Hello Snapshotters,
While markets were down this week, bullish news is lifting crypto spirits: The SEC dropped its ETH 2.0 investigation, which concludes that Ether is not a security but a commodity, an outcome that is celebrated as a major win for the crypto space. Down under, Australia’s biggest stock exchange, ASX, just approved its first spot Bitcoin ETF, while U.S. ETH ETFs are in their final rounds of reviews, with comments from the SEC that have been described as “light and reasonable.”
Read on for the details.
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
📕 SEC Closes Ethereum 2.0 Case
Blockchain developer Consensys said the U.S. SEC has closed its investigation into Ethereum 2.0. The SEC decision came after Consensys sent a letter for clarification of Ether’s category in the approval of spot Ether ETFs. The company describes the decision to classify Ether as a commodity as a “major win” for the industry.
📝 ETH ETFs Need Minor Corrections
This week, prospective Ether ETF issuers responded to the comments received from the SEC last week. Sources described the comments as “light and reasonable.”
🇦🇺 Aussie Spot Bitcoin ETF Approved
The Australian Securities Exchange (ASX), Australia’s largest stock exchange, approved its first spot Bitcoin ETF. VanEck will be the issuer of the ETF, named VanEck Bitcoin ETF (VBTC), which commenced trading on June 20.
⛓️ Tokenized Shares on JPMorgan Chain
Fidelity International tokenized shares of its money market fund through JPMorgan’s Tokenized Collateral Network (TCN). TCN sits on Onyx Digital Assets, JPMorgan’s private blockchain network based on Ethereum.
🌟 MicroStrategy Offers New BTC Product
MicroStrategy announced pricing of a new $700 million convertible senior notes offering for Bitcoin purchases and corporate purposes. The offering was upsized from the previously announced $500 million.
What’s Ahead
ASI Token Super Merger Delayed
ASI announced a revised date for the ASI token merger, now set for July 15. This is to “accommodate logistical requirements and technical dependencies of exchanges, validators, and broader ecosystem collaborators.”
Number of the Week
Chart of the Week
Data has suggested that both BTC and ETH balances in centralized exchanges hit a three-year low. As of June 16, 2024, the total BTC balance was 2.8 million ($188 billion), down 15% from three years ago. The total ETH balance was 16.7 million ($60 billion), down 49% from three years ago.
Withdrawal from centralized exchanges may be interpreted as bullish, as investors may have less tendency to trade their BTC or ETH balances for other assets.
Crypto Trivia
Since April 2023, Bitcoin has a higher market cap than…
A) Amazon
B) Apple
C) Meta (Facebook)
Find the correct answer at the end of this newsletter.
NFT Spotlight
SANDBANG pays tribute to legendary Dutch painter Vincent van Gogh in his latest drop, imagining what van Gogh would create if he lived in the modern era.
Dropping June 24, each animated NFT in ‘Vincentopia’ is inspired by van Gogh’s aesthetic sense and signature use of color while being reinterpreted through the use of AI technology. His spirit gains a new life through SANDBANG’s lens.
Collectors have the opportunity to win custom sneakers, bonus NFTs, and a personalized digital collectible.
🖼️ Open the door to Vincentopia. Discover what SANDBANG can conjure with just sand.
Product Picks
Enhance Your Account’s Security With Passkeys and Hardware Tokens
Passkeys and hardware tokens add an extra layer of security and convenience for logins and withdrawals. Learn how they work to secure your account with our University article. Enable them in a few taps by following the steps under Settings > Security > Passkeys. Once enabled, make a withdrawal via biometric authentication, PIN, or password. It’s that simple!
TWAP Bots Now Available in the Crypto.com App
Time-Weighted Average Price (TWAP) bots are an advanced order type that enables you to execute large orders with greater flexibility and efficiency by splitting them up over a period of time to reduce price slippage and minimize risk. At launch, it will exclusively support both buy and sell orders for 23 tokens that can be traded against crypto or fiat. Learn more.
Score a Five-Day Vacation to the 2024 Paris Olympics
Exclusive to Crypto.com Visa Card holders in Australia, Italy, and France, stand to win a five-day vacation package to Paris for two that includes return trip business class flights to Paris, hotel accommodation in the heart of Paris, tickets to multiple events at the Games, and more. Find out how.
Crypto.com App New Token Listings
zkSync (ZK)
zkSync is an EVM-compatible ZK Layer-2 rollup that uses cryptographic validity proofs to deliver scalable and low-cost transactions on Ethereum in a trustless manner.
Pirate Nation (PIRATE)
Pirate Nation is a fully on-chain free-to-play pirate-themed roleplaying game (RPG) on Ethereum and Proof of Play’s Apex chain. Players can build ships, recruit pirate crew, and engage in battles or search for treasures.
LayerZero (ZRO)
LayerZero is an interoperability protocol that leverages Ultra Light Nodes (ULNs) and the Decentralized Oracle Network (DON) to streamline communication across different blockchains.
Crypto Level Up
What Reed’s Law Is and How It Impacts Cryptocurrency
Reed’s Law, created by computer scientist David Reed, is a principle dictating that, as new communities and subgroups for a cryptocurrency’s network emerge, its utility or value grows exponentially. Essentially, Reed’s Law highlights the power of social constructs within networks.
Applying Reed’s Law to Cryptocurrency
As more users join a cryptocurrency network, the potential for creating varied and complex communities within it skyrockets. Transactions rise, alongside the formation of dapps, governance protocols, and more.
How Reed’s Law Affects Traders
Reed’s Law suggests that cryptocurrency networks with higher potential for complex group interactions and community building may present more significant growth opportunities.
Get the full scoop on Reed’s Law.
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
Singapore Issues Advisory on Akira Ransomware Threat
Three Singapore government agencies have issued a joint advisory regarding a variant of the Akira ransomware, which stole $42 million from 250 organizations worldwide. After taking control of a company’s devices and/or data, Akira demands payment in cryptocurrency if the victim wants their systems back.
Cybersecurity Best Practices to Protect Your Business From Ransomware
1. Always update your company’s devices and software to the latest operating system version.
2. Keep your organization’s data backed up regularly and have a recovery plan in place.
3. Remind staff not to click on links or download attachments from unknown emails.
Crypto Trivia Answer
C) Meta (Facebook)
With over 1.27 trillion in market cap, Bitcoin outshines Meta, currently ranked 10th of top assets by market cap.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
