Hello,
Crypto makes a comeback.
Bitcoin has neared $80,000 for the first time, helped by US President-elect Donald Trump’s embrace of digital assets and the possibility of a Congress featuring pro-crypto lawmakers.
The cryptocurrency was at $79,771 on Sunday and remained near $79,000 as of 2:05 p.m. in Singapore. Other tokens such as Cardano and Dogecoin also rallied.
At its lowest, Bitcoin had reached $38,505 this January.
With the US stocks also seeing their best run of 2024, the week ahead looks like it will be an interesting one.
Meanwhile, a new AI company is garnering market attention these days.
Late last week, online gaming and advertising firm AppLovin saw its shares soar 46% on the back of better-than-expected earnings and revenue. The company provides end-to-end software and AI solutions for businesses to reach a global audience.
Its stock closed at $246.53, up 519% this year, far outpacing all other tech companies valued at $5 billion or more, according to FactSet data. Founded in 2012, AppLovin’s market cap is now over $80 billion.
Moving on, AI is transforming software that was built in the 80s.
Microsoft is adding AI-powered text editing to Notepad, the rudimentary text editor originally introduced in 1983. MS Paint, which has changed little since it was introduced in 1985, is also getting an AI makeover.
Lastly, from AI that catches cancers early to stem cell transplants, here are five ways science is making the world a better place.
In today’s newsletter, we will talk about
- Indian investors hold on to crypto bets
- Making Indian roads safer with AI
Here’s your trivia for today: What is a four-letter Gaelic name for Scotland?
Cryptocurrency
Indian investors hold on to crypto bets
Thanks to a shift in outlook, cryptocurrency investors are holding onto their investments for a much longer duration than before. The growing interest in cryptocurrency can be traced to the changing landscape of the asset class globally.
According to a 2024 user survey by Indian crypto trading platform Mudrex, 65% of its users view cryptocurrency as a long-term investment.
Key bets:
- Chainalysis’ ‘Global Crypto Adoption Index’, published last month, says that India is leading the way in global adoption of cryptocurrencies for the second consecutive year. And it is the young Indians who are setting the trend.
- Harsh Dalmia, CEO of Watermark Capital, a boutique corporate advisory firm that manages family capital, advises users to equip themselves with information and become more aware of the market conditions before parking their money in cryptocurrency.
- In India, users must pay a 30% tax on profits from trading, selling, or spending cryptocurrency. Crypto transactions also have a 1% tax deducted at source (TDS). These taxes are influencing the investment decisions of investors.
Startup
Making Indian roads safer
To improve vehicle safety on Indian roads, brothers Sumedh and Swastid Badve started Starkenn Technologies in 2022.
The Pune-based startup specialises in producing Advanced Driver Assistance Systems (ADAS) technology, which is designed to improve vehicle safety on Indian roads by reducing human error and providing real-time data. It uses sensors and cameras to monitor the vehicle’s environment and assist the driver.
Safety first:
- The startup leverages a combination of Artificial Intelligence (AI), Machine Learning (ML), embedded systems, hardware design, software development, and Internet of Things (IoT) to create cutting-edge ADAS products.
- Some of its key offerings include Brake-Safe, a collision mitigation system; Attention, a driver monitoring system; and Stark-I, a fleet management software. These solutions have been deployed in over 2,500 vehicles so far.
- Recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Startup India Initiative, Starkenn has developed a range of products for both government and commercial sectors.
News & updates
- Mega listing: Talabat, the Middle East business of Delivery Hero will list on the Dubai Stock Exchange in mid-December, floating 15% of its issued shares, its German parent said on Sunday. This is expected to be one of the UAE’s biggest IPOs this year.
- Security update: Google has updated Chrome’s Safe Browsing feature, indicating that AI-powered protection will soon be part of its Enhanced Protection mode. This new update could provide a stronger defense against harmful websites, downloads, and extensions, ensuring a safer browsing experience for nearly 3.5 billion Chrome users, reports Techopedia.
What you should watch out for
- Climate talk: Diplomats from across the world will descend on Azerbaijan’s capital Baku for the UN’s largest annual climate conference, known as COP29, to discuss how to avoid increasing threats from climate change in a place that was one of the birthplaces of the oil industry.
- Earnings watch: In the last week of the earnings season, the markets will keep a close eye on the earnings report of several companies including FSN E-Commerce Ventures (Nykaa), Brainbees Solutions (Firstcry), Honasa Consumer (Mamaearth), and Delhivery.
What is a four-letter Gaelic name for Scotland?
Answer: Alba
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