Europe’s first Bitcoin ETF launches. 🎉 Jacobi Asset Management has launched Europe’s inaugural Bitcoin exchange-traded fund (ETF). The fund, available on Euronext Amsterdam, is designed to provide institutional investors simple access to Bitcoin.
Meanwhile, Bitcoin ETFs could fuel a new market cycle. Bernstein’s latest research report notes that future and expected approvals of Bitcoin spot ETFs, particularly in the US, could add capital to the market and signal a new growth cycle.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
Want more? Get weekly Market and DeFi Updates from Crypto.com’s Research Team.
News Snaps
Paying Gas With Visa Coming Soon
Payment giant Visa has completed the testing of a new way to pay for Ethereum gas fees using Visa cards. The solution eliminates the need for users to hold ETH to cover gas fees, leveraging Ethereum’s ERC-4337 standard and a ‘Paymaster’ contract to enable the feature.
The Sandbox Unlocks US$133 Million
The Sandbox has released 332 million SAND tokens, equivalent to approximately 16% of its current circulating supply, from its Metaverse platform. The unlocked tokens, valued at roughly US$133 million during the release, were part of a scheduled event that took place on August 14.
Singapore Leading Stablecoin Regulation Efforts
The Monetary Authority of Singapore (MAS) announced that it has finalized rules for regulating stablecoins — making Singapore among the world’s first to determine stablecoin crypto regulation. The regulations will be applicable to single-currency stablecoins pegged to the Singapore dollar or other G10 currencies and issued within Singapore.
Bitcoin on Solana
tBTC made its debut on Solana, making it the first decentralised tokeniszd Bitcoin on the blockchain, creating new DeFi opportunities for BTC holders. This is tBTC’s first integration with a non-EVM blockchain and the fifth deployment made possible by the Wormhole integration.
AI-Powered Blockchain Project Raising Funds
A new AI project that harnesses blockchain technology, Jada AI, raised more than US$25 million in funding this week. The project, which operates in a blockchain-based environment, aims to offer AI services that aid decision-making for organizations that scale up their operations.
What’s Ahead
Brazil’s Digital Real UnveiledThe Central Bank of Brazil has unveiled its upcoming digital currency, DREX. It will be a digital representation of the Brazilian real, with the capacity to interact with other digital assets. DREX is projected to launch in 2024.
Chart of the Week
In our latest feature report, Real-World Assets: Bringing Real-World Value to DeFi, we explore the real-world assets (RWAs) landscape. RWA tokens are essentially representations of assets (such as stocks, bonds, money markets, real estate, and commodities) that are not inherently native to a blockchain.
The chart above shows the growth in the number of RWA token holders on the Ethereum blockchain.
NFT Spotlight
Guess what’s dropping next Friday, y’all? None other than Oscar Llorens’s ‘Future Worlds’ — his fourth drop with Crypto.com!
Diving into strange worlds full of color and optimism — where the landscapes are more intense and the characters that inhabit them are strange, endearing, and full of personality — fantasy comes to life in unimaginable ways in the worlds of tomorrow. Along these enchanted landscapes, the sympathetic characters face dangers, discover ancient secrets, and embark on exciting adventures, taking us to an optimistic world full of positive values and challenging everything we know about reality.
This drop features 🪂 NFT airdrops. Early access for holders of previously released Oscar Llorens collections starts 60 minutes before the scheduled drop time on August 25.
”Whether you are already one of [my] collectors or are interested in [my] work for the first time, you are eligible for additional NFTs for free.” —Oscar Llorens, enchanting us all
Dive deep into optimism. And keep going.
Product Picks
DeFi Wallet Adds Scroll Alpha Testnet Support
The Crypto.com DeFi Wallet has added Scroll Alpha Testnet to its list of supported networks, enabling users to easily transact and interact with all Scroll ecosystem dapps. Scroll is a zkEVM-based ZK rollup on Ethereum that enables native compatibility for existing Ethereum applications and tools. Try it now.
