SnapShot 192

U.S. Congress forms cryptocurrency working group, crypto mobile wallets reach all-time high, and India reevaluates crypto position

Hello SnapShotters,

As we continue navigating the crypto landscape in the early stages of 2025, stablecoin volume has recently surpassed Visa and Mastercard, Thailand plans a digital token platform, UBS is testing fractional gold investments, and India is reevaluating its crypto position.

Meanwhile in the U.S., Utah is leading the effort to establish a Bitcoin reserve, and the U.S. Congress has formed a cryptocurrency working group. As we head further into 2025, we take a final look back in our Research report, highlighting various projects of 2024. Plus, InterCellar is set to drop another NFT wine collection on Crypto.com, and Loaded Lions Mane City World Series II: The Great War enters the final three weeks of action.

Read on for all the details.

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

🇮🇳 India Reevaluates Cryptocurrency Position

India’s Economic Affairs Secretary Ajay Seth said in an interview that the government is “having a look at the discussion paper once again.” This comes after a broader global shift toward crypto-friendly attitudes and is in contrast to the country’s historically tough regulatory stance.

🏦 UBS Tests Fractional Gold Investment Product

Swiss bank UBS has completed a Proof of Concept for UBS key4 gold, where it deployed smart contracts on ZKsync Validium to trial functions like gold token issuance, transaction processing, and reconciliation. 

📱 Crypto Mobile Wallets Reach All-Time High

The number of active mobile cryptocurrency wallets hit a record 36 million at the end of 2024, signaling growing mainstream adoption. By comparison, the number of global cryptocurrency owners grew to 659 million by the end of last year.

🇺🇸 U.S. Congress Forms Crypto Working Group

Members of the House of Representatives and Senate have formed a working group with the aim of introducing a “regulatory framework” for cryptocurrencies and stablecoins, according to House Financial Services Committee Chair French Hill.

₿ BlackRock to Launch Bitcoin ETP in Europe

BlackRock, the world’s largest asset manager, is preparing to launch a Bitcoin exchange-traded product (ETP) in Europe, according to a February 5 report by Bloomberg. The move comes after BlackRock’s U.S. spot Bitcoin exchange-traded fund (ETF) drew upward of $57 billion in net assets after launching in January 2024.

What’s Ahead

🇹🇭 Thailand Plans Digital Token Trading Platform

The Securities and Exchange Commission (SEC) of Thailand is launching a system for securities firms to trade digital tokens. The SEC deputy secretary-general said that regulations will also be introduced to “facilitate the issuance of electronic securities and online purchases of debentures.”

Number of the Week

Chart of the Week

Utah is leading the effort to establish a Bitcoin reserve, with a bill currently in the state legislature. If passed, the bill would allow the state to be the first in the U.S. to invest a portion of public funds into BTC and other cryptocurrencies.

According to Satoshi Action Fund CEO Dennis Porter, Utah’s shorter legislative window (with a decision to be made within 45 days) and other positive factors have led the state to potentially pass the bill. Arizona has made similar progress, while nine other states have introduced bills to establish a Bitcoin reserve.

Research & Insights

Monthly Feature Article | Performance Review for 2024 Highlighted Projects

In this report, we analyze the price performance of key trends in the cryptocurrency landscape that we covered throughout 2024. Artificial intelligence (AI) emerged as the best-performing sector in 2024.

Read the full report.

Crypto Trivia

Which major financial development in 2024 significantly impacted Ethereum’s mainstream adoption?

A) The first-ever Ethereum block being permanently inscribed on the Bitcoin blockchain
B) The launch of an Ethereum-based central bank digital currency (CBDC)
C) The approval of spot Ethereum ETFs in the U.S.

Find the correct answer at the end of this newsletter.

NFT Spotlight

Unveil “the epitome of luxury” with InterCellar’s latest NFT collection ‘Infinity Case — Haut Brion’, which features “the best vintages from the last twenty years at Château Haut-Brion: 2005, 2006, 2008, 2009, 2010, 2015, 2016, 2018, 2019, and 2020.” Dropping on February 12, with “few sets available worldwide, INFINITY is not just a purchase but an investment in collectible luxury.”

