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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | June 22 - June 28, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | June 22 - June 28, 2024

Van Thanh Le

Jun 28 2024

3 weeks ago6 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Table of Contents

Crypto Market Updates

  • Crypto Weekly Recap

Major Crypto Updates

  • Mt. Gox Repays Creditors 140,000 BTC in July 2024
  • VanEck, 21Shares File for First Solana ETF in US
  • Blast Token Debuts with $420M Market Cap, Faces Challenges
  • Cardano Withstands DDoS Attack, Unveils Governance Model

Banking and Regulatory Updates

  • SEC Sues ConsenSys for Unregistered Brokerage Activities
  • Nubank Integrates Bitcoin Lightning Network with Lightspark
  • Tether Stops Minting USDT on Algorand and EOS

TON Ecosystem Developments

  • TON Ecosystem Faces Phishing Attacks, Whales Accumulate Coins

Crypto Exchanges and Platforms

  • Coinbase Won't Support ASI Token Merger, Partners with Stripe
  • Major Token Unlocking Events in July Total $755 Million

NFT Market and Influencer Moves

  • Pudgy Penguins and OverpassIP Launch Igloo Inc.
  • Mark Cuban Sells 14 NFTs Amid Market Downturn
  • NFT Trading Volume Drops 45% This Quarter
  • Logan Paul Sues Coffeezilla Over CryptoZoo Defamation

Crypto Weekly Recap


  • Weekly change: -6.36%
  • Despite dropping to $59,000 on Monday night, BTC stayed mostly steady for the rest of the week.
  • Bitcoin's price fell below $63,000, then to $59,000, marking its second-worst week of 2024. This was due to a 42% drop in large whale transactions, sell pressure from Mt. Gox repayments, US and Germany selling BTC, ongoing miner capitulation, and heavy liquidation of long positions.
  • Investors pulled $1.2 billion from crypto funds as Fed rate cut hopes faded. Bitcoin funds lost $630 million, but bearish sentiment stayed mild as short Bitcoin funds saw small outflows last week.
  • On Tuesday morning, the German government moved 900 BTC to Coinbase and Kraken, raising fears of asset selling; spot BTC ETFs saw seven days of outflows, while BTC bounced back above $61,500.
  • The dip allowed whales to buy. Whales purchased $436 million in Bitcoin in one day. Crypto Fear & Greed Index plunged to an 18-month low, marking the biggest single-day drop in years. 
  • BTC traded sideways after recovering, reaching up to $62,200, while US Bitcoin ETF inflows returned.
  • Despite lower-than-expected initial jobless claims, U.S. unemployment data didn't cause new inflation worries in crypto markets.
  • During the presidential debate, neither Biden nor Trump mentioned cryptocurrencies, disappointing the crypto community. Despite this, Bitcoin and altcoins kept their gains post-recovery, with BTC above $61,500.
  • On Friday, the latest US PCE inflation data dropped to 2.6% from 2.7%, and core PCE inflation eased to 2.6% from 2.8%. This hinted at a possible Fed rate cut in September. Bitcoin miners transferred 20% less BTC to exchanges, easing selling pressure (CryptoQuant). US spot bitcoin ETFs saw a $12 million net inflow, indicating steady but slow intake. Despite these factors, BTC still fell below $61,000.
  • In Q2 2024, Bitcoin faced a 14% decline, its first negative quarter since Q3 2023. After hitting an all-time high earlier in the year, Bitcoin dropped 9% in June. Hopes for $100,000 Bitcoin faded amid selling pressure, ending Q2 around $60,800. Analysts like Markus Thielen predicted further drops due to trend-following funds and geopolitical uncertainties, while others are still confident in BTC’s ability to hold $60,000.


