70th Edition

Dec 3, 2022

This week in The Flippening, TL;DR

Crypto pumps as speculations of interest rates going down heighten.
Brazil's Congress passes bill on crypto regulations; enabling it to become mainstream.
FTX Japan charts roadmap to returning client fund.

Top Highlights of the Week

1. Crypto 🆙, as interest rates ⬇️

Lower interest rate hikes in December were promised by US Federal Reserve chief Jerome Powell. And barely an hour after his speech, Bitcoin was up 2% and over 4% in the 24 hours since then. Ethereum outdid BTC with a 6% jump in the same period. Other major cryptocurrencies saw an upward movement as well.

Our takeaway: Oh, how the tables have turned. With the Fed aggressively combating inflation, the USD had been considered a haven for a while now. But crypto’s back, folks! Could this be the light at the end of the bear market tunnel?

2. Brazil's moment to shine

Brazilian Congress approved a bill on Tuesday that aims to ensure crypto remains under the watchful eye of regulators. The bill, if passed, would legalize crypto transactions to pay for goods and services within the country’s borders. It would also allow banks to offer crypto-related services, which a few big institutions already seem to be experimenting with.

Our takeaway: Brazil has one of the most vibrant crypto economies in the world; it’s even seen crypto investments exceeding those in the stock market. This move will open up the crypto world’s doors to a larger, mainstream audience. Exciting times ahead!

3. Respite for FTX Japan users

FTX’s recent crash caused a lot of collateral damage, and its Japanese subsidiary is one of the 134 companies affected. The company stated that its customers’ assets ideally would not be a part of FTX’s bankruptcy proceedings, as Japanese regulations insist on separating company and client funds. It has also drafted a plan for its clients to resume withdrawals.

Our takeaway: This statement from FTX Japan is a ray of hope amid all the chaos surrounding FTX’s crash. The Japanese are known for their high moral standards, and their crypto firms do not disappoint either. This will also likely reinforce the public’s belief in regulated crypto firms.

BMW applies for NFT and metaverse-related trademarks. What would luxury on four wheels look like in the metaverse, we wonder.
Apple forces Coinbase to disable in-app NFT transfers. Now, that doesn’t seem very progressive, does it?
Nubank joins hands with Polygon to create its own tokens. Not the first institution to do this; won’t be the last either.
BlackRock CEO backs tokenization of securities. Look who’s coming around on crypto.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 02nd Dec 2022

Among the top cryptocurrencies, the largest altcoin remained the best performer. Most of the others saw a modest growth.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 02nd Dec 2022

A totally different scenario from what we witnessed last week. Decentralized exchanges performed the best among the other major sectors.

Coin of the week 💸

Ether: $ETH

The volatility seems to have settled as ETH remained unmoved. And with ETH moving closer to the $1300 mark, it makes a comeback to our pick of the week. The volumes seem to be rising indicating a gradual buying pressure.

Crypto puzzle of the week

Do you have what it takes to be a crypto wizard? Challenge yourself to solve this puzzle in the shortest time possible!

(Find the correct answers at the bottom of the newsletter)

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Featured- Mudrex Coin Sets

After a few rough weeks of high volatility, the cryptocurrency market seems to be consolidating. This is a good sign indicating that the market is no more in a panic state. Investors are returning and this has been witnessed across the different sectors with most of these posting decent gains.

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