Hello Snapshotters,
FUD entered the market, as Bitcoin dropped below its $60,000 support level earlier this week. But prices recovered on Wednesday as the U.S. Federal Reserve held interest rates steady. Stablecoin volumes continued to stay strong despite the price drops, with USDe volumes closing April above $13 billion. Finally, the meme coin sector that saw fading interest in April also got a boost last week.
More news 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
💪 Miners Staying Strong Despite Halving
CryptoQuant CEO Ki Young Ji said that, despite a drop in Bitcoin mining revenues since the halving, Bitcoin miners have shown no signs of capitulation. He cited the 365-day Puell Multiple chart — a metric that estimates the level of sell pressure from miners.
🇭🇰 Hong Kong ETFs Debut
The first spot Bitcoin and Ether ETFs in Hong Kong launched on April 30. There are three Bitcoin and three Ether-based ETFs in the first batch, managed by China Asset Management and Harvest Global, plus a jointly managed product by Bosera Asset Management and Hashkey Capital.
✒️ Spot Ether ETF Listed
Franklin Templeton listed its spot Ether ETF on the U.S. Depository Trust and Clearing Corporation (DTCC) website. DTCC is an important platform for securities transactions in the U.S., although the listing does not guarantee approval by the Securities and Exchange Commission (SEC), which last week postponed its decision on Ether ETF applications until June.
💳 Stripe Reintroduces Crypto Payments
U.S. payment service provider Stripe will reintroduce crypto payments via USDC on the Solana, Ethereum, and Polygon blockchains in summer 2024. The company first supported Bitcoin as a payment option in 2018 but later halted the service.
🔄 Peer-to-Peer Tokenized Shares
Franklin Templeton has enabled peer-to-peer transfers of tokenized shares for its Franklin OnChain U.S. Government Money Fund (FOBXX). According to RWA.xyz, FOBXX currently has a $376 million market cap.
What’s Ahead
Number of the Week
Chart of the Week
Bitcoin hit a daily record number of transactions of 927,010 on April 23. This is attributed to the Runes protocol, which accounted for 81% of the transactions on the day and a total of 57% of all Bitcoin transactions since its launch.
Crypto Trivia
Which decentralized compute crypto project holds partnerships with Google, Samsung, and Sony?
A) Theta Network
B) Render Network
C) Golem Network
Find the answer at the end of this newsletter.
NFT Spotlight
The Depot has been restocked with a batch of 6,000 Crypto.com ‘Elite’ Tactical Gear NFTs for your upcoming battles in Loaded Lions: Mane City Season 2. Dropping on May 4, these Elite Tactical Gear NFTs aren’t just for show — they enhance your arsenal of attacks or aid you in protecting your dream city.
The Depot is a one-stop shop for adventurers looking to stock up on more Tactical Gear and will continue to be restocked periodically, so be on the lookout for more gear or other useful gadgets in the future!
Learn more about how Tactical Gear NFTs benefit Mane City Tycoons here.
Get Elite Tactical Gear! Brace yourself for an impending storm.
Product Picks
CDCETH Is Now Listed on Curve Finance and Convex Finance
You can now swap CDCETH and deposit into the CDCETH-WETH liquidity pool on Curve Finance and Convex Finance. Learn how to earn up to 50% in extra CDCETH, CRV, and CVX rewards in just a few steps. You can also deposit into the CDCETH-WETH liquidity pool directly from the Crypto.com DeFi Wallet!
NEW! Convert Your EUR to USD Bundle on the Crypto.com Exchange
Easily convert your euros for the USD Bundle directly on the Crypto.com Exchange with no fees and immediately start trading USD-denominated Spot and Derivatives pairs with your updated USD balance. Remember, there are also no transfer fees when you deposit or withdraw EUR to and from the Exchange! Learn more.
Crypto.com App New Token Listings
Buy the DIP (DIP)
DIP is a meme coin based on the Cronos blockchain.
Open Custody Protocol (OPEN)
Open Custody Protocol, formerly Qredo, enhances the security of digital assets by offering various key management methods.
Crypto Level Up
A Beginner’s Guide to Cryptocurrency Wallets
A cryptocurrency wallet is actually a minor misnomer, being more akin to a keyholder for your assets’ private and public keys. It also reads the public ledger to show the balances in your addresses.
Why Do You Need a Wallet?
While you can store your cryptocurrency on a trading platform, it’s best to keep the majority of your assets in a wallet. This allows you to retain ownership of your private keys and have full control over your assets.
What Types of Wallets Are There?
There are two main types: software-based hot wallets and physical cold wallets. The former is connected to the web and easier to use, while the latter is offline but more secure.
Check out the full guide to crypto wallets.
CryptoIRL
CROissants and coffee brought to you by @croshouf with the Crypto.com Icy White Visa Card.
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
Google Sues Developers
Last month, Google sued two app developers for allegedly uploading fraudulent cryptocurrency trading apps to the Play Store. They used the apps to facilitate a pig butchering scam and stole up to thousands of dollars per victim.
Dodge Pig Butchering Scams By:
1. Ignoring messages from an unknown sender. Even if they’re just asking about your day, it’s a hook for the scammer to persuade you to invest in scam projects.
2. Always doing your research. If a random stranger presents you with an opportunity too lucrative to be true, it likely is.
3. Staying updated about the latest scam tactics. The methods used by criminals are ever changing as they attempt to stay one step ahead of the authorities.
Crypto Trivia Answer
A) Theta Network (THETA) is a decentralized video streaming platform with big tech partnerships including Google, Samsung, and Sony.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
