Hello Snapshotters,
The market is reaching a new tipping point: Spot Bitcoin exchange-traded funds (ETFs) already hold over 4% of Bitcoin’s total supply. Meanwhile, miners are rejoicing just before the halving as mining revenues climbed to $78.89 million on March 11 as the BTC price broke new all-time highs. Also, heads up that the halving is now scheduled for April 15 instead of April 20.
With all the hype, it seems to be time that Bitcoin gets its own emoji. And 20-plus leading BTC companies are getting behind this now. You can support their change.org campaign.
Read on for more crypto news, including WIF’s plans to take on Vegas.
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
🎩 Sphere Wif Hat
They did it. Crypto fans raised $650,000 to put Dogwifhat on the Las Vegas Sphere. Last Saturday, crypto stans launched a campaign to put the Solana-based meme coin on the Sphere, and by Thursday had surpassed their goal, with WIF price now hitting a new ATH.
🌟 Dencun Upgrade Is Live
It’s here. The Dencun upgrade went live on March 13, 2024. You can re-watch Ethereum’s live stream of the upgrade making it onto the mainnet here.
📈 BlackRock Expands on BTC Products
BlackRock is planning to acquire spot Bitcoin exchange-traded products (ETPs) for its Global Allocation Fund. The company has already filed with the U.S. Securities and Exchange Commission (SEC) for its own iShares Bitcoin Trust (IBIT), as well as other Bitcoin ETPs.
🏎️ Elon Musk Holds More Than $1B BTC
It was revealed that Elon Musk-owned companies Tesla and SpaceX hold a combined total of approximately $1.3 billion worth of Bitcoin in their wallets. Tesla was reported to hold 11,500 BTC (~$780 million), and SpaceX with 8,290 BTC (~$560 million).
↗️ Gas Fees at Record High
The revenue from Ethereum’s network fees reached nearly a two-year high, totalling $193 million in a week. This surge coincides with meme coins like PEPE, SHIB, and FLOKI pumping, and high volume on Ethereum-based DEXs. The average transaction fee was as high as $28.
🌟 VanEck Launches NFT Platform
Asset management firm VanEck, known for its Bitcoin ETF, launched its own NFT platform called ‘SegMint’, highlighting the traditional finance industry’s growing interest in Web3 tokenization.
What’s Ahead
Bitcoin ETF Options Delayed
The SEC granted itself an additional 45 days to review proposals from the Chicago Board Options Exchange (CBOE), Miami International Securities Exchange, and Nasdaq regarding options on Bitcoin ETFs.
Number of the Week
Chart of the Week
Bitcoin reached an all-time high (ATH) of $70,000 on March 8.
Since then, BTC crossed $71,000 and reached a new ATH on March 11, while ETH rallied to $4,000 for the first time since 2021.
Research & Insights
Monthly Feature Article | Alpha Navigator
Monthly trading insights and technical analysis of top crypto assets summarized for our community.
Read the full report here.
Crypto Trivia
Which asset is also known as ‘digital silver’?
A) Ethereum
B) Solana
C) Dogecoin
NFT Spotlight
Get ready for an unforgettable, one-of-a-kind collaboration between legendary American football placekicker Justin Tucker and renowned creative powerhouse D-O-M as they present ‘The Kick | Justin Tucker Genesis NFT Collection’, dropping on Monday, March 18.
Experience history in a new dimension with three unique NFT Sports Trading Cards: ‘The Kick’, ‘The Cleat’, and ‘The Card’, embodying a distinct piece of a historic sports moment and representing American football’s ‘Mr. Consistent’, Justin Tucker. This collection forges a new path for fans to interact in Web3 with the game and player they love.
A portion of the proceeds will go to Living Classrooms in Baltimore.
Kick it over here! Or learn by doing.
Product Picks
Introducing the ‘Crypto.com Tactical Gear’ NFT Collection
This collection comprises 40,000 ‘Core’ and 60,000 ‘Elite’ weapon and armor NFTs that will boost your attack and defenses in Mane City. In Phase 1, only ‘Loaded Lions’, ‘Dark Lions’, ‘Cyber Cubs’, and ‘Crypto.com Land — The First Frontier’ NFT holders will be eligible to join the sales phase.
Phase 1 Sale: March 20, 2024, 13:00 UTC ー March 21, 2024, 07:00 UTC (18 hours)
Phase 2 Sale: March 21, 2024, 13:00 UTC ー March 26, 2024, 13:00 UTC (5 days)
New Tokens Added to the TWAP Trading Bot
Over 50 new tokens have been added to the TWAP Trading Bot on the Crypto.com Exchange, including BONK, PEPE, WIF, and many more. The TWAP Bot allows you to automate trade execution with minimal price impact and market signalling. Try it now.
Crypto.com App New Token Listings
Myro (MYRO)
Myro is a cryptocurrency based on the Solana blockchain. It is also a meme coin named after the dog of Solana co-founder, Raj Gokal.
Coq Inu (COQ)
Coq Inu is the No. 1 meme coin on the Avalanche C-Chain. Following the trend of animal-inspired cryptos, COQ is a chicken-themed token founded by members of the community.
Aevo (AEVO)
Aevo is a decentralized derivatives exchange platform that focuses on crypto options and perpetual futures trading.
BOOK OF MEME (BOME)
BOOK OF MEME is an experimental token project associated with art producer and graffiti master, Darkfarms.
Crypto Level Up
What Are Meme Coins and How Do They Work?
Meme coins are cryptocurrencies inspired by internet jokes and references. The first one was DOGE in 2013, inspired by the Doge meme that caught on that year.
How Do Meme Coins Work?
While meme coins are often minted on blockchains like Ethereum, which have smart contract capabilities, they generally don’t offer utility.
Why Do People Buy Meme Coins?
In the past, people bought DOGE to tip others. Today, several meme coins attract users through hype and speculation, with meme themes that range from dogs to Pepe the Frog.
Check out the full story on meme coins and how they work.
CryptoIRL
Even the Lion enjoys the old pastime of plane watching before taking off — @kiatloong enjoying coffee with the Crypto.com Royal Indigo 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!
Security Tips
Hackers Target Cryptocurrency Companies
A new phishing toolkit called CyberChameleon was used in a phishing campaign targeting staff at cryptocurrency companies including Binance, Coinbase, and Kraken. Hackers used the toolkit to create fake single sign-on (SSO) pages for authentication service Okta to fool unsuspecting employees.
Here’s what you can do if you believe you’ve been phished:
1. Immediately report the incident to your company’s IT support team.
2. If you’ve shared bank account or credit card details with the scammers, contact your financial institution(s) right away.
3. Change the passwords for your work application accounts as soon as possible. Ensure that new passwords are strong and unique.
Crypto Trivia Answer
A) Ethereum
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
