Bitcoin Set to drop for 5th Straight Week
The Cryptocurrency fell for a second day straight,putting the largest cryptocurrency set to fall for a 5th
consecutive week,joining other risk assets under pressure with central banks such as the Reserve Bank of
India taking a more aggressive tone on inflation.
Prices fell 4.3% to ₹3,536,531.46($46,501) as of 18th december 2021 and it is down by a whopping 32%
after reaching an all time high of. ₹5,427,643.50($69000) on November 10.However it has gained close
to 60% of this year.Ether which also set an all time high last month also saw dips for a second day.
Central Banks around the world are prioritizing the fight against elevated inflation through means such as
tightening monetary settings, while at the same time keeping an eye on the impact of omicron.Investors
are currently questioning weather Crypto and Technology shares will see rougher patches after surging
from pandemic lows.
Crypto advocates have argued for a long time that digital assets like crypto could act like hedges against
inflation and swings in other areas in the financial market,purely on account of their being an
idiosyncratic asset class.
MG Motor India are Launching NFTS
With the craze for NFTs at an all time high,MG Motors India is set to Launch its own collection of
NFTs,becoming the first auto company in India to launch its own set of NFTs.It will commence on
December 28th with sale of 1,111 digital pieces of art,including GIFs and static Images.MG Motor India
expects the Launch of these NFTs to boost the brand’s fan base and following.
The chief commercial officer of MG Gaurav Gupta told Economic Times“There is a lot of potential for
collaborative art. NFTs will be a big boon for artists as well as enthusiasts interested in owning pieces of
digital art. It will help expand the fan base of the brand, by allowing more and more consumers to own a
piece of MG,”
The auto company will enter the NFT space with KoineArth’s NgageN platform.In compliance with
Indian regulation,transfers will be made with Indian rupees and not crypto.MG Motor India plans to use
the proceeds from the first auction to supporting education of girls through the MG sewa program.
Several brands such as Coca-Cola,Pepsi,Budweiser,Burger King and McDonalds have launched NFTs to
keep pace with growing consumer interest in digital collections.In India celebrities such as actors
Amitabh Bachan,Rajanikanth and former Indian cricketer Sunil Gavaskar have launched NFTs with
Amitabh Bachan’s collection of NFTS have sold for ₹7.18 crore($966,000),the highest ever in Indian history.
Written by: Rajat Pujar