🎇 Yeh Diwali, Crypto ya Gold?
Apple may cut iPhone 13 production, Bollywood goes all out for crypto, Coinbase to launch new NFT marketplace, and some more updates.
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First up,
Market Recap 📈
Indian stock market rose to fresh all-time highs led by buying across the sectors, including tech, metal, consumer durables, and financials. Meanwhile, US benchmark indices closed lower amid uncertainty surrounding second round of coronavirus-aid package.
Sensex: 61,305.95 (+0.94%) ↑
Nifty 50: 18,338.55 (+0.97%) ↑
Dow Jones: 34,377.81 (-0.0015%) ↓
Nasdaq 100: 14,774.60 (+0.77%) ↑
Bitcoin: $57.711.06
Top Stories 📰
1. Crypto makes its big Bollywood debut 💃
Scoot over gold, there's a new Diwali offering in town. And it's none other than our favourite: cryptocurrencies.
India's top two crypto platforms—CoinSwitch Kuber and CoinDCX—are tapping Bollywood celebrities to promote cryptocurrencies ahead of a popular Dhanteras, the most auspicious day in the Hindu calendar to purchase gold.
In an ad for CoinSwitch, actor Ranveer Singh raps about the simplicity of crypto trading. Meanwhile, CoinDCX made Amitabh Bachchan its first-ever brand ambassador, which btw, is a great move considering that he's known for adding a measure of respectability and has previously been the face of RBI's campaign against banking fraud, both online and offline.
Despite massive backing from the public, India's central bank has been vocal about digital tokens, calling the government to ban them. Moreover, it even asked Bachchan to consider his relationship with the crypto platform.
Although, this phenomenon is not limited to Bollywood as several celebrities in the US, including Kim Kardashian, Gisele Bundchen, Paris Hilton, and Snoop Dog have endorsed several cryptocurrencies this year.
While we're on the subject - Actor Salman Khan is also planning to launch his NFT collection on BollyCoin—a Bollywood NFT marketplace. The platform, which runs on the Ethereum blockchain, will allow fans to invest in iconic dialogues, unseen footage, clips, and much more.
Why it matters? Diwali, especially Dhanteras, is a celebration primarily associated with Indians engage in a huge gold shopping spree. However, that seems to be changing as millions turned to the stock market and cryptocurrencies to make extra dough amid the pandemic.
2. Apple may make fewer iPhones this year 📱
If you didn't heed White House's previous warning regarding "things that people can’t get” for Christmas, Apple just made it a lil bit clear.
The tech giant said that it may slash iPhone13 production targets by upto 10 million due to a computer chip shortage amid a global supply chain crunch. It expected to manufacture around 90 million from October to December but told its partners that it will be lower as Texas Instruments and Broadcom are struggling to deliver the required components.
Broadcom provides Apple with wireless components, while Texas Instruments supplies display parts. Both these companies rely on outside manufacturers—who are themselves facing shortages—to build their products.
Shares of Apple dropped 1.6% to $139.27 shortly after the news, emphasizing key bottlenecks impacting the flow of global trade. Texas Instruments and Broadcom both fell 1% in after-hours trading.
Zoom out: Asia's energy crisis and rising power prices have led to shutdowns of large manufacturing factories in China and South Korea, worsening the already critical delays in the global logistics system, especially in Britain and the US.
Why it matters? Crisis, crisis, crisis. The coronavirus pandemic has led the world into massive shortages, right from automobiles to electronics. And even the king of tech isn't immune to it. But as the holiday season arrives and the demand for such products grows stronger, will Apple be able to meet its revenue targets? (Probably not, but here's hoping 🤞)
Deal Street 🤑
CarDekho becomes India's 33rd unicorn this year
CarDekho, a Gurugram-based search and e-commerce platform for used and new cars, has raised $250 million in its Series E funding round led by Leapfrog Investments. The new fundraise brings the company's valuation to $1.2 billion, making it the latest startup to enter the unicorn club. Franklin Templeton, Canyon Partners, Mirae Asset, and Sequoia Capital India, among others, participated in the funding round. CarDekho also provides insurance coverage along with its financial services business in over 100 markets and has already surpassed the $100 million revenue run-rate. The fresh funding will go towards expanding its financial services and insurance business into new markets. It's also working towards including more than 10,000 cars in its catalogue.Coinbase to launch its NFT marketplace
Coinbase has announced plans to introduce its marketplace for crypto assets called 'Coinbase NFT' to compete with OpenSea, a major rival in the NFT space. The new offering, which will launch by the end of this year, will allow users to buy, mint, showcase, and discover NFTs on a P2P marketplace. "Anything more complicated is a barrier to creativity," the company said, adding that it wants to make the NFT creation process as simple as tapping a few buttons. Coinbase NFTs will run on-chain via Ethereum-based ERC-721 and ERC-1155 standards, with the company planning to roll out multichain support later. NFTs have been surging in popularity recently as the space generated around $10.67 billion in trading volume this quarter, a 704% increase from the previous quarter when it hovered around $2 billion. Previously, crypto exchange FTX also revealed similar plans in hopes of capitalizing on this NFT boom.
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