  • Weekly change: -2.03%
  • Ether outpaced BTC but dropped 5% in Q2 2024.
  • During Monday's crash, ETH fell from $3,542 to $3,270. A wallet linked to Justin Sun of TRON caused a stir by withdrawing 13,967 ETH worth $48.8 million from Binance over three days at $3,438.56 per ETH.
  • On the same day, Ethereum's gas usage hit new lows as its price fell below $3,400. Despite lower transaction costs, validator fees surged, showing strong network activity.
  • On Tuesday, ETH bounced back above $3,400 as VanEck's filing hinted that Ethereum ETFs could launch within a week, similar to their swift Bitcoin ETFs rollout. It neared $3,500 on Thursday but fell below $3,400 on Friday. The price drop was also due to the SEC’s legal action against ConsenSys and claims that LidoRocket Pool staking programs are securities.
  • Ethereum saw its longest inflationary period since the Merge, with ETH supply increasing for nearly 73 days. Nearly 50,000 ETH ($168.7 million) were added since mid-April due to lower base fees and higher layer-2 activity. Recent protocol updates improved block space efficiency and lowered base fees, increasing ETH issuance, contrasting with Ethereum's goal of ultra-sound money, showing challenges in balancing network utility and inflation control.
  • Steno Research predicted $15-20 billion inflows into spot Ether ETFs in the first year, driven by Wall Street interest and imminent U.S. launches. This could push Ether to $6,500 by year-end. Analyst Mads Eberhardt saw these ETFs strengthening Ether's position against Bitcoin, despite concerns about institutional interest. Andrew Kang from Mechanism Capital warned of a potential Ether drop to $2,400 post-launch, reflecting uncertainties in market reception compared to Bitcoin ETFs.
  • Kraken founder donated $1M in Ethereum to support Trump’s 2024 re-election, but the debate was disappointing as crypto was not mentioned. PolitiFi memecoins fell in price despite earlier gains in Trump-themed memecoins.
  • Solana memecoins were active due to ETF filings from firms like VanEck, 21Shares, and ARK 21Shares.


