Snapshot 142

ETH breaks $3,000, Bitcoin ETFs clock another week of record inflows, and Ferrari now accepts Dogecoin

Feb 23, 2024
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The space seems unstoppable this week. Ethereum (ETH) rose past US$3,000 for the first time since April 2022, while Bitcoin ETFs continue their record inflows. Ferrari now accepts DOGE, and matching the positive vibe, researchers found what many in the crypto space already knew: they can predict market sentiment and trading outcomes by analyzing emojis. Read on for the details.

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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 Reaches Two-Year Record High

The week started off with the price of Ether (ETH) rising past US$3,000 for the first time since April 2022, fueled by anticipation for approval of a U.S. spot-based ETH exchange-traded fund (ETF) in the coming months and the Dencun upgrade on the horizon for March. In addition, Ethereum’s market cap is now bigger than Toyota’s.

🏎️ Ferrari Now Accepts DOGE

As the market goes bullish, holders of Dogecoin can now buy a Ferrari. The luxury car manufacturer confirmed the integration of DOGE for the company’s U.S. ventures. Dogecoin makes the list of other popular cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).

😊 Trade Better With Emojis?

A news bit to put a smile(y) on your face: Research seems to have confirmed what many in the space already believed: It is possible to predict crypto trading outcomes using emoji sentiment on social media, according to a recent study. 

📈 Record Inflows for Bitcoin ETFs

Demand continues to rise for Bitcoin (BTC) ETFs, as last week saw a record US$2.4 billion of inflows, according to data from CoinShares. This increasing demand follows on the heels of Bitcoin reaching US$52,000 for the first time since December 2021.

📲 Apple Deploys Cryptography Update

This week, Apple unveiled PQ3 for iOS 17.4, which it calls “the most significant cryptographic security upgrade in iMessage history.” Apple is now one of only a few providers using post-quantum cryptography for messages. 

What’s Ahead

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Chart of the Week

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Last week, we reported that Bitcoin crossed US$1 trillion in market cap for the first time since 2021. This puts Bitcoin back in the trillion-dollar club and on the list of the top ten U.S. enterprises by market cap, joining the likes of Microsoft, Apple, and Google.

Latest in Research

Monthly Feature Article | What Are Crypto ETPs?

In TradFi, exchange-traded products (ETPs) is an umbrella term to describe a variety of financial instruments traded throughout the day. 

Crypto ETPs track the performance of a single cryptocurrency like Bitcoin, a basket of cryptocurrencies, or blockchain industry-related stocks. They include exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs).

Current crypto ETPs mostly track a single digital asset — Bitcoin or Ether — and are generally considered to be undiversified.

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Key Takeaways:

  • Before the recent U.S. spot Bitcoin ETFs, there were already other ETPs in the crypto space. 
  • Globally, net inflows into crypto ETPs rose from US$366 million in 2017 to US$2.2 billion in 2023 (once reaching a high of US$10.6 billion in 2021). 
  • In 2024 YTD, net inflows are US$1.3 billion, already 60% of 2023’s entire amount.
  • The range of crypto investment vehicles, including derivatives like futures and options, is also likely to expand over time.
  • Major TradFi derivatives exchanges like CME and Eurex already offer crypto futures and options contracts aimed at institutional and sophisticated traders. Open interest in these products has significantly risen to record highs.

Read the full report

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NFT Spotlight

Embrace the world of sports and reap the rewards with a LILLI NFT!

LILLIUS, an AI Sports Challenge platform, empowers you to exercise anytime, anywhere and get rewards through engaging gamified sports challenge content and AI technology, which underpins every LILLIUS activity and infuses gamification into user experiences. 

Dropping on March 1, this special NFT collection is uniquely crafted to offer NFT holders specially designed artworks, and holders have the opportunity to upgrade their NFT levels using LILLIUS tokens to receive greater rewards.

Collaborating with over 70 IPs of sports stars, including Olympians and influencers, this debut release of the LILLI NFT collection comprises 25 levels with five grades — and you can claim LLT token rewards as a first participant!


Be a first participant!

