SnapShot 188

Behind BTC’s price drop this week, Crypto.com stocks are here, and U.S. ETFs scooped up 3x mined BTC

Hello SnapShotters,

For the first time since mid-December, Bitcoin reclaimed $102,000 this week, attributed by many to the upcoming U.S. presidential inauguration on January 20. But the coin then promptly slumped 5% midweek, with other tokens, including Ethereum, tumbling even more. 

What’s behind the sudden market downturn? Perhaps fears of prolonged inflation,  as the price slip followed an increase in the 10-year U.S. Treasury yield, which heightened fears of persistent inflation. Stock markets were affected, as well, with both Nasdaq and the S&P 500 losing one percentage point Wednesday.

However, the long-term outlook for Bitcoin in 2025 remains bullish, with experts from Forbes to Bernstein Analysts predicting potential price increases.

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

📈 BTC Reclaims $100,000 Mark

Bitcoin’s value surged back above $100,000 on January 6 after a two-week lull in the $90,000 range. The digital currency first reached the milestone in mid-December, but then lost 5% during a midweek slump.

Crypto.com Stocks Services Are Here

Crypto.com has enabled selected U.S. users to add stocks and exchange-traded funds (ETFs) to their portfolio. This is available in all states. Securities are offered and provided to U.S. persons by Foris Capital US LLC, an SEC-registered broker-dealer and member of FINRA/SIPC.

🐕 Dogecoin Futures Hit New High

Dogecoin’s futures market hit a new high in open interest, with the total number of active contracts peaking around 10.72 billion DOGE at the time of writing. The figure indicates continued bullish sentiments regarding the meme coin’s value, and fans predict it may reach its next milestone of $1.

⚒️ ETFs Scoop Up 3x Mined BTC

In December, spot Bitcoin ETFs in the U.S. bought up almost three times the coins produced by miners in that month. Momentum was driven by Bitcoin reaching an all-time high of $108,135 on December 17. While miners produced 13,850 coins, spot ETFs added 51,500 BTC to their books.

📈 MicroStrategy Plans Preferred Stock Offering

MicroStrategy is planning to raise up to $2 billion by issuing preferred stock, advancing its ‘21/21’ plan to sell $42 billion in equity and fixed-income securities. The company’s stock soared 500% last year.

What’s Ahead

Certain Crypto Tax Requirements  Postponed

The U.S. Internal Revenue Service (IRS) postponed some aspects of the new tax reporting requirements for cryptocurrencies to the beginning of 2026. 

Under the new rules that were originally set to go live on January 1, 2025, if a taxpayer has not selected a preferred accounting method, the First In, First Out (FIFO) method will be applied, which means that the earliest acquired crypto assets will be treated as sold-first.

Number of the Week

Chart of the Week

U.S. spot Bitcoin ETFs recorded a total net inflow of $35 billion in 2024. This coincided with a 77% increase in Bitcoin’s price in 2024. 

Spot Ether ETFs saw an overall net inflow of $2.7 billion in 2024 after launching in July. The ETFs hit a record monthly net inflow of $2.1 billion in December. ETH saw a 37% price increase in 2024.

Crypto Trivia

What are real-world assets (RWAs) in the crypto industry?

A) Physical or financial assets, like real estate or bonds, tokenized on the blockchain
B) Virtual assets created solely for gaming and Metaverse platforms
C) Randomly generated assets used for decentralized prediction markets

Find the correct answer at the end of this newsletter.

NFT Spotlight

Introducing the ‘CAT FASHION WEEK PURRRIS’ NFT collection by Satoshi Art, featuring “3,000 unique artworks that merge historical and futuristic feline fashion.” Each piece “celebrates iconic moments in fashion and pop culture, from Cleopatra’s timeless elegance to the gritty style of Mad Max. Their striking eyes, detailed headpieces, and dramatic poses set against breathtaking backdrops create a high-fashion experience.”