  • MakerDAO delegate lost $11M in crypto assets in a phishing scam (details).
  • HashKey announced an airdrop and public listing of HSK token (details).
  • Arbitrum committee recommended diversifying 35M ARB into USDY and other RWA products (details).
  • CoinShares secured a 116% return from FTX claim sale (details).
  • Binance Labs backed Berachain ecosystem with a major investment in Infrared Protocol (details).
  • Jump's Kariya, who rose from intern to crypto leader, left the trading giant (details).
  • Market makers manipulated 78% of new crypto listings (details).
  • Telegram-based web3 game Hamster Kombat drew an Irani general’s ire amid a rising local player base (details).
  • DEX Screener unveiled a new meme coin launch pad, Moonshot (details).
  • Swarm Markets prepared for MiCA stablecoin regime with a gold NFT offering (details).
  • ZKSync debuted ‘Elastic Chain’ in its 3.0 roadmap (details).
  • Jason Derulo sold a meme token despite promising ‘never to sell’ (details).
  • Fetch.AI jumped after Injective teased an upcoming collaboration (details).
  • Alex Lab linked a $4M exploit to the North Korea-backed Lazarus Group (details).
  • MakerDAO and Sherlock teamed up for a historic $1.35M security audit contest (details).
  • Celsius small business creditors demanded reimbursement after a 35% cut in claims (details).
  • 54% of institutional investors in Japan planned to invest in crypto (details).
  • Shardeum allocated 3.3M SHM tokens for a testnet airdrop (details).
  • Notcoin burned $3M and announced new tokenomics (details).
  • CEO of defunct yield protocol Delio said user deposits weren’t 'principal protected' (details).
  • Bybit surpassed Coinbase to become the second largest crypto exchange by volume (details).
  • DWF Labs cashed out JASMY tokens, reaping massive profits on Binance (details).
  • Paradigm and Haun Ventures co-led a $37M round in Conduit (details).
  • EigenLayer AVS Ava Protocol acquired blockchain data startup Openstory (details).
  • Bitcoin-powered Core Blockchain launched an exchange-traded product in Sweden (details).
  • Worldcoin teamed up with Alchemy to launch World Chain (details).
  • Ex-fintech CEO was sentenced to 3.75 years over a price manipulation scheme (details).
  • Meme coin DORAE plummeted; developer suspected of rug pull (details).
  • Binance secured a VASP license in Dubai (details).
  • CertiK was accused of front-running bug bounties through a subsidiary (details).
  • Animoca looked to go public in Hong Kong or the Middle East in 2025 (details).
  • Unstoppable Domains launched a marketplace supporting ‘.com’ tokenization (details).
  • Metallica’s official X account was hacked to promote a now-collapsed token (details).
  • Vitalik Buterin introduced a tool for anonymous online voting (details).
  • ZynCoin patched things up with Philip Morris (details).
  • Chainlink data streams debuted on Avalanche with GMX V2 (details).
  • Crypto exchange Abra reached an $82.1M settlement with 25 U.S. states (details).
  • South Korean-based Hashed Ventures announced Abu Dhabi expansion (details).
  • Polymarket contradicted its oracle service in a rarity for prediction market (details).
  • Litecoin whale withdrew $20M in LTC from Binance (details).
  • Marathon Digital diversified revenue by mining Kaspa, aimed for 16% global hash rate (details).
  • Crypto losses to hit $25B next year due to deepfake, Bitget warned (details).
  • Infinite Block, Korea’s first licensed crypto custodian, embraced XRP (details).
  • Dfinity announced a new ICP-powered platform to tackle cybersecurity (details).
  • Andromeda integrated with Injective to drive DeFi adoption (details).
  • Half a billion was lost to crypto hacks and fraud in Q2, said Immunefi (details).
  • Tezos unveiled Tezos X roadmap to revolutionize blockchain (details).
  • BVNK launched Layer1 to simplify stablecoin payments for businesses (details).
  • Zeta Markets airdropped ZEX token (details).
  • Seoul High Court ruled in favor of Fantom Foundation over network development’s ownership (details).
  • Swiss Crypto Bank Sygnum added 20 new lenders for business enhancements (details).
  • Wanchain debuted a new bridge to connect Polkadot and Cardano blockchains (details).
  • CleanSpark agreed to acquire GRIID for $155M amid mining struggles (details).
  • Dogecoin profitability rose to 75% as Shiba Inu plunged to 52% (details).
  • Zerion deployed a testnet for Layer 2 rollup developed using ZK Stack (details).
  • Worldcoin’s WorldID arrived on Solana via Wormhole grant (details).
  • Fake Phantom wallet promoted in iOS AppStore drained users' funds (details).
  • Aptos Foundation teamed with Alibaba Cloud to launch Alcove in Japan (details).
  • Manta-based USDM stablecoin leveraged BlackRock’s BUIDL for backing (details).
  • CoinStats suffered a $2M loss in a crypto hack, CEO pointed to social engineering tactics (details).
  • Curve Finance adopted crvUSD for fee distribution (details).
  • Yield App suspended activity and entered liquidation proceedings, citing FTX collapse (details).
  • Lightning Network hacker Burak launched ‘Brollups’ Layer 2 solution for Bitcoin (details).
  • Aethir and MetaGravity partnership boosted scalable DePIN gaming development (details).
  • PancakeSwap launched an AI-prediction market on Arbitrum with 60,000 ARB rewards for ETH price movements (details).
  • Bitstamp delisted Euro Tether amid new MiCA rules (details).
  • Ethereum LSD solution Puffer Finance moved to based rollups after raising $18M (details).
  • Wormhole’s NTT powered ETHFI’s multichain transfer on Arbitrum (details).
  • Bolivia lifted the ban on Bitcoin, authorizing crypto transactions via banks (details).
  • Pendle lifted the cap for Ethena’s USDe, also extended into Aave (details).
  • Ethereum Name Service (ENS) price jumped on rebranding news (details).

Mt. Gox Repays Creditors 140,000 BTC in July 2024

Mt. Gox is set to repay 140,000 BTC and BCH to creditors in July 2024, ending a decade-long wait after its collapse. Originally handling 70% of Bitcoin transactions, Mt. Gox's 2014 downfall resulted in the loss of 850,000 BTC. The market anticipates significant sell pressure, with recent Bitcoin prices dropping to around $60,700 from $62,300 post-announcement. Analysts predict around 95,000 BTC initial distribution due to potential creditor holding. This event joins regulatory changes and tech advancements in shaping the crypto landscape, highlighting ongoing market dynamics and Bitcoin's price reactions to major institutional repayments.

VanEck, 21Shares File for First Solana ETF in US

VanEck and 21Shares have filed for the first Solana ETF in the US, aiming to reflect SOL's price performance through shares backed by SOL tokens. This move follows recent approvals for Bitcoin and Ethereum ETFs, signaling a pivotal shift in crypto investments. Market analysts anticipate a potential 2025 launch pending regulatory shifts, though concerns over market manipulation and SOL's security classification linger. 

