Grayscale has won its SEC lawsuit for Bitcoin ETFs. The appeals court said the SEC’s decision to reject the Grayscale Bitcoin ETF application was “arbitrary and capricious” in its ruling, which could pave the way for Bitcoin ETFs. This also sparked the value of BTC on Tuesday – to its highest in two weeks.
In more breaking news, Loaded Lions – the flagship NFT collection of Crypto.com – has launched its first-ever Web3 game ‘Loaded Lions: Mane City’ on Cronos. Just hours after the game went live, it moved into the top 10 on DappRadar by trading volume. Check out mane.city or follow the Loaded Lions Twitter account for the latest updates.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
ETH ETF Applications Rolling In
Investment firms ARK Invest and 21Shares have teamed up to apply for two Ethereum futures exchange-traded funds (ETFs) after reports emerged last week that the US securities regulator could soon begin approving applications.
Lufthansa’s NFT Loyalty Program
Lufthansa Group, the second largest airline fleet in Europe, just announced its new NFT miles and more program. Passengers who scan their boarding pass in the Uptrip mobile app and exchange it for NFT trading cards can then unlock miles, vouchers, and other rewards.
Major Banks Successfully Test Blockchain
The swift banking network, and 10 banks including Citi and BNY Mellon teamed up with Chainlink to test the ability to move financial assets across traditional rails and blockchain networks. The test was successfully completed two days ago and paves the way for potential tokenization.
Bear Market Almost Over?
A group of JPMorgan analysts believe that market signals may be indicating the approaching end to the crypto bear market, basing their conclusion on an analysis of Bitcoin derivatives positions, the influx of Bitcoin ETF applications, and judicial rulings in favor of the market.
Crypto Community Supports Maui
Following devastating wildfires on the Hawaiian island of Maui, the crypto community is rallying support with an NFT fundraiser to provide relief to victims. The fundraiser, Maui Strong, offers supporters an NFT available as an open mint, meaning there is no limit to the number that can be sold. Cryptocurrency holders will be able to mint the NFT for a donation starting at 0.01 ETH.
Friend.tech Unfriended?
Crypto’s newest decentralized social media (DeSo) app, Friend.tech, has been met with intense criticism over a decision to punish users who opt to use forks or copycat versions of its tokenized social media platform.
What’s Ahead
Korea Blockchain Week
KBW2023 will kick off on Monday in Seoul, South Korea, and runs the whole week until Sunday. The crypto and blockchain event features keynote speeches by industry heavyweights, panel discussions by world-renowned experts, and networking opportunities for traders and crypto enthusiasts.
Tickets are still available.
Chart of the Week
Social Dapps
The recent launch of Friend.tech has rekindled interest in social-related dapps. This chart ranks the top 10 social media dapps by unique active wallets (UAW) interacting or performing a transaction with the dapp’s smart contracts over the past 30 days.
NFT Spotlight
Welcome to the Rooitverse, a pioneering SocialFi app with over 1.2 million global users.
Established in 2019, Rooit aims to become the premier Web3 friend-making app built on blockchain. Fostering over 300,000 matches every month, Rooit’s mission is to end loneliness by helping everyone find a confidant.
Perhaps that comes in the form of a ‘Mutant ROO’, Rooit’s brand-new NFT collection where users have the ability to generate their unique decentralized identifiers and stories.
Dropping on Wednesday, September 6, the series of 1,000 utility-enabled 3D NFTs allows Chat2Earn capabilities, private club membership, participation in IRL events, and early access to future Rooit drops. By nurturing their alien sidekick ‘ROO’, users can earn $STAR tokens while also combatting loneliness.
”With Rooit, the future of socializing and connecting is both decentralized and rewarding.”
Get social, y’all. And form lasting connections.
Product Picks
Loaded Lions: Mane City Is Now Live
In this innovative Web3 game, you can build your dream city from the ground up, strategize your growth, and compete against other players for attractive rewards. Refer to the Mane City Playbook for an in-depth breakdown of how to navigate Mane City, or check out the tutorial on YouTube. You can also access the game from the official Mane City website.
