Hello Snapshotters,
After the U.S. Federal Reserve cut interest rates by 50 basis points (0.5%) last week, China has followed suit this week, cutting the reserve ratio requirement for banks by 0.5 percentage points. Crypto markets have responded favorably to the news from both major economies, with Bitcoin funds seeing an inflow of $284 million.
TradFi adoption continues: Robbie Mitchnick, BlackRock’s Head of Digital Assets, said in an interview that it is a misnomer to label Bitcoin as a ‘risk-on’ asset, instead calling it a ‘risk-off’ asset similar to gold.
Read on for more news from the industry, including Crypto.com’s new licensing milestone.
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
📈 Rate Cuts Drive Crypto Inflow
Interest rate cuts by the U.S. and China have led to bullish optimism among investors, with digital asset funds seeing an influx of $321 million in investments. Bitcoin funds accounted for the lion’s share, with a total of $284 million flowing into BTC ETFs.
🤝 Increased Adoption in East Asia
According to Chainalysis, Eastern Asia is the sixth-largest crypto economy in 2024, accounting for 8.9% of all global transactions. South Korea remains the largest market in the region, but Hong Kong is catching up with an 85.6% growth year-over-year.
🌍 South Africa Sees Crypto Growth
South Africa is seeing a boost in cryptocurrency growth after establishing regulatory clarity on digital assets, as well as being the first to license crypto exchanges in Africa. The country’s crypto revenue is expected to reach $246 million by the end of 2024.
🚀 Crypto.com’s New Licensing Milestone
Crypto.com received approval to provide payment service provider services from the Central Bank of Bahrain. This latest license will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally.
⚒️ Circle Releases Compliance Tools
Circle released a tool for digital wallets that helps its developers meet on-chain regulations, such as transaction screening, monitoring for high-risk behaviors, and a ‘Travel Rule’ service. The system supports major blockchains like Ethereum and Solana.
🎮 Solana Introduces Gaming API
Solana Labs and Google Cloud have introduced Gameshift, a new API to help game developers integrate Web3 services like NFTs and blockchain technology into Web2 games. The API is expected to simplify Web3 adoption for game developers.
What’s Ahead
🏛️ SEC Delays ETH ETF Ruling
The SEC postponed its decision on BlackRock and Bitwise’s spot Ether ETFs, rescheduling the ruling for November 10. The decision follows last week’s approval of BlackRock’s Bitcoin ETF.
Number of the Week
Chart of the Week — ETH/BTC Price Ratio
The ETH/BTC price ratio reached 0.038 on September 18 — its lowest point since April 2021 — according to data from CoinGecko.
At the same time, U.S. spot Ether exchange-traded funds (ETFs) saw a net outflow of $608 million since launch, compared to a net inflow of $17.7 billion for U.S. spot Bitcoin ETFs.
Research & Insights
Monthly Feature Article | Prediction Market
Though not a new concept, the prediction market allows users to speculate on the results of diverse topics ranging from politics (election outcomes), sports (competition results), and macro events.
This report covers existing and upcoming prediction market platforms and dives into the latest developments.
Read more about the prediction market in our latest Research & Analysis report.
Crypto Trivia
In technical analysis, what is a support level?
A) The highest price an asset can reach
B) The level where buying pressure prevents the price from falling further
C) A price point where traders decide to short a cryptocurrency
Find the correct answer at the end of this newsletter.
NFT Spotlight
After their laughably inept heist, the Cretins Munks Crew are now on the run, hiding out on a picturesque tropical island and bringing a delightful blend of humor and chaos in the latest NFT collection ‘Munks On The Run’, which drops on Monday, September 30.
These lovable fools are back with a new adventure in this whimsical sequel to the sold-out first collection. This drop features in-game utilities and bonuses in collaboration with Mane City and Loaded Lions:
🦁 In-game utility + bonuses
💰 Cash back
🪂 NFT airdrops
🐿️ Custom art
🔥 And more
Secure your piece of this collection! Become part of the Crew.
