DOGE is on the rise 🚀. The meme coin saw a significant surge in network activity recently, as its daily transactions increased from an average of 20,000 in early May to hitting the two million mark in the past week. Compared to other networks, Dogecoin processed more transactions than Ethereum (~1.9 million) and Bitcoin (less than 1 million) between May 27 and 28.
This increase also coincided with a jump in hashrate, up 38% in May, suggesting an increasing number of miners at work.
In more good news, we are celebrating the latest regulatory milestone for Crypto.com! We were incredibly proud to announce this week that we have obtained our Major Payment Institution License from Monetary Authority of Singapore. With this license, we will continue to extend Digital Payment Token services to customers in Singapore.
Market Spotlight
Note: Market prices captured in US$ at the time of reading. Explore more on Crypto.com/Price.
News Snaps
Over US$40B on Ethereum
Ethereum recently surpassed a major milestone in deposit contract balance since the completion of the Shapella Upgrade, exceeding US$40 billion. Since April 12, users have deposited over 4.4 million ETH.
US Debt Ceiling Deal Sparks BTC
Bitcoin sparked above US$28,000 following reports of an agreement to raise the US debt ceiling and a surge in investor momentum.
ETH to BTC NFTs Are Here
The Ordinals Market and the Bitcoin Miladys NFT collection jointly launched BRC-721E, a new token standard that enables NFT migration from the Ethereum network to the Bitcoin network. Once inscribed, the bridged NFT appears on the Ordinals Market collection page.
Euro Coin Launches
Stablecoin issuer Circle launched Euro Coin (EUROC) on the Avalanche network on May 25, with the aim to further increase its liquidity. EUROC is a Euro-based, regulated stablecoin held in custody at US-regulated financial institutions.
Digital Euro Edges Closer With New Research
The European Central Bank (ECB) released two reports on its market research and prototyping exercise as part of its exploration of a digital euro. The reports also highlight that the ECB has finalized prototypes for a digital euro.
Brazil Pilots Digital Real
The Central Bank of Brazil selected 14 institutions to participate in the pilot of the digital real, the country’s Central Bank Digital Currency (CBDC). Participants include the largest public Brazilian bank, Banco do Brasil, and multinational companies like Visa and Microsoft.
What’s Ahead
Hong Kong Will Allow Retail Investors to Trade Crypto
Hong Kong’s Securities and Futures Commission (SFC) has agreed to allow licensed virtual asset providers to serve retail investors. The regulator will begin accepting applications for crypto trading platform licenses on June 1.
Chart of the Week
The recently released “Economic Well-Being of U.S. Households in 2022” report by the US Federal Reserve showed that out of those who used cryptocurrency to make financial transactions, the three most cited reasons for doing so were to send the money faster, the receiver preferred cryptocurrency, and privacy.
Read more in the full report, exclusive to our Private members: NFTs in the Bitcoin Ecosystem. Learn more about becoming a Private member here.
NFT Spotlight
Representing a marriage of technology and craftsmanship, ‘Jewelry ART 1.0’ — dropping this Monday, June 5 — brings jewelry art to blockchain. Created by Jewelry cryptoART, the drop features 10 NFTs, offering collectors a new way to appreciate and own jewelry-inspired artwork. Each piece was made using VR 3D modeling and features a jewelry theme. The collection showcases the intersection of traditional jewelry-making techniques and digital art, resulting in unique and visually striking pieces.
This drop features 🪂 NFT airdrops, and early access for holders of previous Jewelry cryptoART collections starts 30 minutes before the scheduled drop time.
Bring on the bling. Or visit Jewelry cryptoART to browse previous collections.
Product Picks
Spend Your Crypto at 150+ Brands
For the first time, US users can shop top brands with their crypto and get rewarded, exclusively in the Crypto.com App. From Apple to Nike, choose from 30-plus coins to spend at 150-plus top consumer brands across apparel, groceries, and electronics while getting up to 10% back in Pay Rewards. Shop Now.
New Trade Page in DeFi Wallet
The Crypto.com DeFi Wallet app has added an all-new ‘Trade’ page. This new page is aimed at making token discovery easier for users, allowing them to easily discover and purchase trending tokens. In addition, tokens can be easily purchased on the Trade page. For more information, click here.
Crypto.com App New Token Listings
ACS Listed With Deposits and Withdrawals Enabled
Access Protocol is a monetization platform for digital content creators that can be staked to access content. Built on Solana and Starknet, it aims to revolutionize the way content creators monetize their content.
CANTO Listed
Canto is a permissionless general-purpose blockchain running the Ethereum Virtual Machine (EVM). It aims to deliver on the early promise of DeFi by providing the best execution layer and incentivization of original development work.
Crypto Level Up
Bitcoin Halving and Its Effect on BTC’s Price
It’s widely known that BTC’s supply is currently limited to 21 million tokens. However, there’s another important aspect to it called ‘halving’. Here’s what it is and how it affects BTC’s price.
What does halving mean?
Halving refers to the periodic decrease of BTC introduced into circulation. This happens around every four years, and the BTC rewards per block decrease by half.
How many halvings have there been so far?
Since 2012, there have been three halvings. The most recent one was in May 2020, and the next one is slated for 2024.
How does this affect BTC’s price?
Halvings ensure that BTC’s supply remains limited and finite. This potentially maintains BTC’s value over time. Additionally, BTC’s inflation rate decreases after a halving occurs.
Learn More About Bitcoin Halving and How It Influences BTC’s Price.
#CryptoIRL
An emerald lake, lush green trees, and our Jade Green Visa Card — arranged in a perfect trifecta. Thank you for letting us breathe a bit of virtual serenity to welcome the weekend, @Csilla_cro. 💚
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!
Decoder
Vitalik Buterin
Vitalik Buterin is the creator of Ethereum, which sits just behind Bitcoin as the second-largest cryptocurrency by market cap.
In 2013, Buterin published a white paper describing an alternative to Bitcoin, known as Ethereum. The goal was a software development platform and decentralized mining network that would allow for the creation of new cryptocurrencies and unite them under a single blockchain.
Along with his massive contributions to the crypto space, Buterin is also a philanthropist, having donated over a billion dollars to date.
This Week in Crypto History
ICO for Brave Generates US$35 Million in 30 Seconds
On June 1, 2017, web browser Brave completed its initial coin offering (ICO) in under 30 seconds, generating US$35 million along the way. Brave’s token is dubbed Basic Attention Token (BAT), and one buyer even purchased 20,000 ETH’s worth of it. What’s more, half the supply of BAT was purchased by just five buyers.
Today, Brave is touted as one of the best web browsers for privacy. It allows users to block social media trackers and has two types of private windows, among other features. As for BAT, its current price is approximately US$0.22, having hit a peak of US$1.66 in November 2021.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
