Hello Snapshotters,
The highs continue, as BTC broke $91,000 this week, and both the U.S. spot Bitcoin and Ethereum ETFs drew in record inflows last week. On Monday, BlackRock’s spot Bitcoin ETF generated $4.5 billion in daily trading volume, the highest since its debut.
This rally extends to the wider crypto market. CRO climbed 90% over the last month, and Dogecoin’s market capitalization briefly passed $60 billion this week.
The OG meme coin is now up 200%+ over the last month, which might be in part due to President-elect Donald Trump’s announcement on Tuesday that Tesla CEO Elon Musk will lead the new ‘Department of Government Efficiency’, or ‘DOGE’ for short.
More news from the industry 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
₿ MicroStrategy Buys $2B in BTC
MicroStrategy announced it bought 27,200 bitcoins for a total of over $2 billion at an average price of $74,463 per BTC. MicroStrategy now holds 279,420 BTC, worth nearly $23 billion.
🚀 CPI Numbers May Affect Prices
The U.S. Consumer Price Index (CPI) rose by 0.2% last month, meeting expected inflation estimates by economists. The U.S. Federal Reserve is expected to lower interest rates by another 0.25% in December, and the news may have contributed to BTC breaking the $91,000 mark this week.
📈 Record Inflows for ETH ETFs
Spot Ether ETFs saw a $155 million net inflow last week, the largest weekly inflow since the ETFs launched.
🏁 Mekong Testnet Deployed
Ethereum introduced the first testnet developed for the Pectra upgrade, named Mekong. The testnet includes all Ethereum Improvement Proposals (EIPs) for the upcoming Pectra fork.
🇬🇧 Bitcoin Pension Fund
A U.K. pension scheme has reportedly made a 3% allocation of Bitcoin into its pension fund. This came after news that the pension and investment firm Legal & General announced last month it would consider offering tokenized funds.
What’s Ahead
🪙 Bitcoin ETFs Set to Overtake Gold ETFs
Assets managed by spot Bitcoin ETFs currently equate to 66% of the assets managed by gold ETFs, and Bloomberg analysts predict that the former’s current growth is on track to overtake the latter within the next two months.
Number of the Week
Chart of the Week
At the start of this week, BTC had increased 83% year-to-date, vastly outperforming both the S&P 500’s 26% and gold’s 30% gains.
Research & Insights
Monthly Feature Article | Technical Analysis in Perpetuals and CFDs
In this report, we show how to use popular technical indicators — MACD & RSI — to guide you in building trading strategies in the Crypto.com ecosystem.
Click here to read the full report.
Perpetuals and CFDs are not available in all jurisdictions. Refer to restrictions here and here.
Crypto Trivia
What is a testnet in the world of cryptocurrency?
A) A public blockchain network used for testing and experimenting
B) A network of validators that ensures all transactions are secure and private
C) A network exclusively for storing and staking cryptocurrencies
Find the correct answer at the end of this newsletter.
NFT Spotlight
In a hidden realm, four Guardians stand watch over the sacred waters — each one a keeper of a unique and powerful element. Their existence is bound by a singular, timeless mission: To protect their sanctuary and the countless mystical creatures that thrive within its depths and preserve the delicate balance of nature that binds all life together.
In NEWY’s latest NFT drop — ‘Guardians of the Elemental Waters’ — the Guardians hold secrets untold, waiting for you to uncover the breathtaking stories and unparalleled beauty that lie within their world. Their call echoes through the waters — will you answer when it drops on November 20?
Utilities* include:
💎 Artwork frame + soft blanket poster
🎨 Custom profile NFT airdrops
🖼️ WATER GUARDIANS custom AI NFT airdrops
🎉 WATER GUARDIAN ‘Special 01’ NFT airdrops
⭐️ WATER GUARDIAN ‘Special 02’ NFT airdrops
*Incentives and access to features may vary by jurisdiction per NEWY.
Do you hear the echoing calls? Capturing the precious moments of our daily lives.
Product Updates
3 New Tokens Have Been Added to Target Price Orders
ACT, PNUT, and PEAQ are now available on Target Price Orders, where you can automate orders on a growing list of over 330 supported tokens at your preferred price without having to monitor the market. Try it now.
Enjoy Up to 15% p.a. on USDC and USDT for a Limited Time Only
Crypto.com Earn users will be able to receive up to 15% p.a. on their USDC and USDT 3-month fixed-term Crypto.com Earn plans. This offer ends on December 15,2024, so start allocating now! Token availability and rates vary by jurisdiction. For the full details of this offer, visit the blog here.
Access the Crypto.com App on Your Desktop
The desktop version of the Crypto.com App, Crypto.com Web, is now live for users in the U.S. Simply scan the QR code on the login page to get started. For the full details, check out the blog here.
Crypto.com App New Token Listings
Act I : The AI Prophecy (ACT)
Act I is an open-source and decentralized platform enabling multiple AI systems to work together to generate innovative AI interactions with human users.
Peanut the Squirrel (PNUT)
Peanut the Squirrel is a meme coin based on the Solana blockchain and inspired by the Instagram-famous squirrel called P’Nut.
peaq (PEAQ)
peaq is a Layer-1 blockchain that provides modular DePIN functions for equip dapps, including data verification, storage, indexing, AI agents, and more.
Crypto Learn
What Exactly Is Ethereum?
Ethereum, co-created by Vitalik Buterin, is a decentralized blockchain platform that supports digital currency (ETH), smart contracts, and decentralized applications (dapps).
Unlike Bitcoin, which is primarily a digital currency, Ethereum enables more complex applications in areas like finance, gaming, and beyond. Key features include:
- Smart Contracts: Ethereum’s robust programming language powers complex, self-executing contracts that automate processes without intermediaries.
- Proof of Stake (PoS): On September 15, 2022, Ethereum transitioned from Proof of Work (PoW) to PoS in an upgrade called ‘The Merge’, improving energy efficiency and security.
- Ethereum Virtual Machine (EVM): A stack-based virtual machine that processes and executes smart contracts, ensuring consistent and secure operations across all Ethereum nodes.
These features make Ethereum a versatile platform for the growing Web3 ecosystem.
Read on for a deep dive into Ethereum.
CryptoIRL
Well, this is fitting. The Crypto.com Icy White Visa Card and @Dags0x ready for takeoff.
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
Fake Celebrity Endorsements: The Latest Trend in Crypto Scams
Fake celebrity endorsements of crypto tokens are a new tactic used by malicious actors to lure unsuspecting victims on the internet.
The latest incident involved the developer of the AI bot Terminal of Truths — a hacker took over Andy Ayrey’s account to promote a scam token and made off with $602,500 within an hour. Similar scam artists also took over accounts of the late Matthew Perry, too.
Stay safe with these tips:
- Only use reputable cryptocurrency exchanges like Crypto.com to buy and sell cryptocurrencies.
- Avoid clicking on links that seem suspicious, even if they are from popular figures.
- Be wary of suspicious behaviors, such as your favorite celebrity promoting unknown projects.
Crypto Trivia Answer
Correct Answer: A) A public blockchain network used for testing and experimenting
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
