Hello Snapshotters,
It happened. This morning, the Bitcoin halving took place and cut block rewards in half. As halvings have historically had a positive effect on BTC’s price, speculation has been dominating crypto media. Animoca’s founder stated at WebSummit Rio that he thinks “Bitcoin will reach over $1 million.”
Yet, amid this much-anticipated event, more than just price action and speculation have kept the market busy. Bitcoin dominance reached a high last seen three years ago, and Hong Kong approved spot Bitcoin ETFs.
More details below.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
🇭🇰 Hong Kong Approves Bitcoin ETFs
Hong Kong approved several spot Bitcoin and Ether ETFs on April 15. This includes ETFs from China Asset Management, Harvest Global Management, and Bosera Asset Management’s jointly managed ETFs with HashKey Capital. The market launch date has not yet been disclosed.
🇰🇷 Won Surpasses Dollar in Crypto Trading
The South Korean won surpassed the U.S. dollar as the most-traded fiat for crypto in Q1, according to research firm Kaiko. In March, the local crypto trading volume briefly topped that of the country’s stock market.
💱 Circle x BlackRock
Circle has enabled USDC transfers for BlackRock’s tokenized fund (BUIDL), where BUIDL holders can now transfer their shares for USDC, providing an off-ramp option for the fund.
🪂 Solana DEX Airdrop on the Horizon
Drift, a Solana-based DEX protocol, is set to airdrop 100 million tokens to users. The token launch and airdrop are expected to occur in the coming weeks. Tokens will be airdropped to 180,000 of Drift’s users based on their activity on the platform.
🎤 Market Perspective From Crypto.com CEO
Our very own CEO Kris Marszalek was featured on Bloomberg TV to discuss the upcoming Bitcoin halving, as well as what’s ahead for Crypto.com.
What’s Ahead
Ethereum’s Pectra Upgrade
Ethereum continues to build. The Pectra upgrade, scheduled for late 2024 or early 2025, aims to bring smart contract functionality to wallets and upgrades to user experience.
The upgrade, EIP-3074, will enable users to recover assets with social logins (instead of seed phrases). It also allows transaction bundling in which users only need to sign once.
Number of the Week
Chart of the Week
Bitcoin (BTC) dominance reached a three-year high of 55% on April 14. On the day, BTC’s price was near $64,000 after reports of escalating political tension in the Middle East. Prices for most large-cap altcoins decreased more significantly toward the end of last week, causing Bitcoin dominance to increase.
The last time Bitcoin dominance was at this level was on April 11, 2021, when BTC’s price was near $60,000.
Research & Insights
Monthly Feature Article | Bitcoin Ordinals and Runes
We explore Bitcoin Ordinals‘ development, from BRC-20 to Runes, as well as the significance and controversies surrounding them.
Crypto Trivia
What does DePIN stand for?
A) Decentralised Physical Infrastructure
B) Deep Physical Infrastructure
C) Decentralised Priority International Network
Find the answer below.
NFT Spotlight
Step into a realm where futuristic marvels intertwine with the timeless allure of ancient Greek mythology and find yourself mesmerized by the creations of renowned AI artist Mikasa Art. She presents ‘Crypto Goddesses’, an NFT collection that draws inspiration from Sorayama’s visionary style and the boundless imagination of science-fiction novels.
Dropping on April 29, the collection includes five awe-inspiring sci-fi goddess cyborgs, each embodying the essence of ancient deities while embracing the wonders of technological innovation. Mikasa weaves an otherworldly tapestry that transcends the boundaries of time and space.
This drop features various utility items:
🖼️ NFT airdrop to collectors
🖌️ 30 physical 1-of-1 art posters
🕵️ Access to collectors-only Discord server
Step into the realm. Or go OG.
Product Picks
Rewards+ Is Now Available
Rewards+ provides you with a world of benefits based on your trading activity. Every trade you make puts you on a path to unlock more perks, including higher Earn Plus bonuses, trading rebates, and extra Crypto.com Visa Card rewards. Activate your rewards now or visit our blog for more information. Jurisdiction eligibility applies.
On-Chain Staking for SUI
Crypto.com App or Exchange users can now stake their SUI tokens and receive up to 4% p.a. while helping to secure the Sui blockchain. With on-chain Staking, users can also unstake their assets at any time in a secure and convenient manner. Get started here.
Crypto.com App New Token Listings
Parcl (PRCL)
Parcl is a Solana-based decentralized real estate trading platform. It specializes in perpetual futures for real estate markets, allowing users to go long or short on these markets. Its native token, PRCL, serves as the governance token of the Parcl protocol.
Omni Network (OMNI)
Omni Network is an interoperability solution for Ethereum-based rollups, powered by EigenLayer restaking for security. OMNI tokens serve as governance and staking assets, allowing holders to contribute to network security and earn rewards.
Zebec Network (ZBCN)
Zebec Network is a Solana-based platform that facilitates movement of real-world value. It offers integrated products such as real-time payroll apps, on-chain payments infrastructure, and networked DePIN.
Crypto Level Up
What’s an Order Book and How Does It Work?
Cryptocurrency exchanges use order books to provide transparency and facilitate trading. Essentially, they list all pending buy and sell orders.
What Does an Order Book Contain?
Every order book includes price levels, order quantities, market depth, and order types. Together, those components help reveal the demand for various tokens on the exchange.
What Are the Benefits of Having an Order Book?
With order books, you can make more informed trading decisions. Additionally, when they’re paired with a matching mechanism, trades can be executed efficiently.
Learn all about order books and how they work.
CryptoIRL
Shine bright like a Crypto.com Icy White Visa Card with @croshouf on this beautiful morning.
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
CertiK Co-Founder Concerned Phishing Attacks Are at “Alarming Levels”
Gu Ronghui, founder of Web3 security firm CertiK, stated that phishing attacks in the cryptocurrency world have hit “alarming levels” of sophistication. His company’s quarterly security report highlighted that $239 million worth of assets were lost across 26 incidents.
Strengthen Your Phishing Defenses With These Tips
1. Stay up to date on all the latest phishing and social engineering tactics. Recent attacks have incorporated the use of AI to mimic voices and appearances.
2. If you manage a Web3 project or trading group, ensure that your assets are stored in multisig wallets. This greatly mitigates the risk your organization takes on.
3. Should any message appear to be suspicious (e.g., requests for personal information, urging immediate action, etc.), don’t respond.
Crypto Trivia Answer
A) Decentralised Physical Infrastructure
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