Each bottle is “ensconced in a hand-crafted, infinity-shaped wooden case that embodies the timeless legacy of the estate. Owning this set grants you exclusive NFT rights, offering the flexibility to resell and capitalize on its increasing rarity and demand.”

🍷 The corresponding physical case is stored in a secure warehouse by InterCellar, and “physical bottles safeguarded by InterCellar are subject to storage fees.” After the drop, “you will have three months to withdraw your NFT and connect it to InterCellar.io to redeem your physical bottle and gain access to all the benefits.”

This collection is “not only a piece of history but a testament to the legacy of one of France’s most prestigious estates.”

A tribute to timeless winemaking. A place you can store, trade, redeem. 🥂

Product Updates

The DEX Crypto Basket Is Now Available

Get exposure to multiple digital assets incorporated into decentralized exchange (DEX) projects with the DEX Basket, which consists of UNI, RAY, JUP, ORCA, AERO, CETUS, and VVS. You can automatically buy low and sell high by enabling auto-rebalancing and track your basket performance separately from your other holdings on a total of 17 baskets. Try it now. 

Win From a Prize Pool of $250,000+ in CRO and NFT Rewards

The Loaded Lions Mane City World Series II: The Great War is live from now until February 28, 2025, 13:00 UTC. Defend your faction and defeat your opponents. Additionally, the top 1,000-ranked players will win a special reward. Start playing Mane City now and stand to win from the largest prize pool in Mane City yet! 

Get Free Apple Products or Emirates Tickets With Your Crypto.com Card

Until March 4, 2025, apply for a Crypto.com Card (or upgrade your existing one) and meet the CRO Net Buy requirement to receive free Apple products or Emirates tickets to a destination of your choice! Terms and conditions apply. Learn more here.

Token Listings

DeepBook Protocol (DEEP)

DeepBook is a decentralized central limit order book (CLOB) built on Sui. DeepBook delivers more control over price orders compared to traditional Automatic Market Maker models, making it better suited for sophisticated market makers. 

Berachain (BERA)

Berachain is an EVM-Identical Layer 1 blockchain that is built on top of the modular EVM-focused consensus client framework BeaconKit, and employs a unique Proof of Liquidity (PoL) consensus mechanism.

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

How Political Events Affect Crypto

World events may be potential crypto market drivers, as shown in recent history:

Elections

Pro-crypto figures can boost market sentiment, while stricter regulations can trigger sell-offs. For instance, BTC surpassed $90,000 following Donald Trump’s win in the 2024 U.S. presidential election.

Political Unrest

When South Korea’s president called for martial law, TRON, which is widely used in Korea and facilitates interoperability between blockchains, experienced an 80% price jump within a day of the event, showing crypto’s responsiveness to geopolitical dynamics.

Interest Rates

Global interest rate changes can also affect crypto, with rising rates often prompting price declines and rate cuts spurring market rallies.

ETFs

The approval of spot BTC and ETH ETFs last year attracted institutional investments and significantly boosted crypto prices.

Learn how global affairs can affect crypto in this University article.

CryptoIRL

The Crypto.com Icy White Card in its element with @croshouf enjoying the icy white elements.

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

High-Profile X Accounts Are Being Hijacked for Crypto Scams

Researchers at SentinelLabs have uncovered a new phishing scam involving high-profile account takeovers on X. The scam was found to target both individuals and organizations, including U.S. politicians, journalists, tech companies, and cryptocurrency firms. Victims were lured into entering their information on fraudulent sites with fake login notices and copy infringement alerts. Once the accounts were compromised, the attacker locked the victims out and posted crypto scam links.

Here’s how to stay safe from scams:

1. Only use trusted platforms, especially when entering sensitive information.
2. Enable multi-factor authentication to your accounts for an added layer of security.
3. Stay alert to the language used by accounts you’re following — changes could signal an account takeover.

Crypto Trivia Answer

C) The approval of spot Ethereum ETFs in the U.S.

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