Digital gold is now also digital silver. Bitcoin has bypassed silver to become the second-largest ETF asset class in the U.S., signaling the growing mainstream acceptance of BTC, according to Nasdaq. This silver lining followed Bitcoin spot ETFs hitting one milestone after another since launch, trading US$4.5 billion on their first day and passing US$10 billion this week.
On January 16 alone, spot Bitcoin ETFs generated US$1.8 billion in volume — more than three times the combined trading volume on the same day of all 500 ETFs that were launched in 2023.
More good news on Bitcoin’s golden cross in the News Snaps below.
In case you missed it, on Friday Co-Founder and CEO, Kris Marszalek, held an AMA. Watch the replay here: AMA with Kris, Co-founder and CEO
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
Bitcoin Forms Golden Cross
This week, traders spotted a golden cross on Bitcoin’s weekly chart, a bullish signal reinforcing the current positive market sentiment. While golden crosses have graced BTC charts before, the 50-week simple moving average (SMA) of Bitcoin’s price has crossed above the 200-week SMA for the first time on record.
dYdX Becomes Largest DEX
Decentralized exchange dYdX, which recently migrated from Ethereum to Cosmos, has topped Uniswap v3 to become the largest DEX by daily trading volume, according to data from CoinMarketCap. The DEX saw US$757 million of volume over a 24-hour period earlier this week.
Sotheby’s Offers Ordinals Sale
Sotheby’s offered its first curated Ordinals sale last week, opening bidding in a curated auction for these digital collectibles inscribed on the Bitcoin blockchain as part of its ongoing ‘Natively Digital’ series, which included its successful BitcoinShrooms auction in December.
ASC-20 Tokens Quietly Become Successful
While the crypto space has been focused on Bitcoin’s BRC-20 Ordinals, a similar token standard has quietly drawn increased interest, as Avalanche’s ASC-20 token inscriptions surged by 2,000% last week.
Dencun Goes Live
Ethereum’s Dencun upgrade was implemented on the blockchain’s Goerli testnet earlier this week — after a Prysm bug caused a four-hour delay. Once live on the mainnet, the upgrade is expected to significantly lower the cost of transactions on Ethereum Layer-2s, including Optimism, Polygon zkEVM, and others.
Alpine Crypto Peaks
The value of crypto projects based in Switzerland and Liechtenstein has increased by 107% year-over-year to US$382.93 billion. Headquartered in Zug, Switzerland, the Ethereum Foundation is the highest-valued project, with a market cap of US$273 billion, followed by Solana (US$43.3 billion) and Cardano (US$20.8 billion).
What’s Ahead
Circle’s IPO Is Coming
Circle Internet Financial, the issuer of the USDC stablecoin, filed for an initial public offering (IPO) in the US. The confidential IPO is expected to take place after the US Securities and Exchange Commission (SEC) completes its review process, subject to market and other conditions, the company said.
Chart of the Week
The first-ever US spot Bitcoin ETFs were approved last week by the SEC, with 11 ETFs trading on January 11, 2024, totaling US$7.69 billion in trading volume on the first two days of trading. Grayscale’s ETF had the largest share of the trading volume, followed by BlackRock and Fidelity.
NFT Spotlight
Intended to transport the spectator to a world that is both familiar and otherworldly using vibrant colors, intricate patterns, and spiritual symbolism, Ashkan Galehdari, a digital artist from Amsterdam, Netherlands, presents ‘Mysterious Gardens’, a collection inspired by the captivating beauty of old paintings and intricate architecture of Eastern art and culture.
Dropping on Monday, January 29, ‘Mysterious Gardens’ incorporates elements that appear out of place but are flawlessly in harmony as Galehdari seeks to change the function of traditional forms and shapes, transforming their concepts in our search for harmony and order.
Houses may emerge in unexpected places, animals and plants interact in ways that test our perceptions, and strange objects hint at yet-to-be-discovered mysteries.
This collection features 🪂 NFT airdrops and 🖼️ signed physical prints.
Find the mysteries. There are also the collections Hope Of Glory and Contemporary Ancestors, too.
Product Picks
Trade Cryptocurrencies and FX in Strike Options [US Only]
Strike Options has introduced Forex contracts, allowing you to potentially profit from top FX pairs like EUR/USD and USD/JPY, with turnaround times as short as five minutes. This CFTC-regulated derivatives product allows you to trade both crypto and FX in one app. Find out more here.
