Hello Snapshotters,
This week, MicroStrategy increased its BTC holdings and now owns more than 1% of the total BTC supply. Bernstein analysts seem to agree with Michael Saylor’s strategy, calling this week’s BTC correction in price a ‘dip buying opportunity’ ahead of the upcoming halving. The dip didn’t last long, with the market back up again over 7% by Thursday, while Bitcoin price rose by 10%.
More of what’s moving in the crypto market below.
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
🐶 WIF NFT Sells for Over 1,200 ETH
The owners of Achi, the WIF puppy with a knitted hat, in collaboration with FeistyDAO, released a one-to-one of the original image as an NFT, which sold on March 18, 2024 for 1,210.759 ETH in a live auction.
💰 MicroStrategy Joins the 1% Club
After Michael Saylor’s latest purchase, MicroStrategy now holds over 1% of the total Bitcoin supply. Between March 11 and 18, the company acquired 9,245 bitcoins, increasing its holdings to 214,246.
🆓 No Fees Bitcoin Spot ETF
VanEck decided to eliminate the management fee for its spot Bitcoin ETF, HODL, until 31 March 31, 2025. After the announcement, its spot Bitcoin ETF saw a record $119 million inflow on March 11.
🤝 Valkyrie Acquired
European digital asset investment firm CoinShares acquired Valkyrie Funds, including the sponsor rights to their spot Bitcoin ETFs.
🏦 TradFi Blockchain Piloting
Goldman Sachs, BNY Mellon, and other financial heavyweights are testing an enterprise blockchain called ‘Canton Network’.
🦁 Crypto.com on CNBC
Crypto.com CEO Kris Marszalek joined Andrew Ross Sorkin on CNBC to share his insights on the current crypto marketscape.
Crypto Catalyst Calendar
Number of the Week
Chart of the Week
The Ethereum Dencun upgrade was successfully activated on March 13, including the much-anticipated EIP-4844, which introduced ‘data blobs’. Subsequently, Ethereum Layer-2 (L2) protocols experienced a significant reduction in transaction fees, with some platforms seeing over 90% decrease.
Research & Insights
Monthly Feature Article | DePIN
The DePIN narrative is one of the hottest trends in the 2024 crypto bull market. Read our latest Research report DePIN: Crypto’s Rising Narrative before jumping in.
Crypto Trivia
Which was the first-ever meme coin?
- Shiba Inu
- Dogecoin
- Pepe Coin
Find the answer below.
NFT Spotlight
In the bustling city of Seoul, a dynamic duo — visionary producer Haz Haus and innovative artist Rees — joined forces to create a groundbreaking NFT series known as ‘The Mysterious Adventure of Hazoo’. Dropping on Monday, March 25, the immersive NFT collection includes 2,222 limited packs, each holding the key to a unique musical masterpiece.
Holders of more than eight NFTs are eligible for the HAZOO Track NFT airdrop, which combines the unique tracks from the held collectibles into a single, exclusive song.
Unlock a grand musical composition. Or hang with Homeboy Ludens.
Product Picks
MINA and KAVA Now Available for On-Chain Staking
Mina (MINA) and Kava (KAVA) are now available for on-chain Staking in the Crypto.com App and on the Exchange. Additionally, they are on the Cronos (CRO), Ethereum (ETH), Solana (SOL), Polkadot (DOT) blockchains. You can stake and earn up to 8% rewards while helping to secure the networks you love. Learn more here.
Solana Arrives at the Wallet Extension
Solana network support has finally arrived at the Wallet Extension! You can seamlessly create or import a Solana wallet and interact with dapps on your browser. Download it here.
Crypto.com App New Token Listings
Shrapnel (SHRAP)
Shrapnel is a blockchain-based, first-person shooter game built on Avalanche. SHRAP is an ERC-20 token that can be used for governance, minting, rewards, and as a medium of exchange.
ether.fi (ETHFI)
ether.fi is a decentralized liquid restaking protocol on Ethereum that allows users to restake both native ETH and liquid staking tokens. ETHFI is the native governance token for the ether.fi protocol.
Polyhedra Network (ZK)
Polyhedra Network leverages Zero-Knowledge proof systems to facilitate efficient cross-chain asset transfers using zkBridge. ZK serves as the native token of the Polyhedra Network ecosystem.
Crypto Level Up
What Is Restaking and How Does EigenLayer Work?
As its name suggests, restaking enables you to stake a cryptocurrency on its main blockchain and other protocols like EigenLayer. This enhances your cryptocurrency’s utility and provides you with an additional set of rewards. What’s more, you can secure multiple networks. However, the slashing risk you take on increases, as well.
EigenLayer Explained
This is a restaking program exclusive to users operating an Ethereum validator node. It facilitates restaking via a series of smart contracts and requires you to download and run additional node software.
Learn all about restaking and EigenLayer.
CryptoIRL
Builders keep building. Congrats on reaching your goal, @CaptnBaloo. Here, the Crypto.com Midnight Blue, Ruby Steel, and Frosted Rose Gold Visa Cards display Cap’s colorful collection of accomplishment. 🎉 💯
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
SIM Swappers Take Advantage of eSIMs
According to cybersecurity firm F.A.C.C.T., SIM swappers around the world have been stealing their targets’ phone numbers by porting them to new eSIM cards. They can then bypass the victims’ security to access their bank accounts.
Protect Yourself From SIM Swapping:
Secure your phone number. Set a password and PIN code for your phone’s account to prevent hackers from accessing it (e.g., porting it to an eSIM).
Use alternative multi-factor authentication (MFA) methods. Use an authenticator app, biometric verification, and other MFA approaches.
Stay vigilant while you’re online. Be wary of the information you post online because these details can be used by hackers to impersonate you. This includes your phone number, full name, and home address.
Crypto Trivia Answer
B) Dogecoin, created in 2013, is cited as the original meme coin.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
