How was your weekend: Wow or Pow? 🙈

Good morning with a hot cup of chai ☕

And welcome to Switch Daily. 🤗

Well, we get it; the weekend is over already. But hey, atleast we woke up to fantastic news that India won yesterday’s T20 match against Pakistan. 🥳🥳🥳

Now, let’s dig into today’s shop talk

• Market pulse

• What did Powell say?

• Freshly pressed morning news

• Meme of the day

Market pulse 📈

The market is bleeding 😢

The broader crypto space extends its weekend-specific losing streak to trade at a 2.57% discount over the past 24 hours. This dip saw stalwarts like BTC and ETH shedding close to 1.43% and 3.74%—to trade below the key support levels of $20,000 and $1,500, respectively. DeFi-centric token UMA is today’s surprise mover, up by 11.60% at release, led by a 88% surge in trading activity.

What happened at Jackson Hole? 🤔

So, we are back from a pretty interesting weekend. The markets turned volatile, investors became jittery, and newsrooms repeatedly uttered the term ‘Jackson Hole Summit’.

But what is the Jackson Hole Summit?

It is an annual three-day event held in a scenic valley in the US. Big guns like Fed officials, economists, and global leaders huddle to discuss important stuff like the economic crisis, inflation, and other global issues. The theme for this year’s symposium is “Reassessing Constraints on the Economy and Policy.”

🥱 Borinnnggg! Who cares?

Well, you should. Coz, an important figure — US Federal Reserve chair Jerome Powell gave a keynote address. And every word, every move he made was analyzed to find subtle hints about future policy moves.

Here’s what we know:

The global market hoped that the Fed might soon ease up on interest rates since July recorded a slight decline in inflation in the US.

But, Powell shattered these hopes like breaking a coconut. He used his speech to reiterate that the Feds have no intention of reducing interest rates soon.

Ouch! Ouuchh!

And then what happened?

His eight-minute speech wiped billions from the world’s richest. Doge-man Elon Musk's fortune saw a $5.5 billion decline, and Amazon boss — Jeff Bezos lost $6.8 billion. Wall Street tumbled after Powell’s speech, but since Indian markets were away for their weekend, we are yet to see how it reacts.

On the crypto front

• Chainalysis reported that the crypto market saw a sharp rise of BTC inflow to exchanges — this only means one thing — the whales have gathered to sell.

• As Powell ended his speech, the price of BTC took a sharp fall, and other assets like ETH came tumbling after.

Well, looks like the market is going to be choppy for a while, so just stay safe and tread cautiously. And of course DYOR.

What’s making headlines today 📻

🐶Dogecoin is now in the top 10 by trading volume

A leading cryptocurrency tracking portal, WhaleStats, reported that Dogecoin has become one of the most popular assets amongst crypto whales. Over the past 24 hours, DOGE has gained more momentum than any other top 500 holders of Binance Coin (BNB).  

🎙️Eminem and Snoop Dogg bring metaverse to MTV

Award-winning rappers Eminem and Snoop Dogg brought the metaverse and NFTs to the MTV Video Music Awards (VMAs) on Sunday, 28 August 2022. The rappers performed their song called “From the D 2 the LBC,” released earlier this year. Read more.

👮‍♂️Police shut down crypto exchanges in Afghanistan

Another roadblock for crypto traders in Afghanistan has emerged as the country’s police forcefully closed down 16 cryptocurrency exchanges over the last week. Read more.

👀Cardano Vasil hard fork closer to the update: IOHK

Amid Ethereum’s much-anticipated Merge, Cardano has announced that its Vasil hard fork is now much closer than ever before. The fork is the next upgrade on the Cardano blockchain. Read more.

Meme of the day:

Well, that's a wrap for today!

See you, tomorrow folks, 👋