Breaking: BTC, ETH 🔼 Here’s Why

Good Morning Switchers, 

👋 Welcome to Switch Daily. 

Whatsup? The markets. Well, we couldn’t stop ourselves from saying it 😅.

Anyway, we’re in a great mood and have some steaming hot goss for you. Apparently, the Musk Twitter deal will be finalized on Oct 28. Also, did you know anything about twitter getting its own crypto wallet? Meanwhile, Dogecoin 🐶 is busy rallying—~20% in one day! 

Here’s what we’ve got for you:

• Market pulse

• Why market high?

• Today’s Highlights

• Meme of the day

Market pulse 📈

The market is inching up 🪜

It was a bullish session for the crypto market on Wednesday, as it managed to continue to build up from Tuesday’s gain. The total crypto market cap shot up to $1002.85 billion from yesterday’s $970 billion in the last 24 hours, breaking above the psychologically important level of the $1 trillion mark after 5 long weeks.

Coin of the day: Dogecoin

Dogecoin shot up by 21% in one day bringing cheer to the memecoin followers. The rise in value of Dogecoin is due to two things:

1. The broader market is bullish and moving upwards

2. DOGEfather Elon Musk set a date for the Twitter acquisition deal.

Good news: Markets are up, but why?

Ever watched movies where a middle class hero becomes a millionaire overnight? Especially South Indian ones ft.Rajinikanth. That’s exactly what our portfolio looks like—a spike from red to green overnight. See 👀.

Wait, last we checked we were in a bear market no? Then what’s causing this market rally? 

It's not just BTC and ETH, even the stock markets have bounced back. In the past week:  

• S&P 500: 🔼3.84%

• BTC: 🔼8.78%

• ETH: 🔼21.15%

But why?

The markets, it seems, are expecting a less painful outcome from the upcoming US Fed meeting on Nov. 2. The Fed had raised interest rates by 75 bps the last three times they met this year.  This time, folks are expecting a more lenient interest rate hike. 

What happens when Fed raises interest rates?

Everytime there is a rise in interest rates, the market falls. Coz of many factors, but mostly investors don’t want to bid higher stock price knowing their returns will be less attractive than the interest from bonds in the near future.  

Looks like Bitcoin and the rest of crypto market is also tracing the steps of S&P 500. So, as the S&P500 moved higher the crypto market also moved higher. 

OK Bitcoin is moving with the markets, but what’s the deal with ETH?

Right! Ethereum has rallied over 10% in yesterday alone. And the trends are way higher than Bitcoin and S&P500. Two reasons:

1. Whale activity - An Ethereum whale became active after 6+ years and moved $22.5 million from an exchange to an empty wallet yesterday. Removing ETH from exchanges can reduce the potential sell pressure and lead to an increase in its price.

2. Ethereum is reaching near deflationary status - And this time it’s not because of some coin trying to pump or dump. Thanks to the Merge, ETH burn rate has increased significantly.  

According to Ultrasound money  the supply of ETH is 0.010% higher than its issuance. That means, Ethereum is almost deflationary now. Could be another reason why ETH is pumping. 

Is this the beginning of the end of the bear market? Well, we can’t really say. The global economy is still under pressure and inflation is at an all time high. The uptick in the market is great but continue practicing caution and DYOR maybe? No harm in that!

What’s hot? 🔥

🍎Apple allows in-app purchases of NFTs

Apple rolled out a new set of rules for crypto apps on its app store, allowing in-app purchase to sell NFTs and services related to them including minting, listing, and transferring. The caveat: Apple will take the standard 30% cut from such purchases.

🇸🇬Singapore lays out stablecoin rules to boost consumer protection

In an attempt to expand consumer protection, Singapore’s central bank—the Monetary Authority of Singapore (MAS)—has proposed an updated set of regulatory measures on crypto trading and stablecoins.

🪙PayPal, Western Union to expand crypto offerings 

Financial services firms PayPal Inc. and Western Union filed several new crypto trademark applications with the United States Patent and Trademark Office (USPTO) to offer a wide range of crypto services.

🌩️Microsoft Cloud has a date with the metaverse

Amid the ongoing metaverse mania, software giant Microsoft is seeking to bring its Cloud services to the metaverse. The company is building a bridge to the metaverse through Microsoft Cloud, Teams, and mixed reality technologies.

Meme of the day

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