Bitcoin has dominated in assets in 2023, surging by 166% in value across the year. Although gold achieved a record high by rising in value approximately 10% throughout 2023, the world’s leading cryptocurrency has had a nice run lately as the cryptocurrency market potentially enters a bull market. Additionally, Bitcoin futures open interest reached a new high for 2023 on the Chicago Mercantile Exchange (CME), hitting US$4.87 billion.
Crypto.com has launched the Rewards+ loyalty program for US-based Crypto.com App users, with more countries coming soon. Take your crypto journey to new heights, with achievements and exclusive rewards for every trade you make. Read on for more of this week’s crypto news.
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
Singapore Charities Go Crypto
Crypto.com signed a Memorandum of Understanding with six Singapore-based charities this week: CARE Singapore, Cycling Without Age Singapore, Dementia Singapore, Limitless, MINDS, and The Salvation Army Singapore. This enables them to accept donations in digital assets and explore further collaborations to support fundraising in the nonprofit sector.
Bitcoin Dominates Assets in 2023
While gold achieved a record high in 2023 by rising in value approximately 10% throughout the year, Bitcoin dominated asset value increases — surging by 166% in value across 2023.
El Salvador Approves World’s First Bitcoin Bonds
El Salvador’s financial regulator has approved the launch of Bitcoin bonds for an early 2024 issuance. The plan to offer Bitcoin bonds was first introduced in 2021 following El Salvador recognizing Bitcoin as legal tender in the country, and funding from the bonds will help establish an in-market Bitcoin mining operation reliant on renewable energy.
FIFA Launches Club World Cup NFT Collection
The world’s governing body for football is set to launch a collection of NFTs in collaboration with blockchain firm Mondex to commemorate the 2023 Club World Cup. The debut set of 100 digital collectibles was released on December 15, and it grants collectors a chance to score tickets for the FIFA World Cup in 2026.
Enjin Migrates 200 Million-Plus NFTs to Its Own Blockchain
NFT platform Enjin recently completed a migration of over 200 million NFTs from Ethereum and JumpNet to its own Enjin Blockchain network. To avoid the gas fees for this large-scale migration, Enjin took a snapshot of its users’ Ethereum-based NFTs before issuing the Enjin Blockchain versions instead of burning them first.
What’s Ahead
Line Next to Launch Global NFT Marketplace in January 2024
DOSI, the NFT marketplace created by Line Next, is set to launch in January 2024 after the firm raised US$140 million in funding. Line Next is a venture unit from LY Corporation, the parent company of messaging app Line. The US$140 million fund will also be used to develop Web3 services, such as games and social networking apps.
Chart of the Week
As of December 10, Bitcoin futures open interest has reached a new high for 2023 on the Chicago Mercantile Exchange (CME), hitting US$4.87 billion. Open interest is often used to indicate whether monetary flows are increasing or decreasing. Funding inflows have increased across other cryptocurrencies on a monthly basis, as well.
Research & Insights
Monthly Feature Article | Research Roundup
In our special year-end report, we selected the top events and developments of 2023, followed by our outlook for the key trends in 2024. In 2023, the cryptocurrency industry witnessed both impressive milestones and recovery from the tumultuous times of 2022, and excitement is building for Bitcoin’s upcoming fourth halving event and Ethereum’s next major upgrade in 2024.
Key Takeaways:
- The monthly market cap and volume indices were positive at +12.13% and +60.46%, respectively, while the volatility index was negative at -27.99%.
- Bitcoin broke past US$44,000 for the first time in 19 months, while Ether managed to top US$2,300 and spot ETF developments continued to make headlines.
- We elaborated on the designs of projects that have been enabling the issuance and transfer of new assets on the Bitcoin network, including BRC-20, Atomicals Protocol, and Taproot Assets.
- Turing completeness in blockchains was examined in Bitcoin’s design, and we explored two emerging projects that represent the paradigm shift around turning Bitcoin into a Turing-complete network.
- Alpha Navigator dove into macro trends, market-neutral pairs, style-factor screens, and events, with asset classes, led by ETH, mostly rising in November.
Read the full Research Roundup here.
NFT Spotlight
In celebration of the crypto world as one of the magical ‘fruits’ of imagination in modern times, Katya Rozz presents ‘Crypto Eden’, where we all — humans, trees, apes, waterfalls — are the fruits of Nature’s fantasy and imagination. Dropping on Thursday, December 21, this NFT collection encompasses the beautiful materialization of ideas, feelings, and aspirations that come from an abundant world where Nature creates something new through us.
