Snapshot 154

Bitcoin ETFs recover, the EU contemplates crypto mutual fund, and Mastercard trials tokenized settlements

Hello Snapshotters,

Last month, cryptocurrency trading volume declined for the first time in seven months, and U.S. spot Bitcoin exchange-traded funds (ETFs) experienced outflows for the first time. This week, the trend reversed, led by the FBTC fund. Bitcoin price maintained a $60,000 support level, while Pepe’s price soared to a new all-time high (ATH).

More details 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 andDeFi Updates from Crypto.‌com’s Research Team.

News Snaps

📈 Bitcoin ETFs Recover

Led by FBTC, spot Bitcoin ETFs in the U.S. saw a total daily inflow of over $302 million on Wednesday, the largest since May 3 — recovering from a slump and pushing the products’ cumulative total net inflows to nearly $12 billion since their listings.

🇪🇺 EU Contemplates Crypto Mutual Fund

The European Union is contemplating integrating crypto assets into its $12.88 trillion mutual fund framework. This initiative aims to expand the eligible assets of Undertakings for Collective Investment in Transferable Securities (UCITS) to include cryptocurrencies.

💳 Mastercard Trials Tokenized Settlements

Mastercard will collaborate with major U.S. banking institutions like Citi, JPMorgan, and Visa to trial tokenized settlements using the Regulated Settlement Network (RSN).

🇭🇰 HK‘s Central Banking Institution Explores Tokenization

The Hong Kong Monetary Authority (HKMA) is collaborating with industry representatives and regulators to explore asset tokenization through the formation of a special community called ‘Project Ensemble Architecture Community’.

🇫🇷 Crypto.com Joins Adan to Advance Innovation in France

Crypto.com furthered its commitment to the digital asset and blockchain sector in France by joining industry association Adan. As a member, Crypto.com will contribute to initiatives focused on advancing responsible innovation and education in Web3 across France and Europe.

What’s Ahead

Number of the Week

Chart of the Week

April saw a significant drop in cryptocurrency trading volume, marking the first decline in seven months. Spot and derivatives markets trading volume fell by 28% month-on-month to $6.58 trillion, as per CCData, with spot volume dropping by 32% and derivatives volume by 26%, respectively. This decline was attributed to escalating geopolitical tensions and slower inflows into U.S.-listed spot ETFs.

Crypto Trivia

What was BTC’s price on the day of the 2020 halving?

A) $663

B) $19,200

C) $8,601

Find the correct answer at the end of this newsletter.

Product Picks

GRT Is Now Available on Earn

Crypto.com Earn in the Crypto.com App now supports The Graph (GRT), where users can earn up to 13%* p.a., with an additional 2% p.a. for Private users. For more details, visit the FAQ here. *Availability and rates vary by jurisdiction.

Trade BTC and ETH on the Crypto.com Exchange With Zero Fees (Exclude US/CA/GB)

All users, regardless of trading tier, can now trade BTC and ETH with 0% maker AND taker fees on the Crypto.com Exchange! Simply trade the PYUSD pairs for the respective tokens to enjoy this limited-time offer. Find out more here.

Win a Share of US$20,000 With DeFi Wallet and Fulcrom Finance (Exclude US)

To celebrate the launch of the new Perpetuals Trading feature in the Crypto.com DeFi Wallet, users can now win a share of US$20,000 in FUL by trying this new feature out. From now until June 20, simply open a trade of at least US$100 to earn points, which will grant you a proportionate share of the prize pool. Find out more here.

Capture Market Movements With Instant USD Fiat Wallet Deposits (US-only)

Crypto.com App users in the U.S. can now fund their Fiat Wallet with a U.S. bank-issued debit card/Apple Pay/Google Pay — a first in the U.S. cryptocurrency market — to instantly make transfers anytime, anywhere. Trade crypto and access the App’s features more conveniently and quickly, including buying/selling tokens and Derivatives. Learn more.

Crypto.com App New Token Listings

Notcoin (NOT)

Notcoin is a play-to-earn (P2E) token integrated into The Open Network (TON) ecosystem, a decentralized Layer-1 blockchain originally developed by Telegram. It is primarily used in a Telegram-based game where players earn tokens by tapping a virtual coin and completing various in-game tasks.

Crypto Level Up

What Liquidity Is in the Crypto Market and Why It Matters

For cryptocurrency, liquidity refers to the ability to buy or sell a token quickly without it experiencing a significant price change. Here’s why it’s crucial for traders.

Trade Execution Speed

If liquidity is high, buy and sell orders can be filled faster, as there are more market participants and assets available.

Market Volatility

The cost of trading is lower in a high-liquidity environment because of narrower bid-ask spreads.

Price Impact and Slippage

Traders can execute large orders for an asset without significantly changing its price if the market is highly liquid.

Get the full lowdown on liquidity in the cryptocurrency market.

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

North Korean Hacker Group Targets LinkedIn Users

Lazarus, a North Korean hacker group, recently leveraged on LinkedIn to carry out a series of malware attacks. The group steals confidential information and digital assets from LinkedIn users by pretending to be blockchain developers looking for jobs in the cryptocurrency industry.

Shield Yourself From LinkedIn Scams By:

1. Crafting assignments for job applicants that do not require them to access your company’s internal resources, such as its code repository.

2. Scrutinizing the job seeker’s resume and LinkedIn profile, and using the initial interview round(s) to determine that the candidate is a genuine applicant.

3. Being on high alert if an applicant wants access to sensitive information during any interview round, especially the assignment one.

Crypto Trivia Answer

C) $8,601

Bitcoin was valued at $8,601 on May 11, 2020, the day of the previous halving.

Source: Google Finance

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