SnapShot 196

President Trump establishes Strategic Bitcoin Reserve, the first White House Crypto Summit just happened, and BTC dominance reaches four-year high

Hello SnapShotters,

After a slower market in February, we look back on an action-packed first week of March: 

Bitcoin dominance has climbed to a four-year high, as investors have leaned into the leading digital asset. 

Most attention, however, garnered around President Donald Trump’s Sunday announcement of five cryptocurrencies he proposes for a U.S. crypto reserve — which was promptly followed by an Executive Order for a Strategic Bitcoin Reserve signed on Thursday. The order also “establishes a U.S. Digital Asset Stockpile, consisting of digital assets other than Bitcoin.”
More details were discussed on Friday during the White House Crypto Summit. An official statement is expected to be released soon.

Get the details below.

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

🇺🇲 U.S. Establishes Strategic Bitcoin Reserve

Last Sunday, Trump named BTC, ETH, XRP, SOL, and ADA as the five cryptocurrencies he plans to include in the U.S. Strategic Digital Asset Reserve. On Thursday, the president then signed an Executive Order to establish a Strategic Bitcoin Reserve. The Reserve will be capitalized with forfeited Bitcoin already owned by the federal government, currently estimated to be around 200,000 BTC.

Additionally, the Executive Order also establishes a U.S. Digital Asset Stockpile, consisting of digital assets other than bitcoin forfeited in criminal or civil proceedings. 

🏦 White House Crypto Summit

On Friday, the president invited industry leaders to the first White House Crypto Summit, which includes Crypto.com’s CEO Kris Marszalek. The summit is expected to bring more clarity to the U.S.’s plans to become “the crypto capital of the world.”

🤝 SEC Crypto Roundtables

The U.S. Securities and Exchange Commission (SEC) said in a Monday press release that it will host a series of roundtables, called the ‘Spring Sprint Toward Crypto Clarity’.  The first roundtable, titled “How We Got Here and How We Get Out — Defining Security Status,” will kick off on March 21.

♦ Ethereum Foundation Appoints New Leadership

The Ethereum Foundation recently appointed two new co-directors to lead the organization. The change in leadership comes at a time when the Pectra upgrade is being implemented and the Foundation is seeking to reach out with its ‘Etherealize’ initiative.

⚖️ NYSE Arca Files to List Dogecoin ETF

NYSE Arca filed for a rule change to list and trade Bitwise Dogecoin ETF shares, which is pending approval by the SEC. If given the green light, it would give traditional U.S. institutions exposure to Dogecoin through the meme coin ETF.

What’s Ahead

📊 CME Group Plans to Launch Solana Futures

The Chicago Mercantile Exchange (CME) Group plans to introduce Solana futures contracts on March 17, giving traditional investors exposure to crypto with micro contracts of 25 SOL and standard contracts of 500 SOL.

Number of the Week

Chart of the Week

Bitcoin dominance reached 62% on February 25, the highest level since February 2021. This coincided with the broader crypto market seeing a drastic drop in prices on that day. 

During times of volatility, many investors prioritize Bitcoin for relatively higher stability, leading to higher Bitcoin dominance.

Crypto Trivia

What does Bitcoin dominance mean in the crypto market?

A) The percentage of total crypto market capitalization that Bitcoin holds

B) The percentage of Bitcoin’s supply that is currently circulating

C) The number of Bitcoin transactions per second

Scroll to the end of this newsletter for the correct answer 👇

NFT Spotlight

In artist Fran Rodríguez’s fifth collection in the NFT Cryptonaut series, time “has changed forever” in ‘TIME TRAVEL Cryptonauts’, which drops on Monday, March 10. Full of “psychedelia and cosmic surrealism,” where “quantum time travelers” have ventured “into the past and shared knowledge of astrophysics with the most primitive humans,” these Cryptonauts “bring to the present the most revolutionary forms of energy.”

Rodríguez is a digital artist based in Spain, known for “his striking images depicting his interpretation of humanity’s place in the universe. Fran’s work is deeply inspired by his early fondness of surrealism and psychedelia.”

This drop features various utility items for eligible holders of the NFT collection.*
*Incentives and access to features may vary by jurisdiction. Terms and conditions apply.

This way 👉🏻 👉🏻 👉🏻 to quantum time traveling, by an artist interpreting humanity’s place in the Universe.

Product Updates

LION on Earn

Crypto.com Earn users will be able to receive up to 80% p.a. on their LION 3-month and 12-month fixed-term Crypto.com Earn plans. Start allocating now to benefit from this offer. Token availability and rates vary by jurisdiction. For the full details of this offer, visit the blog here. 

Crypto.com Web Is Now Available in France

Crypto.com users in France can now access their Crypto.com App account on their desktop via the Crypto.com Web, which allows users to easily view live price charts for over 350 crypto assets and seamlessly deposit crypto and EUR. Users can simply log in by scanning a QR code with their App. For more details, visit the Help Center. Try it out now. 

Monad Testnet Is Now Live in the Onchain Wallet

Crypto.com Onchain now supports the Monad testnet, expanding its ever-expanding range of supported networks. You can now transfer, transact, and interact with Monad dapps — all from the convenience of your mobile device. Download Crypto.com Onchain now.

New Token Listings

Reactive Network (REACT)

Reactive Network is an EVM-compatible execution layer that allows developers to create dapps using reactive contracts, which enable event-driven automation and allow for cross-chain interoperability for AI, DeFi, and other use cases.

Redstone (RED)

Redstone is a blockchain oracle that provides data feeds to decentralized applications (dapps) and blockchains. 

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

Why Is Bitcoin Considered a Store of Value?

A store of value is any asset that maintains its worth over time. Below are some of Bitcoin’s key features that position it as a store of value:

Durable: It is not subject to physical wear and tear, and will exist as long as its network operates.

Portable: Unlike gold, it is digital, fast, and cost-effective to transfer across the globe.

Fixed Supply: Bitcoin’s supply is capped at 21 million coins, making it a limited, valuable asset.

Liquidity and Utility: Global crypto ownership reached 659 million by the end of 2024.

Censorship-Resistant: It is public, transparent, and difficult to tamper with, thanks to its decentralized nature.

Bitcoin is strengthening its argument as a store of value, with growing adoption of crypto ETFs, BTC’s acceptance as legal tender in some jurisdictions, businesses integrating it as a payment method, and its ranking as a top asset.

CryptoIRL

The Lion, indeed, having a peaceful time. 🌸 The Crypto.com Icy White Card and @Cryptorockstar4 enjoying the first cherry blossoms of the season.

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

$8 Million Retrieved, Potentially From ‘Wrong Number’ Crypto Scams

U.S. law enforcement has recovered over $8 million worth of USDT related to potential crypto scams, where malicious actors would make contact with victims on the pretext of a wrong number, build trust through conversations, and convince them to invest by bragging about successful crypto ventures. They then persuade victims to buy crypto on a legitimate platform like Crypto.com and transfer funds to a fake website promising lucrative returns. To get them to invest more, the website allows initial withdrawals of small profits, but eventually locks the victims’ accounts and steals the funds. 

Here’s how to stay safe from scams:

1. Do not trust investment schemes that sound too good to be true.
2. Do not invest more than you are willing to lose.
3. Only use legitimate platforms to trade or invest.

Crypto Trivia Answer

A) Bitcoin dominance is the percentage of the total cryptocurrency market capitalization held by Bitcoin compared to all other cryptocurrencies combined.

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