Rozz, a self-taught Israeli artist and surface pattern designer from Belarus, is most known for her realistic tropical paintings and exotic pattern designs, inspired by the perfection of botanical shapes and the animal world. She aims to be bold and speak out loud, which is expressed by a maximalist approach for creating art — bright colors, attention to detail, and high contrasts. The goal of Rozz’s art is to celebrate the beauty and power of Nature. This drop includes 🪂 NFT airdrops.
“If we can imagine something, we can create it. We just need to be brave and open enough to give these ideas, feelings, and aspirations a material form. I believe that everyone can create their own unique worlds in their own unique way.” —Rozz, rallying us with inspiration
This way to Eden. There’s a jungle, too.
Product Picks
Introducing Rewards+, a Loyalty Program Built for Everyone
Rewards+ provides you with a world of benefits based on your trading activity. Every trade you make puts you on a path to unlock more perks, including higher Earn Plus bonuses, trading rebates, and extra Crypto.com Visa Card rewards. Activate your rewards now by launching the Crypto.com App, or visit our blog for more information.
Review Your Year in Crypto for 2023
Year in Crypto has returned! We’ve put together a series of personalized stories that features your 2023 highlights, what we’ve achieved together, and market trends that are sure to pique your interest. Check out your Year in Crypto in the App now.
Liquid Staking Is Now Available in the Crypto.com Exchange App
You can now wrap your staked ETH in the Crypto.com Exchange App while you’re on the go, allowing you to unlock liquidity for your ETH in the form of the CDCETH receipt token. What’s more, CDCETH can be converted back to staked ETH at a likely higher conversion rate that accounts for the accrued staking rewards. Get started here.
Will You Join the Dark Lions in Their Conquest of Mane City?
Crypto.com’s newest NFT collection, ‘Dark Lions’, is officially sold out! The ‘Dark Lions’ comprise 10,000 unique NFTs, boasting traits that are both algorithmically generated and lovingly hand-drawn. These warriors will be coming to the Loaded Lions: Mane City game soon too. If you didn’t manage to get one in the mint, it’s still not too late. Snag one here!
Crypto Level Up
What Is Data Tokenization and Why Does It Matter for Cryptocurrency?
Data tokenization refers to the process of substituting sensitive information with unique identifiers, dubbed tokens. By themselves, the tokens have no value, as they cannot be reverse-engineered to reveal the original set of information. Read on to find out why data tokenization is important for cryptocurrency.
Benefits of Data Tokenization
This process reduces the risk of data breaches, as the tokens have no value to the attackers. Although hackers may steal the tokens, they cannot be linked back to the original sensitive information (i.e., private keys) without access to the token vault.
How Are Different Industries Using Data Tokenization?
Data tokenization is gaining traction in asset management, where both tangible and intangible assets can be converted into digital tokens. These tokens can then be traded on blockchain platforms, providing increased liquidity and transparency for assets.
Get the Full Lowdown on Data Tokenization and Its Importance for Cryptocurrency.
CryptoIRL
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Decoder
Non-Custodial Wallet
A non-custodial wallet is a digital wallet that lets individuals securely store and manage their digital assets without relying on a third-party custodian. It’s also commonly known as a self-custody wallet.
Key Features of a Non-Custodial Wallet
Security
Non-custodial wallets use cryptographic techniques to secure the private keys for digital assets, ensuring that only the wallet owner can access and manage them.
Control
Users of a non-custodial wallet have full control over their assets, as they’re the ones who hold the private keys needed to initiate transactions.
Privacy
When using a non-custodial wallet, users do not need to disclose any personal information to a third party.
Security Tips
Cryptocurrency Scams Defraud Billions in 2023
In late November 2023, news agency Reuters reported that US$2.6 billion was lost in 2023 in the US to pig butchering and other cryptocurrency scams. In a pig butchering scam, the scammer builds a relationship with the victim before encouraging them to invest in a fraudulent cryptocurrency platform or product.
Here’s How to Avoid Being a Victim of Pig Butchering
1. Be wary of unsolicited messages from strangers on social media, dating apps, and instant messaging apps. Be on high alert if they start to discuss investing and finances.
2. A scammer often falsely guarantees returns with low or no risk. Don’t let greed and a fear of missing out (FOMO) influence your judgment.
3. Indicate you’re not interested in cryptocurrency and not investing right now. If the individual you’re speaking with stops talking to you, it’s likely they were attempting to scam you.
4. Don’t excessively share personal information on social media platforms or dating apps. This gives scammers more resources to cultivate a relationship and gain your trust.
5. Avoid investing based on the advice of someone you’ve just met. Always research a platform or product thoroughly to determine its legitimacy.
6. Staying informed and vigilant is your best defense against scams. If you fall victim to an attack, act immediately to protect yourself. Alert your financial institution and local authorities as soon as possible.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
