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Good Morning, Switchers 🌞
👋Welcome to Switch Daily.
Hey, hey, it's a brand new day. So, here’s some good news:
Yesterday, Bitcoin crossed $18,000 levels and reached a 30-day high for the first time this month.
Solana, remember we were just talking about it a couple of days ago? Yeah, put your hands together, ladies and gentlemen, looks like SOL is back in the race.
Ever since the news about the drop in US inflation rates hit the stands, FTX survivor Solana shook off the dust and rose about 6% yesterday. Good Speed SOL, we’re rooting for you! 👯
BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!
Here’s what we’ve got for you today:
Market pulse
2022 - The year in crypto
Mid-week news
Meme of the day
Market pulse 📈
The market is a mixed bag of trends 🛍️
The broader crypto market took a mild hit, falling by $2.92B to $824.30B yesterday owing to the hawkish Fed interest rate hike and Nasdaq. Most cryptos slid into negative territory during the session. DOGE led the way, with ADA, MATIC, and XRP following.
However, BTC bucked the trend and revisited the $18,000 mark. Despite the negative developments on the Binance front, BNB registered a modest loss of 1.58%.
C'mon, aren't you gonna let your friends in on how the market is performing today?
2022 - Was it the year of crypto?
Nobody:
Crypto Twitter in Jan: 2022 is the ‘Year of Crypto’.
Crypto Twitter in Dec: 2022 is the ‘Black Swan Year of Crypto’. 🙄
What do you think? Was 2022 a great year for crypto or not? We think it was a great year! But let’s circle back to it in some time.
So, Bloomberg Crypto dropped a podcast on ‘How 2022 Became A Very Bad Year for Crypto’. They basically described 2022 as the Crypto Hunger Games, where CEOs and senior officials raced to exit, raging Twitter feuds and whatnot.
Huh, they are not wrong either, the market looked like a battlefield for most of the year, and there were these other things like:
A leading stablecoin Terra LUNA went bust overnight.
Out of the top 10 major crypto hacks, six of them occurred in 2022.
A friendly Twitter feud shed limelight on a fraud who goes by the name Sam Bankman Fried, yep we’re talking about FTX only.
The crypto winter continues to last with no sign of a Bull run.
On the face of it, so many things got screwed up on so many levels.
What?? Right, we said that this was a great year for crypto! And you wanna know why? Three reasons:
1. Less Volatility
After a wild ride, the Bitcoin market has settled down for the time being. December has brought some peace and quiet, with short-term volatility hitting rock bottom. In fact, it's been the calmest the market has been in over two years! Currently, the volatility levels of Bitcoin, which represents a major chunk of the crypto market, is at 22% and 28%.
2. Ethereum became deflationary
In all the chaos that unfurled later, we kinda forgot about the success of one of the biggest events that could go down in crypto history—The Ethereum Merge. The Merge went exactly as planned, like butter on toast on 15 Sep 2022. And three months later, it achieved exactly what it set out to achieve, i.e., the Ethereum network managed to become deflationary.
This is good news because Ethereum is on its way to achieving the store-of-value status soon.
3. Diamond Hands HODL on
It's been a tough year for Bitcoin, but despite the big losses, the HODLers are holding strong! The age of the coin supply is higher than ever, and more and more people are refusing to sell. In fact, the Long-Term Holder Supply just hit a new all-time high of 13.908 million BTC (that's 72.3% of the circulating supply!).
Looks like the panic spending after the FTX fiasco was just a blip on the radar. The heavy coin accumulation in June and July has put the market back on track, and it's been on a steady upward trend ever since. Go HODLers!
These are just a few things that got us pumped to be thankful for the ‘black swan year’ that was 2022. But if you are still not convinced that bad things happen for the greater good, you must check out this year-end report by Glassnode, the numbers will change your mind.
Note: We’re not financial advisors, and this is not financial advice. We’re merely your fellow investors sharing the knowledge we gather.
What’s the crypto scene like? 🧐
PayPal has partnered with MetaMask parent company ConsenSys to enable MetaMask users to purchase and transfer Ether ETH via PayPal's platform. According to the Dec. 14 announcement, the service will initially be available to a limited number of PayPal users in the United States.
A new study by Uswitch, an internet and telephone service researcher, revealed that The Netherlands has one of the fastest average fixed broadband speeds in the world, at 106.51Mbps. Switzerland, Lithuania, Malta, and France follow the Netherlands. All of the countries in the top five are known to be interested in the emerging Web3 space.
Bitcoin fell today, along with US stocks, on news that the Federal Reserve approved a smaller interest-rate hike than previous hikes this year, but signalled plans to continue raising rates next year to combat high inflation.
Meme of the day!
Thank You,
See you tomorrow, folks. 👋
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