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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | May 4 - May 10, 2024

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | May 4 - May 10, 2024

Van Thanh Le

May 10 2024

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

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Crypto Weekly Market Update

Table of Contents

Crypto Market Updates

  • Crypto Weekly Recap

Crypto Market Regulation and Compliance

  • Robinhood Contests SEC's Crypto Securities Allegations
  • FTX's Post-Bankruptcy Financial Recovery Surpasses Expectations
  • Binance Faces Allegations and Regulatory Scrutiny

Crypto Exchanges and Trading Platforms

  • Hong Kong ETFs Show Resilience Amid Bitcoin Fluctuations
  • BlockFi Partners with Coinbase for Client Withdrawals
  • Magic Eden Leads NFT Market Amidst Industry Shift

Crypto Asset Performance and Analysis

  • AI Crypto Tokens Surge Following Tech Developments
  • Toncoin's Price Soars with Upcoming Game Launch
  • Memecoins Dominate Altcoin Leverage in 2024

Stablecoins and Regulatory Developments

  • Stablecoin Stability Questioned by Deutsche Bank
  • Coinbase's Base Blockchain Gains Traction in SocialFi

NFT News

  • Salvor Secures Funding for NFT and DeFi Expansion on Avalanche
  • NFT Trader Victim of Phishing Scam by "PinkDrainer"
  • Trump Hosts NFT-Themed Fundraiser Amid Trial
  • Magic Eden Leads NFT Market Amidst Industry Shift

Crypto Weekly Recap


  • Weekly change: -2.5%
  • Bitcoin's price rebounded to surpass $64,000 on Monday. Institutional investors accumulated over 47,000 BTC, signaling renewed confidence due to the re-inflow of funds into US spot Bitcoin ETFs.
  • The Bitcoin network processed its billionth transaction, and miners held onto their coins the longest since BTC traded around $16,000.
  • Bitcoin rose to $65,300 on Tuesday, then dropped to $63,000 after the SEC issued a Wells Notice to Robinhood.
  • The price continued to decline, reaching as low as $60,800 before Thursday's macroeconomic data release.
  • U.S. unemployment figures hit an 8-month high at 231,000, above the expected 212,000, suggesting economic slowdown and sparking speculation about Federal Reserve rate cuts. Following the Bank of England's rate decision, the dollar weakened while gold, silver increased, and BTC rose above $63,000.
  • Following a sharp drop in Bitcoin network difficulty, BTC recovered but fell again to $61,000 today.
  • Despite recent downturns in BTC ETF investments, institutions keep betting in BTC: firms in Hong Kong pushed forward with ETF initiatives, Metaplanet acquired an additional 19.87 BTC, and Hightower Advisors purchased $68M in ETF shares.
  • Crypto products saw $1 billion in global outflows for the fourth consecutive week, with US Bitcoin ETFs experiencing $251 million in outflows.
  • The U.S. administration opposed a crucial regulatory bill on U.S. banks custodianship of cryptocurrencies, jeopardizing the bill supported by Republicans.
  • CFTC Chairman indicated a regulatory crackdown on crypto firms was imminent, echoed by the SEC's actions against various firms.
  • The Bitcoin kimchi premium fell to 1.54%, indicating a decrease in the price variance on South Korean exchanges compared to global markets.
  • Traders noted weak bid liquidity at $60,000 but found support around $58,000.
chart (1).webp


