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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | June 1 - June 7, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | June 1 - June 7, 2024

Van Thanh Le

Jun 7 2024

last month6 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Table of Contents

Crypto Market Updates

  • Crypto Weekly Recap
  • Thailand Approves First Bitcoin ETF
  • Roaring Kitty Sparks GameStop Frenzy Again
  • Robinhood Buys Bitstamp for $200 Million
  • Kraken Eyes $100 Million Funding Round

Token and Price Movement

  • BNB Chain Token Breaks $700 Barrier
  • Iggy Azalea's Token Soars Amid Celebrity Crypto Slump
  • Meme Coins See Major Updates and Price Surges

Exchange and Platform Developments

  • Binance Reinstates Mastercard Crypto Purchases
  • Bybit Allows Crypto Trading for Chinese Expats

Regulatory and Legal News

  • DMM Bitcoin Raises $320 Million for Hack Reimbursement
  • McDonald's Launches Metaverse in Singapore
  • Sotheby's Auctions Unique Bored Ape NFT
  • UK Nationals Charged in Evolved Apes NFT Scam
  • Dapper Labs Settles NBA Top Shot Lawsuit
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Crypto Weekly Recap

Bitcoin

  • Weekly change: +3.98%
  • BTC stayed above $70,000 this week, driven by positive ecosystem developments and potential Fed rate cuts, boosting investor confidence despite mixed US economic signals. Spot Bitcoin ETFs saw strong net inflows, indicating bullish sentiment.
  • Digital asset investment products attracted $2 billion in inflows during May, marking their fourth consecutive week of growth. source
  • BTC nearly hit $70,000 on Monday with news of Australia's first spot Bitcoin ETF launching Tuesday and a demand zone between $66,900 and $68,900, where over two million addresses hold 1.1 million BTC. source
  • On Tuesday, Bitcoin surged to near $71,000, rallying meme coins like ORDI, DOG, and PUPS as the Thai SEC approved its first Bitcoin ETF. Short-term holder profits dipped by 32%, indicating potential upward movement. source
  • Bitcoin rose amid a cooling US job market and bullish futures trading sentiment. The latest JOLTS report showed job openings at a three-year low of 8.06 million, signaling potential hiring slowdown. Stable layoffs and quit rates suggested ongoing job growth.
  • On Thursday, Bitcoin surged past $71,000, its highest since May 21, following a near-record flow day for US spot Bitcoin ETFs with $887 million net inflow, the second-highest since their January debut.
  • Bitcoin whales dominated the market, controlling over 40% of the total supply, as shown by on-chain data. Since mid-March, large holders with balances over 1,000 BTC steadily accumulated assets. source
  • Rumors of Bybit opening access to Chinese investors (later clarified as Chinese expats, not residents) boosted market sentiment.
  • On Friday, Bitcoin struggled below $72,000 amid spot selling and short positions buildup. US Bitcoin ETFs saw an 18-day streak of net inflows, and BlackRock's IBIT spot Bitcoin ETF surpassed 300,000 BTC in AUM just five months after launching, with institutions like Semler Scientific committing to buy more. source
  • In May, the US added 272,000 jobs, surpassing estimates and showing a robust employment market, leading to a slight rise in the unemployment rate to 4.0%. Economic softness, inflation concerns, and rate cuts in Europe and Canada caused investors to reconsider Fed policy. Bitcoin dipped to $70,600 before bouncing back. Previously, the European Central Bank (ECB) had cut interest rates to 3.75%, aligning with Canada, Sweden, and Switzerland, and anticipating the Federal Reserve (FED).
  • Bitfinex analysts anticipated Bitcoin's bull market peaking in Q4 2024, based on historical data showing market tops usually after halving events. The current market value to realized value ratio (MVRV) was around 2.56, with historical peaks above 3.2. Bitfinex projected Bitcoin to reach at least $120,000 this cycle but cautioned against overestimating targets. source
  • Willy Woo, an on-chain analyst, predicted a potential rally to $75,000 if Bitcoin broke the resistance at $72,000. source
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Ethereum

  • Weekly change: +1.4%
  • ETH didn't go straight up like BTC but still increased.
  • ETH rose on Monday to over $3,800, then pulled back, and rose to nearly $3,900 again on Thursday.
  • $3 billion ETH left crypto exchanges after the SEC approved spot ETFs. source
  • The main story for ETH this week was spot Ethereum ETFs. K33 Research predicted they could absorb over 1 million ETH in the first 5 months. source
  • The Ethereum ecosystem saw a surge, with daily active users increasing almost ninefold since 2020. Despite Ethereum's mainnet having fewer active users, the ecosystem evolved with layer-2 networks. VanEck analysts raised their price target for Ethereum to $22,000 by 2030, citing its revenue potential and expected approval of spot Ether ETFs, signaling growth. source
  • This was a week of new altcoin ATHs. BNBFLOKI, and BRETT were the most notable, recording ATHs. FLOKI and BRETT's impressive moves sparked interest in dog-themed memecoins and Matt Furie's universe memecoins, fueling increases in BENDOG and ANDY.
  • As the weekend neared, there was a surge in new Chinese memecoins, creating Chinese versions of popular memecoins like PEPE, FLOKI, SHIBDOGE, and Boy's Club members, alongside popular Asian memes like Tuzki, Biao, and Quby, and parody/Politifi memecoins of famous Chinese people. This was likely due to Bybit opening to Chinese investors, and Bitcoin environmental analyst Daniel Batten revealed China never officially banned Bitcoin mining. source
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Altcoins


