Daily Digest 10/8

Insight on the biggest news and charts that provide context for whats going on in the market today.

Bakkt has been a player in the Bitcoin market for some time now and has established themselves by acquiring a Bitlicense which allows them to also offer their services to New York residents.

Bakkt and Google pay are now being integrated as well to allow customers that use the Bakkt Visa debit card to pay with their crypto.
This will work at accepting merchants by transferring the crypto into fiat at the PoS making payments in cryptocurrency seamless.
“This partnership is a testament to Bakkt's strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner," Bakkt's CEO Gavin Michael said.

India's version of Tik-Tok, Chingari, is looking to start its own social token and blockchain after getting $19 million in funding to launch its Gari token in November.

The GARI token will be launched on the Solana blockchain and was backed by Galaxy Digital, Alameda Research, and Kraken exchange.
“The idea that a lot of people can make a small amount of money and uplift themselves by participating in a social platform is very powerful and Chingari wants to make this vision possible,” CEO Sumit Ghosh said.

In light of the issues people are finding with Facebook, Apple, or Google about selling personal data to the government people are looking for ways take ownership of their identities back.
One way of combating this is being able to “sign in with Ethereum” or Internet Computers Internet Identity feature.
This means users will no longer be have to sign into every website with a username and password; however, the wallet or identifier will carry across multiple services at once.
Spruce Systems is trying to make this a reality on ETH right now with the help of former ConsenSys employees.
The risk involved with this though is people can be using the same wallets for their identifiers that they are using for their finances and run the risk of being exposed.

A surprise in the top liquidations for the day was Phantom coming in at number 2. They had just picked up some steam in recent days leading up to the announcement of their partnership with Nansen.
It is notable that the majority of liquidations today came on short positions which means we have had some more bullish price action recently.

Todays top 10 by social engagement show that Doge and Shib have lost a little momentum but as we know the armies can get things moving in no time. With Shib making headway on the speculation of updates and an NFT drop some of that excess flow will likely spill into Doge.
Axie Infinity is also no surprise as they are increasing in popularity every day as gamers are able to earn money while they play. For some countries, like the Philippines, people are making more money playing Axie’s than they are at their actual jobs.
Tezos has been making headlines as another alternative blockchain to mint NFTs on cheaply. They also have a sponsor ship with the New York Mets.

10/8 FAL Weekly Digest