Good Morning, Switchers 🌞
👋Welcome to Switch Daily.
Wassup? We heard some big news yesterday. So, Alameda’s ex-CEO and FTX co-founder Gary Wang turned their backs on their dear friend Sam to escape the prison shackles.
How? They pleaded guilty to the seven-plus accusations stacked against them for wire fraud, securities fraud, and commodities fraud after the collapse of FTX. They could be walking free with plea deals and hefty fines. Meanwhile, SBF, who had been extradited to the US and was under the custody of the FBI, also went home after his parents came to his rescue.
But enough about fraudsters. Christmas season is here, and all we need now is some cheer. So, holiday spirit activate! 🎄🎄🎄
BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!
Here’s what we’ve got for you today:
- Market pulse
- 2022 Wrapped
- Spicy news
- Meme of the day
Market pulse 📈
The market is as flat as a pancake 🥞
Despite the upward revision in third-quarter US GDP numbers on Thursday, the broader crypto market continued to trade in a range. At press time, the onshore market was up 0.85%, led by DOGE, which gained 5.55% over the past 24 hours. Cardano (ADA) was also in the green, registering a 2.68% uptick.
The sentiment tracker—Crypto Fear and Greed Index—was at 27, down a point since yesterday.
C’mon, aren’t you gonna let your friends in on how the market is performing today?
2022 Wrapped Ft. India’s Crypto Portfolio
We get it, we’ve been talking about 2022 for a while 🙈. But it is such an important year in the history of crypto, for better or for worse, no? And capturing such eventful moments is what creates history.
We at CoinSwitch love to create history. So, we convened a report to understand how India’s crypto enthusiasts invested in 2022. How did India respond? How did India’s crypto investors diversify their portfolios? What crypto projects did they bank on? Which crypto did they hold the most? Which Indian city is the most crypto-savvy?
Here’s a gist of India’s Portfolio:
- There are over 19 million crypto users at CoinSwitch.
- Of them, 94% use android phones to buy/sell their favourite crypto.
- Users are most active in the crypto market between 6 pm and 9 pm.
Cities that 😍 Crypto
Capital city Delhi leads India on crypto adoption—measured in terms of value invested—followed by India’s tech hubs of Bangalore and Hyderabad.
The pink city of Jaipur has the highest crypto adoption among tier-2 and tier-3 cities, followed by Lucknow and Pune.
Investors, who love 😍 Crypto:
Guess which generation tops the charts for using crypto the most? Yep, put your hands together for the ‘Gen Z’ crowd. Out of all the users’ 45% belong to Gen Z. Around 35% of the users fall between the ages of 26 & 35, and 13% of the users are between the ages of 36 & 45. Nearly 8% of crypto users fall under baby boomers.
Coins India loves😍 the most:
Everybody loves classics. And in crypto, Bitcoin is classic. Bitcoin was the most held crypto asset in India in 2022:
The top coins in India’s portfolio:
- Bitcoin (BTC) 12.12%
- Dogecoin (DOGE) 11.54%
- Ethereum (ETH) 9.43%
- Shiba Inu (SHIB) 6.92%
- Polygon (MATIC) 4.13%
- Cardano (ADA) 3.47%
- Ripple (XRP) 2.57%
- Internet Computer (ICP) 1.87%
- Solana (SOL) 1.80%
- Others: 46.15
Deep Dive into India’s Portfolio
Where did India invest and how?
Invest in the future near future
India set aside 40% of its crypto investments on top dollar CRE8 coins and DeFi utility tokens in 2022, and only about 6% in metaverse tokens. In fact, a greater share of investments (~8%) was made on Ethereum alternatives—Layer1 networks that rival the blue-chip smart-contract chain—than metaverse tokens.
Invest smart, divest biases
Men are from Mars, women are from Venus and all such maxims shall turn to dust. It’s 2022, after all! India’s men and women followed similar investing patterns in the year, spreading out their exposure across CRE8, DeFi, and Meme coins, with single-digit exposure to metaverse coins and Ethereum alternatives.
Well, that’s the Indian crypto scene for you, ladies and gentlemen. Here’s a quick TLDR;
- 19 million Indians own crypto at Coinswitch
- Delhi has the highest crypto adoption, followed by Bangalore
- Gen-Z love crypto the most
- Bitcoin is India’s all-time favourite crypto
- And we all love memes 😜
What is cooking in crypto?
🔗BNB chain has more unique addresses than Ethereum
The Binance network surpassed Ethereum with the most unique addresses on the chain. This means BNB has a higher adoption rate. Despite its growth, the Bitcoin network still remains the largest crypto network in the world.
💗Survey reveals that people are still bullish on crypto despite a challenging year
According to a study titled ‘Crypto Confidence: A Survey on Investor Sentiment’ conducted globally by Blockchain.com, more than 40% of the respondents indicated a plan to purchase cryptocurrencies such as Bitcoin in 2023, despite the challenges faced by the crypto industry in 2022.
🎶Meebits, Yuga Lab’s NFT collection, has released a collectible music album
Meebits, Yuga Labs’ NFT collection, has released a music album that is also collectible as ERC-1155 NFTs. The album is the result of a collaboration with WarpSound, a subsidiary of Authentic Artists, which announced a partnership with Yuga on November 3.
Meme of the day!
See you later, folks. 👋
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