The inflows keep on coming. Bitcoin exchange-traded products saw inflows of US$312 million in the week of Nov. 24 alone, bringing the year-to-date inflows to approximately $1.5 billion, according to CoinShares. In addition, the weekly inflows for all cryptocurrencies totaled $346 million, a rise in inflows for a ninth consecutive week.
Tokens Unlocking: Over $750 million worth of tokens are scheduled to be unlocked in December. Learn more about these releases by DYdX, Optimism, 1inch, and Aptos here.
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
BTC Still on Track for $100K by 2024, According to Standard Chartered
Global investment bank Standard Chartered this week reiterated its April 2023 forecast that Bitcoin (BTC) would reach $100,000 by the end of 2024. The bank’s forecast has been reaffirmed by its view that several US-based spot BTC ETF approvals are imminent, as well as the expected Bitcoin ‘halving’ expected in April 2024.
Grayscale Meets With the SEC
Grayscale Investments reportedly held a meeting recently with the US Securities and Exchange Commission (SEC) to discuss matters related to the conversion of the Grayscale Bitcoin Trust (GBTC) product into a spot BTC ETF.
Standard Chartered Joins China’s CBDC Pilot
Standard Chartered will join the pilot of China’s CBDC, the e-CNY. The bank will allow its clients to purchase, exchange, and redeem e-CNY.
Santander Starts Offering BTC & ETH
Santander Private Banking International, part of Spanish financial services giant Banco Santander, is reportedly offering high-net-worth clients with Swiss accounts trading and investing in BTC and ETH.
Austrian Bank to Start Crypto Services
Austria’s Raiffeisen Bank will roll out cryptocurrency trading services to retail customers by the end of January 2024.
New Nike NFT Sneakers
Nike collaborated with fashion brand RTFKT to release NFT-infused sneakers dubbed the ‘RTFKT Dunk Genesis’. These sneakers can be pre-ordered on the RTFKT website, and they do not require buyers to own an NFT first. The ‘VOID Edition’ will be available to the public on July 31, 2024, followed by the ‘Ghost Edition’ in August.
What’s Ahead
Korea to Kick off CBDC Pilot in 2024
South Korea will start a pilot for a CBDC involving citizens in the fourth quarter of next year. The project will see 100,000 people be able to purchase goods with tokens issued by commercial banks in the form of a CBDC.
Chart of the Week
Here’s a snapshot of current staking average reward rates, staking market caps, and staking ratios for some of the top blockchains:
NFT Spotlight
Renowned digital artist Fran Rodriguez presents the second chapter of the ‘Cryptonauts’ saga, a collection of exclusive NFTs depicting his interpretation of humanity’s place in the universe. Based in Barcelona, Rodríguez is known for his striking images inspired by his early fondness of surrealism and psychedelia. This is his sixth curated drop on Crypto.com NFT.
‘Cryptonauts: The dark side of the dune’ drops on Friday, December 8, and includes 🪂 NFT airdrops.
By collecting these exclusive ‘Cryptonauts: The dark side of the dune’ collectibles, holders will be eligible for several utilities, and collectors of the OG drop of the ‘Cryptonauts’ saga have early access to the drop.
Are you ready to join this group of space pioneers and conquer new planets, resources…and new mysteries?
Humanity is ready to colonize another solar system.
Join the movement. Or visit the head in the clouds.
Product Picks
The ‘Dark Lions’ NFT Collection Utilities and Mint Details
‘Dark Lions’ is Crypto.com’s latest NFT collection, consisting of 10,000 unique algorithmically-generated ‘Dark Lions’ NFTs which boast an exclusive set of benefits. Beyond Loaded Lions: Mane City, ‘Dark Lions’ NFT holders also enjoy selected ‘Loaded Lions’ and Crypto.com ecosystem benefits. These include privileges for chosen airdrops, and access to exclusive partnership giveaways. The Dark Lions are designed with a strong focus on gaming, having the potential to unlock additional opportunities in the future.
There will be three mint phases — Phase 1: Feline Face-Off, Phase 2: Allies Assemble, and Phase 3: A Global Showdown. For full mint and utility details, visit the blog here.
