Crypto Roundup: Crypto Market Roils, Tech Titans Eye India, New Stablecoin Launched, Genesis Rebuilds

Our canary brings a mix of good and bad news from the crypto world! The market experienced a major shake-up with over a billion dollars in liquidations. On a brighter note, tech giants are showing interest in India's CBDC, while Next Generation is launching a new stablecoin. Meanwhile, Genesis has successfully completed its bankruptcy restructuring, a positive step for the crypto lending space.

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Meme of the Day

Market Movements - 05 Aug 2024

The sell-off across the globe led to a massive decline in equity markets and has affected cryptocurrencies as well. Investors became cautious following a soft jobs report from the US, raising fears of an oncoming recession. This coupled with ongoing tensions in Middle East, the market plummeted sharply.

Bitcoin was down by -17.97% to $50,032.29, and Ethereum dipped by -23.42% to $2,235.53. BNB also declined by -21.38% to $415.72, while Solana was down by -21.74% to $113.03.

Among altcoins, Tron dipped by -8.01% to $0.118, and Toncoin declined by -19.41% to $4.97. Cardano also declined by -19.46% to $0.289, and Avalanche was in red by -20.94% to $17.84.

Movers and Shakers

In the last 24 hours, there were no gainers. The top losers included Brett (-31.56%), LIDO DAO (-31.40%) and Ondo (-30.91%).

Project Updates

1. Bybit announces the discontinuation of ETH and ERC20 deposits and withdrawals through the zkSync Lite network, effective August 5th due to a network upgrade.

   Read more here

2. Lido Finance expands offerings with an institutional-grade staking solution, to offer crypto staking options for larger investors.

   Read more here

3. Injective Protocol launches its Altaris mainnet upgrade, to provide better scalability and security for dApps.

   Read more here

4. Haust Labs joins forces with NEAR and Nuffle Labs to develop scalable blockchain solutions, to address blockchain's scalability limitations.

   Read more here

5. Xapo Bank, a Gibraltar-licensed digital bank, becomes the first fully regulated UK bank to offer combined interest-bearing USD and Bitcoin holdings.

   Read more here

Hall of Fame, Hall of Shame

Australian Authorities Crack Down on Crypto Phishing

The Australian Federal Police has launched an investigation into a series of phishing scams targeting cryptocurrency wallets. This follows a global investigation, codenamed Operation Spincaster, which revealed the use of "approval phishing" tactics to exploit Australian investors.

Read more here

India Cracks Down on Crypto Scam

Indian enforcement agencies are investigating a fraudulent cryptocurrency scheme in Leh-Ladakh. The operation seized over $100,000 in connection with a fabricated coin that promised unrealistic investment returns.

Read more here

What moved in the Crypto World Today

Crypto Market Sees $1B Liquidations

The crypto market experienced a wave of selling pressure, with over $1 billion in liquidations across major exchanges. The forced selling could be a result of margin calls triggered by falling prices, or investors exiting positions to mitigate potential losses.

Read more here

Tech Giants Eye India's CBDC

Tech giants Amazon, Google, and Walmart are reportedly seeking to participate in India's central bank digital currency (CBDC) pilot program, potentially boosting mainstream adoption of the e-rupee.

Read more here

Next Generation Launches Euro-Pegged Stablecoin

Payment technology firm Next Generation partners with Decta to introduce EURT, a Euro-pegged stablecoin. This partnership aims to provide European investors with a regulatory-compliant option for Euro-denominated crypto transactions.

Read more here

Genesis Completes Bankruptcy Restructuring

Cryptocurrency lender Genesis successfully concludes its bankruptcy restructuring. The firm will distribute $4 billion in crypto and cash to its creditors.

Read more here

Funding Announcements

Our Canary tweets of the latest funding news:

1. Korea-based Web3 venture studio Girin Labs raised undisclosed amount in funding from XRPL Japan and Korea Fund.

   Read more here

Whale Movements

1. A Whale 3MMB6 deposited 200 BTC ($10.33M) to Binance. Txn details here

2. Wallet 0x663 (likely Nomad Bridge attacker) bought 16,892 ETH using 39.8M DAI. More details here

3. Another Giant whale 0x347 just withdrew 6,000 ETH ($13.6M) from Binance. Txn details here

Today’s Token Unlocks

Worldcoin (WLD) - $7.18M
Galxe (GAL) - $12.31M 
Mode (MODE) - $2.89M

Coinversation Street

Our Canary brings some of the trending and informative tweets from the crypto world:

@Veradittakit thread on Demand Elasticity:

@KyleSamani thoughts on Prediction Markets:

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