🤯BTC is better than Stocks?!

Good Morning Switchers 🤗

👋 Welcome to Switch Daily where we treat you like paid guacamole, not free salsa.

On that note, even Google is treating crypto like paid guacamole and it isn’t shying away from asking for extra.

Don’t get it?

Well, Google Cloud’s latest tweet hinted at an upcoming partnership with Ethereum competitor, Solana. Google Cloud did this by tagging the blockchain’s co-founder in a tweet asking if they should tell their followers “the big news.” Following this, SOL surged about 15%.

Why did one tweet make so much difference? Because just last month, Google partnered with the crypto exchange, Coinbase to allow select customers to pay for cloud services using crypto from early 2023.

Here’s what we’ve got for you:

• Market pulse

• Rachana Ranade is calling to talk finance

• Bitcoin is less volatile than stocks

• Money Mantra

• News that gets views

• Meme-o-clock

Market pulse 📈

The market is like mid-month bank accounts, not too bad-not too great

The broader crypto market displayed resilience over the weekend with BTC and ETH leading the market.

Following this, the total crypto market cap continued to stay above the $1 trillion level helping to improve investor confidence in the market.

However, at the end of Sunday’s session, the market is showing a bit of weakness with slight selling pressure seen in all the top 10 cryptos.

BTC’s three-day winning streak which pushed its price above the $21,000 level came to an end and is now trading near its major support closer to the $20,800 level.

ETH, on the other hand, also shows similar trends and is now below the $1,600 level.

Among the top 10 cryptos, SOL and DOGE are the top loser and are down by 8.86% and 5.44% respectively in the last 24 hrs. Meanwhile, MATIC gained more than 35% over the past week.

Rachana Ranade is calling to talk finance

Ever wondered if you are good enough to do investments without working in finance? Well, same. But don’t worry we’ve got you covered with the finest in the finance space.

Join our Twitter Spaces feat. Rachana Ranade & our CEO Ashish on 7th November aka Today at 7 PM to get some alpha on — How to tackle the bear market? How to DYOR effectively? What should an ideal portfolio look like?

😉BTC feeling better, while stocks look bitter🫤

So the TL;DR (too long; didn’t read) version of this rather clickbaity subject line is — the latest report by the investment management giant, ARK Invest pointed out — the volatility king aka Bitcoin has become relatively less volatile as opposed to the equities market.

Why should we care?

So, according to a crypto analyst at ARK Invest, BTC’s 30-day volatility is less than both the S&P 500 and Nasdaq.

And the last time volatility was this low in late 2018 and early 2019. That’s when Bitcoin rose from $9,000 to $60,000 in less than a year.

For a better understanding let's look at the numbers — So, the price drawdowns from all-time highs in Meta and Netflix were -75.87% and -76.38%, respectively (that’s even lower than our dropped expectations of finding love on dating apps). And the price drop for Bitcoin from its all-time high is -74.46%.

So, should we quit our jobs and plan the next Goa trip already? Well, sure. We can always wait on people who have jobs.

But putting our unfunny jokes aside, even the ARK report warned that further drawdown in the crypto markets remains a possibility.

Let’s figure out why? Macroeconomically speaking, as opposed to 2018 and 2019, this year's conditions are drastically different for all markets alike. This is due to soap opera-like geopolitical instances along with inflationary mood-offs.

It's like comparing how easily you used to lose weight in your teenage despite eating absolute garbage to now when you feel slightly old and overly bloated after one croissant.

Time bruh Time, it is worse than Karma.

Nevertheless, BTC price is holding despite the stock market’s wardrobe malfunction because people are looking at Bitcoin as an inflationary hedge aka an investment vehicle instead of a retail utility or a means of exchange.

This more or less suggests that irrespective of the severity of the macroeconomic environment, Bitcoin’s resilience against it will maintain a firm status.

On that note, we believe in the words of Genesis co-founder Tyler Winklevoss — “Crypto was the first asset class to crash; it will be the first to rise again.”

Money Mantra 💥

Catch the latest episode of ‘Money Mantra’ - your ULTIMATE personal finance guide. With the help of an expert, you'll be served the latest money hacks to reach your Rs 1 Crore goal! You can also find a Google Sheet and infographic in the video description that helps you calculate the exact SIP amount.

What's making the headlines? 🤨

🤑JPMorgan uses Polygon blockchain to execute first DeFi transaction

Investment banking company JPMorgan Chase & Co. executed its first DeFi live trade on 2 November 2022. The bank first tokenized 100,000 Singaporean dollar deposits and SBI Digital Asset Holdings tokenized Japanese yen.

✅Goldman Sachs to develop a new crypto classification system

In a bid to standardize the global crypto industry along the lines of the broader financial industry, Goldman Sachs has partnered with global index provider MSCI Inc. and crypto data firm Coin Metrics to develop a data service.

🚀Unique active wallets increase in October: DappRadar report

Signifying some hope in the midst of the ongoing winter, a DappRadar report suggests that the average number of Unique Active Wallets (UAWs) has increased in October.

Salam Meme-Sahab!

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See you tomorrow, folks. 👋

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