Hello Snapshotters,
A potential Bitcoin short squeeze is on the horizon, which could lead to vertical price increases. Analysts foresee short-sellers feeling pressure, as Bitcoin price downtrends have become shorter and less pronounced. In addition, the margin between institutional long positions and hedge fund short positions is at a record high, according to Kobeissi Letter. If BTC price reaches $71,000, $156.18 million in short positions will be liquidated, while a climb to $75,000 will liquidate $3.85 billion, as per CoinGlass data.
More below on what’s moving in the crypto market this week.
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
🌟 BlockRock’s Next Crypto Fund Unveiled
BlackRock unveiled its first tokenized fund on the Ethereum network. The BlackRock USD Institutional Digital Liquidity Fund, or BUIDL, is backed by cash, US Treasury bills, and repurchase agreements, and allows token holders to earn a yield.
🧋 Web3 Bubble Tea
Alipay, an online payment platform, collaborated with Avalanche on a Web3-enabled voucher program. The program was rolled out across Southeast Asia milk tea stores, with Alipay users able to obtain discount vouchers by playing a mini game. Alipay aims to roll out the program to over 2,000 stores and reach more than 100 million users.
🇯🇵 Japan’s Pension Eyes Crypto
The Government Pension Investment Fund (GPIF) of Japan, one of the world’s largest pension funds, said it is looking for “basic information on illiquid assets.” These assets include cryptocurrencies and gold. This is part of the fund’s long-term plan to explore portfolio diversification strategies.
📈 Interest Rate Update
Multiple interest rate decisions were made last week:
- The U.S. Federal Reserve kept interest rates steady at 5.25%-5.50% in its recent meeting and maintained its forecast of three interest rate cuts in 2024.
- The Bank of Japan raised its policy target rate to 0.0%-0.1%, ending negative interest rates.
- The Bank of England held interest rates steady at 5.25%.
The Swiss National Bank lowered its main policy rate by 25bps to 1.5%, becoming the first member of the ten-most traded currencies in the world to cut rates since the pandemic.
What’s Ahead
🕥 Ethereum ETF Decision Postponed Again
The U.S. Securities and Exchange Commission (SEC) postponed its decision deadline on four Ethereum ETF applications to late May. These include the VanEck, Hashdex, and ARK 21Shares Spot Ether ETFs, as well as Grayscale’s Ethereum Trust Futures ETF.
Number of the Week
Chart of the Week
Spot Bitcoin ETFs saw five consecutive days of net outflows last week, marking the largest week of net outflows since the 10 Spot ETFs started trading in January 2024.
This was mainly led by the Grayscale Bitcoin Trust ETF (GBTC), which had a record weekly net outflow of $2 billion.
Research & Insights
Monthly Feature Article | AI Tokens
Get in-depth insights into one of the hottest crypto narratives right now in our free research report on the AI sector.
Crypto Trivia
Which cryptocurrency can you send via Lightning Network?
- Ethereum
- Bitcoin
- Solana
NFT Spotlight
For the first time in over a year, photorealistic and surrealist collage artist Caitlyn Grabenstein brings her world-renown talents to the NFT space, dropping ‘Cinematic Daydreams’ on Monday, April 1.
No joke, Caitlyn created these pieces of art to provide glimpses into movie scenes that she wishes existed. As a buyer of one of these NFTs, you will be entered for a chance to win a hand-signed art print from Caitlyn. This drop includes ✍️ 🖼️ signed physical NFT prints and 🪂 NFT airdrops.
Early access for holders of any previously released ‘Caitlyn Grabenstein’ collections starts 60 minutes before the scheduled drop time.
What’s your daydream? There are other places we go.
Product Picks
Crypto.com Earn Limited-Time Offer: Receive 20% p.a. on CRO
In anticipation of the Cronos zkEVM chain mainnet launch, Crypto.com is excited to announce our most generous offer yet. You can now receive 20% p.a. on CRO with no allocation cap or tiered rewards structure for a limited time only. To register, simply go to the Earn Discover page in the Crypto.com App, select CRO, and enter the amount you would like to allocate. For the full details, visit the blog here.
New Tokens Added to the TWAP Trading Bot
Even more new tokens have been added to the TWAP Trading Bot, bringing the total number of available tokens to over 250. You can now automatically execute trades for tokens like SOL, ALT, and BLUR, with minimal price impact and market signaling. Check it out here.
Crypto.com App New Token Listings
SubQuery Network (SQT)
SubQuery Network is an open-source, decentralized data infrastructure network optimized for Web3. SQT serves as the utility token for SubQuery Network, acting as a medium of exchange for transactions within the SubQuery Network.
Wen (WEN)
Wen is a cat meme coin based on the popular “Wen culture” and operates on the Solana blockchain. Each Wen token represents fractional ownership of the non-fungible token (NFT) of Meow’s ‘A Love Letter to Wen Bros’ poem.
Shadow Token (SHDW)
ShdwDrive is a decentralized cloud storage solution that seamlessly integrates with the Solana blockchain. Shadow Token (SHDW) lies at the core of the Shadow Ecosystem. It facilitates access, utilization, and security of ShdwDrive operations while prioritizing transparency, accountability, and user control over data and privacy.
Aerodrome Finance (AERO)
Aerodrome Finance is a next-generation Automated Market Maker (AMM) that combines a powerful liquidity incentive engine with the vote-lock governance model to create a seamless and efficient trading experience for users. AERO holders can lock their tokens to receive veAERO NFTs.
Crypto Level Up
What Is a Market Cap?
In cryptocurrency, market capitalization (market cap) refers to the total market value of cryptocurrencies. This metric gauges a cryptocurrency’s size and importance.
How Do You Calculate the Market Cap for Cryptocurrencies?
Simply multiply a cryptocurrency’s current price by its total circulating supply. For example, assume BTC has a circulating supply of 20 million and a price of $50,000. Its market cap would be slightly over $1 trillion.
Common Misconceptions About Crypto Market Caps
A cryptocurrency’s market cap does not represent the total amount of money locked in it. Additionally, this metric isn’t the only way to determine a token’s growth potential.
Find out more about crypto market cap and its importance.
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!
Security Tips
Scammers Pose as Recovery Agents to Phish Crypto Owners
In mid-March, a group of scammers phished unsuspecting cryptocurrency owners who had lost their assets. Dubbed Cyber Rescue, the group claimed to be able to recover all the funds a victim lost. It would then execute an elaborate phishing scam to siphon BNB from the victim using the MathWallet app.
Shield Yourself From Phishing Scams With These Tips:
1. Never disclose your private keys to anyone. Customer support staff will never ask for this, or any of your account passwords.
2. If you feel a ‘recovery agent’ is pressuring you into providing personal information, cease contact immediately.
3. Cryptocurrency companies can never guarantee they can recover 100% of your lost or stolen assets. If someone claims to be able to do this, it’s a red flag.
Crypto Trivia Answer
B) Lightning Network lets users send Bitcoin for low fees within seconds.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
