Another day, another British PM. Rishi Sunak is the wealthiest one to ever hold office and is apparently a crypto believer. Or is he mainly a CBDC (central bank digital currency) pusher? We’ll see.
Sunak, who has a net worth of something like $1.3 billion partly thanks to his marriage to the heiress of giant Indian IT company Infosys, was voted in overnight by his fellow Tories. He’s set to be officially sworn into the position some time in the next few days.
Is the 42-year-old British PM “crypto friendly”, as is being reported here and there? Back in April, as chancellor of the exchequer under Boris Johnson, he proclaimed: “It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.”
🇬🇧 U.K. New Prime Minister:
We’re working to make the UK a global crypto-asset hub – Rishi Sunak
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 24, 2022
He was also at that time promoting a Royal Mint NFT “as an emblem of the forward-looking approach the UK is determined to take”.
Our new PM is the dude that wanted to make a royal NFT right ?
— Cobie (@cobie) October 24, 2022
And Sunak also oversaw the drafting of the Financial Services and Markets Bill, which aims to provide a regulatory framework for stablecoins and crypto assets.
Not everyone in crypto’s that happy with the new appointment, though:
OMG THE NEW UK PRIME MINISTER IS BULLISH ON CRYPTO…
Here is what he really is bullish on lol
— MASON VERSLUIS 🏆🔮 (@MasonVersluis) October 24, 2022
One of the richest people in Britain, a former Goldman Sachs banker, World Economic Forum member and Central Bank Digital Currency (social credit score) salesman is now the new UK PRIME MINISTER! pic.twitter.com/79UAGXWZ7c
— Luke Rudkowski (@Lukewearechange) October 24, 2022
Still, he sure dances like a crypto bro…
— No Context Brits (@NoContextBrits) October 24, 2022
Onto some daily price action.
Top 10 overview
With the overall crypto market cap at US$970 billion, down roughly 1.2% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Yesterday we wondered if Bitcoin was finally awake, as we heard movement from its bedroom. Turns out it simply rolled over and mumbled something like “uhpffeffterrvvvt” – which we’ll assume was a nice dream about the US Federal Reserve pivoting from its intense interest-rate hiking.
Well, this will either be the big fizzle or #Bitcoin is ready to make a move of size as this tightening pattern is reaching its conclusion..
— Sven Henrich (@NorthmanTrader) October 24, 2022
So for now, the tight Bitcoin ranging continues. As eToro’s crypto expert Simon Peters notes in an email update, “There is a growing sense of anticipation among cryptoasset watchers as prices have held firm now for multiple weeks.”
That anticipation will no doubt intensify as we head towards the next big Fed meeting on November 2.
Ethereum, meanwhile, although also very much ranging in a tight band, has been outperforming Bitcoin over the past week, posting a 3% gain as opposed to BTC’s +0.4%.
— Justin Bennett (@JustinBennettFX) October 24, 2022
Uppers and downers: 11–100
Sweeping a market-cap range of about US$6.8 billion to about US$404 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Klayton (KLAY),(market cap: US$661 million) +13%
• Token XChange (TKX), (mc: US$1.27 billion) +10%
• Polygon (MATIC), (mc: US$6.68 billion) +16%
• Chiliz (CHZ), (mc: US$1.03 billion) +5%
• Evmos (EVMOS), (mc: US$726 million) +4%
• Axie Infinity (AXS), (market cap: US$866 million) -6%
• Chain (XCN), (mc: US$1.18 billion) -5%
• Trust Wallet (TWT), (mc: US$444 million) -5%
• Arweave (AR), (mc: US$516 million) -4%
• Neo (NEO), (mc: US$577 million) -4%
Around the blocks: Reddit NFTs cause a stir
A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…
Firstly, a quick word on the Polygon-based Reddit NFTs that seem to be grabbing the sector’s attention today.
And Decrypt has just reported that trading volume for the NFTs are “up 799% so far today as traders celebrate the project’s widespread adoption”.
Reddit coming to Web3 in the long run will be insanely bullish for crypto and NFT’s
They will continue to on-board more people faster bc they appeal to people who want to be a part of and belong to something with other people that share similar interests.
Can’t fade that
— Pentoshi 🐧 (@Pentosh1) October 24, 2022
I don’t think people realize how important the Reddit NFTs actually are for the space: A thread 🧵
— Kosher Plug (@KosherPlug) October 24, 2022
Pretty sure 80% of reddit don’t even know how to sell their NFT Avatars 😅
— 🍞 Matty (@DCLBlogger) October 24, 2022
Either these Reddit grail buys will age well…or I’m exit liquidity to help onboard 3m wallets into NFTs.
Fuck it – I like those odds.
Reddit 🤝 Twitter pic.twitter.com/HLGrv4NX5P
— Mando (@greatmando_nft) October 24, 2022
Reddit Avatars are the Trojan Horse of NFTs that are on boarding millions into Web3, and no one is talking about it 🧵 pic.twitter.com/x6LMCH0JAy
— AB (@ABBBBBB_NFT) October 19, 2022
A deep dive into Reddit NFTs
— threadoor.eth 🧵👇 (@threadoor) October 24, 2022
Okay then, not to FOMO in now or anything, but if you were half interested in this, how would you actually buy a Reddit NFT, as it doesn’t seem that simple?
NFT mfers.. not a single one of us know how to buy a Reddit NFT
Go figure 🤷♂️ pic.twitter.com/AjojdS9DLd
— Win 🙌 (@PPurpr) October 24, 2022
Here’s a good thread that helps explain the process. It essentially involves using Ethereum on the Polygon chain, and otherwise browsing for official RedditCollectibleAvatars on OpenSea. Just make sure it’s got the blue seal of OpenSea approval on the collection. For instance, this one here.
If you’re seeing this thread, it probably means you’ve already heard about Reddit NFTs (Digital Collectibles) but how do you buy them? 🧵
— Mika❤️🔥 (@michaela_nft) October 24, 2022
Meanwhile, in other Crypto Twitter corners…
JUST IN: “Interest in #Bitcoin surges among the super-rich in 🇭🇰 Hong Kong and 🇸🇬 Singapore” – Finbold
— Bitcoin Magazine (@BitcoinMagazine) October 24, 2022
🚨BREAKING:@Apple just updated their App Store terms.
You can sell NFTs in your app AS LONG AS the NFTs don’t unlock features.
Don’t you see peasant?
Apple owns the land, not you. You are a digital serf. There are no property rights. pic.twitter.com/aqUXfyxYR8
— Bankless (@BanklessHQ) October 24, 2022