Thailand Approves First Bitcoin ETF

Thailand's SEC approved the ONE Bitcoin ETF Fund of Funds Unhedged (ONE-BTCETFOF-UI), marking the country's first Bitcoin ETF. Scheduled for distribution from May 31 to June 6, 2024, it targets wealthy and institutional investors. The ETF invests in 11 global Bitcoin funds, emphasizing liquidity and security. With Bitcoin's historical annual return averaging 124% over 11 years, the fund suggests limiting Bitcoin exposure to 5% for an estimated 8.90% annual return. The approval aligns Thailand with global markets, offering new investment avenues. 


Roaring Kitty Sparks GameStop Frenzy Again

Keith Gill, also known as "Roaring Kitty," revitalized the GameStop frenzy with a $300 million position, potentially making him the first GME billionaire. His Reddit post revealed staggering holdings, triggering a $5 billion surge in GameStop's market cap and doubling its stock value. Memecoins like GME, KITTY, and ROAR skyrocketed by over 200%, alongside a surge in Wall Street-themed meme coins. Gill's influence dates back to 2019, igniting the 2021 short squeeze. Despite volatility, his strategic approach earned praise from crypto traders. 

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Robinhood Buys Bitstamp for $200 Million

Robinhood's groundbreaking $200 million acquisition of Bitstamp, a renowned cryptocurrency exchange, signifies a pivotal move in its crypto expansion strategy. The acquisition aims to fortify Robinhood's global presence by tapping into Bitstamp's established market positions in Europe and Asia. 

By integrating Bitstamp's diverse offerings such as institutional lending and staking services, Robinhood seeks to attract institutional clientele. Despite regulatory challenges, this acquisition propels Robinhood's trajectory as a full-fledged financial services provider in the crypto sphere, intensifying competition with industry giants like Coinbase and Binance.


Kraken Eyes $100 Million Funding Round

Kraken, a US-based cryptocurrency exchange, is eyeing a final funding round, potentially exceeding $100 million, as it mulls over the prospect of going public with an IPO. Recent interest from investors, coupled with a shift in US regulatory attitudes towards digital assets, has spurred discussions about crypto companies going public. 

Kraken has been contemplating an IPO since 2021, but previous market downturns and regulatory hurdles slowed its progress. However, with more favorable regulatory winds and a projected revenue of $1-2 billion this year, Kraken is actively seeking a successful IPO, possibly in the near future.


BNB Chain Token Breaks $700 Barrier

On June 5, 2024, BNB Chain's token surged to $711 from $625.26 the previous day, marking its first breach of $700 in three years. Key drivers include increased activity on Binance’s Launchpad and Launchpool, heightened trading volumes reaching over $4 billion, and significant gains in BNB Chain-based tokens like FLOKI and PancakeSwap’s CAKE. Trading volumes surged 124%, with the BNB ecosystem seeing an 8% rise in locked value. 

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Iggy Azalea's Token Soars Amid Celebrity Crypto Slump

As of June 7, Iggy Azalea's "MOTHER" token reached its ATH and turned $3K into $9M for a trader at a $200M market cap. Most celebrity tokens, including Caitlyn Jenner's "JENNER," Rich the Kid's "RICH," and Davido's "DAVIDO," have plummeted over 66%

"MOTHER" is the exception, driven by Azalea's active promotion. However, Vitalik Buterin criticized these tokens on June 5 for lacking substance and societal value. One example, the "HULK" token, crashed 85% due to insider selling. Hogan denied involvement, claiming his social media was hacked. These trends highlight the volatility and speculative nature of celebrity-endorsed cryptocurrencies.

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Meme Coins See Major Updates and Price Surges

Besides the excitement surrounding GME and Roaring Kitty's related coins, other meme coins have also seen massive updates and price action this week. As of June 2024, institutional holdings of meme coins have surged since January, with significant investments in DOGE, SHIB, and PEPE. DWF Labs made a substantial $12 million purchase of FLOKI, indicating strong interest in the coin leading to its ATH a few days later. The bitcoin-based meme coin DOG is experiencing a meteoric rise, nearing a $1 billion market cap. 

