Hello Snapshotters,
Japan’s interest rate increase from 0% to 0.25% triggered a sell-off in markets around the world – and crypto was not spared. The Crypto Fear & Greed Index tumbled to a score of 17, its lowest in two years. Amid the chaos, Bitcoin and Ether ETFs hit a combined daily trading volume of a whopping $6 billion in a single day, and Solana outperformed both Bitcoin and Ether in the price rebound that followed Monday’s lows.
More details below.
Market Spotlight
Note: Market prices are 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
🇯🇵 Japan Rate Hike
For the first time in 17 years, the Bank of Japan raised rates on short-term government bonds above 0% to 0.25%, causing a ripple effect on global markets, including the crypto space, which experienced a sharp pullback earlier this week.
📉 Fear & Greed Index Tumbles
This week, Crypto Fear & Greed Index tipped into “Extreme Fear” for the first time in two years. In late July, the index score was 67, marking one of the biggest week-to-week declines in recent years.
🚀 SOL Outperforms in Price Rebounds
As crypto bounces back from Monday’s lows, Solana is leading the race. SOL reached a new all-time high relative to ETH, as the token’s price draw-down was less pronounced than ETH and BTC’s.
📈 ETFs Hit $6B Volume
U.S. Bitcoin and Ether spot ETFs recorded nearly $6 billion in trading volume amid market turmoil on August 5. According to CoinGlass, spot Bitcoin ETFs registered a total daily volume of $5.24 billion, and Ether ETFs recorded $715.3 million.
🏦 Nasdaq & BlackRock Push for Options
In a filing posted Tuesday to the US SEC, BlackRock and Nasdaq proposed a rule change to introduce options on the iShares Ethereum Trust. Comments on the proposal are due in 21 days.
🏎️ 400,000 TPS
Ethereum scaling solution Turbo Protocol launched a new blockchain reportedly capable of processing 400,000 transactions per second, about 4,000 times faster than the high-throughput chain Solana and more than eight times faster than Visa.
What’s Ahead
New Crypto Laws for Russia
Russia passed a bill to allow authorized companies to conduct international settlements with cryptocurrencies, with the law expected to go into effect in September. The country also legalized cryptocurrency mining starting November 1.
Number of the Week
Chart of the Week
Stablecoin market capitalization reached $164 billion last month, its highest in two years. According to DefiLlama, as of July 31, USDT and USDC make up 70% and 20% of the market cap, respectively.
Research & Insights
Crypto Market Sizing Report 2024
Global cryptocurrency owners increased by 6.4% in the first half of 2024, rising from 580 million in December 2023 to 617 million by June 2024.
Read the full report here.
Crypto Trivia
What is Ethereum primarily known for?
A) Being the first cryptocurrency
B) Serving as a platform for decentralized applications (dapps)
C) Its use as a stablecoin
Find the correct answer at the end of this newsletter.
NFT Spotlight
What’s our place in the universe? Renowned artist Fran Rodriguez’s latest collection seeks to answer this age-old question.
Dropping on August 12, ‘Quantum Cryptonauts’ is part four of his Cryptonauts saga. This time, collectors are introduced to 135 dark knights of the cosmos depicted in his signature surrealist style.
Every collector who owns at least five NFTs from the artist’s previous drops will receive a bonus collectible, with a second available to those who own at least ten.
Rodriguez is a Crypto.com NFT veteran, having released seven collections on the platform, totalling over $275,000 in sales.
The sky was never the limit.
Product Picks
330+ New Target Price Tokens
RENDER, G, and CXT have been added to the growing list of tokens available for Target Price in the Crypto.com App. You can use the feature to automate trades at your preferred price without having to monitor the market. Try it now.
FTM Now Available for On-Chain Staking
Fantom (FTM) is now available for on-chain Staking in the Crypto.com App and Exchange, in addition to the CRO, ETH, SOL, and more. You can conveniently put idle assets to work and receive FTM rewards of up to 2%, as often as three times a week. Stake now.
Crypto Level Up
Stop-Loss and Take-Profit Levels in Crypto Trading
Stop-loss and take-profit levels are risk management tools to help traders cut losses and realize profits.
Common Ways to Determine Stop-Loss and Take-Profit Levels:
- Fixed price point: Using technical indicators, such as moving averages and support levels
- Fixed PnL amount: Based on the daily change in the value of a trader’s total positions
- Percent of capital: Indicated by a fixed percentage the trader aims to gain or is willing to lose on the position
Users trading derivative products can set these levels in the Crypto.com App and on the Exchange.
Refine your risk management strategies with stop-loss and take-profit orders.
CryptoIRL
It’s a doubles event for @mtfk_80 at Paris 2024 with the Icy White and Frosted Rose Gold Crypto.com Visa Cards.
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
AI-Assisted Hacks on the Rise
AI tools are being leveraged by hackers for more effective attacks, according to Europol’s 2024 report. Examples include automated phishing, sophisticated malware, and deepfakes, which are doctored or synthetically created multimedia.
How to Protect Yourself
- Stay informed about crypto security trends, best practices, and scams.
- Keep your software and systems up to date with the latest security patches.
- Use strong, unique passwords and enable multi-factor authentication (MFA).
Crypto Trivia Answer
B) Serving as a platform for decentralized applications (apps)
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
