🫶I hate you like I love you - China

Good Morning Switchers 🤗

👋 Welcome to Switch Daily with that fresh morning aroma. No, it’s not morning breath. Come on, you guys!

Speaking of breath, you might want to save yours for a gasp because we’ve got yet another freshly fantastic initiative. Instagram is set to introduce many NFT-related tools that allow creators to mint and sell NFTs on its platform and outside. Instagram parent company Meta announced the integration of the tools on 2 November during its Creator Week 2022 event.

Before we jump into market updates, check out our latest coverage of the crypto world on Switch — our brand-new publication that makes sense of modern money for you!

Here’s what everyone else is reading:

• NFTs are wash traded, but there is a fix

• What is a fiduciary, and why does it matter in investment?

• What are interest rates, and why are they important?

Here’s what we’ve got for you:

• Market pulse

• China owns more BTC than MicroStrategy

• Money Mantra

• News that gets views

• Salam Meme-Sahab!

Market pulse 📈

The market is like mixed bhel 🥨

It was a mixed session for the crypto market on Thursday, as many top coins like BTC, ETH, DOGE, SOL witnessed slight pullback during the session. However, coins like BNB, ADA, XRP, DOT, and MATIC recorded gains backed by a surge in trading volumes. The total crypto market cap hovered just above the $1 trillion level, showing a bit of resilience amid tumultuous market conditions.

Starting with the top gainers in the top 10 coins, excluding stablecoins, BNB is continuing its upside movement and is up by 3.8%, while MATIC coin is up by 13.54% after it announced that JPMorgan and Instagram are using their blockchain for DeFi and NFT-related transactions. In the top losers, DOGE is witnessing a bit of selling pressure from the top and is down by over 10%. BTC and ETH were mostly sideways during yesterday’s session and close to their key support levels of $20,200 and $1,500 respectively.

🇨🇳Government of China is a crypto whale?🤑

Remember when Sunny Deol said “Kajal, tum sirf meri ho aur kisiki nahi ho sakti” while also treating her like total trash? So, China is Sunny Deol (or any man ever) and Kajal is crypto.

Still don’t get it?

So basically, the Chinese authorities currently hold soo much crypto in their treasury that they might just be the biggest crypto whale in the world.

So much for the infamous Chinese crypto ban. Actually, let’s give you guys a quick recap. So, last year, the People’s Bank of China (PBOC) banned all crypto transactions blaming the role of crypto in facilitating financial crime and posing a threat to China’s financial system because of its highly speculative nature.

While it is unsafe for the people of China to use crypto, the government of China can totally put it all in their treasury as a reserve, huh?

No no this ain’t no gossip (but if you are interested in gossip, join us for chai because honestly, you wouldn’t believe what someone at the office was wearing yesterday!). Anyway, this is how it went down:

The CEO of the leading crypto analysis platform, CryptoQuant, Ki Young Ju shared data on Twitter which proves that the Chinese authorities seized 194,000 BTC, 833,000 ETH, and others from the PlusToken crypto scam in 2019. Following this, they forfeited approximately $6 billion worth of assets to the national treasury.

To put this number into perspective let’s bring in the ultimate Bitcoin Maxi, Michael Saylor’s MicroStrategy which only owns 130,000 BTC as opposed to China’s 194,000 BTC in the reserves. This makes the government of China the owner of over 1% of the total bitcoins in circulation. Nevertheless, there is no update on whether this has been or will be liquidated or HODLed.

Money Mantra

"Apna Sapna Money Money”, but how do we get there honey? No problemo Switchers! We have the latest episode of ‘Money Mantra’ launching for the A-Z of personal finance.

Our experts serve you the hottest saving and investing hacks. And yes, we will start from scratch. So, if you’re an investing noob, fresher or both - then tune into CoinSwitch’s YouTube channel today at 6 pm because Akshay Kumar once said “Babu bhaiya - ab toh paisa hi paisa hoga", and we listened.

Aur, Batao! 😀

🤑Indian industry leaders form Bharat web3 association

Industry leaders from different web3 verticals have come together to form the ‘Bharat Web3 Association (BWA)’, to enable and support the growth of India’s Web3 ecosystem. Members include Hike, Polygon Technology, CoinSwitch Kuber, CoinDCX, Coinbase, WazirX, ZebPay and more.

👑Watch out for Game of Thrones NFTs, Season 1

Warner Bros. Discovery (WBD) and HBO have teamed up with NFT platform Nifty to launch NFTs based on Game of Thrones. The NFT collection dubbed “Game of Thrones: Build Your Realm” is a collaboration with digital production company Daz 3D.

🇵🇭Philippines bank launches BTC, ETH trading for retail customers

The Union Bank of the Philippines has launched a pilot program to launch crypto services for its clients in collaboration with METACO, a Swiss technology company. Under the program, select retail customers of the UnionBank will be able to trade Bitcoin (BTC) and Ethereum (ETH).

Community Spotlight 💥

Calling all BUIDLers!

Our friends at Lumos Labs are hosting a LIVE hack in Bangalore and you are invited!

The #BUIDL for Web3 - Hack Bangalore, is an in-person 2-day hack where 100+ shortlisted developers can BUIDL and submit their projects to win big. Join us on Sat, 5 Nov - Sun, 6 Nov at the AssetMantle workspace, Bangalore.

Salam Meme-Sahab!

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See you tomorrow, folks. 👋

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