SnapShot 243

Hello SnapShotters,

Markets across the board suffered a blow this week, as a brew of geopolitical tensions, rate announcement, and underwhelming tech earnings sent investors pivoting to traditional safe havens.

U.S. President Donald Trump's threat to impose 100% tariffs on Canada triggered risk-off sentiment across markets; BTC managed to claw back to US$90,000 ahead of the Federal Reserve's (Fed) policy decision — rates were held steady at 3.5% to 3.75% in accordance to expectations — then slid back to $87,000 after Fed Chair Jerome Powell’s hawkish press conference. 

On Thursday, BTC further collapsed to a low of $81,000, as Microsoft suffered its worst day since March 2020. The tech giant plunged 10% after an earnings report revealed that Azure cloud growth slowed amid large AI infrastructure spendings. The Nasdaq fell 0.7%, and the crypto market was down below $3 trillion in total market capitalization — an 11.3% decline from the peak of $3.21 trillion on January 14.

Precious metals continued their historic run; gold surged to another new all-time high of about $5,500 per ounce on Thursday, shattering records and extending a rally that saw the yellow metal climb nearly 90% over the past year. Silver hit an all-time high above $117 per troy ounce before pulling back.

The flight to safety rippled into tokenized products: Pax Gold (PAXG) hit an all-time high of above $5,100 on January 26, mirroring spot gold's ascent and hinting at investor rotation into inflation hedges.

On the institutional front, crypto firms soldiered on into public markets despite the current climate. BitGo made its debut on NYSE after raising $212 million, and hardware wallet maker Ledger is preparing for a $4 billion NYSE listing later this year. At Davos, Web3 security firm CertiK announced IPO plans amid closer scrutiny of security risks in the markets.

Here are the week's top crypto stories.

News Snaps

🏦 UBS Prepares Crypto Trading for Private Clients
UBS is planning to offer BTC and ETH trading to select private banking clients in Switzerland, according to Bloomberg. It reflects rising demand from high- and ultra-high-net-worth clients, as Switzerland continues to position itself as a crypto-accommodating financial hub.

🥇 Gold Rally Fuels Surge in Tether’s XAUT Supply
As gold broke past $5,000 per ounce for the first time, Tether’s gold-backed token XAUT expanded sharply, with supply rising 38% in Q4, about five times faster than USDT. The growth meets rising demand for tokenized gold exposure as investors hedge against inflation and currency risk.

🛒 Crypto Checkout Adoption Nears 40% Among U.S. Merchants
Nearly four in ten U.S. merchants now accept crypto payments at checkout, according to a PayPal survey, with adoption led by hospitality, travel, digital goods, and gaming. 90% of merchants report crypto payment inquiries, while Millennials and Gen Z push usage from niche trials toward everyday commerce.

🛡️ Ethereum Steps Up Post-Quantum Defenses
The Ethereum Foundation formed a dedicated post-quantum security team to enhance protections against future quantum computing threats. Developers are expected to research and execute upgrades meant to keep the network secure decades ahead.

🐶 New DOGE and AVAX ETFs Land
Two more altcoins have stepped onto Wall Street. 21Shares rolled out a physically backed Dogecoin ETF, while VanEck launched the first U.S. spot Avalanche ETF, VAVX, with fee waivers to seed early demand. While they broaden crypto’s ETF menu beyond BTC and ETH, demand and volumes remain tepid. 

What’s Ahead

🔭 Major Crypto Conferences on Deck in February 2026

Consensus Hong Kong (Feb 10–12) brings CoinDesk’s flagship event to Asia, with regulators, institutions, and builders converging to discuss market structure, compliance, DeFi, and AI-driven applications.

ETHDenver (Feb 17–21) follows as Ethereum’s largest builder-led event, where hackathons, core developer discussions, and ecosystem side events preview what ships next.