The Top Market Cap Taker Competition Is Live on the Crypto.com Exchange
In this week’s Trading Arena event, users can win up to US$1,000 and Serie A VIP tickets by Spot trading at least US$100 worth of BTC, ETH, XRP, and/or ADA pairs as a market taker. What’s more, users can benefit from ultra-low taker fees of 0.025% for BTC and ETH! Join the event now.
Crypto.com App New Token Listings
Sei (SEI)
Sei is a general-purpose, open-source Layer-1 blockchain specialized for trading digital assets. It aims to solve scalability issues faced by exchanges and offers optimized infrastructure for asset exchange. Sei provides fast transaction finality, parallel execution, and front-running prevention. SEI is its native token, which is required for all activities conducted on the Sei network, such as paying fees, staking, and governance.
CyberConnect (CYBER)
CyberConnect is a Web3 social network that enables developers to create social applications that empower users to own their digital identity, content, connections, and interactions, while creators can grow their audiences in a fairer, more direct, and decentralized environment. CYBER is the utility and governance token of CyberConnect that allows holders to vote on CyberConnect Improvement Proposals.
Doge Killer (LEASH)
Doge Killer is one of three native tokens in the Shiba Inu (SHIB) ecosystem, along with BONE and SHIB. The Shiba Inu ecosystem consists of components like Shibarium network, THE SHIBOSHIS NFT collection, ShibaSwap, and SHIB: The Metaverse. LEASH is positioned as a special token for loyal supporters of the ecosystem, enabling holders to benefit from exclusive perks and access.
Maverick Protocol (MAV)
Maverick Protocol is a new infrastructure for decentralized finance, built to facilitate the most liquid markets for traders, liquidity providers, DAO treasuries, and developers, and powered by a revolutionary Automated Market Maker (AMM). MAV is the native utility token of the Maverick ecosystem, designed primarily to be used for staking, voting, and boosting. Maverick has launched a voting-escrow (ve) contract, where users can stake MAV to receive veMAV.
Crypto Level Up
Crypto Trading: Stop-Loss and Take-Profit Levels
Risk management is a crucial skill for cryptocurrency traders to master, helping them lock in profits while cutting their losses short. Setting the right stop-loss and take-profit levels is essential to achieving this. Read on to find out what these levels are.
What Is a Stop-Loss Order?
A stop-loss order sells a coin when it hits a certain price point. Essentially, it represents the maximum loss a trader is willing to take on for that particular position. This depends on several factors, including the position’s size and the trader’s risk tolerance.
What Is a Take-Profit Order?
A take-profit order sells a coin when it hits a certain price point, as well. However, the aim of this is to lock in the profits from a trade. The key here is to identify a realistic profit target based on the position’s size, trader’s goals, and other factors.
How Can Stop-Loss and Take-Profit Orders Be Managed?
Both stop-loss and take-profit orders must be actively managed throughout a trade’s lifespan. These orders should be adjusted to react to key events and respect new support and resistance levels, among other factors.
Get the Full Scoop on Stop-Loss and Take-Profit Levels.
CryptoIRL
Be the lighthouse in each other’s storm. Thank you for the inspiration, @_silverstar88_, with the Crypto.com Royal Indigo 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
Flappening
Conceived by Litecoin’s founder Charlie Lee in 2018, ‘flappening’ refers to the prospect of Litecoin (LTC) surpassing Bitcoin Cash (BCH) in market capitalization. Both are Bitcoin network forks aiming to enhance payment speed and scalability.
The term playfully parallels Ethereum’s ‘flippening’, an idea where Ethereum hypothetically overtakes Bitcoin in market cap, as commonly discussed within the Ethereum community.
This Week in Crypto History
Yale Research Study Recommends Bitcoin Allocation in Investment Portfolio
In mid-August 2018, a research study from Yale University recommended that an investment portfolio have at least 1% allocated to Bitcoin (BTC). This was derived from BTC’s historical performance at the time, where it outdid stocks, bonds, and currencies by 200% annually.
To be precise, the study recommended a 1% to 6% allocation, depending on how much investors believed BTC would outperform traditional assets a year. For reference, BTC’s price is approximately 400% higher than it was in August 2018, at the time of writing.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
