Hello Snapshotters,
As demand for DeFi services is on the rise, Ethereum-based stablecoin volume has hit a new high this week. Meanwhile, VanEck’s Ethereum futures ETF is set to stop trading mid-September, as investors have been flocking to spot ETFs instead since their July approval.
News also on the TradFi front: One of Switzerland’s largest banks now offers BTC and ETH services, and Grayscale announced an upcoming XRP fund.
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 and DeFi Updates from Crypto.com’s Research Team.
News Snaps
🇨🇭 BTC & ETH Banking
Zurich Cantonal Bank, a major Swiss bank, is now offering trading and custody services for BTC and ETH. Customers can trade crypto 24/7 through the bank’s eBanking and mobile banking platforms.
📈 Stablecoin Volume Surges
Ethereum stablecoin volume hit a record of $1.46 trillion on Tuesday as DeFi demand surges. Stablecoin volumes have more than doubled from $650 billion at the start of the year.
📉 Futures ETF Shutters
VanEck’s Ethereum ETF is set to stop trading mid-September as investors flock to spot ETFs. Data shows that the cumulative AUM in spot Ethereum ETFs has ballooned to $11.69 billion since their July approval.
🏦 Grayscale XRP Fund
Grayscale announced plans to launch an XRP closed-end fund that will allow investors to gain exposure to the token. The news saw XRP jump slightly by 8% on Thursday.
🇺🇲 New U.S. Crypto Committee
A new bill proposes a joint SEC-CFTC committee to shape U.S. crypto regulations, called ‘BRIDGE’. “The current heavy-handed, regulation-by-enforcement approach isn’t working,” according to Republican John Rose.
What’s Ahead
Milken Asia Summit 2024
Crypto.com is proud to be supporting the Milken Institute’s Asia Summit 2024, taking place from September 18–20 in Singapore. Our very own President and COO, Eric Anziani, will take the stage to discuss ‘Transformative Leadership’ with his fellow panelists.
Number of the Week
Chart of the Week
Monthly spot trading volumes across cryptocurrency exchanges increased to $1.2 trillion in August, 178% higher than August 2023, according to the Block.
The Crypto.com Exchange was the leading crypto exchange with USD support by spot trading volume for the second consecutive month.
Research & Insights
Monthly Feature Article | Decentralized Perpetuals
The perpetuals market dominates the overall derivatives trading in both centralized and decentralized exchanges. This report looks into the decentralized perpetuals landscape with Hyperliquid as a case study.
Read it here.
Crypto Trivia
What is a cryptocurrency derivative?
A. A type of digital asset used for storing value in the blockchain
B. A financial contract with a value based on the price of a cryptocurrency
C. A smart contract used to execute automated transactions on the blockchain
Find the correct answer at the end of this newsletter.
NFT Spotlight
Do you ever gaze at the sky when it’s raining? The rain seems to show up whenever aliens land on Earth. They possess abilities beyond just bringing rain, of course, and they’ve been living among us for thousands of years, having become an integral part of our planet.
On Monday, September 16, Barbara Redekop presents ‘Rainmakers. The Final’, which explores these remarkable beings in the final chapter in her NFT series. This drop features 🪂 NFT airdrops.
Creating art with the goal of making dark days a little brighter, Redekop, born in a cold, secluded part of Siberia, grew up yearning to connect with the wider world through her work, developing a signature colorful, cartoonish style and a bright, cheerful outlook to juxtapose her self-described ‘depressive’ surroundings.
Nonetheless, she has made it rain.
It’s practically a fairytale. From a human with a bright, cheerful outlook.
Product Picks
Introducing DeFi Staking to the Crypto.com App and Crypto.com Exchange
DeFi Staking is a pass-through service that provides users with a simple way to access DeFi yield. Crypto.com users can receive up to 34.99% in rewards with no staking limits. The feature currently supports CORGIAI, MTD, VVS, FER, TONIC, and more. Check it out in the Crypto.com App and on the Crypto.com Exchange.
Cronos ID Is Now Multichain in the Wallet Extension
The Crypto.com Wallet Extension has now added multichain support for Cronos ID! You can now use your unique .cro domain across multiple networks, including Bitcoin, Ethereum, Solana, and more. Download the Wallet Extension here.
Crypto Level Up
How to Trade Bitcoin With Resistance and Support Levels
Bitcoin’s support and resistance levels are crucial for predicting price movements and identifying entry and exit points. These levels often serve as psychological barriers; support prevents price drops, while resistance limits price gains.
Support Level: The price at which demand is strong enough to prevent further declines.
Resistance Level: The price at which selling pressure is sufficient to halt increases.
Learn how to leverage these levels for trading here.
CryptoIRL
We call this bridging the gap with the Crypto.com Jade Green Visa Card. Make sure to pause halfway across on your walk, @durham1314! If you dare.
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
Attention, Mac Users: AMOS Malware Alert!
If you use a MacBook and wallet apps like MetaMask or Binance, you might be the perfect target of the AMOS malware. Cyble, a cybersecurity firm that came across AMOS in 2023, claims that the malicious program could steal wallet data to drain assets.
The software has become more sophisticated and can now clone the Ledger Live wallet app to trick victims into sending crypto to the attacker.
Here’s how to stay safe:
- AMOS is typically distributed through Google advertisements. Be very cautious when deciding to download software through an ad.
- Search for the name of the app you wish to download to find the official website instead of through the link from a banner or display ad.
Crypto Trivia Answer
Correct Answer:
B. A financial contract with a value based on the price of a cryptocurrency
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
