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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | September 2 - September 8, 2023

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | September 2 - September 8, 2023

Sep 8 2023

10 months ago5 minutes read
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

Banking and Regulatory Updates

  • JPMorgan’s Blockchain Payment Experiment
  • Ethereum ETFs: SEC’s Upcoming Decision
  • Visa Expands into Stablecoin Payments
  • MakerDAO vs Solana: The Drama Unfolds

Crypto Platforms and Market Trends

  • CFTC Slaps Fines on DeFi Protocols
  • Taiwan Rolls Out Crypto Regulations
  • MetaMask’s New Cash-Out Feature

Country-Specific Developments

  • Weibo Purges Crypto Influencers

Crypto Exchanges and CEOs

  • Binance CEO Debunks Rumors
  • LBRY’s Legal Battle Against the SEC

Advertising and Media

  • Google Lifts Ad Ban on Crypto Games

NFT and Cultural Shifts

  • Yuga Labs Launches TwelveFold NFT Puzzle
  • NFL All Day NFT Sales Take a Hit
  • Justin Bieber’s Song Turned into NFT
  • Casio and Polygon Launch Virtual G-SHOCK
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Crypto Weekly Recap: Price Actions, Market Trends, and Key Developments


  • Weekly change: -0.38%
  • BTC rebounded to $25,800 after hitting $25,400 on last Friday and hovered between $25,800 and $26,000 all weekend.
  • It dipped to $25,800 on Monday during the U.S. Labor Day.
  • BTC plunged to a near six-month low at $25,000 on Tuesday due to Saudi Arabia and Russia extending oil cuts, stoking inflation fears.
  • The price rose to $25,800 on Wednesday but soon fell back to $25,500.
  • BTC surged to $26,300 late Thursday and early Friday, likely fueled by JPMorgan's blockchain plans, but faced headwinds like higher exchange deposits.
  • Lucas Kiely of Yield App said investors are diversifying into stocks and real estate, moving away from just Bitcoin.
  • Grayscale talked to the SEC about turning their Bitcoin Trust into an ETF, possibly setting a precedent for firms like BlackRock and Fidelity.
  • Ark Invest applied for a U.S. Ether ETF, aiming to be the first of its kind.
  • Next week, eyes are on the U.S. consumer price index and the European Central Bank's interest rate decision.
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  • Weekly change: -1.08%
  • Ethereum's founder dumped MKR, sparking a week that saw 300K ETH move from whale wallets to Coinbase.
  • Like BTC, ETH dipped to a key $1,600 support last Friday but bounced back to $1,630-$1,644.
  • Tuesday saw ETH hit its lowest point since Sep 1, but it climbed to a weekly high of $1,656 by Thursday.
  • IntoTheBlock data revealed that 44.2% of Ethereum holders are now at a loss.
  • A whale snapped up nearly 20,000 ETH on Wednesday's dip.
  • Whales scooped up 260,000 ETH ($425M) on Thursday, spurred by Ark Invest's U.S. Ether ETF news.
  • Vitalik Buterin stated that future upgrades could let Ethereum nodes run on mobiles, though challenges may take decades.
  • ETH's price stalled, settling back to the $1,630 range on Friday.
  • Ethereum's volatility has fallen below Bitcoin's as trading volumes remain suppressed in the cryptocurrency market. 
chart (2).webp


  • XLM went up 10% as Stellar hinted at ‘something cool.’
  • Elon Musk reportedly backed Dogecoin in his biography, but the price still dropped.
  • DYDX token approved to become the core asset of the new dYdX chain.
  • Shibarium hit 1M wallets, saw 25M BONE staked; Robinhood added 14T SHIB.
  • GALA plummeted 98% in 18 months amid company’s internal war.
  • Aussie heart institute picked Filecoin over cloud storage.
  • Synapse token slipped after a big sell-off from Nima Capital.
  • Lido on Solana considered closing due to lack of funds.
  • Massive XRP exodus from Binance occurred; Kaiko said it's strong than other altcoins.
  • USDC launched on OP Mainnet and Base.
  • Tether held more U.S. bills than some countries, said Ardoino.
  • Nearly 99% Axie Infinity wallets were in the red.
  • FDUSD market cap jumped 51% to $394M.
  • 1.5T PEPE sold at a loss, sentiment remained low.
  • SNX rose 15% amid V3 buzz.
  • TON Foundation registered in Switzerland; saw an August surge of 45%.
  • Whales & sharks hoarded $10 worth of LINK in 3 days.
  • Polygon denied MATIC dump, cited mislabeling.
  • Kenyan official slammed Worldcoin as data harvesters.
  • Offchain Labs was accused of taking ARBs from Binance.
  • PancakeSwap beat BNB Chain in August revenue.
  • Coinbase's Base network faced its first major outage.
  • Half of crypto millionaires hold Bitcoin.
  • Ex-Celsius CEO's assets were frozen amid DOJ case.
  • Coinbase and Aave led a tokenized asset coalition.
  • Palau ended its dollar-based stablecoin two months after launch.
  • Thodex founder got 11K+ years in jail.
  • FBI attributed $41M Stake hack to North Korea's Lazarus Group.
  • Crypto whale lost $24M in staked Ethereum to phishing attack.