Donald Trump’s crypto portfolio has unexpectedly grown to $30 million, largely due to unsolicited donations of various meme coins from supporters. Boden token saw a substantial increase of over 10%, while Tremp gained 5% following the listing of Solana-Politifi tokens on Kraken. BRETT token experienced an all-time high after listing on KuCoin, reflecting heightened market activity. Additionally, a significant player in the crypto space, known as a whale, has been identified as a major force behind the meme coin BEER, further fueling market speculation and interest.


Binance Reinstates Mastercard Crypto Purchases

Binance reinstated crypto purchases via Mastercard, indicating a potential easing of regulatory issues. On June 17, 2024, Binance will delist OMG Network, Waves, Wrapped NXM, and NEM, affecting their trading pairs and services like Binance Earn and Margin. Following the delisting announcement, the prices of these altcoins dropped significantly. 

Binance co-founder Yi He denied responsibility for a $1 million trading loss from a hacked account on June 3, 2024, attributing it to the user's compromised device. This week, Binance also announced IO.NET (IO), a decentralized AI computing and cloud platform token, as its 55th Launchpool project.


Bybit Allows Crypto Trading for Chinese Expats

Bybit, a major cryptocurrency exchange, has announced that Chinese expatriates can now trade crypto on its platform. The move comes after reports suggested Bybit was allowing Chinese residents to open trading accounts. Bybit aims to meet the increasing demand for secure and user-friendly crypto trading platforms among Chinese expats. 

This expansion allows overseas Chinese users to register and enjoy the same benefits as existing users. Bybit reaffirms its commitment to complying with applicable regulations in the markets it operates in and expresses hope for further expansion in regions like Hong Kong, UAE, and the EU.


DMM Bitcoin Raises $320 Million for Hack Reimbursement

Japanese crypto exchange DMM Bitcoin plans to raise $320 million to reimburse victims of a recent hack. The exchange will secure loans and increase capital to cover the losses. DMM Bitcoin, a subsidiary of DMM Financial, will receive support from its parent company. The funds will be used to purchase Bitcoin and refund affected users. The cause of the hack, which resulted in over $305 million in losses, is under investigation. DMM Bitcoin aims to keep users updated on the situation.

Top Weekly Altcoin Gainers and Losers

Gainers:

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JasmyCoin JASMY (+40.68%

Ordinals ORDI (+32.19%

Based Brett BRETT (+28.58%

Wormhole W (+25.80%

Stacks STX (+22.76%

Losers:

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Bonk BONK (-7.59%

SingularityNET AGIX (-7.46%

Pendle PENDLE (-7.44%

dogwifhat WIF (-5.47%

Fetch.AI FET (-5.28%)

NFT Market Map

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McDonald's Launches Metaverse in Singapore

McDonald's has launched its own metaverse in Singapore, offering special benefits to Grimace NFT holders. This move integrates the fast-food chain into the virtual world, enhancing customer engagement and brand presence. The metaverse, powered by Bandwagon's BW.LAND technology, offers unique experiences and perks, creating an exclusive environment for Grimace NFT owners. This initiative signifies McDonald's adaptation to emerging digital trends and its commitment to innovation in customer interactions.


Sotheby's Auctions Unique Bored Ape NFT

Sotheby's is gearing up to auction a unique Bored Ape NFT with gold fur, alongside other rare NFTs from Yuga Labs, on June 18. This event will test the demand for Ape-themed assets in the art world. Among the offerings is Ape #8552, notable for its solid-gold fur and intriguing backstory as a former asset of the now-bankrupt crypto hedge fund Three Arrows Capital. 

Gold-furred NFTs have historically fetched high prices, making this auction a significant event for the digital art community. Sotheby's aims to capitalize on the growing interest in NFTs and digital collectibles.


UK Nationals Charged in Evolved Apes NFT Scam

Three UK nationals have been charged in New York for wire fraud and money laundering related to the "Evolved Apes" NFT scam. The scam involved promising a highly-profitable video game associated with the NFT collection, which never materialized. 

The defendants allegedly defrauded investors by falsely claiming the development of the game, shutting down the project's website after receiving funds, and laundering the proceeds through multiple cryptocurrencies. The FBI has taken action against this fraud, emphasizing accountability. Each defendant faces up to 20 years in prison for conspiracy to commit wire fraud and money laundering.


Dapper Labs Settles NBA Top Shot Lawsuit

Dapper Labs, the company behind NBA Top Shot NFTs, settles a class-action lawsuit for $4 million. The settlement addresses claims of securities law violations, providing clarity for Dapper Labs. If approved, plaintiffs can't argue that NBA Top Shot NFTs are securities. Dapper Labs CEO emphasized focusing on building fan experiences. 

The lawsuit, filed in New York, alleged unregistered securities and market manipulation. Notably, the judge allowed the case to proceed initially. Dapper Labs will implement business changes as part of the settlement. These include token transfers and enabling third-party sales of Top Shot NFTs, aiming to enhance market fairness.

This article has been refined and enhanced by ChatGPT.

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