Product Picks

Make Smarter Trading Decisions With Signals Signals has just been launched in the App to provide you with all the latest updates on notable on-chain activity, detailed token price changes, and news on large-volume trades taking place. With Signals, you have 24/7 access to up-to-date information from various sources aggregated within the App to enhance your trading decisions. For more details, click here

Set Target Price Orders on Over 340+ Tokens

ORAI, VARA, ONDO, POKT, ALT, and five more tokens have all just been added to Target Price Orders in the 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. App New Token Listings


Pixels (PIXEL) is an engaging social, casual Web3 game powered by the Ronin Network, offering a mesmerizing open-world experience revolving around farming, exploration, and creation. PIXEL, a premium in-game currency in Pixels, can be used to buy items, for upgrades, and cosmetic enhancements.


StarkNet is a permissionless and decentralized Zero-Knowledge (ZK) rollup solution built atop Ethereum. Functioning as a Layer-2 (L2) network, it empowers any dapp to achieve unlimited scale without compromising on Ethereum’s composability and security. Leveraging the robustness of STARK, one of the most secure and scalable cryptographic proof systems, StarkNet assures robustness and scalability. The governance token, STRK, facilitates token holders’ engagement in the governance processes, allowing them to influence decisions and proposals pivotal to shaping StarkNet’s future.


bitsCrunch is an innovative decentralized network, augmented by AI, designed to provide comprehensive analytics and forensic insights for NFTs, wallets, and various digital assets across the public blockchain. It is accessible via intuitive APIs, and developers can swiftly construct robust NFT dapps with ease. BCUT serves as the utility token for the bitsCrunch network, streamlining operations within its community-driven ecosystem.

SHIB and XLM Contracts for UpDown Options [US ONLY]

SHIB and XLM contracts are now available for UpDown Options in the App, allowing you to capture value in all market conditions while maximizing profit potential and minimizing losses. Trade with lower costs and hedge against price dips. These two tokens join an ever-expanding list of tokens available, in addition to BTC, ETH, LTC, DOGE, and many more. Get started here

SHIB and XLM Contracts for Strike Options [US ONLY]

SHIB and XLM contracts are also now available for Strike Options in the App. You can potentially profit during a 20-minute time period just by predicting whether the price of an underlying asset will be higher than the strike price at the time of expiration.

Try it now.

Crypto Level Up

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What Are Crypto Market Makers and Takers?

Market makers provide liquidity in crypto markets by placing both buy and sell orders. Conversely, market takers pull from this liquidity by executing trades against these orders.

More on Market Makers

Market makers facilitate the smooth trading of cryptocurrencies by providing liquidity. They also manage market risk by holding specific amounts of tokens in their inventory.

More on Market Takers

As mentioned above, market takers pull from the provided liquidity by placing orders that match an existing one in the order book. They generally value executing their trades immediately, at the price currently available.

Learn all about crypto market makers and takers.



Every once in a while, the Lion likes to treat itself to coffee and waffles. Here, @croshouf enjoys a nice breakfast with the Icy White 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!


Layer-0Layer-0 is a root layer that allows for cross-chain interoperability between Layer-1 protocols. In other words, it is a connector of blockchains.

Layer-0 has several use cases in scalability and can set up individual reward structures, data validation, and digital currency wrapping. With Layer-0, operators deploy networks quickly and across several nodes without needing to directly communicate with the underlying protocols of existing blockchains.

Security Tips

Multinational Corporation Duped Into Paying US$25 Million With Deepfake

In early February, a Hong Kong employee at a multinational company’s finance department paid out US$25 million to a scammer posing as the firm’s chief financial officer via a deepfake video call. Besides the CFO, other staff members in the call were recreated with the same technology to make it more convincing.

Here are some techniques you can use to identify deepfakes:

Eye Movements

How the individual’s eyes move is usually a dead giveaway. If their eyes don’t blink and shift naturally as one would, even during a video call, you need to put your guard up.

Unnatural Features

Along the same vein, look out for telltale signs like abnormal skin tones, hair that’s oddly frizzy or textured, and blurring around certain parts of their body or face.


If the person you’re calling is wearing glasses, look at how the light interacts with their spectacles: the amount of glare present, for example. That’s because deepfake technology is not yet able to fully recreate the natural physics of light.

Awkward Audio

Although deepfake technology can recreate voices with an impressive level of accuracy, pay attention to how the audio syncs up with the individual’s lip movements. If it feels odd, prepare to verify their identity.

That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.

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Ethereum / Dogecoin / Dapp / Tokens