Hello Snapshotters,
With one week to go until the halving, all eyes are on Bitcoin. The recent price movement to over $72,000 liquidated over $100 million in leveraged short positions. Investors’ speculative interest in the crypto market, fueled by the upcoming Bitcoin halving, has risen to levels not seen since the 2021 bull run. This means that — with the high volume of Bitcoin spot trading — the market has reached the ‘euphoric’ phase, according to analytics firm Glassnode.
Additionally, open interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving, according to CryptoQuant. The firm believes that the key driver affecting BTC price will be the increase in demand rather than the supply crunch after the halving.
Read on for more details on what else is moving the market.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
Want more? Get weekly Market and DeFi Updates from Crypto.com’s Research Team.
News Snaps
🇦🇪 Crypto.com Gets Full Operational Approval in Dubai
Crypto.com is the first global crypto platform to receive full operational approval in Dubai,and is now permitted to operate with fiat currency. Launching the Crypto.com Exchange for institutional investors is the first operational step.
🏦 More Wall Street Firms Enter Bitcoin ETFs
BlackRock updated its Spot Bitcoin ETF prospectus to include five Wall Street firms as new authorized participants, including ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities.
🌟 XRP Plans New Stablecoin
Ripple (XRP) announced plans to launch a USD stablecoin on the XRP Ledger and Ethereum blockchain. The stablecoin aims to compete with USDT and USDC.
💱 No-Fee PYUSD Transfers Available in U.S.
PayPal enabled cross-border money transfers with USD converted from PYUSD, the company’s stablecoin. This service is available to U.S. users, and transfers can be sent to approximately 160 countries globally with no transaction fees.
↗️ USDe Becomes Fifth-Largest Stablecoin
Ethena Labs’ USDe reached a $2 billion supply, becoming the fifth-largest stablecoin by market cap. USDe, launched in February 2024, is a ‘synthetic dollar’ that aims to maintain the peg to 1 US dollar by adopting derivative hedging.
What’s Ahead
Aussie Bitcoin ETF in the Works
Monochrome Asset Management, an Australian investment management firm, unveiled plans for the first Australian Spot Bitcoin ETF, with Cboe Australia as its listing exchange.
It is pending necessary approvals from market operators and regulatory bodies, with a decision expected before mid-2024.
Number of the Week
Chart of the Week
As of April 7, 2024, approximately 2.3 million BTC were held by cryptocurrency exchanges, the lowest amount since March 2018.
This coincides with the launch of U.S. Spot Bitcoin ETFs. Since then, ~161,000 BTC flowed out of exchanges, amounting to nearly $10 billion.
Research & Insights
Monthly Feature Article | Decentralized Compute
This report explores the subsectors of decentralized compute networks and how they contribute to the development of AI.
Read the full report here.
Crypto Trivia
1 BTC = ____ Satoshis
- 10,000,000
- 1,000,000
- 100,000,000
Find the answer below.
NFT Spotlight
The Garden of Eden has been one of the most intriguing myths and utopian of stories. With his first-ever NFT collection on Crypto.com, graphic artist Joaquín Rodríguez, who uses ballpoint pen as his primary tool, imagines how those mighty beings would have looked and creates a series of images that invite the viewer to dig deeper and join the journey to that formidable plateau.
Dropping on Monday, April 15, ‘Eden Tribes’ presents ornate, masterfully crafted figures that speak to us through their stern and noble appearance, taking us to experience what the origins of mankind was like. This drop features 🪂 NFT airdrops!
The dreaming mind wonders…what cyberpunk-influenced ’dystopic’ visions look like.
Product Picks
OSMO and DYM Are Now Available on Earn
Crypto Earn now supports Osmosis (OSMO) and Dymension (DYM), where users can earn up to 10%* and 11%*, respectively, with an additional 2% p.a. for Private users. For more details, visit the FAQ here. *Availability and rates vary by jurisdiction.
An All-New Cronos Supercharger Is Live
A spanking-new Supercharger event has just launched! The Cronos Supercharger is an all-new Supercharger event featuring a separate CRO pool and Cronos ecosystem tokens as rewards. For this first event, users have an opportunity to boost their returns for CORGIAI by 10 times. Find out more here.
New Tokens Added to the TWAP Bot
Even more new tokens have been added to the TWAP Trading Bot, bringing the total number of available tokens to over 350. You can now automatically execute trades for tokens like FLOKI, CORGIAI, and more with minimal price impact and market signaling. Check it out here.
Crypto.com App New Token Listings
Tensor (TNSR)
Tensor is a non-fungible token (NFT) marketplace on the Solana blockchain, allowing users to buy, sell, and trade NFTs on the Solana network.
CROB (CROB)
CROB is a meme coin on the Cronos blockchain.
TAO (Bittensor)
Bittensor is a decentralized blockchain-based machine learning network reshaping AI development through collaborative and shared intelligence.
Crypto Level Up
How to Trade in This Bull Market
The bull market has arrived after an extended bear market across 2022 and 2023. Here’s how you can make the most of this exciting market phase.
DYOR > Crypto Influencers
If you decide to follow a crypto influencer’s advice, make sure they’re reputable. Several signs include being transparent about the tokens they buy and dispensing prudent advice.
Accept Higher Prices
The bull market pushes cryptocurrency prices up across the board. For example, BTC’s lowest price in January 2024 was equal to its all-time high (ATH) in 2017.
Secure Your Gains
The cryptocurrency market is known for its volatility. Prices can skyrocket, but they can suddenly drop, too. Consider shifting altcoin profits into stablecoins or Bitcoin along the way.
Get the full scoop on trading in this bull market.
CryptoIRL
Two beautiful cards, indeed, @michaelrabone! Here, the Crypto.com Frosted Rose Gold and Ruby Steel Visa Cards make for a colorful palette in Barcelona.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Phishing Scams on Base Are on the Rise
Layer-2 blockchain Base experienced a 1,900% increase in assets stolen from phishing scams in March compared to January. Scammers stole approximately $3.35 million worth of cryptocurrency, with their main tactic of posting phishing links on X (formerly Twitter).
How to Identify Phishing Links and Scams
Don’t fall prey to suspicious ads and pop-ups. Should an offer in them look too good to be true, it probably is. If it’s an advertisement or post on a social media site, report it immediately.
Deploy anti-phishing tools. These include firewalls for your network and computer. Such tools can identify and block malicious websites and emails.
Verify. If you receive a suspicious-looking link from someone you know, verify its details with them on another mode of communication (call, SMS, etc.). Ensure what they send you is legitimate.
Crypto Trivia Answer
C) 100,000,000
1 bitcoin can be divided into 100 million Satoshis (also known as ‘Sats’).
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