Number of the Week

Source: The Block

Chart of the Week

Bitcoin-to-Gold Ratio Slides to Two-Year Low

The bitcoin-to-gold ratio fell to 17.7, its lowest level since November 2023, as risk-off sentiment returned to crypto markets amid rising macro and geopolitical uncertainty. The move coincided with renewed outflows from spot BTC ETFs, while BTC struggled to regain post-halving momentum.

Gold, by contrast, surged above $5,000 per ounce, lifting the ratio lower as investors increased exposure to hard assets. The divergence reveals investors’ near-term positioning: capital has rotated toward assets perceived as defensive, while BTC has lagged as liquidity and risk appetite tightened.

As of January 25, 2026

Source: Investing.com, CoinGecko, Crypto.com Research

Research & Insights

Tokenized Gold Finds Its Moment

Tokenized gold crossed $4.3 billion in market value in January, led almost entirely by XAUT and PAXG, which now make up over 80% of the tokenized commodities market. The surge tracked gold’s push above $5,500 per ounce, as investors seek inflation hedges that stay on-chain.

The data shows that tokenized gold is consolidating fast — fewer experiments, clearer winners — while issuance is clustering around a small number of products that offer direct, fully backed exposure, and newer launches remain marginal.

👉 Read the full report for the data, charts, and breakdown behind the gold rush.

Crypto Trivia

How long did the longest crypto bear market on record last?

A) About 6 months
B) About 1 year
C) Over 2 years

Find the correct answer at the end of this newsletter.

NFT Spotlight

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Puerto Rican illustrator Nelson J. Madera brings the saga to life with a bold visual style shaped by years of work with Latin artists. From book covers to animated music videos, his work is known for its energetic and story‑rich compositions.

Collectors can win a unique NFT when they mint a collectible during the drop.

Own a piece of the adventure. Shop the drop today.

Product Updates

Join the Latest Referral Campaign: $25,000 in CRO Up for Grabs!

During the campaign period, simply refer at least three friends with a combined trading volume of US$1,000 or more to qualify for a chance to win from a US$25,000 prize pool. The top referrer will take home a grand prize of US$5,000 in CRO.
Campaign Period: January 30, 2026, 00:00 UTC – February 28, 2026, 23:59 UTC

Learn more about the reward structure and start referring today!

New Tokens

Moonbirds (BIRB)

Moonbirds (BIRB) is a Solana-based cryptocurrency project centered on the Moonbirds’ iconic pixelated owl NFTs, originally launched on Ethereum. Now managed by Orange Cap Games, the project evolves the brand into a broader ecosystem blending digital culture with real-world consumer products and collectibles.

ADI (ADI)

ADI Chain is an Ethereum Layer-2 built on ZKsync's technology, focused on providing compliance-ready blockchain infrastructure for governments and institutions, particularly in the Middle East, Africa, and Asia. It allows entities to build their own Layer-3 chains with built-in compliance capabilities while maintaining security through Ethereum.

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Byte Sized

Happy birthday to Vitalik Buterin, the Ethereum co-founder who helped shape crypto!

Follow Us on Instagram!

CryptoIRL

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Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Online Investment Pitch Ends in Massive Crypto Loss for Hong Kong Victim
A Hong Kong woman lost approximately US$2.74 million in a crypto scam after being lured by an investment pitch she encountered on social media.

According to reports, the scam began with online conversations that gradually built trust before shifting into crypto investing. The victim was tricked into investing via an online trading platform, prompting multiple transfers over time.

When she later attempted to withdraw her funds, she realized that access to her assets was blocked, and she reported the case to the local authorities.

How to Keep Funds Safe:

• Be cautious of investment opportunities introduced through social media or messaging apps.
• Avoid platforms that promise guaranteed or low-risk returns.
• Verify investment platforms independently before transferring any funds.

Crypto Trivia Answer

C) Over 2 years ✅

The longest downturn stretched from late 2013 to 2015 following the Mt. Gox collapse, which triggered a prolonged period of heavy selling.

That's it for this week's SnapShot. Want more? Find out what’s trending in the crypto world.