🤯What, Inflation At 40-Year High?

Good Morning Switchers, 

👋 Welcome to Switch Daily. 

Today is a special day; know why? It’s been exactly two months since we shipped out our first Switch Daily newsletter.🥳 So, here’s a quick shout-out to all you champs for supporting and cheering us along. C’mon, let’s do a virtual toast. 🥂

Here’s what we’ve got for you:

• Market pulse

• CPI and its impact

• Piping hot news

• Monday Masala Meme

Market pulse 📈

The market is as still as a stone 🪨

Over the weekend, the crypto market moved as expected, with subdued activity. Bitcoin (BTC) fell short of the $20K level for the ninth consecutive session but held on to sub-20K with strength. The other cryptos in the top 10 list also displayed stability. The total crypto market capitalization is $916 billion currently.

Today, the risk-off sentiment may continue to impact the crypto market. The market is unlikely to witness any major upward price movement. 

😵‍💫Is there a way to beat inflation?

You know how global inflation has been soaring for a while, right? So, recently the US dropped some hotcakes on its CPI data, and it doesn't look very good.

BTW, what is CPI?

CPI, or the Consumer Price Index, is a tool that tracks how much the price of retail goods, like food, transportation, entertainment, etc., has increased or decreased over time.

The US consumer prices rose by 8.2% over the past year—the highest rise in over 40 years. That means the price of retail goods this year is 8.2% higher than last year. For instance, say a Lego toy was priced at $100 last year. The price of the same lego toy is $108.2 now.

The situation is not very different in our very own country. Retail inflation in India rose by 7.8%, and Consumer Food Price inflation grew by 8.6% in September.

That is, the products we consume daily have become costlier:

In times like this, Aam Janata usually look up to asset classes, such as gold, bonds, etc. to hedge against inflation. The idea: If a currency is getting weaker, convert it into assets that stay strong like Shaktiman.

But this time around, we don’t think that’s the case. Over the past two months, the inflation has been much higher than anticipated. And as a result, even traditional safe havens like gold are falling like landslides. 🙀 Check this out. 👇🏽

Let’s face it—we’re in a global financial downturn and looks like it may continue to be like this for a while. But it isn’t lost cause. The markets move in cycles and this time we’re stuck with a bear. Remember, bears eventually hibernate.😉

So, just fasten your seat belt and cautiously get ready for the ride. And oh, keep an eye out for Nov 2, that's when the Feds are expected to raise the interest rate in the US. Of course, DYOR!

What’s Hot? 🔥

💵Tether chucks commercial papers, embraces US T-Bills

Tether Holdings announced on Thursday that it has removed commercial papers from its reserves entirely as part of its commitment to back its tokens with better reserves. Read more. 

🤑UniSwap Labs raises $165M million in funding; valued at $1.66B

UniSwap Labs, the parent company of the leading decentralized exchange UniSwap, has secured new funding of $165 million in a Series B round, which values the firm at $1.66 billion. The funding round was led by Polychain Capital. Read more. 

🥷Hackers have all the fun in October

It’s only halfway into October, and hackers have successfully been able to siphon off $718 million from DeFi protocols, making it the worst month for the crypto market in 2022. Read more.

✌️2022 is a banner year for Web3 developers

For Web3 developers, crypto winter is no reason to slow down and look for other opportunities in the market. Web3 developers are building faster than ever despite market headwinds, according to the Web3 Developer Report (Q3 2022) from Alchemy. Read more.

Community Spotlight 💥

This week on our community spotlight we introduce Web3 Bharat. 

A community on a mission to bring Web3 to India, including Tier 2 and Tier 3 cities. They dream of making India ONE (Opportunity, Network, and Education) in Web3 to resonate India in one voice. And, you can find Web3 Bharat in 30+ cities.

They are hosting a workshop on building a Voting app on Polygon. 

Or if you are interested in learning Web3, you can join their #30daysinWeb3 event.

Check it out! 👇🏽You can win an NFT on completion too. 

Meme of the day

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See you tomorrow, folks. 👋

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