JPMorgan’s Blockchain Payment Experiment

Robot pushing Blockchain Payments button in futuristic JPMorgan setting

JPMorgan Chase & Co. is exploring the development of a blockchain-based payment and settlement system. The system would utilize a digital deposit token to accelerate transaction speed and reduce costs. However, regulatory approval is still needed before the project can proceed. Once approved, the system could be launched for corporate clients within a year. 

This initiative follows JPMorgan's previous collaborations and experiments with blockchain technology, including the testing of a deposit token payment system in partnership with the Monetary Authority of Singapore. In 2019, the company also launched its own cryptocurrency called JPMorgan Coin.  

Ethereum ETFs: SEC’s Upcoming Decision

Ethereum ETFs from ARK Invest, VanEck, and 21Shares face regulatory challenges in the US. The SEC's final decision is expected around May 23, 2024. Custody for these ETFs is entrusted to Coinbase Custody and the Bank of New York Mellon. 

The Ethereum market cap and Grayscale's legal win against the SEC play pivotal roles in shaping the future of these ETFs. Spot Ether ETFs are anticipated, and their approval could be influenced by the success of spot Bitcoin ETFs. Overall, the article highlights the complexity and potential game-changing nature of these ETFs.  

Visa Expands into Stablecoin Payments

Visa has expanded its stablecoin settlement capabilities by focusing on USDC tokens on the Solana blockchain. This move signifies Visa's increased involvement in the crypto market and its potential impact on crypto coin prices. Visa's collaboration with Worldpay and Nuvei to facilitate USDC transactions is significantly influencing crypto coin prices, creating a bridge between fiat and stablecoins. The crypto price of Solana's SOL token soared by more than 5% post-announcement, underlining its bullish market behavior. 

Bernstein projects a $3 trillion market for stablecoins in five years, with potential for major financial platforms to issue co-branded stablecoins. Visa is also exploring off-chain gas fee settlements for Ethereum using Paymaster smart contracts. Overall, Visa's integration of USDC settlements on Solana validates stablecoins and positions Solana as a competitor to Ethereum.  

chart (4).webp

MakerDAO vs Solana: The Drama Unfolds

MakerDAO's founder proposed forking Solana, leading to Ethereum founder Vitalik Buterin selling his MKR tokens. However, Solana co-founder Anatoly Yakovenko urged solidarity and celebrated MakerDAO's decision. Meanwhile, a crypto whale invested heavily in MKR tokens, implying a bullish outlook. 

In the altcoin market, Solana has stood out as institutional investors pour money into it, while other altcoins experience capital flight. Solana's rising popularity is also evidenced by its suggested use for MakerDAO's future developments. The crypto landscape remains dynamic and unpredictable, requiring constant vigilance and adaptation.  

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CFTC Slaps Fines on DeFi Protocols

The fines levied by the U.S. Commodity Futures Trading Commission (CFTC) on DeFi protocols like Opyn, ZeroEx, and Deridex are likely to cause ripples on cryptocurrency charts, as they highlight the increased regulatory scrutiny. Opyn and Deridex were charged for various registrations violations, while all three firms were accused of offering illegal leveraged and margined retail commodity transactions. 

The CFTC has ordered the companies to pay fines of $250,000, $200,000, and $100,000, respectively, and to cease violating regulations. The enforcement action highlights the need for DeFi platforms to adhere to legal requirements. Opyn has a total volume locked (TVL) of $23 million, while ZeroEx is an Ethereum-based decentralized exchange. Deridex has shut down its operations.  

Taiwan Rolls Out Crypto Regulations

Taiwan's Financial Supervisory Commission (FSC) has unveiled comprehensive guidelines for virtual asset service providers (VASPs), which will be officially introduced in September. The guidelines consist of ten principles that aim to foster self-regulation within the virtual asset services industry and include strict information disclosure requirements, anti-money laundering measures, and separation of platform and customer assets. 

The FSC will supervise virtual asset financial investment and payment activities in Taiwan and restrict offshore crypto exchanges from operating onshore unless they adhere to the guidelines. Companies will need to declare compliance with anti-money laundering and counter-financing of terrorism laws and establish systems for continued operations, information security, and private key management.

MetaMask’s New Cash-Out Feature

MetaMask, the popular hot wallet, has introduced a new "cash out" function, allowing its customers to convert cryptocurrency into fiat currency. This feature supports ETH on the Ethereum mainnet initially and is available in the U.S., UK, and parts of Europe. MetaMask plans to expand the functionality to include native gas tokens on Layer 2 networks soon. 

Besides bank account transfers, users can also add converted fiat to their PayPal balance, thanks to a previous integration between MetaMask and PayPal. This development aims to provide greater convenience and flexibility for MetaMask users.  

