Hello Snapshotters,
Bitcoin’s on a meteoric rise, breaking US$60,000 this week and doubling down on its US$50,000 record last week. And it’s not the only crypto the market is feeling bullish on. ETH surpassed US$3,500 earlier this week, AI tokens recorded gains of over 80%, and Solana jumped over 30%.
Read on for what else has been happening in the crypto space this week.
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
🤝 Crypto.com x BTG Pactual
Crypto.com announced its strategic agreement with BTG Pactual, the largest investment bank in Latin America. The collaboration will look to advance crypto-powered banking services in Latin America and beyond. Find out more.
📈 New Bitcoin Futures ETF
Valkyrie launched a new Bitcoin futures-leveraged ETF that aims to provide two times the daily performance of a Bitcoin futures index.
⬆️ MicroStrategy Buys More BTC
MicroStrategy acquired an additional 3,000 BTC last month for approximately US$155 million, at an average price of US$51,813 per bitcoin.
🦄 Uniswap Proposes Rewards for UNI Holders
The Uniswap Foundation proposed changes to its community governance, most notably an upgrade to turn on rewards for users who delegated and staked UNI tokens on the platform.
🛒 Walmart NFTs
Ethereum NFT project Pudgy Penguins expanded its partnership with Walmart to bring its Pudgy Toys to an additional 1,100 Walmart stores across the U.S. The toys had generated US$10 million in sales in less than a year.
What’s Ahead
Micro BTC & ETH Futures
The Chicago Mercantile Exchange (CME) plans to launch euro-denominated micro bitcoin and ether futures on March 18, subject to regulatory approval.
Chart of the Week
Ethena Labs launched its USDe stablecoin on the public mainnet on 19 February. The stablecoin is an Ethereum-based synthetic dollar collateralised with ETH and short futures positions. Users staking USDe receive sUSDe, which offers a high annual percentage yield (APY) of up to 27.6%.
However, the community raised concerns about USDe’s yield rate with regard to the potential risks related to yield inversion and bear market scenarios.
NFT Spotlight
‘Verses of Forgotten Girls’ is a story about a girl living on Earth-92 in 4202 AD who began having mysterious dreams one day. This NFT collection by CSLIM, a generative artist who creates new worlds with the help of AI, consists of 5,000 unique illustrations that reveal different aspects and stories of the girls in her dreams.
Dropping on March 4th, this collection includes various utility features, with early access available eight hours before the start of the public sale.
It’s like traveling through multiple worlds in the multiverse. Other CSLIM vibes over here.
Product Picks
Crypto.com Visa Cardholders in the EU Can Now Use Apple Pay!
Apple Pay is the easier, safer way to pay in stores, selected apps, and on participating websites with your iPhone, Apple Watch, iPad, and Mac. Use Apple Pay now.
Trade on the Crypto.com Exchange App in Your Native Language
The Crypto.com Exchange App has added Polish language support to a list of over seven supported languages. Trade anytime, anywhere in your native language. Download the Exchange App here.
Crypto.com App New Token Listings
LCRO – Liquid CRO (LCRO) is the token receipt of liquid-staked CRO that users will receive after staking CRO with Veno.
Crypto Level Up
What Is CDCETH?
Crypto.com Staked ETH (CDCETH) is a liquid staking token representing your staked ETH in the Crypto.com App or on the Exchange.
More on CDCETH
CDCETH is used for liquid staking in the App and on the Exchange, and you obtain it by wrapping your staked ETH. Your staking rewards are then reflected in the conversion rate of CDCETH to staked ETH.
Advantages of Liquid Staking
Liquid staking allows you to continue earning staking rewards without losing the liquidity of your assets, hence the name. In other words, you can continue using your assets for trades.
Get the full lowdown on CDCETH.
CryptoIRL
As part of its world tour, the Lion recently appeared in Dubai. Here we find @yugoslavdinar hanging out with the Crypto.com 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!
Decoder
Immutable
Immutability means that once data has been written to the blockchain, it cannot be altered or deleted. This is a fundamental characteristic of blockchain technology.
Once a transaction is added to a block and that block is added to the blockchain, it becomes a permanent part of the ledger. Immutability is a critical feature of blockchain technology because it provides transparency, security, and trust in the integrity of the data stored on the blockchain.
Security Tips
New Scam Drains Crypto Wallets Without Transaction Approval
In late February, a scam emerged on Telegram where attackers drained a victim’s wallet by tricking them into simply signing a message as they were not required to approve any transactions. However, this scam only worked on ERC-2612 tokens, as the standard allows for ‘gas-less’ asset transfers.
Learn how to prevent your wallet from getting drained:
1. Being wary of transactions you approve is the current best practice to safeguard your crypto and NFTs. In addition, you’ll also need to scrutinize any messages you sign.
2. When you’re minting NFTs, always use a fresh or empty wallet. This prevents rogue projects from accessing your assets.
3. Keep your token approval list up to date. If there are dapps you don’t use or plan to use any longer, revoke their access.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