Product Picks
Introducing CFDs in the Crypto.com App
CFDs (Contracts for Differences) have launched in the Crypto.com App! Designed to mimic the price movement of an underlying asset, CFDs allow for leverage, letting you get more from your capital, as you only have to deposit a fraction of your position’s value to trade. Trade CFDs for 40-plus supported cryptocurrencies now.
USD Fiat Wallet Now Available for Users in Singapore
Singapore users now have the option to seamlessly transfer USD on top of SGD to and from their USD Fiat Wallet via SWIFT. Crypto.com does not charge fees for USD deposits, and withdrawal fees will be waived to celebrate the launch of the USD Fiat Wallet in Singapore.* Set up your USD Fiat Wallet now.
*Please note that fees may be applied by your banking institution.
Buy Crypto With Your Fiat Wallet in DeFi Wallet
The Crypto.com DeFi Wallet now enables users to buy crypto directly with their Crypto.com App Fiat Wallet! All it takes is a few, quick taps for you to on-ramp fiat currencies into DeFi Wallet, with no extra fees charged. Learn how here.
STX Now on On-Chain Staking
Stacks (STX) is now available for on-chain Staking in the Crypto.com App and on the Exchange, in addition to CRO, ETH, SOL, and much more. Stake to help secure the underlying blockchain and conveniently put idle assets to work. You can receive rewards of up to 8%, as often as three times a week, with the flexibility of unstaking your staked assets at any time. Stake now.
Crypto.com App New Token Listings
Aleo (ALEO)
Aleo is a Layer-1 blockchain that leverages zero-knowledge technology to help companies and developers build safer and more secure applications.
Moonwell (WELL)
Moonwell is an open lending, borrowing, and DeFi protocol built on Moonbeam and Moonriver.
UXLINK (UXLINK)
UXLINK is a platform designed to advance social interaction in Web3 and aims to merge real-world connections with the decentralized ethos of blockchain.
Hamster Kombat (HMSTR)
Hamster Kombat is a crypto game built on TON and hosted on Telegram, where players can mine rewards by managing a virtual cryptocurrency exchange.
Crypto Level Up
Who Is Ethereum Founder Vitalik Buterin?
Whether an Ethereum fan or not, it’s hard to overlook Vitalik Buterin’s technical contributions to the cryptocurrency space and his philanthropic efforts.
Transforming the Crypto Industry
Buterin advocates for decentralization and open-source development at numerous global crypto events. His ability to simplify complex blockchain concepts inspires a new generation of developers and entrepreneurs.
Ethereum’s Offerings
While writing for Bitcoin Magazine, a publication he co-founded, Buterin saw the limitations of existing blockchains and developed Ethereum to address them. Notably, the introduction of smart contracts helped pave the way for dapps and other blockchain innovations like lending, yield farming, and NFTs.
Buterin’s Notable Donations
- India COVID-Crypto Relief Fund: Over $1 billion worth of crypto donated
- Methuselah Foundation: Dedicated to extending the human lifespan
- SENS Research Foundation: For regenerative medicine
Read our University article for more on Vitalik Buterin.
CryptoIRL
As verdant as the pitch. @jalle_cro’s view at Epet Arena in Prague. #UCLwithCryptoCom
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
Official OpenAI Account Hijacked for Crypto Scam
On September 23, OpenAI — the organization behind ChatGPT — suffered a breach of its X news channel, which has around 54,000 followers. The channel advertised an $OPENAI token and a spoofed website imitating OpenAI on X. Victims who viewed the now-deleted post may have clicked the link and connected their wallets in the belief they would receive the token.
AI can now create fake posts, websites, and videos that look legitimate. Recently, Tim Cook and Elon Musk deepfakes were flooding YouTube in a bid to scam victims.
Here’s how to stay safe:
1. Check the official website and all other verified accounts for similar announcements. It’s harder to hack all official channels at the same time.
2. Do not buy more than you can afford to lose.
3. Call attention to a scam as soon as you suspect something is amiss.
Crypto Trivia Answer
B) The level where buying pressure prevents the price from falling further
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
