Former OpenAI CEO Sam Altman has reportedly agreed to a position with Microsoft while Nvidia reaps the benefits of big tech’s scramble to build a better chatbot.
Alibaba launches its ChatGPT-like AI model for public use amid loosening restrictions in China
The launch comes just weeks after Chinese authorities began accepting applications for public-facing AI systems.
Tencent unveils ChatGPT rival in China amid continuing US AI chip ban
Despite heavy government regulations and ongoing struggles with hardware sourcing, Tencent’s large language model has been released for business use in China.
Tencent-backed Everledger collapses amid lack of funding: Report
Everledger was quietly placed into insolvency after it didn’t manage to materialize its planned funding round from an undisclosed investor.
Tencent Cloud signs multiple collaboration agreements with blockchain firms
The Chinese internet giant is launching new Web 3.0 solutions including a Metaverse-in-a-Box product and blockchain API services.
DeFi Protocol Ankr’s Token Surged 73% on Microsoft and Tencent Partnerships
Liquid staking token Ankr (ANKR) continues to trade 73% higher than Tuesday’s open after it announced partnerships with technology giants Microsoft and Tencent.
Tencent Teams Up with MultiversX To Expand Web3 Strategy
The Chinese technology company behind the popular messaging app WeChat will utilize the MultiversX network infrastructure to build new products in the Web3 and metaverse spaces.
Tencent shuts down NFT platform as gov policy makes it impossible to thrive
While NFTs are not banned in China like cryptocurrencies, the government has warned against fraud risks associated with the nascent sector.
NFT platforms in China grow 5X in four months despite government warnings
NFTs are still a gray area in China where unlike cryptocurrencies, there’s no official ban on its use, but the authorities have warned investors against the risks from time to time.
Chinese internet giants remove NFT platforms fearing gov’t crackdown
WeChat removed several accounts for digital collectible platforms for violating the policy of illegal trade, while Ant Group and Tencent-owned NFT platforms updated their user agreements.
Immutable raises $200M to invest in blockchain gaming, bringing valuation to $2.5B
The company’s valuation grew from just $410 million in 2021, reflecting the rapid expansion of the NFT economy.
UN approves NFT standards initiative led by Tencent
Chinese entertainment giant Tencent will be collaborating on the project with a number of others, including Alibaba subsidiary Ant Group.
Chinese Communist Party warn of NFT hype bubble
The local news publication, acting as the party’s spokesperson, warned of a major decrease in the value of NFT assets once its bubble pops.
The Ominous Ethereum Comparison That Will Leave Bulls Petrified
All across finance, the conversation of the day has been centered around China and the ongoing regulatory crackdown As it pertains to the crypto market and assets like Bitcoin and Ethereum, holders are wondering if there could be spillover effect and additional FUD that could on the ongoing recovery in play.
But it is in the Tencent chart itself that suffered a devastating collapse today that should have Ethereum bulls worried due to a frightening comparison between the two. Making matters worse, knocking on wood won’t help, as the Lumber futures chart could help shed a light on what the next target might be for the top ranked altcoin.
How The China Regulatory Crackdown Is Hurting Crypto, Chinese Stocks
Ever since Black Thursday last year markets have been in an explosive uptrend. Bitcoin rallied more than three times its former all-time high, Ethereum nearly four times as much, and even the stock market is more than double the value it was more than one year ago.
Cryptocurrencies corrected harshly a few months ago, but the stock market kept on climbing. The US stock market still is, although as of today the rally to new record highs has taken a pause – a pause due to fear related to a completely different region.
Related Reading | TA: Ethereum Trims Gains, Why ETH Could Restart Its Rally
In addition to the country banning Bitcoin mining and causing other dramatic that hurt crypto prices, China has been rolling out a widespread regulatory crackdown that has crippled certain stocks in the country. For example, Tencent dropped more than 10% in the last 48 hours alone. Such a drop is nearly unheard of in the stock market, while that type of move is typically a walk in the park by crypto standards.
An equally sized move in an altcoin like Ethereum, could be much worse by comparison.
Let's hope Ethereum doesn't fall victim to a similar fate | Source: ETHUSD on TradingView.com
Ethereum Chart Comparison Has Bulls Knocking On Wood
A comparison with Tencent is exactly why crypto bulls need to be worried and fearful. The top altcoin that the rest of the industry is built on, is showing a structure very similar to Tencent before the massive breakdown.
What’s worse, is the fact that almost all price action over the last three years between the two assets looks highly similar. Placing the two assets next to another once-trending asset that has since collapsed, further paints a frightening picture.
Related Reading | Why The Next Crypto Bear Market Will Be The Worst Yet
Random-length lumber futures have a chart that shows a drop so nasty, that if the same thing happened in Ethereum, it would take price per coin back to around $3725. The three charts appear to have bottomed at around the same level and date, topped around the same level and date, so why wouldn’t they continue to behave in a similar fashion?
Not loving the similarities in these charts. Could #Ethereum follow this path? pic.twitter.com/filaaaFJMa
— Tony "The Bull" Spilotro (@tonyspilotroBTC) July 27, 2021
What do you think, is Ethereum in trouble?
Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
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