Hello Snapshotters,
Markets remain volatile, as Open Interest in BTC futures reached a record high — coinciding with Bitcoin’s price topping $71,000 and the second-highest day of inflows in spot ETFs — while over $200 million in leveraged BTC positions were liquidated this week. At the same time, institutional interest remains high with Thailand endorsing its first Bitcoin ETF and Volatility Shares launching its first leveraged Ethereum ETF in the U.S.
Crypto.com also achieved a new regulatory milestone this week: We received approval as a virtual asset service provider (VASP) on the Green Isle, with offers for crypto-to-fiat exchanges and a fiat wallet coming very soon.
Read on for the details.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
🇮🇪 Crypto.com Receives License in Ireland
In our latest regulatory milestone, Crypto.com has received approval to register as a virtual asset service provider (VASP) in Ireland. The approval will enable Crypto.com to further its offering in Ireland, including crypto-to-fiat exchanges and fiat wallets.
🌟 First Leveraged Ether ETF Launched
The Volatility Shares 2x Ether ETF (ETHU), the first leveraged Ether ETF in the U.S., began trading on June 4. It was launched by Volatility Shares around one year after the Volatility Shares 2x Bitcoin fund in June 2023.
🏦 Multi-Bank CBDC Enters MVP Stage
Project mBridge, a multi-central bank digital currency (multi-CBDC) initiative by the Bank for International Settlements (BIS), is inviting private sector participation as it enters the MVP stage. Central banks of Saudi Arabia, China, Hong Kong, Thailand, and the United Arab Emirates are among the participants.
⚖️ Interest-Bearing Stablecoin Announced
Paxos International announced the launch of a U.S. dollar-pegged interest-bearing stablecoin, Lift Dollar (USDL), that will not be available in the United States. USDL will be regulated by the Abu Dhabi Global Market and backed 1:1 by liquid U.S. government securities and cash equivalents. At launch, USDL will be available in Argentina.
🇹🇭 First Thai Bitcoin Spot ETF
Thailand SEC endorsed One Asset Management (ONEAM) as the first firm to launch a spot Bitcoin ETF. Limited to institutional investors, the ETF — ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) — is expected to launch in early June.
What’s Ahead
Number of the Week
Chart of the Week
Aggregated Open Interest (OI) of BTC futures reached a record high of $31.4 billion on June 6 from August 2020.
OI is used to measure the total value of all outstanding futures contracts across exchanges and indicate market activity and trader sentiment around one asset. This coincided with a surge in BTC’s price mid-week to over $71,000 and the second-highest day of inflows into Bitcoin spot ETFs to date.
Research & Insights
Monthly Feature Article | SocialFi — Business Models and New Developments
SocialFi in Web3 empowers users with enhanced data control and direct creator compensation without intermediaries, leveraging blockchain for better user engagement and innovative monetization methods.
The full report is available to our Private members.
Crypto Trivia
What does a block in a blockchain consist of?
A) Transaction data
B) A hash
C) A timestamp
D) All of the above
Find the correct answer at the end of this newsletter.
Product Picks
DYDX Is Now Available on Earn
Crypto.com Earn in the Crypto.com App now supports dYdX (DYDX), where users can earn up to 9%* p.a., with an additional 2% p.a. for Private users. For more details, visit the FAQ here. *Availability and rates vary by jurisdiction.
The Graph (GRT) Added to On-Chain Staking
The Graph (GRT) is now available for on-chain Staking in the Crypto.com App and on the Crypto.com Exchange. Users can conveniently put idle GRT assets to work and receive rewards of up to 12% as often as three times a week. Find out more here.
The Loaded Lions: Mane City Mayhem Blitz Is Coming Soon!
The Spring Skirmish Blitz has just ended, but there’s no time to snooze! Mane City Season 2 has gone live, and we’re pleased to see users enjoying the new Abilities and Factions system. Now is your chance to put your skills to the test with the Mayhem Blitz, where you can stand to win from a starting prize pool of $44,000 CRO and NFTs! Start playing now to prepare for the blitz, which starts on June 21, 16:00 UTC!
Crypto.com App New Token Listings
io.net (IO)
io.net (IO) is a decentralized AI computing and cloud platform that allows machine learning (ML) engineers to access scalable distributed GPU clusters at a fraction of the cost of the traditional centralized services.
Toncoin (TON)
The Open Network (TON) is an open-source and decentralized Proof of Stake Layer-1 blockchain. Built on the principle of sharding, TON can build multiple shards on the same blockchain, enabling simultaneous and ultra-fast transactions.
Nyan Heroes (NYAN)
Nyan Heroes Nyan Heroes is a Solana-based game that is part of the ‘play to earn’ metaverse developed by 9 Lives Interactive. NYAN serves as the governance token for Nyan Heroes, and holders will be able to perform marketplace transactions such as NFT trades.
Aethir (ATH)
Aethir is a decentralised cloud computing infrastructure platform built on a distributed Graphics Processing Unit (GPU) network to maximize the use of underutilized GPUs. ATH is the utility token of Aethir, which facilitates transactions, governance, and node operator rewards.
Pirate Nation (PIRATE)
Pirate Nation is a fully on-chain, free-to-play, pirate-themed roleplaying game (RPG) live on Proof of Play’s Apex chain. PIRATE is the ERC-20 utility token for Pirate Nation and can be used in-game for purchasing gems or for staking.
Crypto Level Up
What Are Ethereum Gas Fees?
Every transaction on Ethereum is powered by gas, much like a car. Gas fees are used as an incentive for Ethereum’s network validators to verify the transaction.
How Are Gas Fees on Ethereum Calculated?
Gas fees are determined based on how complex the transaction is and the current network demand. Ethereum’s gas fees fluctuate dynamically, unlike Bitcoin’s fixed fee system.
How Can You Save on Gas Fees?
First, avoid transacting during peak hours. Alternatively, some cryptocurrency wallets allow you to manually adjust the gas price to the amount you’re willing to pay. However, a lower amount may result in your transaction being processed at a slower pace.
Learn all about Ethereum’s gas fees.
CryptoIRL
Even the Lion needs to quench its thirst; this watering hole just happens to have tall glasses. The Crypto.com Royal Indigo Visa Card and @_silverstar88_ sipping to those we have in our lives. Cheers to that. 🍻
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
Hong Kong SFC Warns of Scam Utilizing Elon Musk’s Deepfakes
Last month, the Hong Kong Securities and Futures Commission warned about a scam using Elon Musk’s deepfakes to promote fraudulent cryptocurrency trading platform Quantum AI. The government is on alert, as well, after multiple fraud cases employing deepfakes occurred.
Here’s How to Shield Yourself From Deepfake Scams
1. If you’re watching a video, check whether the person’s lip and tongue movements sync up naturally with the audio.
2. Should you see someone famous promoting a cryptocurrency platform, visit their social media pages to determine if they’re indeed a brand ambassador.
3. If reputable mainstream media outlets are not reporting about the celebrity endorsing the platform, it’s a red flag.
Crypto Trivia Answer
D) All of the above
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
