Good morning with some freshly brewed coffee.
And welcome to Switch Daily. 👋
Huh! After putting the market through much anticipation, action, and anxiety, the Fed is finally out with the verdict — they will raise the interest rate by 75 bps as expected. Let’s just hope the market does not go all drama queen over this news.
What are we talking about today?
- Market pulse
- Cardano’s Vasil Fork upgrade
- Just off the press news
- Twitter Gyan
- Meme of the day
Market pulse 📈
The market is sinking like the Titanic 🚢
The much-talked-about Fed policy decision sent the crypto market into the downward red, resulting in a bearish session for yesterday. With a 75-point rate rise and hints of more, the Federal Reserve plunged riskier markets into negative territory. From the top cryptos by market cap, Ethereum (ETH) and Ripple (XRP) led the way down with losses of 5.61% and 4.79%, respectively. At the same time, Bitcoin (BTC) procured a loss of 2.0% and fell short of $20,000 for a third consecutive session.
However, Cardano (ADA), after seeing reddish trends and losing 0.68% to end the day at $0.439, recovered from heavier losses. With the Vasil Hard Fork scheduled for today, ADA could return to $0.50.
🎶Cardano gets a musical tribute and an upgrade 🛖➡️🏡
Remember Snoop Dogg, the famous rapper who did a concert in the metaverse? Yeah, the same guy. He has a son named Champ Medici. Wah, what a name Dogg-ji! 🤌
But hey, why are we talking about it?
Well, like father, like son — turns out Medici also shares Dogg’s love for NFTs. He took his NFT love one step ahead and dedicated a mini music album for Cardano in collab with the Cardano NFT project “Clay Mates” team 😎. Cheggit out!
Clay Nation Tapes Vol. I. 👀
New music from @champmedici
3 original tracks added to the metadata of Baked Nation NFTs with full commercial rights to holders.
🎤 ADA Dreams
🎤 Lil Flex’n
These cassettes will later unlock the stems 🔐
— Clay Nation 🏕️ (@claymates)
Sep 18, 2022
Champ used these three tracks to talk about rap about his crypto experience. Word is the first track, ADA dreams, ft. Snoop Dogg and Medici talk about how cryptocurrencies and blockchain will change the world. Take a bow for the true crypto, bruhs! 🙇
Incidentally or coincidentally, this album dropped right in the middle of Cardano’s highly anticipated upgrade — the Vasil fork. The upgrade is in its final stages and should ideally complete today.
Here’s what the Vasil fork is meant to accomplish:
The Vasil upgrade on Cardano is all about speed and scalability💪. After Vasil, Cardano is expected to be faster than Solana, Ethereum, and Polkadot.
- Achieve the goal of 1,00,000 transactions per second.
- Improve existing smart contracts and make Cardano more Defi friendly.
- Launch the Cardano Improvement Proposal (CIP).
- Take the next step towards becoming a deflationary asset by 2030.
What’s in it for us?
Nothing much; the fork may not impact ADA prices immediately.
But in the long run, more developers may enter the Cardano ecosystem with improved scalability and speed. If that happens, there will be demand for more ADA tokens, which might positively affect its value (this is not investment advice).
Fun Fact: Cardano is the #5 crypto and is turning five this month. Happy Cardano ka Paanch-nama 🎂
With a massive upgrade and a musical tribute, Cardano is throwing major super star vibes!💥😎
What’s new on the bulletin? 📌
🪙MicroStrategy buys more BTC
MicroStrategy, Bitcoin’s largest corporate buyer, has added 301 BTC to its balance sheet, spending close to $6 million. The purchase was made between 2 August and 19 September this year, and the average buy price is $19,851. Read more.
🏛️Nasdaq to set up a crypto division for institutional investors
Cashing in on the rising interest in crypto from institutional investors, financial services firm Nasdaq has announced the launch of a “Nasdaq Digital Assets” division to serve institutional clients. Read more.
🚫The US suggests a ban on algorithmic stablecoins
The latest draft legislation bill of an upcoming US law on stablecoins has proposed a two-year ban on the issue of any new algorithmic stablecoin like TerraUSD, which depegged from the US dollar earlier this year. Read more.
🥇ETH becomes the most staked crypto; surpasses SOL
After the Merge, there has been a sharp rise in staking on the Ethereum network. As a result, the network’s native token Ether (ETH) has surpassed SOL as the most staked crypto asset in the market. Read more.
IT IS RAINING FORKS – starting with ETH and now with ADA! Join us for a comprehensive discussion on this and more in our upcoming TwitterSpaces.
Thursday thunder meme
Well, that’s a wrap for today!
See you tomorrow! 👋🏽
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