I know the conditions in Pakistan are not exactly exciting
But I might have a good news for people who invested in Crypto.
Yes, here’s what I am going to talk about:
Crypto's Comeback: The Bottom is In?
Blockchain Goes Back to School: Indian Government Launches Revolutionary Initiative in 10,000+ Schools
Ethereum's EIP-1559: Setting $4.6B on Fire
So without further ado,
Let's get started!
Crypto's Comeback: The Bottom is In?
The beginning of 2023 has been a great time for crypto assets like Bitcoin and Ethereum.
Bitcoin has gone up by 36% ↑ since the start of the year
Ethereum has seen a 30% ↑ increase.
Remember Cricket terminologies - “Ball tippa khaa gayi” 😅
Just like that the crypto market tippa khaa gayi because it hit rock bottom and is now on the rise.
How did this miraculous change occur?
Getting Rid of Bad Actors
One reason for the market's recovery could be that the "bad actors" (people who use shady or illegal tactics) have been pushed out of the market.
Getting rid of the likes of Alex Mashinsky, Do Kwon, Three Arrows Capital and Sam Bankman-Fried feels like the chance for a new beginning.
This has helped to clean up the crypto industry and create a stronger foundation for growth.
The pandemic also helped more people become interested in crypto and learn more about it.
Inflation and Interest Rates
The overall economy also plays a big role in the success of crypto markets. Inflation and interest rates can affect how much people are willing to invest in risky assets like crypto. You will understand it better if you have watched my live with Robert Ross (Tikstock) Click below to watch👇
In the United States, there are signs that inflation is under control and that interest rates may not rise as much as expected. This is good news for crypto markets.
The economic situation in other parts of the world is more complicated.
Europe is starting to recover from the pandemic, but interest rates may still rise.
China is facing some challenges, like a housing crash and the possibility of more COVID-19 outbreaks.
These issues could impact the global economy and, in turn, affect crypto markets.
What does The Future Hold?
There are always two perspectives:
Central bank interest rates play a role in crypto prices, but it's not the only factor.
The crypto market is not just about speculation and returns, it's also about real user adoption and understanding the technology.
2022 was a tough year for crypto, but it's also a valuable lesson about the risks of following hype and unrealistic promises.
Overall, the crypto market is looking up and there's reason to be optimistic about the future. Let's keep an eye on how macroeconomic conditions continue to shape the market and the role of real adoption in driving the industry forward.
Blockchain Goes Back to School: Indian Government Launches Revolutionary Initiative in 10,000+ Schools
The Indian Government's apex public policy think tank has teamed up with crypto-focused 5ire and Network Capital to launch a revolutionary blockchain initiative.
The project will establish Atal Tinkering Labs (ATL) in more than 10,000 schools across India.
That's right, you heard it here first - over 10,000 schools in India will now have access to this cutting-edge technology to "create and promote a culture of innovation and entrepreneurship."
But what does this mean for blockchain in India?
This initiative will not only promote blockchain education in schools but also pave the way for a sustainable future.
This is just the beginning, and we can't wait to see the impact this will have on the future of blockchain in India.
What do you think: Should Pakistan follow the footsteps of India? Let me know in the comment below!
Ethereum's EIP-1559: Setting $4.6B on Fire
Don’t get it? Read the context to understand…
This week, we're talking about the Ethereum network's EIP-1559, which has set a whopping $4.6 billion worth of ETH on fire.
And don’t worry, Vitalik Buterin didn’t go on a burning spree.
EIP-1559 is actually an Ethereum Improvement Proposal, which made changes to how gas fees are structured and how miners are rewarded. It went into effect back in August 2021.
Before EIP-1559, Ethereum users would engage in bidding wars with each other in order to get miners to complete their transactions. The highest bidder would get picked first, and everyone else would have to wait.
But EIP-1559 introduced a base fee, which is a standard price that users pay to get their transactions completed at that time.
The goal? To eliminate the big bidding wars.
But here's the kicker: the base fee is burned and taken out of the total ETH supply, meaning it's sent to a wallet that no one can access. So, every time there's an Ethereum transaction, a portion of it gets thrown into the EIP-1559 bonfire.
And the numbers are staggering: a little less than 4 ETH has been burned every single minute for the last 536 days.
That's like setting $4.6 billion on fire and just watching it burn!
In other words, Ethereum users are essentially paying to get rid of their own money. But hey, at least the network is more efficient now.
That’s about it for today!
I hope this email eased you as a crypto investor and motivated you to learn more about Blockchain!
Hafsa and Zain from Team Inspired Analyst - signing off!