Despite challenges like a significant drop in trading volume and regulatory hurdles, Solana continues to innovate with new features and partnerships, positioning itself amidst debates over its technological advantages and market potential in the digital asset landscape.


Blast Token Debuts with $420M Market Cap, Faces Challenges

Blast Token made a dramatic entrance into the DeFi world, launching with a staggering $420 million market cap and a fully diluted valuation nearing $2.48 billion. However, initial excitement quickly waned as the token's price plummeted by 20%, dropping from $0.025 to $0.02 and reducing reserved token values from $354 million to $289 million. 

Despite these setbacks, Blast aims to revolutionize DeFi with plans for a comprehensive "full-stack chain," including competitive wallet solutions. Despite early criticisms and market volatility, Blast's rapid TVL growth and ambitious roadmap indicate potential for significant impact in the decentralized finance sector.

Cardano Withstands DDoS Attack, Unveils Governance Model

Cardano recently withstood a sophisticated DDoS attack, targeting its network with a barrage of transactions designed to overload systems and steal staked ADA. Despite minor disruptions, the network's security held firm, and developers swiftly countered by deregistering attackers' credentials, mitigating potential losses. Concurrently, Cardano introduced a pioneering governance model featuring delegate representatives (DReps) and stake pool operators (SPOs), overseen by an Interim Constitutional Committee (ICC). This framework aims to decentralize governance, enhance transparency, and foster community engagement. 


SEC Sues ConsenSys for Unregistered Brokerage Activities

The SEC has filed a lawsuit against ConsenSys, accusing the company of engaging in unregistered brokerage activities related to securities through its MetaMask services. Since 2016, ConsenSys allegedly conducted over 36 million transactions without proper SEC registration, involving assets like Lido's stETH and Rocket Pool's rETH tokens, considered securities. 

This activity purportedly earned ConsenSys over $250 million in fees. The SEC claims ConsenSys deprived investors of mandated legal protections by failing to register these offerings. The lawsuit highlights ongoing regulatory challenges in the crypto space regarding compliance and investor safeguards.


Nubank Integrates Bitcoin Lightning Network with Lightspark

Nubank, the Brazilian neobank serving 100 million customers across Latin America, is set to introduce Bitcoin Lightning Network capabilities through a partnership with Lightspark. This collaboration aims to enhance transaction speed and reduce costs for users. Lightspark will integrate the Universal Money Address standard, simplifying peer-to-peer transfers with an email-like identifier. 

The initiative underscores Nubank's strategy to leverage blockchain for efficient financial services. Founded by former PayPal president David Marcus, Lightspark sees this integration as pivotal for expanding Lightning Network adoption. This move could significantly impact cryptocurrency usage in the region, particularly in Brazil, Mexico, and Colombia.

Tether Stops Minting USDT on Algorand and EOS

Tether announced it will no longer mint its USDT stablecoin on Algorand and EOS, citing a strategic shift to prioritize blockchain communities' support and usage. Despite being a major stablecoin issuer with over $113 billion in circulation across 16 blockchains, only a small fraction—approximately $85 million on Algorand and $17 million on EOS—was minted on these platforms, representing just 0.1% of the total supply. Tether will continue redeeming USDT on these chains for the next year, aiming to balance maintainability and community interest amid its broader blockchain strategy.

TON Ecosystem Faces Phishing Attacks, Whales Accumulate Coins

On June 26, 2024, the TON ecosystem faced increased phishing attacks on Telegram, causing a 4.34% dip in Toncoin (TON) prices. Despite this, TON whales have accumulated more coins, with holdings at an all-time high, indicating strong confidence in the asset's future. Also on June 26, Telegram received a massive transfer of 30 million TON ($224.64 million), raising questions about the fund's purpose. 

Additionally, Bitget and Foresight Ventures launched a $20 million TON Ecosystem Fund to support early-stage projects and drive innovation within the rapidly growing TON ecosystem, which has surpassed Ethereum in daily active addresses and achieved a fivefold increase in total value locked to $600 million.