Dominate memecoins with the Degen Arcade
With multiple trending tokens on decentralized exchanges this week, there’s no better time to start trading on the Degen Arcade! You can trade trending memecoins in just a few taps, and monitor your portfolio on the same page too. What’s more, you’ll earn DegenScore points while trading in the Degen Arcade, with soon-to-be revealed special prizes awarded to high scorers. Learn more here.
Crypto.com App App Derivatives Listings – US Only
UpDown Options: AVAX contracts are now available
Avalanche (AVAX), a Layer-1 blockchain, is engineered to securely record transactions on a public, immutable, and trustless ledger. Its ambition is to surpass Ethereum as the leading blockchain for smart contracts, boasting a remarkable transaction output of up to 6,500 transactions per second without compromising scalability.
UpDown Options give traders the tools to capture value across all market conditions, allowing them to maximize profit and minimize losses, trade with lower costs, and hedge against price dips. Users can trade BTC, BCH, ETH, LTC, DOGE, and AVAX on four available contracts each, depending on their risk appetite, seven days a week.
UpDown Options are currently only available to users in the US, but will be available in other jurisdictions soon.
Crypto Level Up
What Is Liquid Staking and How Does It Work?
Liquid staking takes the traditional staking model a step further. Token holders can unlock the liquidity of their assets while continuing to receive staking rewards. This is accomplished by the staking service provider issuing a ‘receipt’ token to users when they stake their assets.
Advantages of Liquid Staking
Liquid staking provides token holders with much more flexibility compared to traditional staking. They have access to liquidity without unstaking their assets. Liquid staking also boosts the utility and value of cryptocurrencies that support it, which attracts more participants to the tokens’ ecosystems.
Popular Cryptocurrencies That Support Liquid Staking
ETH now supports liquid staking after the Ethereum blockchain’s consensus mechanism changed to Proof of Stake from Proof of Work. Other popular cryptocurrencies that support liquid staking include DOT, ADA, AVAX, and ATOM.
Get the full scoop on liquid staking.
CryptoIRL
The Crypto.com Icy White Visa Card is always up for a walk, here embracing autumn with @CROambassador. No word on whether this included a dip in the water…
Represent the #CROFamLifestyle this holiday season, and don’t forget to Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured. Your 15 minutes of #CROFam fame awaits!
Decoder
Hot Wallet
A hot wallet is a tool that allows users to store cryptocurrency with a connection to the Internet. Examples of hot wallets include web-based wallets, mobile wallets like the Crypto.com DeFi Wallet, and desktop wallets. Hot wallets not only work as a storage device for cryptocurrency, but they can also interact with various decentralized apps (dapps) on the Internet. This is in contrast to cold wallets, which store cryptocurrencies offline.
In hot wallets, private keys are stored and encrypted on the app itself, which is kept online. However, because of this connection, they are also susceptible to malicious attacks, so it is advisable to utilize hot wallets by well-known providers with a good security profile.
Security Tips
Lloyds Bank Reports a 23% Rise in Cryptocurrency Scams for 2023
UK financial services firm Lloyds Banking Group has seen a 23% increase in its customers reporting cryptocurrency investment scams this year. The organization added that two-thirds of these scams start on social media. What’s more, victims usually make around three payments before knowing they’ve been scammed.
Here’s How to Protect Yourself Against Cryptocurrency Investment Scams
1. Be wary of companies promising quick and/or large returns.
Scammers may lure you in with claims of high returns and low risks, but these are usually unrealistic and unsustainable. They may pay you some “profits” at first, but these are likely from the deposits of other investors. Eventually, the scam will collapse.
2. Be wary of free money.
If you are being offered relatively large sums of fiat or cryptocurrency for “free”, be careful. It is a red flag if you need to set up an account on the fraudulent platform to claim your reward.
3. Be wary of vague details.
Should the platform make big claims without any clarification or details, be careful. If you don’t know how your fiat or cryptocurrency is being processed or used, it’s a warning sign.
4. Scrutinize the company.
Before investing in any cryptocurrency, research the platform, the company, and the project’s reputation. Don’t believe everything you see on social media or online ads, as they may be fake or misleading. If something sounds too good to be true, it probably is.
5. Be careful who you trust.
Scammers may use various tactics to gain your trust, such as pretending to be someone you know, offering you financial advice, or promising you high returns. They may also use fake profiles, websites, or apps to impersonate legitimate platforms or services. Always verify the identity and legitimacy of the person or platform.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
