding rewards.

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Multichain CEO Detained, Operations Cease

Multichain has confirmed that its CEO, Zhaojun, was detained by Chinese police and is still under custody, with $220 million of user assets transferred to his sister, who was also detained. The project is now ceasing operations due to lack of alternative sources of information and operational funds.

This came after $125 million was stolen from its wallets on July 6, which blockchain security firm Chainalysis believes was an inside job. The protocol had previously seen the world's largest crypto exchange, Binance, halt deposits and withdrawals of Multichain bridged tokens.

The price of Multichain's MULTI token fell 4% in the past 24 hours and over 16% in the past week.

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Starknet's Quantum Leap Upgrade Boosts Transaction Throughput

Starknet has launched its v0.12.0 upgrade, known as "Quantum Leap," aiming to increase transaction throughput by 10x and improve Ethereum's capacity. The Sequencer has been improved with the integration of Cairo, the introduction of Blockifier, and Papyrus, a local storage solution.

The upgrade has resulted in an impressive 180% jump in average transactions per second (TPS) from the previous week and a 110% increase from three months ago. Starknet's TVL has also surged to $79.24 million, representing a 10.6% weekly increase.


Circle Internet Financial Announces Layoffs

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Circle Internet Financial, the crypto giant behind the second-largest stablecoin in the world, has announced layoffs. The USDC issuer reduced its workforce and pulled investments from non-core activities to strengthen its balance sheet. The firm also stated that it would continue to hire in key areas of focus globally.

This decision follows layoffs at other crypto firms like CoinbaseGemini, and Chainalysis, caused by a high-interest rate environment and the prolonged crypto winter. Circle had previously revealed its intention to increase the workforce by 25% earlier this year.


Dapper Labs Cuts Staff Amid NFT Market Downturn

Dapper Labs, the NFT firm behind the NBA Top Shot marketplace, has laid off 51 staff members, including full-time employees and contractors, due to the ongoing NFT market downturn.

This is the third round of layoffs for the company, which had rapidly grown its headcount from 100 to 600 employees in less than two years. Despite the layoffs, Dapper Labs and its Flow blockchain remain well-capitalized.

The NFT market has experienced a significant drop in trading volume, but reports suggest sustained interest in the sector.

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Top Weekly Altcoin Gainers and Losers

Gainers:

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Ripple XRP (+68.81%)

Synthetix SNX (+56.04%)

Stellar Lumens XLM (+48.41%)

Solana SOL (+42.92%)

Kaspa KAS (+36.72%)

Losers:

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eCash XEC (-11.07%)

Bitcoin SV BSV (-7.57%)

Maker MKR (-4.85%)

Bitcoin Cash BCH (-0.86%)

Monero XMR (-0.68%)


NFT Market Map

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Google to Allow NFTs in Android Apps

Google will allow developers to use non-fungible tokens (NFTs) in apps on its Android store, enabling users to earn and transact with digital collectibles. Developers will be able to offer users opportunities to earn and trade NFTs as part of loyalty and rewards programs.

Google will require developers to provide a safe experience with tokenized digital assets, informing players about the value of an NFT at the time of purchase and refraining from promoting potential earning from playing or trading activities. The new rules for NFTs will take effect on Dec. 7, 2023.


Christie's and Gucci Collaborate for NFT Art Collection

Christie's is partnering with luxury brand Gucci to release a digital art NFT collection, titled "Future Frequencies: Explorations in Generative Art and Fashion." The collection features 21 NFTs created by AI artist Claire Silver, generative artist Emily Xie, decentralized autonomous artist Botto, and more.

The auction opens for bidding on July 18 and closes July 25 on Christie's 3.0 digital art platform.

The NFT collection draws inspiration from Gucci textiles, color palettes, and its Bamboo 1947 collection, employing generative systems including algorithms and AI to expand creativity through the intersection of art, fashion, and technology.


Luxury Watch Used as Collateral for DeFi Loan

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A user recently used a luxury Patek Phillipe watch as collateral for a $35,000 DeFi loan facilitated with an NFT. The NFT was listed on the DeFi lending protocol Arcade and was sent to an escrow wallet until the loan was paid in full.

The process allows users to lend and borrow with complete anonymity, providing them with access to more global liquidity. While some praised the move, others believed it was centralized and added NFTs where it wasn't necessary.


Cool Cats NFT Project to Launch Three New Games

Cool Cats, the NFT project, is set to release three new games within the next nine months, spanning action, puzzle, and endless runner experiences. nWay, iCandy, and Sync Studios will develop the games, with nWay creating a "competitive multiplayer arcade game," iCandy developing a browser-based 2D endless runner game, and Sync Studios creating a mobile match-3 puzzle game. 

Cool Cats CEO Stephen Teglas said the games were critical to developing the brand into a "globally known character brand" and a "robust storytelling and content company."

This article has been refined and enhanced by ChatGPT.

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