Weekly Crypto Update: Exciting Developments and Market Insights

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datelogo July 3, 2024

Category: MARKET RECAP


Market Highlights

The cryptocurrency market faced some turbulence this week:

  • Bitcoin (BTC) dropped to $60k, while Ethereum (ETH) fell to $3.3k. However, Solana (SOL) surged to $150 following news about Solana ETF applications by VanEck and 21Shares.
  • Dogecoin (DOGE) and Shiba Inu (SHIB) maintained sideways price action.
  • Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT) saw notable increases of 5.5%, 11%, and 7%, respectively.
  • Kaspa (KAS) gained 23% after Marathon Digital announced it would mine the cryptocurrency.
  • NFT sales declined by 44% in Q2, reflecting a cooling off in the market.
  • A dormant whale wallet transferred $61M worth of BTC to Coinbase.
  • The SEC delayed the launch of a spot Ethereum ETF, requesting resubmissions by July 8th.
  • The U.S. government moved 3,940 BTC worth $240M to Coinbase.
  • Galaxy Digital and Bitwise predict significant inflows for ETH ETFs once launched.

Crypto Gaming

Exciting developments in the crypto gaming sector include:

  • Pixelverse plans to launch its token on TON following the success of the PixelTap Telegram game.
  • XAI, an Ethereum-based layer-3 gaming network, aims to be the next Valve.
  • Catizen announced a TON token drop for July.
  • Studio369 launched its Ethereum token and entered the third phase of its closed beta.
  • Worldwide Webb rebranded to Soulbound, focusing on a Discord-playable game.
  • Avalanche shooter game BloodLoop launched Play-to-Airdrop via the Epic Games store on PC.

Regulatory Updates

Significant regulatory actions included:

  • The SEC sued Consensys, alleging MetaMask acted as an unregistered securities broker.
  • Coinbase filed lawsuits against the FDIC and SEC for clarity on crypto regulations.
  • Matt Gaetz introduced a bill to allow federal tax payments in Bitcoin.
  • Bolivia lifted its ban on Bitcoin and crypto payments, legalizing their use for financial entities.
  • Kraken co-founder Jesse Powell donated $1M in ETH to Trump's presidential campaign.

Investments & Partnerships

Key investments and partnerships:

  • Animoca Brands considers an IPO in 2025 in Hong Kong or the Middle East.
  • Vitalik Buterin and Dragonfly backed Mega Labs with $20M seed funding for the MegaETH blockchain.
  • Colosseum announced a $60M fundraise for the Solana ecosystem accelerator.

Cybersecurity

Cybersecurity incidents continued to rise:

  • Crypto losses from hacks, scams, and exploits hit $575M in Q2.
  • A CoinStats employee is suspected of a $2M theft.
  • Metallica’s Twitter account was hacked to promote a crypto scam.
  • AI versions of Elon Musk were used by scammers to push malicious software.
  • Cardano thwarted a DDoS attack targeting staked ADA.
  • CertiK faced accusations of front-running bug bounties through a subsidiary.

Miscellaneous

Other noteworthy news:

  • Bitcoin miner CleanSpeak is set to acquire rival GRIID in a $155M deal.
  • Drake lost over $1M in BTC betting on the Stanley Cup and NBA Finals.
  • Elon Musk’s X payments service reportedly won’t include cryptocurrencies for now.
  • RariMe, a self-custody identity wallet and Worldcoin competitor, uses ZK proofs for user anonymity.
  • Arbitrum DAO plans to invest 1% of treasury assets ($29M in ARB) into on-chain RWAs.


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