  • Weekly change: -3.27%
  • ETH began the week at $3,144 and climbed past $3,200 on Tuesday, following a broader market rise.
  • Ethereum reversed a seven-week outflow trend with $30 million in inflows, according to a CoinShares report.
  • The SEC delayed the decision on the Invesco Galaxy spot Ethereum ETF to July, causing ETH prices to drop near $3,000 as anticipation waned.
  • ETH's decline continued when Grayscale withdrew its Ethereum futures ETF filing. James Seyffart interpreted this as an attempt to prompt a definitive SEC stance on ETH futures ETFs. Meanwhile, Bloomberg's Eric Balchunas saw the withdrawal as potentially averting further legal actions.
  • Vitalik Buterin proposed "multidimensional gas pricing" to improve Ethereum's computational task management.
  • Following the Dencun upgrade, Ethereum shifted from deflationary to inflationary, as reported by CryptoQuant. This was due to fewer transaction fees being burned, leading to the quickest daily increase in ETH supply since the Merge. This inflationary trend resulted from lower fees burned despite more network activity. Ethereum's transaction fees hit a six-month low, with 82% of transactions moving to L2 blockchains like ArbitrumOptimism, and Base.
  • Combined macro factors and market sentiment pushed ETH down to $2,955 on Wednesday, although it briefly recovered after jobless claims data.
  • However, the recovery was short-lived, setting a new weekly low of $2,925.
  • Ethereum faced selling pressure, with short-term holders at risk of losses. A Glassnode report noted Ethereum's largest monthly decline since April 2022 at -44%, underperforming Bitcoin's -21%. The MVRV metric indicated potential panic among recent buyers, while long-term holders were reluctant to sell despite significant gains.


Robinhood Contests SEC's Crypto Securities Allegations

Robinhood faces SEC's heat over alleged crypto securities violations, triggering a 7.80% stock plunge. The company vehemently disputes the claims, emphasizing the non-security nature of its crypto assets and expressing disappointment over the potential legal action. This clash has sparked broader industry backlash, with the crypto community criticizing the SEC's regulatory overreach. 

Notably, prominent figures and associations have condemned the SEC's tactics, signaling a potential lasting feud. Despite this, analysts predict Robinhood's conservative crypto standards may position it favorably in a legal battle. Amidst escalating regulatory scrutiny, the crypto sector braces for intensified crackdowns and calls for clearer regulations and consumer protections.  

FTX's Post-Bankruptcy Financial Recovery Surpasses Expectations

FTX, post-bankruptcy, has amassed $14.5B to $16.3B, surpassing its liabilities, allowing full creditor repayment averaging 118% of original claims, potentially reaching 142% for smaller claims under $50,000. The recovery is powered by asset sales, including cryptocurrency holdings and equity in companies like Anthropic. 

While creditors benefit, equity stakeholders receive no payouts. FTX's bold move excludes FTT token holders but promises NFT retrieval for those trapped on its platform. However, controversy arises with dissenting voices expressing concerns over undercompensation and legal protection for management. Notably, the expected $15B disbursement may potentially fuel a Bitcoin investment surge, per early Bitcoin proponent Adam Back's prediction. 

chart (2).webp

Binance Faces Allegations and Regulatory Scrutiny

Explosive allegations have rocked Binance, accusing trading firm DWF Labs of orchestrating over $300 million in manipulative activities, including wash trading and pump-and-dump schemes, particularly targeting Binance's elite "VIP" clients. Strong denials from both Binance and DWF Labs followed, with Binance emphasizing its robust market surveillance. 

However, this controversy has sparked intense regulatory scrutiny, resulting in significant fines and legal repercussions for Binance and its founder. The fallout has placed the exchange's integrity and future under serious threat, as it grapples with severe global repercussions and an uncertain path forward.  

chart (3).webp

Hong Kong ETFs Show Resilience Amid Bitcoin Fluctuations

Recent reports reveal fluctuations in trading for Hong Kong's spot Bitcoin ETFs, with net outflows of 90.16 BTC on May 9, while the collective holdings remain strong at 4,260 BTC. Despite a dip in trading volume, assets under management have surged past $317.4 million, with substantial pre-launch investments. These ETFs, denominated in three fiat currencies, offer flexible subscription and redemption options, underscoring significant influence in the local economic landscape. 

Hong Kong's pioneering initiatives, including in-kind subscription and redemption mechanisms, strategic alliances, and the establishment of the first ETF liquidity fund, signify its commitment to becoming a global digital asset hub – a vision reinforced by the launch of six spot ETFs for Bitcoin and Ethereum.  