Coinbase Won't Support ASI Token Merger, Partners with Stripe

On June 27, Coinbase announced it would not support the ASI token merger, diverging from other major exchanges and maintaining trading for OCEAN and FET tokens.'s founder clarified that Coinbase’s non-support wouldn't hinder the merger. On June 27, Coinbase accused the SEC and FDIC of improperly blocking document requests. 

Additionally, Coinbase and Stripe strengthened their collaboration to integrate USDC for global crypto payments, enhancing accessibility through Coinbase Wallet. Coinbase also sponsored the WNBA Commissioner's Cup Championship, where women's sports bars celebrated the Minnesota Lynx's victory over the New York Liberty.


Major Token Unlocking Events in July Total $755 Million

In July, a significant token unlocking event is anticipated across multiple crypto projects, totaling $755 million. AltLayer will lead with the release of 684 million ALT tokens on July 25, valued at $125 million, aimed at bolstering ecosystem growth through allocations for development, investor rewards, and community incentives. 

Aptos plans an undisclosed release, while Arbitrum will unlock $75 million on July 16 to further scale Ethereum solutions. Other projects like Optimism, Xai, Sui, Immutable, and Starknet also have scheduled token unlocks, contributing to addressing blockchain challenges and enhancing decentralized finance capabilities.

Top Weekly Altcoin Gainers and Losers



Kaspa KAS (+23.65%

Akash Network AKT (+14.58%

Aave AAVE (+11.59%


Bonk BONK (+7.84%



Lido DAO Token LDO (-14.66%

Fetch.AI FET (-13.88%

Ronin RON (-10.12%

Ethena ENA (-8.83%

Gnosis GNO (-7.96%

NFT Market Map


Pudgy Penguins and OverpassIP Launch Igloo Inc.

Pudgy Penguins and OverpassIP have launched their parent company, Igloo Inc., aiming to build an inclusive crypto ecosystem. Igloo plans to enhance user adoption by integrating NFTs and licensing opportunities, leveraging Pudgy Penguins' popularity. The new entity teases upcoming initiatives focused on broadening crypto accessibility. 

Founded by two prominent NFT platforms, Igloo seeks to create end-to-end solutions outside traditional market values, emphasizing user experience over cryptocurrency prices. This move underscores a strategic shift towards mainstream engagement, building on Pudgy Penguins' retail partnerships and forthcoming gaming collaborations, set to launch in 2025.

Mark Cuban Sells 14 NFTs Amid Market Downturn

Billionaire Mark Cuban has made waves in the NFT market by swiftly selling 14 NFTs over just two days. Among these transactions was the sale of a Pudgy Penguins NFT for 9.065 Ethereum (ETH), valued at approximately $30,000. Despite these sales, Cuban retains a significant NFT portfolio worth $6.2 million, comprising over 1,600 items. His actions coincide with a broader downturn in the NFT market, raising speculation about his strategic investment moves amidst shifting market conditions. These sales underscore Cuban's active engagement and influence within the evolving digital asset landscape.

NFT Trading Volume Drops 45% This Quarter

The trading volume of non-fungible tokens (NFTs) plummeted by 45% this quarter, reflecting a broader downturn in the crypto market. Initially buoyant with $4.1 billion in sales during Q1 2024, the NFT market sharply declined as the year progressed. Manipulative practices, such as wash trading amounting to over $35 billion, underscore ongoing challenges. Billionaire Mark Cuban's re-entry into NFT sales, netting $38,533 in just two days, provided a notable event amidst dwindling interest. Historical data shows a significant drop in average sale prices, signaling a cooling market amidst reduced participation and lower transaction volumes.

Logan Paul Sues Coffeezilla Over CryptoZoo Defamation

Logan Paul has filed a defamation lawsuit against YouTuber Coffeezilla, accusing him of making false statements about Paul's CryptoZoo NFT project. Paul alleges Coffeezilla maliciously claimed CryptoZoo was a scam, omitting Paul's intention to create a legitimate blockchain game. The lawsuit seeks damages over $75,000 plus fees, claiming Coffeezilla's videos harmed Paul's reputation. 

Initially considering legal action in 2022, Paul focused on a recovery plan for CryptoZoo but claims it failed due to advisors' misconduct. Coffeezilla has not yet responded to the allegations. Paul aims to hold Coffeezilla accountable for alleged reputational damage caused by false accusations about CryptoZoo.

This article has been refined and enhanced by ChatGPT.


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