XRP surged over 80% on Thursday after a judge in the Southern District of New York ruled that it’s “not necessarily a security,” as reported by CNBC. The price of XRP climbed to US$0.89 shortly after the news.
Other altcoins also benefited: Polygon gained 17.82%, Litecoin and Solana 18.35%, and Cardano 20.31%. BTC and ETH got a boost too, rising more than 4% and 6%.
There’s more positive news this week: On-chain Staking is now available in the Crypto.com App in select markets. With on-chain Staking, users can earn rewards while actively supporting the project they believe in. More details here.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
News Snaps
Bullish BTC Prediction
Standard Chartered, the British multinational bank, released a research report on Monday revising its Bitcoin (BTC) forecast to an even more bullish prediction — now noting that BTC could rise to US$50,000 by the end of 2023, and possibly up to US$120,000 by the end of 2024.
The Space Keeps Developing
A report from venture capital firm Electrical Capital notes that there are more active developers in crypto today than when crypto markets were at their all-time high in 2021 — approximately 25% more at the start of June 2023 as compared to the same period in June 2021.
Expected Rise of CBDCs
According to a report from the Bank for International Settlements (BIS), there could be 24 central bank digital currencies (CBDCs) by 2030. The prediction was based on 93% of central banks researching CBDCs, and more than half conducting pilot projects.
Institutional Investment Surges
Institutional players have invested more than US$470 million into digital asset investment products over the last three weeks, according to an analysis from CoinShares. The influx in investment, which has been mostly in products that hold BTC, brought the total year-to-date flows to US$231 million.
More Details on HK Web3
Hong Kong has set up a task force for Web3 development in a push to become a Web3 hub. The task force is chaired by Financial Secretary Paul Chan and comprises 15 non-official members from relevant sectors, as well as key government officials.
What’s Ahead
Research & Insights
Monthly Feature Article | ZK rollups
zkSync is a Type 4 ZK rollup that utilizes cryptographic validity proofs to provide scalable and low-cost transactions on Ethereum.
Among the ZK rollups, zkSync Era has the highest TVL, totalling over US$600 million. zkSync has also recently launched ZK Stack, which allows chains built on top of it to be composable via native bridges, allowing them to unify into an ecosystem of ‘hyperchains’.
Read our full Research report on ZK rollups, including a deep dive on the four types of zkEVMs and their advantages and disadvantages: The Development of ZK Rollups.
NFT Spotlight
This Monday, July 17, comes a tightly knit group of characters who have forged an unbreakable bond with a common purpose: examining humanity’s relationship with technology and showing what personal progress may entail. Onefallart, a self-taught digital artist, presents these warriors and rebels in his latest drop ‘IV’, where they approach their missions with unwavering determination and a fierce sense of bond.
Each member contributes a unique set of skills and perspectives, allowing them to adapt and overcome any obstacle. These agents of change possess a strong moral compass, fighting for justice and the empowerment of the marginalized in a world rife with inequality. They will make you pay attention to the details.
This drop features 🪂 NFT airdrops. Early access for holders of previously released Onefallart collections starts 60 minutes before the scheduled drop time.
”[I]n all this chaos, nothing is accidental, and everything adds up to a unique whole, like a beautiful disorder.”
Onefallart, showing the beauty in destruction
Check out the cast of characters. Or view Onefallart’s other collections.
Product Picks
On-Chain Staking Is Now Available in the Crypto.com App
We are pleased to announce that on-chain Staking is now available in the Crypto.com App in select markets. With on-chain Staking, users can earn rewards while actively supporting the project they believe in. It takes only a few steps to get started with Staking in the App. Terms, conditions, and eligibility apply. Learn more here.
Two Weeks Left to Win Tickets to See Drake, SZA, and More at the Crypto.com Arena
We’re giving away tickets to the most anticipated concerts at the Crypto.com Arena throughout summer and fall. Users* simply need to spend at least US$20 at eligible brands using the new One-Time Card to enter. There’s less than two weeks left to join. Don’t miss out! Find out more here. *Subject to jurisdiction restrictions.
Stand to Win a ‘Sapphire Lagoon’ or ‘Molten Cavern’ NFT With the First Frontier Land NFT Giveaway!
To gear up for the launch of Mane City, Crypto.com is giving away 10 Land NFTs across 10 different days, giving users 10 different chances to take home their very own Land NFT. The 10 Land NFTs consist of five ‘Sapphire Lagoon’ and five ‘Molten Cavern’. Users may register for the campaign via this form, or check out the blog for more details regarding the giveaway.
Crypto.com App New Token Listings
XRP is back in the US
US users can now trade and transfer XRP tokens directly in the Crypto.com App. Start trading now.
Crypto Level Up
Discover the Top AI Tokens in 2023
AI tokens refer to digital assets that leverage artificial intelligence (AI) to boost scalability and security in the cryptocurrency ecosystem. Below, we detail which ones are leading the charge:
1. AGIX
AGIX was launched in 2017 as the native token of the SingularityNET marketplace. This platform was created with the aim of democratizing AI tools and services.
2. OCEAN
This token enables transactions in Ocean Protocol. It leverages AI to unlock large-scale data sharing while preserving privacy, connecting data consumers with providers.
3. ALI
ALI is used to generate and upgrade NFTs in Alethea AI, an AI-powered platform where users create interactive characters with unique personalities, voices, and appearances.
4. CQT
CQT grants holders access to Covalent, a unified API that brings visibility to billions of data points in Web3. The token also grants holders governance rights.
5. RLC
This token is a medium of exchange for services in iExec RLC, a Web3 marketplace where users can trade computing assets and build decentralized apps (dapps).
Check out all the top AI tokens.
#CryptoIRL
We Mediterranean 👀 you @Cryptomalin_com with the Crypto.com Frosted Rose Gold Visa Card. We hope Malta was every bit as wonderful as it looks.
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
Stop-Loss Order
A stop-loss order lets traders dictate a specific price to buy or sell a cryptocurrency. These types of orders are primarily used as a way to limit a trader’s potential losses.
For example, if an individual were to set a stop-loss order at 20% below the price in which they originally bought, it would mean they are attempting to limit their losses to 20%. A stop-loss order is essentially an ‘If this happens, then do this’ order.
This Week in Crypto History
101-Carat Diamond Becomes Most Expensive Gem Bought With Crypto
In early July 2021, auction house Sotheby’s sold a 101.38-carat diamond for HK$95.1 million worth of cryptocurrency. This single-lot auction was for cryptocurrency enthusiasts, with only BTC or ETH accepted as payment. What’s more, the gem itself was the second-largest pear-shaped diamond to ever sell publicly.
That said, this auction wasn’t the first from Sotheby’s that accepted cryptocurrency as payment. The company already began accepting BTC and ETH two months earlier in an auction for a Banksy painting. Today, Sotheby’s indicates if cryptocurrency payments are available for a particular lot, with USDC available alongside BTC and ETH.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