BlockFi Partners with Coinbase for Client Withdrawals

BlockFi is closing its web platform and partnering with Coinbase to enable eligible clients to withdraw their crypto holdings. The closure follows BlockFi's bankruptcy filing in 2022, attributed to FTX's collapse. Clients who missed the withdrawal deadline are given an opportunity to set up a Coinbase account to retrieve their assets. 

Alternatively, assets may be liquidated into cash for distribution. The plan administrator will use Coinbase for upcoming distributions, possibly involving recovered funds from FTX. BlockFi warns against potential scam attempts and advises clients to download important documents before the platform shutdown. 

AI Crypto Tokens Surge Following Tech Developments

Major AI-related tokens, including SingularityNET and, have seen substantial gains, with market capitalization reaching $27.7 billion, marking a 10% increase in the last 24 hours. Render's RNDR token surged 40% over the week, significantly influenced by an 11% increase following Apple’s mention of Render’s Octane software during an iPad keynote. 

The overall crypto market cap was $2.45 trillion, with AI tokens consistently outperforming general market trends. This rally in AI tokens coincides with strong performance predictions for Nvidia’s upcoming quarterly report, expected to further influence the sector. OpenAI's upcoming AI-powered search engine spurs innovation, competition, and investor confidence, which helps boost the performance.  

chart (4).webp

Toncoin's Price Soars with Upcoming Game Launch

Toncoin's price surged by 50% this month, reaching $7.10 on May 10, following a 15% increase in 24 hours. Outperforming the general crypto market, Toncoin's growth is attributed to the impending Notcoin game launch and airdrop on May 16. Notcoin, a social clicking game on Telegram, involves tapping a coin to earn Notcoin tokens. 

A new crypto, NOT, will be airdropped to 34.5 million participants, boosting Toncoin demand. Additionally, Pantera Capital's undisclosed investment in The Open Network, with its integration into Telegram, has contributed to a 46% Toncoin price increase. The TON blockchain has seen a 33% rise in TVL in May, reaching 40.58 million TON.  

chart (5).webp

Memecoins Dominate Altcoin Leverage in 2024

According to Kaiko data, in 2024, memecoins like Pepe (PEPE) and Dogwifhat (WIF) led altcoin leverage usage, with returns of 510% and 1,880%, respectively. Memecoins have hit a market cap of $50.8 billion so far, reflecting a high speculative interest and an average return of 1,300% across top tokens. Among the rising trends, Olympic-themed meme coins notably soared, with American Coin (USA) being the leader. Smart money heavily invested in big cap memecoins like PEPE and FLOKI too, totaling over $50 million in the last week, although they’ve recently exited part of the investment. 

VanEck MarketVector's memecoin index surged 137% YTD due to the appeal of high-risk, high-return memecoins, outperforming the S&P 500 by 15x. Pepe, Floki, and Shiba Inu were the leading gainers. Former US President Donald Trump's recent endorsement of digital assets has also reignited interest in memecoins, with a 10% surge in their market cap.

Stablecoin Stability Questioned by Deutsche Bank

Deutsche Bank's scathing analysis of stablecoins, especially Tether (USDT), highlights concerns over stability and transparency, predicting many will fail similar to past currency pegs, a view strongly contested by Tether, citing their robust reserve backing and accusing the bank of lacking evidence. The stablecoin landscape also witnessed other notable events this week. 

Concurrently, analysis by Visa suggests less than 10% of stablecoin transactions are from real users, indicating potential overvaluation of their market activity. Additionally, Lightning Labs is innovating on Bitcoin to support stablecoins, enhancing transaction efficiency and fostering broader adoption, while Ripple faces SEC scrutiny over its upcoming stablecoin launch, complicating its regulatory standing. 

Coinbase's Base Blockchain Gains Traction in SocialFi

Franklin Templeton has focused on Base, a layer-2 blockchain solution by Coinbase, highlighting its swift adoption due to innovative SocialFi applications, notably through Friend.Tech. This platform has integrated monetizing social interactions, achieving a $200 million market cap with its FRIEND token. Base has seen a significant rise in transaction volumes with 46% linked to SocialFi activities. It uses optimistic rollups to enhance transaction speed and cost-efficiency, with its total value locked (TVL) surging by over 630% YTD, contrasting sharply with a 47% increase for Arbitrum. 

