Hello Snapshotters,
October finished on the bullish run many in the industry were hoping for: BTC broke $72,000 earlier this week for the first time in seven months, nearing its all-time high of $73,737, previously achieved in March 2024.
Simultaneously, Bitcoin dominance reached 60% on Tuesday, the highest level since April 2021. Meanwhile, BTC ETFs are continuing their inflows trend: The 11 U.S. spot Bitcoin ETFs recorded $870 million in daily inflows on the same day, the largest since June, with BlackRock’s IBIT accounting for over 73% of this amount.
Exciting news also from macroeconomics: The BRICS nations have announced their long-anticipated BRICS Pay, all on-chain.
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
🪙 Solana Surges With Bull Run
Solana’s price rose by 16.3% to $183 before retreating under $180, as major coins like Bitcoin and Ethereum rallied with the sudden bull run this week. Aside from reaching a two-year high in TVL on its smart contracts, the blockchain also overtook Ethereum in DEX trading volume.
📈 ETFs Inflows Continue
The 11 U.S. spot Bitcoin ETFs recorded $870 million in daily inflows on Tuesday, the largest since June. On the same day, the ETFs recorded $4.75 billion in total trading volume, up from $3 billion the day before.
🪂 GLIF Airdrop
Glif, a liquid leasing platform on Filecoin, is set to launch its native GLIF token, with 100 million tokens allocated for airdrop to eligible users. The GLIF token will have a total supply of 1 billion.
⛓️ Lido Partners With Chainlink
Lido has tapped into Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to launch cross-chain staking on Layer-2s like Arbitrum, Base, and Optimism. Users can benefit from the integration by staking ETH on these protocols, immediately receiving Lido’s wstETH in return.
🌐 BRICS Pay Is Here
The BRICS nations (Brazil, Russia, India, China, and South Africa), unveiled their long-anticipated payment system, BRICS Pay. Utilizing blockchain technology, it enables BRICS nations to conduct cross-border transactions without multiple intermediaries.
What’s Ahead
Devcon Southeast Asia
The seventh Ethereum developer conference — Devcon — will take place later this month from November 12–15 in Bangkok, Thailand. Tickets are available on the site.
Number of the Week
Chart of the Week
Bitcoin dominance reached 60% on October 27, the highest level since April 2021, according to data from CoinGlass. Higher Bitcoin dominance often indicates that traders are favoring Bitcoin over altcoins.
Research & Insights
Monthly Feature Article | Intent-Based Protocols
Intent-based protocols aim to simplify user experience and reduce barriers to entry into crypto.
Get an overview of key protocols in our latest Research report.
Crypto Trivia
What is an intent-based protocol?
A) A protocol that executes trades based on user intent rather than specific instructions
B) A protocol designed to prevent hacking attempts
C) A protocol that sets transaction fees based on network congestion
Find the correct answer at the end of this newsletter.
NFT Spotlight
Step into a realm where myth, magic, and technology collide with the latest SYNTHTOPIA NFT drop: ‘THE LEGENDS’, a collection of 9,000 avatars, each with its own story and destiny.
From celestial Deities and ancient Goddesses to futuristic Robots, Alchemists, and Spirit Animals, every avatar unlocks the infinite potential of SYNTHTOPIA. The dynamic collective dropped on October 30 and runs for three weeks, and features various utilities*:
🏆 Hidden Prizes — Find the hidden NFTs and win
⚡ $BIOSYNTH airdrop planned in the future for NFT holders
🪂 1,111 NFT airdrops in an upcoming airdrop, plus tier-based NFT airdrops and exclusive surprise airdrops
🧬 Shape the saga through the ‘Synthesis’ Discord/AI portal — Manage the avatars
🗝️ Attend collectors-only IRL events and Metaverse gatherings
Explore a legion of avatars and uncover secret rarities among the tribes. Every avatar carries its own story, protecting territories and unlocking hidden powers. Which Legend will you claim?
*Incentives and access to features may vary by jurisdiction. Terms and Conditions apply.
Join a pioneering community at the edge of Web3, redefining the landscape of gamified entertainment.
Product Updates
STX Is Now Available on Crypto Earn
Earn up to 6.5% p.a. on BTC when you allocate Stacks (STX) into Crypto Earn. Additionally, Crypto.com Private users are entitled to an additional 2% p.a. for fixed-term allocations, paid in CRO.
New Tokens on CFDs
SUI, POL, FET, EIGEN, ZRO, and DYDX are now available for Contracts for Differences (CFDs) in the Crypto.com App. You can go long or short with up to 20x leverage for CFDs in the Crypto.com App, and there are contracts for over 40 different cryptocurrencies available — the most offered anywhere. Find out more here.
Introducing a Wider Contract Range for BTC in UpDown Options [US-only]
UpDown Options now lets you select a wider range for BTC contracts of up to $2,000, which enables you to set a higher Target Price or a lower Stop Price, potentially netting you larger profits with each trade. This also means a lower likelihood of your contract being knocked out early because of price fluctuations. Try UpDown Options now.
New Listings
Grass Network (GRASS)
Grass Network is a decentralized platform that rewards users for sharing their unused internet bandwidth.
Kaia (KAIA)
Kaia is a highly optimized, BFT-based public blockchain designed for enterprise-grade reliability and performance.
Nothing contained herein shall be construed to be financial advice. Purchasing cryptocurrencies involves a high degree of risk and there is always the possibility of loss, including the loss of all staked digital assets. Do your own research and seek professional advice before making any financial, investment, or trading decisions.
Crypto Learn
Three Interesting Solana Projects to Check Out
Since its launch in 2020, Solana has attracted developers and users with its high throughput and low transaction fees, fostering innovative projects across DeFI, NFTs, and gaming.
Three interesting projects on Solana:
1. Audius is a decentralized music-streaming platform designed to empower artists to retain ownership of their work and interact with fans through high-quality audio and exclusive content.
2. STEPN introduces a move-to-earn concept that rewards users for physical activity with tokens, combining fitness and gamification to promote healthier lifestyles.
3. Star Atlas offers an immersive metaverse experience through a strategy game, enabling players to explore, fight, and interact with a robust economy using its native tokens.
Read on for seven more interesting projects leveraging Solana.
CryptoIRL
The lion shone in blue with @Crypto.com at this year’s HongKong’s FinTech week.
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
Crypto Sector Sees a 654% Rise in Celebrity Deepfake Scams
Celebrity deepfakes are AI-generated videos or images of well-known individuals. Scammers often use deepfakes to impersonate celebrities, luring victims to take the desired action.
In 2024, 74% of all celebrity deepfake scams reportedly targeted the crypto industry. For instance, convincing deepfakes of the likes of Elon Musk and Mark Zuckerberg touting crypto investment opportunities have been distributed across social media platforms.
Here are some red flags to look out for:
- Unnatural facial expressions or lip movements that don’t sync with the audio
- Shadows appearing in unexpected places
- Promises of unrealistic returns in a short time
Learn more at Crypto.com University.
Crypto Trivia Answer
A) A protocol that executes trades based on user intent rather than specific instructions
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
