Virtual currency market rebounds, SAND rises 30% from the previous day in partnership with Saudi government agency

Macroeconomics and financial markets

In the US NY stock market on the 7th, the Dow closed at $265.67 (0.8%) higher than the previous day and the Nasdaq at $226.33 (1.9%) higher.

The economic club’s remarks by Fed Chairman Jerome Powell were cautious, and the stock was on a downward trend, but it passed without incident and became dominant in buybacks.

Chairman Powell expressed a cautious outlook, saying, “The Fed’s base scenario does not include successful painless containment of inflation. We need to raise interest rates for the time being.” If employment indicators continue to be strong, we may need to raise interest rates further,” he said.

On the other hand, he reiterated the start of the disinflationary process, which is a slowdown in the pace of price increases. He stressed certain achievements in the Fed’s monetary policy.

connection:NY Dow rebounds for the first time in 4 days Powell chairman again mentions “disinflation” | 8th Financial Tankan

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 1.63% from the previous day to $23,240.

One of the buy signals, the golden cross of the moving average line has been completed. The 50-day simple moving average (SMA) and 200-day SMA golden cross is the first time in 1 year and 5 months since September 2009.

connection:Bitcoin struggling with resistance, approaching the golden cross of the moving average line

Just the other day, the U.S. employment statistics showed a large upswing and the financial market fell back, and with the CPI (U.S. Consumer Price Index) coming up on the 14th, there is also a view that the uptrend will be limited.

Market uncertainty also receded after Digital Currency Group (DCG) and minority Genesis Global Capital reached a basic agreement with major creditors on the terms of a debt consolidation.

Genesis, a crypto asset lending company, fell into a liquidity crisis due to the default of Three Arrows Capital (3AC), an investment fund that went bankrupt in June last year, and the major crypto asset exchange FTX, which went bankrupt in November last year, and went bankrupt. I had a problem with my application.

connection:Co-founder says three factors that drove Three Arrows into bankruptcy

connection:Crypto Lending Firm Genesis Files For Bankruptcy With Gemini, Van Eck And Other Creditors

DCG has an asset management company, Grayscale, which issues Bitcoin investment trust “GBTC” under its umbrella, and there are concerns about the impact on the market.

According to a report by the Financial Times (FT) on the 8th, the company sold part of its stake in the management of the Ethereum investment trust “Ethereum Trust (ETHE)” and secured $22 million. Genesis has an estimated debt of $1 billion to $10 billion.

connection:DCG sells part of stake in Grayscale-provided cryptocurrency mutual fund = report

altcoin market

Ethereum (ETH) rose 2.76%, Polygon (MATIC) rose 3.55%, and Polkadot (DOT) rose 5.08% as major alts were bought as stocks and Bitcoin rallied.

The Sandbox (SAND) soared 30% from the previous day at one point due to the announcement of a partnership with the Digital Government Agency (DGA) of Saudi Arabia in the Middle East.

It was a true honor to sign our MOU partnership ceremony between @TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during #LEAP 2023 conference, and we look forward to exploring, advising and supporting each other in activations of the Metaverse pic.twitter.com/mTBYqlwvUa

— Sebastien (@borgetsebastien) February 7, 2023

Sandbox, developed by Hong Kong-based Web3 giant Animoka Brands, is a representative metaverse (virtual space) decentralized blockchain game. In domestic exchanges, it will be listed on Coincheck and bitbank.

connection:What is the Metaverse NFT game “The Sandbox (SAND)”?

connection:The Sandbox Partners with Saudi Arabia on Metaverse SAND Soars

AI stocks continue to thrive.

Since Microsoft announced on January 23rd that it will invest several billion dollars in OpenAI, which develops ChatGPT, the cryptocurrency market has been on the lookout.

What #crypto are you eyeing this week? #AI tokens are all the hype this week!

Top 5 Trending:
• SingularityNET – $AGIX
• https://t.co/3TekemrOpX – $FET
• Artificial Liquid Intelligence – $ALI
• Ocean Protocol – $OCEAN
• Deep Brain Chain – $DBChttps://t.co/NcbfJVF46n pic.twitter.com/MxDFydvh7g

— CoinGecko (@coingecko) February 7, 2023

connection:Bitcoin wait-and-see mood, AI-related stocks continue to be searched for in the stock and alt markets

The AI ​​(artificial intelligence) sector is also in the spotlight in the stock market.

According to an analysis by analysts at UBS, Switzerland’s largest bank, “ChatGPT”, which was launched on November 30, 2022, reached the 100 million active user mark by January of the following year, breaking the previous record. It brought a shock as a service that spread rapidly at an unprecedented speed.

As an opportunity to recapture market share, Microsoft announced on the 7th that it will introduce artificial intelligence using open AI technology to its search engine “Bing.” We are also considering cooperation with “Microsoft Office” products including Word and Excel.

Competitor Google announced on the 6th that it will release “Bard,” a conversational natural language AI within a few weeks, and competition in the AI ​​field is becoming more intense.

connection:Google Releases Conversational AI (Artificial Intelligence) Language Model “Bard”