Meanwhile, it’s worth noting that Coinbase's Base chain experienced a 145% increase in crypto thefts in April, indicating heightened scam activity, despite a sector-wide reduction in such crimes. Base's specific vulnerabilities led to losses of approximately $170,000 to phishing in April alone, with overall on-chain thefts rising significantly over the year.

chart (6).webp

Top Weekly Altcoin Gainers and Losers


Coin360 (2).png

Render Token RNDR (+38.87%

Akash Network AKT (+37.29%

Kaspa KAS (+16.26%

The Graph GRT (+15.25%

JasmyCoin JASMY (+8.18%


Coin360 (1).png

Core DAO CORE (-21.10%

Internet Computer ICP (-12.04%

Bittensor TAO (-7.64%

Lido DAO Token LDO (-7.11%

Polygon MATIC (-6.67%

NFT Market Map


Salvor Secures Funding for DeFi Expansion on Avalanche

Salvor, a peer-to-peer NFT and meme coin lending protocol, has secured a $1 million grant from the Avalanche Foundation. The funding aims to expand services on the Avalanche C-Chain and enhance decentralized finance (DeFi) on the platform. Salvor's dynamic lending system allows users to utilize their NFTs and meme coins as collateral for AVAX loans, thereby increasing liquidity within the ecosystem. 

This initiative, part of the Avalanche Rush Program, incentivizes users with points and rewards for various activities. Salvor's strategies are tailored to boost capital efficiency across Avalanche’s NFT and DeFi ecosystems, providing an alternative to selling valuable assets while promoting immediate liquidity and fostering wider engagement in the financial ecosystem. 

NFT Trader Victim of Phishing Scam by "PinkDrainer"

An NFT trader named "tatis.eth" fell prey to a phishing scam conducted by "PinkDrainer," resulting in the theft of three valuable Bored Ape Yacht Club (BAYC) NFTs worth $145,000. These tokens, transferred to a phishing address and quickly sold for 48.5 ETH, are part of a series of malicious acts by the same scammer. "PinkDrainer" has a history of draining crypto assets, previously targeting victims for substantial amounts. This incident joins a wave of scams in 2023, including the notorious JPEG’d NFT protocol impersonation, underscoring the ongoing cybersecurity threats faced by NFT traders and the crypto community at large. 

Trump Hosts NFT-Themed Fundraiser Amid Trial

Donald Trump, leveraging his NFTs, hosted a dinner at Mar-a-Lago for supporters who purchased significant amounts, amid his ongoing criminal trial in New York. Each attendee bought at least 47 NFTs priced at $99, focusing on his 'Mugshot Edition' NFTs, using a photo from his 2023 arrest. Trump, endorsing a pro-crypto stance despite his controversial relationship with the industry, also discussed potential crypto donations for his campaign. 

Meanwhile, his NFTs, particularly the 'Trump Digital Trading Cards,' experienced a price surge, doubling their market value as public interest spiked following mockery from comedian Jimmy Kimmel, who labeled the collectors as "freaks" and "suckers." This incident highlighted the volatile intersection of politics, celebrity influence, and digital assets.

Magic Eden Leads NFT Market Amidst Industry Shift

Magic Eden has overtaken Blur as the leading NFT marketplace, as per DappRadar’s Dapp Industry Report, with a $108 million trading volume lead and a strategic focus on Bitcoin Ordinals and rewards programs. Its success is further fueled by low transaction fees, cross-chain support, and ongoing enhancements. 

The overall NFT market experienced a 13% volume decrease to $1.35 billion, accompanied by a 20% rise in sales. Notably, Runestone's surge in popularity contributed to this shift, surpassing Bored Ape Yacht Club. Bitcoin collections saw a 32% increase in trading volume, cementing Bitcoin as the top blockchain. The Blast chain also gained traction for airdrop points via Blur's deployment.  

This article has been refined and enhanced by ChatGPT.

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