New Networks Added to the Wallet Extension
The Crypto.com DeFi Wallet Extension has added support for seven new networks, with native swaps available for all of them! Users can now interact with dapps and transact on Polygon, Arbitrum, Optimism, and more. Download the Wallet Extension here.
30-Plus Top Brands Added to Crypto.com Pay for US Users
We’ve added 30 new brands to Crypto.com Pay, including Samsonite, Casetify, Dyson, Asics, and Viator. This means you can now enjoy up to 10% back in CRO on every eligible purchase at over 180 top brands — right in the Crypto.com App! Terms, conditions, and eligibility apply.
Crypto.com App New Token Listings
Arkham (ARKM)
Arkham Intelligence is a blockchain analysis platform that uses artificial intelligence (AI) to deanonymize the blockchain and on-chain data. ARKM is the native token of the Arkham to power a system of incentives, and is also the governance token for the Arkham Intel Exchange.
Decentralized governance is a key aspect of this platform, allowing holders to submit and vote Arkham improvement proposals referred to as AIPs for a range of things such as updating the exchange’s smart contract, vote on altering fees, and more.
Xpla (XPLA)
Xpla is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools and aims to become a Blockchain digital media platform, which will be home to a variety of cultural content.
It’s designed to support both the COSMOS ecosystem and EVM compatibility, thus increasing its utilisation. XPLA is the governance token of XPLA Chain, and allows holders to exercise their rights on ecosystem operational matters through the distributed network voting system.
Crypto Level Up
Five Essential Bearish Cryptocurrency Trading Indicators
Understanding the market’s condition and identifying potential trends are crucial skills for successful cryptocurrency traders. Here are five trading indicators that can help traders identify and swiftly react to bear market trends.
1. Trading Volume
In a bearish market, a rising trading volume during downtrends can signal strong selling pressure. This can confirm the bearish trend, especially when used in conjunction with another trading indicator.
2. Fibonacci Retracement
This tool identifies potential support and resistance levels. It can assist traders with identifying potential reversal points during a bearish market and highlight potential selling opportunities, as well.
3. Moving Averages (MA)
This is one of the most popular cryptocurrency trading indicators, smoothing out price data over a period of time. In a bearish market, a potential downtrend is signalled when the short-term MA moves below the long-term MA.
4. On-Balance Volume (OBV)
This helps traders identify trends by measuring buying and selling pressure. In a bearish market, it can be used to confirm downtrends or spot potential trend reversals.
5. Bollinger Bands
These are a set of lines plotted around a price chart, helping traders identify periods of high volatility and potential reversals. In a bearish market, a price break below the lower Bollinger Band signals potential selling opportunities.
Discover More Bearish Cryptocurrency Trading Indicators.
CryptoIRL
Lunch along the water with the Crypto.com Jade Green Visa Card. You can’t beat this stuff, folks. Thank you for sharing, @durham1314.
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
Ledger
A ledger is a record-keeping system that tracks participants’ identities, balances, and transactions within a certain network, known as distributed ledger technology (DLT). Ledgers in the crypto industry are commonly decentralized, as they do not involve the governance of any central authority.
For example, the Bitcoin blockchain acts as a distributed ledger that stores all Bitcoin transactions using cryptographic proofs. Once the transaction data is added to the blockchain, it cannot be deleted or tampered with in any way.
This Week in Crypto History
Stake in Italian Football Club Gets Purchased With Cryptocurrency
On August 30, 2018, Italian football club Rimini FC 1912 announced that sports investment company Heritage Sports Holding had purchased approximately 25% of its shares with cryptocurrency. The firm paid in Quantocoin (QTC) for this world-first deal in professional sports.
Today, blockchain and cryptocurrency companies have made further inroads in the professional sports world. For example, Crypto.com acquired the naming rights for the Staples Center in November 2021 for 20 years, with the stadium now known as the Crypto.com Arena.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
