Snapshot 109

BTC climbs to new heights, crypto trading volumes on the rise, Crypto.com opens new innovation lab

Jul 07, 2023
Snapshot 109 1

Crypto trading volumes are on the rise. According to a report by CCData, crypto trading volumes climbed in June for the first time since March. The report attributes the rise to the filing of several spot Bitcoin exchange-traded-fund (ETF) proposals by large institutions over the past month. 

Simultaneously, BTC has also hit its highest value in over a year, increasing over 80% since January and eclipsing June 2022 prices. If you’re wondering whether trading signals for the crypto market have turned bullish, we got you covered: read our round-up of the top bullish crypto indicators below.

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Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price.


News Snaps

Crypto.com Team Member Appointed Advisor 

Crypto.com’s Steve Humenik was appointed to the U.S. CFTC Global Markets Advisory Committee Digital Assets Market Subcommittee. As a subcommittee member, Humenik will focus on providing guidance and recommendations to GMAC on key issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged.

Crypto.com Innovation Lab

Crypto.com will establish its first Global Innovation Lab in Singapore. It will actively experiment with frontier technologies, and explore new ventures with strategic partners and hackathons, to identify novel applications for blockchain, Web3, and AI.

New Ethereum Token Standard

A new token standard called ERC-223 has been officially added to Ethereum documentation and token standards. It aims to rectify the flaws present in its predecessor, ERC-20, and enhance security measures.

Modified Bitcoin Token Standard

A modified version of the BRC-20 token standard called BRC-69 was released by Luminex, a launchpad for Bitcoin Ordinals. BRC-69 requires only a single line of text to be inscribed to the blockchain (rather than a full image) and claims a 90% reduction in minting costs.

Swiss CBDC in the Making

Swiss National Bank (SNB) announced that it will launch a wholesale central bank digital currency (wCBDC) pilot project. The wCBDC reportedly aims to be the real money equivalent to bank reserves, and the pilot’s objective is to test real transactions with market participants.

Hong Kong’s Own Web3

The Hong Kong government has formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on promoting its growth ethically.

What’s Ahead

Chicago Exchange to Introduce Crypto Futures

The Chicago Mercantile Exchange (CME) Group announced its plans to introduce Ether/Bitcoin Ratio futures. The launch of these futures contracts is slated for July 31, subject to regulatory review.


Research & Insights

Monthly Feature Article | Layer-0: Infrastructure For Customized Blockchains

Layer-0 protocols are the infrastructure that customized Layer-1 blockchains can be built on. We explore notable projects like Cosmos, Polkadot, Avalanche, LayerZero, and zkLink.

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Key Takeaways:

  • Serving as infrastructure for blockchain networks and applications, Layer-0 protocols are one solution tackling notable industry issues like scalability and enabling interoperability between blockchains.
  • Layer-0 protocols enable developers to launch customized Layer-1 blockchains designed for specific applications or use cases. With the support of Layer-0s, developers can focus on applications instead of consensus and security.
  • Cosmos, Polkadot, and Avalanche are prominent examples of Layer-0 networks that use the relay-sidechain structure, while newcomers like LayerZero and zkLink represent the next progression of multichain interoperability.

Read the full report: Layer-0: Infrastructure For Customized Blockchains


NFT Spotlight

It’s the year 1985, and something sinister is lurking in Cyberspace. Evading capture is essential, as this unknown alien species has set out to invade the peaceful dimension. 

A Crypto.com NFT veteran, Nibera adeptly blends photography, graphic art, and motion design in her work. Her distinctive style is inspired by the retro aesthetics of past decades and often incorporates analog technologies.

Dropping on July 10, ‘Aliens in Cyberspace’ features 🪂 NFT airdrops, 🖼️ art print giveaways, and more.

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”This retro aesthetic in my works has to be a result of my passion for history. The past inspires me.”

Nibera sharing how she developed her retro-surrealist style

A fan of alien encounters? Then check out the artist’s previous collections as well.

Product Picks

Swap Price Comparison for DeFi Wallet

DeFi Wallet can now automatically find the best swap route for users, allowing them to trade with confidence. The price-optimal protocol or DEX will now be shown when users make a swap. Find out more here.

Derivatives Trading in the Crypto.com Exchange App

Eligible users* can now conveniently trade derivatives with up to 20x leverage from their mobile device. With over 100 Perpetual Contracts and Quarterly BTC and ETH Futures Contracts, the Crypto.com Exchange App opens up a world of opportunities for traders who are always on the go. Find out more here. *Subject to jurisdiction restrictions.

Crypto.com App New Token Listings

Lybra Finance (LBR) with Deposits Enabled

The Lybra Protocol is a groundbreaking LSD-based stablecoin protocol designed to bring stability to the volatile world of cryptocurrency. LBR is the native token powering the protocol’s governance. For more details, visit the blog here.


Crypto Level Up

109 Bullish

Top Bullish Cryptocurrency Trading Indicators

When trading cryptocurrency, various indicators help traders anticipate when prices might rise. Here are a few:

1. Relative Strength Index (RSI)

RSI ranges from 0 to 100, measuring the speed and magnitude of price changes. It’s used to identify potential overbought or oversold conditions.

2. Bollinger Bands

This is a volatility indicator consisting of three lines. When the bands are wide, it indicates high volatility. Vice-versa when the bands are narrow.

3. Crypto Fear and Greed Index

This sentiment-based indicator attempts to capture traders’ emotions. It ranges from 0 to 100, with 0 representing Extreme Fear and 100 indicating Extreme Greed.

4. Stochastic Oscillator

This compares a cryptocurrency’s closing price to its price range over a specific period, being an indicator of momentum. It ranges from 0 to 100 as well.

5. On-Balance Volume (OBV)

OBV predicts price changes using trading volume flow. When OBV rises, buying pressure is potentially high. When it falls, it suggests that selling pressure is high.

Check out the full list of bullish indicators.


#CryptoIRL

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An estate and card fit for a Duke. @nohaynovela roams the countryside with his Icy White Crypto.com 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

Proof of Elapsed Time (PoET)

Developed by chip manufacturing giant Intel, Proof of Elapsed Time (PoET) is best described as a time-lottery-based consensus algorithm. Typically used on permissioned blockchain networks (which require participants to identify themselves), PoET leverages trusted computing to enforce random waiting times for block construction. 

This consensus mechanism gives all participants an equal chance of winning the reward and adding a new block to the blockchain.

An example of PoET is Hyperledger Sawtooth.


This Week in Crypto History

2.6M Brits Bought Cryptocurrency

This week in 2020, the Financial Conduct Authority (FCA) in the UK published a report titled ‘Cryptoasset Consumer Research 2020’. The regulator found that 2.6 million UK residents own or have held cryptocurrency. Furthermore, over 70% of survey respondents knew about cryptocurrency.

In 2022, this estimate rose to 4.2 million people, according to cryptocurrency payment firm Triple-A, which is approximately 6% of the UK population. 

Furthermore, awareness around cryptocurrency continued to grow, with close to 80% of survey respondents knowing about digital assets.


That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.

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