Good Morning, Asia. Here’s what’s happening in the markets:
Telegram’s recent announcement of a partnership with xAI, Elon Musk’s AI company, has caused quite a stir in the market. Despite an initial statement from Pavel Durov that the deal was finalized, it has now been confirmed that no agreement has been signed. TON, a token associated with Telegram’s ecosystem, experienced a surge in price to $3.30 following the news, but has since dropped slightly after Musk clarified that no deal had been inked. The token is still up 11% for the day, indicating strong support at the $3.30 level. As the Asia business day begins, all eyes are on Telegram and xAI for more clarity on the situation.
In other news, Jay Graber, CEO of decentralized social media platform Bluesky, made a statement at Web Summit in Vancouver asserting that Bluesky is not a Web3 company. Despite her background in blockchain technology, Graber believes that blockchain’s permanence and resource-intensive design are not suitable for consumer-oriented social networks. She emphasized the importance of user needs and scalability in decision-making for Bluesky, opting for Web2 infrastructure over blockchain technology.
Nvidia reported better-than-expected first-quarter earnings, leading to a 4% increase in after-hours trading. The company’s strong performance was driven by a 69% revenue increase from last year, particularly in its data center business due to high demand for AI chips. While this news provided a modest boost to AI-related crypto tokens like Bittensor, NEAR Protocol, and Internet Computer, Nvidia cautioned about potential revenue challenges in the second quarter due to trade tensions between the U.S. and China.
Market Movements:
– Bitcoin (BTC) dipped to $107,800, but NYDIG remains optimistic about further gains.
– Ethereum (ETH) is trading above $2700, with potential for a breakout above $3,000 according to CoinDesk analyst Omkar Godbole.
– Gold prices have slipped to $3,267.47 amid decreased safe-haven demand.
– The Nikkei 225 opened in the green, up 1%, following the Supreme Court’s ruling against Trump’s tariffs.
– The S&P 500 closed lower, but futures are up 1% as traders await more clarity on the tariff situation.
Stay tuned for more updates as the market continues to unfold.