Smells like green shoots

Good morning! Welcome to The Daily Moon. Celsius and Voyager had too close a relationship. Now their breakup is public. Celsius wants Voyager to pay $7.7 million as a fee for using its crypto storage services. Not a lot of money, except that Voyager is also bankrupt.

The markets were cautious. Bitcoin was close to $18,000 and Ethereum was at $1,330 levels. Nasdaq fell in early trade. Back home, Sensex and Nifty gained amidst positive global cues.

BTC Feels Green

It was all green everywhere. Bitcoin is close to $18,000 and Ethereum is above $1,320 after better-than-expected US inflation data. The markets stabilised, hoping the price rise will stay under control.

Long road aheadAfter a long lull, there’s a recovery in sight. Bitcoin had slipped below $18,000 after the FTX crash and Ethereum was languishing at $1,100. But with SBF’s arrest things seem to have found new solid ground. The hope, however, is that there are no new skeletons hidden in the FTX closet that will cause chaos once again.

Why does inflation matter?We have talked about this before, but just for the sake of posterity, here it goes again:

High inflation means that daily essentials are expensive. This leaves little room to invest in products such as crypto. When inflation falls, there is more cash in the wallet. More cash= more money for investments.

It’s not just the US. Inflation has fallen in major economies such as the UK and India. This is also a factor that’s expected to aid the rally.

Will the rally last?As long as there aren’t any more surprises (hope springs eternal), BTC and the rest of the tokens may not be as volatile.

The biggest nudge will come from Wednesday’s rate hike decision by the US Fed. We know that there will be a hike; but how much is the question.

Can Blockchain Turn Green?

Blockchain networks can’t escape the global warming conversation for too long. Ethereum made the switch to energy-efficient PoS in September. But that won’t be enough.

Clean blockchainsThe biggest concern with blockchain is the amount of energy it uses. But some changes are underway. The Ethereum Climate Platform, which includes ETH, Microsoft, Aave, and Polygon, tracks energy consumption. This tracker may help reduce emissions by keeping tabs on an entity’s carbon footprint. Similarly, smart contracts are another tool to track carbon emissions at every level of a business.

Busan’s keen tooWhile we are on this topic, Busan wants to transform into a blockchain hub. The South Korean city is keen to integrate blockchain into all government services. Okay, but who really needs another government-owned technology? There’s also a plan to build a state-owned crypto exchange. But that plan’s also gone awry because guess who was the project contractor? FTX.

A Green Flag For Token Mapping

Remember we told you about Australia wanting to regulate crypto with a token map? It’s almost ready. A consultation paper is likely to be released in early 2023. And it should be very interesting.

Do we know what’s in it?Just the broad strokes. The consultation will cover areas such as:

• What digital assets should be regulated by financial services laws.

• Development of appropriate custody and licensing settings to safeguard consumers.

• Custody and licensing framework for crypto.

The idea of this proposal is to map and list the characteristics of each token so consumers can make informed choices.

One step closerThe Australian lawmakers said last month that the proposed legislation will provide better investor protection. Australia is one of the most progressive countries in the way it is approaching crypto regulation. It recently released a stablecoin-focused report. It said that stablecoins may have a future in the current financial system. Fingers crossed then for this upcoming consultation.

EU Forces Apple To Open Up

Suing the iPhone maker didn’t work. But a new law in the European Union is making Apple relent on its side-loading policy.

What does that mean?That the firm will allow alternative app stores on its iPhones and iPads. The Digital Markets Act aims to fix large companies acting as “gatekeepers”. Under the Act, they will have to “open up” and “interoperate” with smaller players. That means Apple and Google have to open up their ecosystems.

Why is it a big deal?Because the company isn’t known to bend rules. Unless it hurts business, of course, as it has in China, Japan, and the EU. It hasn’t confirmed any of this officially, but it will likely require certain security compliances even if the software is distributed outside its store. Good news for crypto too because it helps apps, which Apple rejects to be installed.

And that’s it for today. If this email was forwarded to you, please consider subscribing. It’s free. We’ll never show you an ad or charge you for this. We swear.

Also, to sweeten the deal, here's an offer you cannot refuse! You can refer this newsletter to your friends, family and any amazing community. The top referrer every month wins a guidebook to upcoming potential airdrops and exclusive premier content! Click below to share your unique referral link!

Share Daily Moon by Mudrex

You currently have 0 referrals.

Click to Share

Or copy and paste this link to others: https://thedailymoon.beehiiv.com/subscribe?ref=daqKCLROWs

Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.