Hello Snapshotters,
BTC fell to the $54,000 level on Monday, but recovered to $57,000 on Friday. Bitcoin’s price drop started last week and coincided with Mt. Gox commencing repayments to customers in Bitcoin and Bitcoin Cash and the U.S. and German governments sending $738 million worth of Bitcoin to exchanges over the last two weeks.
Yet, a record net inflows into ETFs — the highest in a single month — suggests that institutional investors are using the recent dip to accumulate Bitcoin, a sentiment seeming to be echoed by retail investors, as the number of new Bitcoin addresses reached a new high.
More details below.
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
👛 Increase in BTC Addresses
As Bitcoin’s price dropped, the number of new addresses on the Bitcoin network reached a two-month high, with the 7-day moving average recording over 317,000 new addresses.
🇪🇺 Stablecoins MiCA-Compliant
Circle announced that its stablecoins, USDC and EURC, are compliant with the E.U.’s Markets in Crypto Assets (MiCA) regulation. This enables Circle to issue these stablecoins natively to E.U. customers, effective July 1.
🇸🇬 Singapore Stablecoins Approved
Paxos received approval from Singapore’s central bank to offer ‘digital payment token services’. This allows the company to issue stablecoins compliant with Singapore’s stablecoin framework. In addition, Paxos has partnered with DBS Bank for cash management needs and custody of stablecoin reserves.
🤝 Fidelity x Chainlink
Fidelity and digital asset bank Sygnum have partnered with Chainlink to bring net asset value (NAV) data on-chain. The partnership aims to provide transparency and accessibility for NAV data in tokenized assets.
🌐 U.N. Blockchain Program Unveiled
Cambodia was chosen as the site for a blockchain-based pilot program for Universal Trusted Credentials (UTC) under the United Nations Development Programme (UNDP). Internet Computer (ICP) will provide infrastructure for securing and managing UTC. The pilot is expected to roll out in ten countries over time.
Number of the Week
Chart of the Week
Bitcoin’s price declined below the 200-day simple moving average line for four consecutive days since July 4. This was amid recent volatile Bitcoin price action, with BTC falling to the $54,000 level on July 5, the lowest since February.
This coincided with Mt. Gox commencing repayments to customers in Bitcoin and Bitcoin Cash and the U.S. and German governments sending $738 million worth of Bitcoin to exchanges over the last two weeks.
At the same time, U.S. spot Bitcoin ETFs recorded the highest net inflows in a single month, which potentially suggests that institutional investors are using the recent dip to accumulate Bitcoin.
Research & Insights
Monthly Feature Article | Alpha Navigator June 2024
Alpha Navigator summarizes technical analysis and data on the crypto market every month. For June, BTC correlations with other assets were mostly positive, equities and fixed income were up, while cryptocurrencies dropped.
Read the full Alpha Navigator.
Crypto Trivia
What does an Ethereum ETF typically track to provide its value?
A) The performance of Ethereum mining companies
B) The spot price of Ethereum on various exchanges
C) The total number of Ethereum transactions
Find the correct answer at the end of this newsletter.
NFT Spotlight
It’s been a long time coming, but we are finally ready to save Satoshi!
The creative team behind the Lil Bitcoin project introduces the Crypto Money Army — a 1,165 PFP consisting of 30 Generals, 75 Commandos, 225 Colonels, 280 Lieutenants, and 360 Private 1st Class soldiers to go to war against the Fi-Opps. Each PFP has its own unique set of character traits, as well as a designated trait that identifies its ranking in the Army.
This NFT collection dropped on July 12 and features various utility items, including 🪂 airdrops and the 📽 ’Blockchain Bully’ official music video. So snap to it and build your Crypto Money Army!
Pull up to the Crypto Money Mansion.
Product Picks
The Loaded Lions: Mane City Brawlin’ Blitz Is Coming Soon!
It ’s time for the next Blitz on the road to World Series 2! Gear up for the Brawlin’ Blitz, where you can stand to win from a starting prize pool of $49,000 in CRO and NFTs! What’s more, 100% of diamond spend will be added to all prize pools, with 70% added to this one! The Blitz started on July 12, so join now!
Unlock a New Way to Earn Rewards With Airdrop Arena
Airdrop Arena is the newest competitive feature in the Crypto.com App that earns users points based on the amount of CRO they allocated, which will be locked up for six months. For the inaugural Airdrop Arena event, you can win rewards from a total pool of $500,000 of $CORGIAI! For more details on rewards calculation and distribution, please visit the FAQ or blog.
Get Free Apple or Samsung Gear With a Crypto.com Visa Card
Until August 4, 2024, every Crypto.com App user who applies for or upgrades their Crypto.com Visa Card and meets the CRO Net Buy requirement will receive up to 100% rebate for purchasing their favorite Apple and Samsung gear, such as Apple’s iPhone 15 Pro and MacBook Pro or Samsung’s Galaxy Book 4 Ultra and Galaxy S24 Ultra. Terms and conditions apply. Learn more.
New Luxury Brands for One-Time Card
More top brands have now been added to Crypto.com Pay! You can now enjoy up to 10% back in CRO on purchases from brands like Cartier, Louis Vuitton, Hermes, Tiffany & Co., and Chanel! Shop Now.
Crypto Level Up
What Are Airdrop Scams?
Airdrop scams are fraudulent schemes designed to steal personal information, private keys, or funds by exploiting the allure of free cryptocurrency tokens. They can take the form of phishing, fake airdrops, malware airdrops, and impersonation scams.
How to Avoid Being Scammed
Always verify the authenticity of airdrops, do not share private keys, research projects thoroughly, be cautious of unsolicited messages, use security software, check for SSL certificates, and trust your instincts.
What to Do If You Fall Victim to One
Report the incident to the relevant authorities, change your passwords, revoke access to your wallet, and monitor your accounts for unusual activity.
Check out the full story on crypto airdrop scams.
CryptoIRL
Builders keep building. The Crypto.com Jade Green Visa Card and @_silverstar88_ finding balance, block by block and stone by stone.
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
Phishing Campaign Targets ETH Holders
On June 23, a malicious actor breached Ethereum’s mailing list provider and sent phishing emails to over 35,000 addresses, directing them to a crypto drainer site. The email from ‘[email protected]’ promised a 6.8% yield on staked ETH; users who connected their wallets to the fraudulent site had their funds drained.
How to Protect Yourself:
1. Only engage with official social media accounts, websites, Telegram groups, etc.
2. Check email senders and URLs carefully.
3. Be wary of those posing as staff members from crypto companies.
4. Do not use third-party promo codes.
Crypto Trivia Answer
B) The spot price of Ethereum on various exchanges
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