Connect to Solana Dapps With DeFi Wallet
DeFi Wallet has added support for Solana dapps, allowing you to connect to and interact with all Solana dapps that support WalletConnect. This allows you to trade on Solana DEXs like Jupiter and Orca while on-the-go, adding to the versatility of your favorite Web3 wallet. Download DeFi Wallet here.
Set Target Price Orders on Over 330+ Tokens
MNDE, TRAC, NEON, OAS, BONK and 16 more tokens have all just been added to Target Price Orders in the Crypto.com App. With Target Price Orders, you can now automate orders at your preferred price without having to monitor the market. Set your Target Price Orders now.
Crypto.com App New Token Listings
Ondo Finance (ONDO)
Ondo Finance, a tokenized real-world asset (RWA) platform, seamlessly connects traditional finance with DeFi. It aims to grant investors access to U.S.-denominated financial products via tokenized assets with the capability to build DeFi protocols. ONDO, the governance token for Ondo Finance, allows token holders to influence the Ondo DAO and Flux Finance protocol, shaping economic parameters and smart contract upgrades through on-chain governance proposals.
Oraichain (ORAI)
Oraichain operates as an AI-powered oracle and blockchain ecosystem, aiming to establish itself as an advanced AI Layer-1 blockchain. It serves as a foundational layer for the development of next-generation smart contracts and dapps. The ORAI token, native to the Oraichain blockchain network, is integral to securing and powering the decentralized oracle network of validators. Additionally, ORAI is used for transactions, governance, and staking within the ecosystem.
Pocket Network (POKT)
Pocket Network serves as a decentralized blockchain data platform, operating as the fundamental remote procedure call (RPC) base layer that links to over 50 blockchains. It utilizes a Proof of Stake (PoS) consensus mechanism to provide scalability and data consistency for dapps. POKT is the lifeblood of the POKT Network ecosystem. It coordinates all actors within the ecosystem and drives the core utility of the network.
Crypto Level Up
What’s the Difference Between On- and Off-Chain Transactions?
As the name suggests, on-chain transactions occur directly on the blockchain itself. Off-chain transactions, on the other hand, take place outside the main blockchain, such as on a Layer-2 network like Arbitrum or Optimism.
Below is how these two transaction types differ:
1. Level of Decentralization
On-chain transactions adhere firmly to the principles of decentralization, immutability, and transparency, while off-chain transactions offer relatively greater scalability and efficiency but may introduce centralized elements as a result.
2. User Benefits
As mentioned above, off-chain transactions leverage secondary layers or networks to facilitate faster and more cost-effective asset transfers, while on-chain transactions offer greater transparency and security. However, certain blockchains are exceptions to this rule.
Learn all about on- and off-chain transactions.
CryptoIRL
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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
Bollinger Band
A Bollinger Band, created by John Bollinger, is an indicator used in technical analysis that tracks an asset and gives traders insight into whether it is oversold or overbought.
Bollinger Bands help track an asset and comprise three lines:
- An upper band
- A simple moving average (MA)
- A lower band
The upper and lower bands are typically +/- 2 standard deviations away from the 20-day simple moving average (SMA). When the price touches the upper or lower end of the Bollinger Band, the trader can then determine if the tool deems the asset to be overbought or oversold.
For more information on charts and technical analysis, read our beginner’s guide on how to read crypto charts.
Security Tips
Nearly £1 Million Stolen in Recruitment Scams in London
In mid January, the City of London Police said close to £1 million was defrauded through recruitment and WhatsApp scams in 2023. City of London Police Temporary Commander Oliver Shaw added that £1 million might only be “the tip of the iceberg,” as this type of fraud is “hugely underreported.”
Below Is How to Shield Yourself From Recruitment Scams:
1. If a recruiter requires you to make any form of payment or divulge your credit/debit card details to secure a position, stop messaging them and immediately report the account to the authorities.
2. If a job offer sounds too good to be true, it probably is. For example, if the role allows you to work on your mobile phone and earn 10 times on a daily deposit — that you have to make.
3. If an email from a recruiter contains multiple spelling mistakes, grammar errors, and suspicious links, delete it right away.
4. Most legitimate businesses have a digital presence. These include a website and at least one active social media platform. If a company approaching you has a fishy digital footprint, be careful when moving through the application process.
5. If the contact information provided in the job listing does not match the company’s official details, it’s a red flag. Should you still be interested in that particular role, reach out to the company via its official website to verify it is indeed hiring for it.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