Weibo Purges Crypto Influencers

Weibo, a Chinese social media giant, has purged 80 of its most prominent crypto influencers, citing violations of eight key regulations related to marketing, internet safety, telecommunications, trade, and finance. This move reflects the Chinese government's ongoing strict crackdown on cryptocurrency activities within its borders. 

The decision to remove these high-profile figures, each boasting over eight million followers, was seen as a clear message from Weibo to align itself with the Chinese government's policies. This recent move by Weibo follows an incident in August 2022 when Chinese internet regulators ordered the removal of thousands of crypto-related accounts and posts across multiple online platforms.

Binance CEO Debunks Rumors

Binance CEO Changpeng Zhao has dismissed rumours surrounding the company, assuring its stability. The crypto exchange has been hit by a series of rumours, including reports of the departure of 10 executives since July 2023, concerning lawsuits, and more. Zhao responded to the rumours with a note of assurance that the company was stable amid market uncertainties. 

He also highlighted Binance's accomplishments in the same period, including introducing new fiat channels, launching new products, new hires and markets, and winning in court cases. Crypto enthusiasts have offered support to Zhao, conveying their belief in Binance and its CEO.

LBRY’s Legal Battle Against the SEC

Blockchain firm LBRY has filed a notice of appeal against the Securities and Exchange Commission (SEC) after losing a legal battle in November 2022. LBRY aims to fight a federal judge ruling from July that imposed a civil penalty and prohibited the company from participating in unregistered offerings of crypto asset securities. 

This decision marks a reversal from LBRY's previous plan to wind down its operations. The SEC had initially sued LBRY, claiming that its LBRY Credit token was sold as a security. The appeal follows recent victories by other crypto industry players against the SEC.  

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Top Weekly Altcoin Gainers and Losers


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Synthetix SNX (+13.84%)

Kaspa KAS (+13.16%)

IOTA MIOTA (+12.80%)

Stellar Lumens XLM (+8.12%)

Radix XRD (+6.98%)



Gala GALA (-15.25%)

Rollbit Coin RLB (-11.44%)

dYdX DYDX (-10.03%)

Bitcoin Cash BCH (-7.56%)

Mantle MNT (-7.48%)

NFT Market Map


Google Lifts Ad Ban on Crypto Games

Google has updated its advertising policy for cryptocurrencies and NFTs, allowing ads for blockchain-based and NFT games starting from September 15. However, gambling and betting games involving NFTs are excluded from this policy. Advertisers must comply with the Gambling and Gaming Policy and local laws, and failure to do so may result in account suspension. This marks a shift from Google's previous ban on cryptocurrency-related advertising in 2018.  

Yuga Labs Launches TwelveFold NFT Puzzle

Yuga Labs, the Web3 giant, has launched the TwelveFold NFT puzzle, offering 0.12 BTC ($3,000) as a weekly prize. Participants need to solve the puzzle and submit their answers to win. On the flip side, Yuga Labs' Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections have seen significant drops in value, with BAYC down by 8.6% in the last 24 hours and MAYC down by 56% year-on-year. 

ApeCoin (APE), not directly affiliated with Yuga Labs, has also experienced a decline in value. The crypto community is grappling with the longest bear cycle in crypto history.  


NFL All Day NFT Sales Take a Hit

Sales of Dapper Labs' NFL All Day NFT collectibles platform have dropped 87% compared to last year's football preseason rally, with $1.3m in sales this past month, according to CryptoSlam. The project, which launched last year, applied the same formula as NBA Top Shot by offering tokenized video highlights as NFTs that can be bought, sold and traded on Dapper's marketplace. 

In August 2022, sales surged to $10.3m, but this year's sales have fallen short of expectations. Dapper moved to renegotiate a deal it had with OneTeam Partners after executives overestimated NFL All Day’s revenue expectations.

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Source: CryptoSlam

Justin Bieber’s Song Turned into NFT

Justin Bieber's hit song "Company" from 2015 has been transformed into a non-fungible token (NFT) by anotherblock, offering fans the opportunity to invest and earn royalties from future streams of the track. The NFT will be released on September 7, with only 2,000 copies available. While the rights to the song will remain with the co-producer, fans who own an NFT will receive a 1% royalty share. 

This initiative aims to connect fans to the music industry and demonstrate the potential of blockchain technology in the music space. Anotherblock has previously collaborated with renowned artists such as The Weeknd, Rihanna, and Martin Garrix.  

Casio and Polygon Launch Virtual G-SHOCK

Casio has partnered with Polygon (MATIC) to launch the virtual G-SHOCK project, connecting their iconic shock-resistant watches with a global user base. They plan to distribute 15,000 limited-edition G-SHOCK Creator Pass NFTs on the Polygon blockchain. 

The virtual G-SHOCK community will launch on Discord, granting pass holders exclusive access to co-creative projects and events. Casio chose Polygon for its fast transactions and carbon-neutral capabilities. This collaboration follows other major brands launching their NFT initiatives on Polygon, showcasing the growing appeal of the platform to global brands.  

This article has been refined and enhanced by ChatGPT.

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