Switch Daily is back to make your blues into hues of spring. 🦋🌸
But TGIF because we may be fabulous but we are also tired of the rain ⛈, the brain drain😮💨 and the market pain 📉. However, now it’s time for some champagne 🍾 followed by googled rhyming words to take you into the weekend. So hoot hoot before we scoot scoot!
Here’s what we will talk about today: ̰
- Market pulse
- Crypto Kranti got no shanti
- Crisp news
- Fabulous Friday Meme
Market pulse 📈
Market Pulse 📈
After yesterday’s overnight hike of 4.6%, the global crypto market cap continued to stay slightly up by 1.14% in the past 24 hours. Following this, the top two cryptos by market cap and prices, Bitcoin and Ethereum are up by nearly 1% in the past 24 hours. Bitcoin prices stay above its $19,000 support level while Ethereum’s market price also stands at over $1,600.
Crypto Kranti with a side of Chianti
So, the Ethereum Merge aka the equivalent of Shahrukh’s entry in K3G, is glorious but it’s been a hot minute!
We keep reading and reminiscing over the Ethereum Merge articles like we have a clue lol. Which is exactly why CoinSwitch came out with the first episode of Crypto Kranti aka “talk to me like I am 10” 👧🏻version on the Merge.
But before you go watch the entire podcast, let us give you a quick overview of what to expect when you’re expecting, to understand the Merge.
Bonus content: we’ve got a fun host aka CoinSwitch’s in-house influenzaaa 😎 — Ankit Vengurlekar. And he talked to experts about the Merge so you don’t have to.
Here’s what he found out:
- The Ethereum Merge is an upgrade to the Proof of Stake (PoS) mechanism from the Proof of Work (PoW) system and not a “change in chain”.
- Post Merge is called the Consensus Layer because it is a change in consensus algorithm.
- The Merge will drastically reduce the extensive energy consumption of the Ethereum blockchain. To be precise, by about 90%. Dayum Sun! Get it? Get it?
- Essentially, it won’t trouble or bubble the investors’ activity on the blockchain — tumhara “koi lena dena nahi hain” mere dost.
- After Merge steps — Surge, Verge, Purge, Splurge.
- Because it doesn’t all just end at the Merge, there may be price fluctuations in Ethereum in the near future.
What’s making the headlines today? 📰
Users snap up ENS domain names ahead of merge
Ahead of the merge, ENS domain names are selling like hot cakes on the world’s largest NFT marketplace OpenSea. Over the last seven days, the weekly trading volume of ENS domain names has surpassed 3,210 ETH. Read more.
Franklin Templeton launches metaverse ETF
Global investment firm Franklin Templeton, which has over $1.4 trillion in assets under management, has announced the launch of a metaverse ETF for European investors. Read More.
NBA to launch NFT fantasy basketball game
The National Basketball Association (NBA) and NBA Players Association have struck a deal with Sorare, a French startup, to launch the league’s first NFT-based fantasy basketball game. Read more.
Europe interest rate revision after more than two decades
The European Central Bank hiked interest rates by 75 basis points, further ascertaining more upcoming hikes. This came after record-breaking inflation numbers which are pointing toward a winter recession and gas rationing.
Meme of the day…
Well, that’s a wrap for today!
See you, tomorrow folks, 👋