Satoshi Art is an AI/digital artist who has been working on Solana, mainly creating “figurative works.” She is “an enthusiast who actively finds new themes and applies them to her works as AI evolves.” Dropping on January 15, this NFT collection “is more than just fashion — it’s a unique visual experience. With photorealistic details and a subtle, film-like touch, it highlights creativity and expression.”

Step into a world “where the past, present, and future merge in an extraordinary showcase of feline fashion. CAT FASHION WEEK, held in the fashion capital of Purrris, redefines style with its bold blend of historical and futuristic themes. Powered by cutting-edge AI, over 100 unique fashion concepts come to life, celebrating iconic moments in fashion and pop culture.”

Get ready to see feline fashion in a whole new way. Designs inspired by bohemian aesthetics.

Product Updates

Stock and ETF Trading Has Arrived

For a limited time, transfer your securities and enjoy up to a 3% bonus and $100 to use for fees from other brokerages^*. You can now easily manage all your assets with Crypto.com and trade over 5,000 blue chip stocks and ETFs with zero commissions. Get the transfer bonus now. 

Securities are offered and provided to U.S. persons by Foris Capital US LLC, an SEC-registered broker-dealer and member of FINRA/SIPC. Any stock deposit bonuses offered to U.S. persons will be determined by Foris Capital US LLC at its sole discretion. Transfer Bonus is only applicable to eligible securities. Fractional shares are not available for all equities. Terms and conditions apply.

5 Major Championships Added to Crypto.com Sports

Five major championships, in addition to The Big Game, have been added to Crypto.com Sports. They include two Pro Football Conference Championships, two Bowl Games, and the College Football Championship. Potentially profit by correctly predicting the outcome of these events in the Crypto.com App or on the Crypto.com Web. Go to the Sports tab to get started. 

VVS Now Available on DeFi Staking

DeFi Staking is a secure, custodial, and automated way for you to access DeFi yield generated from whitelisted DeFi protocols. You can now stake your VVS tokens in the Crypto.com App and earn up to 5.19% in rewards. Start staking now or visit the Help Centre for a step-by-step guide.

Win Rewards From a Prize Pool of $500,000 of PENGU

A new Airdrop Arena event is here! This time, $500,000 of PENGU tokens are up for grabs. The event ends on February 5, 2025, 10:00 UTC. To participate, simply allocate CRO to earn points. The more CRO you allocate, the bigger your rewards are. Start earning now or visit the FAQs or our blog.

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.

Crypto Learn

All About the New Crypto.com Rewards Hub

The newly launched Rewards Hub is home to three reward programs — Rewards+, Missions, and Badges. Together, they help you get more out of the Crypto.com App. 

What rewards are available?

Users can receive Mystery Boxes, merchandise, experiences, NFTs, referral bonuses, higher Earn Plus bonuses, trading rebates in CRO, and exclusive merchandise from our partners — including signed Joel Embiid jerseys, Paddy Pimblett and Alexander Volkanovski gloves, and PSG jerseys.

Rewards+: Trade more and earn benefits like increased trading rebates

Missions: Complete tasks to earn Diamonds that can be redeemed for rewards like NBA game tickets

Badges: Earn badges when you trade to unlock exclusive in-App experiences

Want to get rewards? Read more here. Subject to availability in your jurisdiction.

CryptoIRL

In those rare times one catches a glimpse of the Lion in the wild, well, that is just magical, isn’t it? Here, @misterdoc137 and the Crypto.com Icy White Card have found their element.

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

Mining Scam Promoting Fake ‘Bincoin’

Over 200 people in Vietnam have been scammed out of an estimated $157,300 in a crypto mining fraud. The perpetrators created a fake platform called BitMiner with a Singapore domain, tricking investors into purchasing a non-existent cryptocurrency, Bincoin.

Victims were promised high returns to encourage investment. However, they were given manipulated trading accounts, and all funds were funneled to wallets controlled by the scammers. 

Here’s how to stay safe from scams:

1. Be wary of platforms with little or no history.
2. Verify platforms before committing your funds.
3. Be skeptical of investments promising profits that sound too favorable.

Crypto Trivia Answer

A) RWAs are physical or financial assets, like real estate or bonds, tokenized on the blockchain.

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