Earlier this week, Bitcoin fell just below US$25,000. However, the price pattern that has emerged on BTC’s daily chart is actually a bullish indicator, according to Coindesk.
Bitcoin’s 19% pullback from the mid-April high of US$31,000 to a former breakout point is a classic ‘Throwback’ pattern; more often than not, prices surge when a throwback is completed. After a Golden Cross accurately predicted BTC’s price hike earlier this year, technical analysis content is now at the top of our reading list.
Market Spotlight
Note: Market prices captured in US$ at the time of reading. Explore more on Crypto.com/Price.
News Snaps
Google x Cronos
Google Cloud joined blockchain start-up accelerator Cronos Labs to enhance its Accelerator Program, which seeks to support start-ups by providing them with resources to develop AI-enabled Web3 applications within the Cronos ecosystem.
Crypto Venture Firm Sets Up Shop in London
Venture capital firm a16z is opening a London crypto office, citing the UK government’s support of crypto and having the right regulation and guardrails to foster innovation.
Hong Kong CBDC: Loading
The Hong Kong Monetary Authority (HKMA) said it will start laying the foundation to implement a retail central bank digital currency (CBDC).
Fans Can Travel World With Snoop Dogg NFT Tour
In support of his upcoming tour, rapper Snoop Dogg launched the Snoop Dogg Passport, an NFT tour pass that provides fans access to exclusive content and the ability to ‘travel the world’ virtually with him along the tour.
Adidas Sneaker Collaboration Sold Via NFT
Adidas is partnering with digital artist Fewocious on a physical sneaker collaboration to be sold via NFT. The 4,500 NFTs will serve as a direct redemption ticket for a pair of custom-designed physical sneakers.
New Ethereum Roadmap
Ethereum co-founder Vitalik Buterin laid out a new roadmap for the network to follow over the next few years, saying that the blockchain should push forward on key goals of Layer-2 scaling, wallet security, and privacy.
Polygon Scale-UpEthereum scaling solution Polygon unveiled its blueprint for Polygon 2.0, a series of enhancements that will build the “value layer of the internet.” By incorporating ZK technology, Polygon 2.0 aims to unify Layer-2 chains through a novel cross-chain coordination protocol and will introduce upgrades to the blockchain’s architecture, tokenomics, and governance.
What’s Ahead
MiCA Effective From December 2024
The European Union’s Markets in Crypto Assets (MiCA) law was published in the Official Journal of the European Union (OJEU). The procedural move means licensing, stablecoin, and anti-money laundering rules apply as of December 30, 2024.
Research & Insights
Monthly Feature Article | The Evolution of Memes and What Makes Them Successful
In this feature report, we answer questions on what memes are, what makes them go viral, and the role they play in crypto. We also investigate how they create value and provide an outlook for what the future looks like for them.
Key Takeaways:
• Memes were originally defined as units of cultural information that spread from one person to another.
• Factors like social currency, triggers, emotion, publicness, practical value, and stories can contribute to a meme’s spread.
• The future of memes is likely to include potential creation by artificial intelligence (AI) and new forms beyond image and text.
• Memes also have roles to play in helping to build Web3 ecosystems.
Check Out The Evolution of Memes and What Makes Them Successful.
NFT Spotlight
Enter a private club of pure-hearted humans who dare to live in freedom, who represent various unique personalities and do not conspire to control others. Enter the world of ‘Puppetz’, the latest collection by Spanish artist Sergitugas, which drops this coming Monday, June 19.
Each Puppet in this club is a unique 1/1 — there is no other like it. This drop features 1,002 NFTs, as well as various utility items: 🪂 NFT airdrops, 🎨 custom NFT airdrop, and 🔐 CoolbitX x Puppetz hardware wallet.
An artist from Barcelona, Spain, Sergi specializes in different variants of art, including Surrealism and concept art. His goal is to capture raw emotions and true feelings through his work.
So, who are you vibing with? Check out Sergi’s full collection, as well.
Product Picks
Place Target Price Orders Using Your Credit Card
Credit card integration with the Target Price feature is now globally live in the Crypto.com App. You can now place an order to buy or sell crypto at your preferred price using your credit cards! Automate orders without having to monitor the market, and gain greater control over each trade. Visit the FAQ for more details.
Achieve Optimal Execution Prices With the New TWAP Trading Bot
The Crypto.com Exchange has added the TWAP (Time-Weighted Average Price) Trading Bot to the arsenal of Trading Bots available to users. The TWAP Trading Bot executes trades based on an average-weighted price over a specified period of time, allowing users to perform large trades at better execution prices while minimizing price slippage and market signaling. For more information, click here.
Crypto Level Up
A Short History of Bitcoin’s Price
Ever since Bitcoin (BTC) was launched in January 2009, its price has gone through numerous peaks and valleys. Here’s a quick highlight reel of BTC’s ups and downs through the years:
BTC’s Peaks and All-Time High
2013: BTC’s price hits the US$100 mark after trading at single- and double-digit values since 2011.
2017: BTC’s value shoots up to US$10,000 at the end of November after steadily rallying from the beginning of the year.
2021: BTC broke the US$60,000 barrier not once, but twice, to set an all-time high (ATH) price. Analysts cited the US’s large stimulus package as a reason for this record-breaking move.
BTC’s Lowest Lows
2009: Naturally, BTC’s price began at US$0. There was no value assigned to the cryptocurrency when people first mined for it after the Bitcoin network launched.
2018: After reaching a five-digit valuation in 2017, BTC’s price would fall to US$3,421 in December the following year. People speculated that this was due to Coincheck getting hacked and rumors of a cryptocurrency trading ban in South Korea.
2022: BTC’s price hit a low of US$16,602 in November 2022 after its value plummeted across the year. This ‘crypto winter’ was caused by a number of events, including bad actors in the industry getting exposed.
Dive Deeper Into BTC’s Price History.
AMA
Live Video AMA With Axelar
Tune in to our live video AMA with Axelar, a decentralized network that delivers secure cross-chain communication for Web3, on June 20 at 12:00 UTC. Jason Ma, Axelar’s Director of Business Development, will join us to answer questions from the community. Don’t miss it!
Catch the AMA via Crypto.com’s Facebook, Twitter, or YouTube pages.
#CryptoIRL
As the great Lion roams, it must also occasionally pause for a burrito and a beer. Let us all eat, drink, and be merry along with @pietrocaronte81 and the Crypto.com Ruby Steel Visa Card.
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
Utility Token
Utility tokens grant their holders certain privileges and access to services. Each utility token is unique to its ecosystem and cannot be mined. Instead, tokens are typically pre-mined by the team behind the project and distributed through specific methods.
A utility token can serve just about any purpose that a company or developer wants it to. In most cases, utility tokens offer users access to future products and services, and some include a reward system where users can exchange points for products and services.
Examples of utility tokens are Basic Attention Token (BAT), Filecoin (FIL), and Siacoin (SC).
This Week in Crypto History
Króna Becomes First Currency in Europe to Be Traded as E-Money
In June 2019, Iceland’s currency became the first in Europe to be traded as e-money. To be precise, it’s the first fiat in Europe to be issued on a blockchain. Monerium was the institution approved by the Financial Supervisory Authority of Iceland to issue e-money on blockchains.
Today, Monerium issues the EURe, a cryptocurrency pegged to the euro. The EURe is currently the only euro token integrated with SEPA, allowing holders in SEPA member nations to exchange their EURe with the euros in their bank account at a 1:1 rate. EURe is available across the Algorand, Ethereum, Gnosis, and Polygon networks.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
