Hello Snapshotters,
With Bitcoin hovering above $56,000 this week, we might be entering a classic ’Rektember’ according to Cointelegraph. There could be bullish signals hinting at an ‘Uptober’ though: Currently, Bitcoin is still moving within a bullish flag pattern. On the macro side, Friday’s U.S. jobs report will likely determine the size of the Fed’s interest rate cut in late September.
Read on below for more news from the space.
Market Spotlight
Note: Market prices 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
📈 CEX Volume on the Rise
Centralized cryptocurrency exchanges’ monthly trading volumes in August increased 6.6% to $1.2 trillion. Crypto.com captured the largest share of trading volume on exchanges, with clear dominance in North America.
🐳 New Whale Activity High
The number of Bitcoin wallets holding 100 BTC or more has recently hit a 17-month high after a surge in hodling over the past month. A net gain of +283 wallets holding at least 100 BTC has emerged in just one month, according to Santiment.
🤝 Metaplanet x SBI
Metaplanet, a major Japanese Bitcoin investor often referred to as the ‘Japanese MicroStrategy’, is collaborating with Ripple’s banking partner, the financial services firm SBI.
📉 Ethereum Revenue Dips
Revenue on the Ethereum network dipped due to increased competition among Layer-2 protocols. According to data from Token Terminal, revenue collected at the start of September was 49.2% lower than the start of April.
📝 Cardano Fork Introduces Governance
Cardano has executed the first phase of its hard fork, introducing a constitutional group to assist with the transition to on-chain governance. The second phase will allow ADA token holders to delegate and vote on proposals.
What’s Ahead
🦬 Wyoming’s Own Stablecoin
Wyoming is creating its own USD-backed stablecoin, called the Wyoming Stable Token, which is set to launch in Q1 2025. It aims to provide a cheaper and faster way to transact and create a new revenue stream for the U.S. state.
Number of the Week
Chart of the Week
Ethereum is currently experiencing its longest inflationary period since its transition to Proof of Stake (PoS), with over 251,920 ETH added to the supply from mid-April to August.
Its inflation rate is currently 0.71% per year.
Crypto Trivia
What is one of the primary benefits of tokenized treasuries?
A) Enhanced liquidity and accessibility
B) Higher interest rates compared to traditional bonds
C) Increased volatility in investment value
Find the correct answer at the end of this newsletter.
NFT Spotlight
Do you dare to live in freedom?
Then check out Sergi’s upcoming NFT drop ‘Puppetz — Genesis Peasants’, a private club for the pure-hearted who do not conspire to control others. It drops on September 11.
Hailing from Barcelona, Spain, Sergi specializes in different variants of art, including surrealism and concept art, with the goal to capture raw emotions and true feelings through his work. ‘Puppetz’ represents various unique and highly sought-after personalities, and each Puppet is a unique 1/1; there is no other like it. In this club, these puppets do not succumb.
This drop features 50 NFTs and includes various utility items:
🔐 CoolbitX x Puppetz Hardware Wallet
🥇 1 Genesis Puppetz NFT Giveaway
🪂 Boosted Web3 Experience
🪙 $PPTZ Coin Boosted Airdrop
How long will this circus last? More Puppetz this >>> way.
Product Picks
POL and CLOUD Are Now Available on Target Price Orders
POL and CLOUD have been added to the growing list of 330-plus 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.
Win a Share of $250,000 in DIP in the Airdrop Arena
Join the DIP Airdrop Arena event simply by allocating 100 CRO to start earning points. The total number of points you earn will place you on a leaderboard, which will determine your total DIP rewards. Your token rewards will be airdropped within seven days after the event ends. Join the DIP Airdrop Arena event now.
Crypto Level Up
How Do Interest Rates Influence the Cryptocurrency Market?
Interest rates are set by central banks and can affect funding flow, risk appetite, and overall economic activity — including cryptocurrency market dynamics.
In general, lowering interest rates makes borrowing cheaper and returns from TradFi instruments less attractive.
Four Ways Interest Rates Affect Crypto:
1. Fund flow: Traditional assets become less attractive and funds flow to crypto instead.
2: Risk appetite: Low interest rates encourage individuals to seek higher returns from crypto.
3. Borrowing costs: Lower rates make it easier for traders to borrow capital for crypto investing.
4. Inflation: Interest rates are often adjusted due to inflation, while crypto is often used to hedge against inflation.
Learn more about interest rates here.
CryptoIRL
We’ll just let the Crypto.com Icy White Visa Card and @croshouf’s words of wisdom ride us into the weekend. Be tenacious, y’all. 💪 🚀
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
Millions Stolen With New Phishing Tactics
As cybercriminals constantly evolve their tactics, crypto owners need to stay alert. Here are two unusual crypto attacks to know:
Transfer of admin rights: A smart wallet was drained of $55 million worth of DAI when a malicious actor tricked a user into reassigning ownership of their DeFi Saver Proxy contract to the attacker.
Clipboard-hijacking software: A malware that pastes the attacker’s address when a user attempts to copy and paste a crypto address was discovered at a hackathon.
Here’s how to stay safe:
1. Inspect contract addresses before approving transactions.
2. Check if your pasted address is the same one you intended to copy.3. Update operating systems regularly to get the latest security patches.
Crypto Trivia Answer
A) Enhanced liquidity and accessibility
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
