63rd Edition

Oct 15, 2022

Ethereum Stamped Newsletter

This week in The Flippening, TL;DR

  • Bitcoin's volatility < Dow Jones' volatility
  • India's central bank leaps towards CBDCs
  • SEC on a reckless path

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🔊 Top Highlights of the Week

It’s official! Bitcoin is now less volatile than the Dow Jones!

The prevalent macroeconomic conditions, like soaring inflation and rising interest rate rises, affected both Bitcoin (BTC) and the equity markets. The largest crypto had traded side by side with equities during this phase. 

Generally, volatility has traditionally harmed Bitcoin’s reputation, while conventional financial markets are often considerably more stable. 

Our Takeaway: In September 2022, when the DJI dipped 4%, Bitcoin took a 10% hit. This time when the DJI opened 2%, BTC remained stable. We hope the naysayers are watching the markets now! Please note that this drop in BTC’s volatility is temporary. The correlation between the equity markets & cryptocurrencies seems to be dropping with cryptos maturing as an asset class.

India’s Central bank to introduce the digital Rupee; to begin pilot testing

India, which has a significantly large crypto investor base, is initiating a pilot project for its Central Bank Digital Currency pretty soon. The Reserve Bank of India feels this project will certainly raise awareness of the anticipated characteristics of the digital rupee.

India’s Finance Minister, Nirmala Sitharaman, claimed that the digital rupee would “lead to a more efficient and cheaper currency management system” when speaking to the Indian parliament.

Our Takeaway: The Central Bank Digital Currencies are coming soon! At least, that is what it seems from the promptness of different central banks worldwide. We will soon find out how this ambitious plan works out.

First Ripple, now Apes! The SEC is at it again

The tussle between Ripple and SEC has been going on for quite some time. This time the SEC seems to have taken a jibe at the ‘Apes’ from the BAYC fame, created by Yuga Labs.

The question being posed is whether BAYC NFTs were traded and sold as stocks. 

Our Takeaway: It is a significant situation as it could set a precedent for the NFT ecosystem. The real question is, however, whether the SEC does not have more pressing issues, such as senior politicians who almost always know the perfect time to enter or exit positions in the financial markets. Nothing fishy for the SEC there to find!

Other Highlights:

Upcoming important dates in crypto

October 17-19, 2022: World Blockchain Summit

Amid all the macroeconomic ups and downs, this event is bound to attract enthusiasts from around the world.

November 1-2, 2022: FOMC meeting

The CPI data came a few days back and was not good! The notion in the market is that the upcoming FOMC meeting might see another interest rate hike.

Barring Cardano, there didn't seem to be much movement across the crypto spectrum.  The crypto market seemed to have factored in the dismal inflation numbers. Volumes remained typically low over the past week. 

On a sectoral level, currencies ended the week in green. There were no significant declines across any of the sectors. With the market consolidating after a prolonged winter, it could be a good time to fill your crypto portfolios.

Coin of the week 

Bitcoin: $BTC

Our pick of the week is the OG of all cryptos- the one having the largest market cap. It seems to be a good time to do dollar cost averaging in this crypto. With Bitcoin sitting above a solid support level at $18,000, the downside is limited. Traded volumes are low currently, and a long-term view is likely to pay dividends. 

Featured - Mudrex Coin Sets

Crypto Blue chip:This Coin Set consists of the top 5 cryptocurrency assets weighted by their market capitalization. The weightage given to different coins helps tackle market volatility.

DeFi 10:This Coin Set invests in well-diversified tokens in the Decentralized Finance space. 

Smart Contract Platforms: It encapsulates the top 7 smart contract platform tokens weighted by their market cap.

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Here we are at the end of our 63rd edition. We hope you liked reading it. The team would love to hear back from you.

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