Seven years of non-stop building and we’re still just getting started 🚀. Seven years ago, we founded what is known today as Crypto.com. Since then, we have made great strides in pushing for the global adoption of cryptocurrency and educating the world on the importance of having control over our data, money, and identities.
We’d like to thank our 80-million strong community for helping to make us an innovative and comprehensive global crypto platform built on safety, security, and compliance. Happy 7th Anniversary, #CROFam. We would not be here without you.
Watch our 7th Anniversary film — 7 Years Strong
Enter our social giveaway on Twitter for a chance to win US$200 worth of Crypto.com merch and or join the 7th Anniversary Campaign for a chance to win a share of our US$60,000 prize pool!
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
News Snaps
Bitcoin Hits One-Year High
Bitcoin ended last week at its highest level in a year, rising above US$31,400 on June 23. This means Bitcoin is up more than 85% in 2023, and Bitcoin dominance (the measure of how much Bitcoin makes up of the total crypto market cap) has been rising, reaching 50% for the first time in two years.
Crypto.com Secures Regulatory Approval in Spain
Crypto.com has continued to expand upon its industry-leading regulatory licenses and certifications with its most recent approval to operate in Spain. Crypto.com has been granted a Virtual Asset Service Provider registration by the Bank of Spain.
Crypto Investment Products See Largest Inflows in a Year
According to a report from European digital asset manager CoinShares, crypto-based investment products just recorded their largest single weekly inflows since July 2022, with US$199 million. The total assets under management in crypto investment products also reached a yearly high, surpassing US$37 billion.
Nike x Fortnite NFTs
Fortnite and Nike have unveiled ‘Airphoria’, an experience that allows users to go on a Nike sneaker hunt within a Fortnite game world. Users of Nike’s NFT-driven .Swoosh platform will be able to earn a special achievement on their NFT-based ID by connecting their account to an Epic Games account.
JPMorgan Transfers First Crypto
JPMorgan conducted its first blockchain transaction for its corporate clients in Europe using its own token, JPM Coin. The transaction was done by Siemens AG, a large Germany-based conglomerate, in a Euro payment on JPMorgan’s permissioned blockchain.
Singapore Tests Digital Money
The Monetary Authority of Singapore (MAS), in collaboration with the International Monetary Fund and other central banks, is proposing common conditions for retail payments with digital money on a distributed ledger. The MAS said Amazon.com and superapp creator Grab are among those collaborating on a pilot to test escrow arrangements for online retail transactions.
Research & Insights
Monthly Feature Article | Quantitative Analysis of Meme Coins
Amid the meme coin frenzy, we carried out a detailed analysis to see if there is any price correlation between notable meme coins and other tokens over certain time periods. We discovered that certain meme coins tend to show a strong positive correlation with each other, as well as BTC and ETH. Furthermore, meme coins with larger market capitalization, such as DOGE and SHIB, tend to be more resilient.
Key Takeaways:
- The large market capitalization meme coins like DOGE and SHIB displayed strong positive correlation with BTC and ETH, respectively.
- Meme coins with larger market capitalization, such as DOGE and SHIB, tend to be more resilient, with prices generally taking more days to decline sharply (20% to 50%).
- In the longer term (365 days), DOGE, SHIB, and ELON maintained strong positive correlations with each other.
- In the mid term (180 days), FLOKI had a weak correlation with other meme coins.
Private members can access the full report here.
To become a Private member, join our Crypto.com Exchange VIP Program or collect a Loaded Lions NFT.
NFT Spotlight
“If you are ready, I invite you to take a trip through my head,” says 2J STARY, who is dropping his latest NFT collection ‘Inside the mind’ this Monday, July 3. “You will have the opportunity to experience what I have experienced over the last three years of my work. Many happy and sad moments poured into moving pictures.”
2J STARY specializes in 3D animation, and his art shows — “in a funny way” — what surrounds him on a daily basis. His distinctive and colorful compositions contrast with the theme of his works, “which are often simply disgusting and repulsive.”
This drop features 🪂 NFT airdrops.
”During the ride on the bumpy road, you will see a lot of strange and disturbing sights, so if you have motion sickness, it is better to take your medication with you.” —2J STARY, giving a heads up
Well, this should be interesting. And we highly doubt this is boring.
Product Picks
Steadily Build Your Portfolio Across 75+ Tokens With Recurring Buy
GNS, RDNT, AXL, SYN, SUI, RONIN, and seven other tokens have been added to the Recurring Buy feature in the Crypto.com App. Users can now apply the Dollar Cost Averaging (DCA) strategy for over 75 tokens with Recurring Buy. Find out more here.
Eight New Tokens on Target Price Orders
CANTO, LADYS, ERN, MAGIC, and more have just been added to Target Price Orders in the Crypto.com App. With Target Price Orders, you can now automate orders at your preferred price without having to monitor the market. Set your Target Price Orders now.
Win Tickets to See Drake, 50 Cent, and More at the Crypto.com Arena
To celebrate the launch of the One-Time Card feature in the Crypto.com App, we’re giving away tickets to the most anticipated concerts at the Crypto.com Arena throughout summer and fall. From now till 26 July, users simply need to spend at least US$20 at eligible brands using the One-Time Card to enter. Find out more here.
(US only)
Crypto Level Up
What Are Block Explorers and How Do They Work?
A block explorer is a handy tool, letting users view a blockchain and check transactions that happen on it.
Using a Block Explorer
There are block explorers for BTC and a number of altcoins. Block explorers can search for the latest blocks, unconfirmed transactions, and all transactions that happen on an individual block.
What Else Can a Block Explorer Do?
A block explorer also allows users to view the full details of an individual transaction, including the wallet address involved, its transaction history, and token balance.
Dive Deeper Into Block Explorers.
#CryptoIRL
Picking cherries right from the tree with the Crypto.com Ruby Steel Visa Card always makes for a good day in our book. Thank you for sharing, @_silverstar88_! 😋
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
Proof of Activity (PoA)
A hybrid of the Proof of Work (PoW) and Proof of Stake (PoS) consensus mechanisms, Proof of Activity (PoA) ensures all transactions on a network are legitimate and all miners reach a consensus.
In PoA systems, the mining process begins like PoW, with miners competing to solve an elaborate mathematical problem using immense computing power. Once the block is mined, however, the system switches to resemble PoS, with the successfully generated block header broadcast to the PoA network.
The main advantage that a PoA system brings is its reinforced security that greatly minimizes the risk of a 51% attack. In this system, not only does an attacker need to overwhelm the PoW aspect of the distributed system, but also the PoS aspect.
Somewhat rare, an example of a PoA consensus algorithm is Decred (DCR).
This Week in Crypto History
Franck Muller Launches Bitcoin Wristwatch
On June 27, 2019, luxury Swiss watch brand Franck Muller launched the Vanguard Encrypto, a “functional Bitcoin” watch. The firm partnered with cryptocurrency trading platform Regal Assets to create this limited-edition timepiece. It sports a QR code for a BTC wallet address on the dial, and the private key is stored in a separate USB stick.
True to the spirit of the wristwatch, the Vanguard Encrypto could be purchased with BTC. Prices ranged from US$10,000 to over US$56,000. This translates to approximately 1 to 5 BTC at the time, and 0.3 to 2 BTC today.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
