Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Telegram’s Blockbuster agreement with Xai, who would see Elon Musk’s AI company integrate into telegram, and the two companies share revenue is still an ongoing work despite a message from Pavel Durov earlier Wednesday, USA -Time that the deal was ink.
Ton, a token affiliated with Telegram’s ecosystem, deals with $ 3.30, gathering there from $ 3 after the preliminary – now rejected – announcement of the partnership was issued. The token is down from a previous height of $ 3.68 after Elon Musk posted on X that no agreement had been signed between the two companies. Ton has still increased by 11% a day, according to Coindesk market data.
While Durov has now confirmed that no agreement has been signed, the telegram founder said there is a “principle agreement” which may be the reason why Ton still has significant support for $ 3.30.
All eyes will be on Telegram and Xai as Asia work day begins to see if more clarification is coming from both sides.
Decentralized Bluesky is not a web3 company, says CEO
Vancouver-Jay Graber, CEO of fast-growing decentralized social media platform Bluesky, got her start in web3 as a developer for privacy coin zcash, but she wants to hold her X-competitor in web2.
In a speech on the web Summit in Vancouver on Wednesday, Graber argued blockchain technology’s permanentity and resource-intensive design makes it unfit for consumer-oriented social networks where the content is fleeting and personal.
“Why do you need your picture of what you post for lunch that is maintained forever in this digital archive?” She asked on stage and highlighted the inherent scalability and cost limits that drove her decision to avoid blockchain on Bluesky.
Grabes, to be sure, is not against crypto. She says there is still real value in the technology of things like payments and digital identity, although web3 sometimes often presents solutions in search of a problem and tends to force against centralization.
“There is a period when everyone created Blockchain like this hammer, and we just had to try blockchain for everything,” Graber said. “Every system that tries to do it ends up with concentrations because it is easy, and the convenience eventually wins at the end of the day.”
For her, Bluesky’s future lies in combining the ideals of decentralization, such as user autonomy and portability, with practical web2 infrastructure to create a platform that prioritizes users’ needs.
“Blockchain will probably find its place somewhere in the world of technology, but Bluesky is not on a blockchain because we just make the best choices for our users,” she concluded.
Nvidia’s earning layer increases stock, offers modest lift to AI -Tokens
Shares of Nvidia increased approx. 4% in trading after hours Wednesday after reporting stronger than expected earnings in the first quarter, highlighted by an increase of 69% from last year and a 73% jump in its data center business driven by robust demand for AI chips. Net income rose 26% to $ 18.8 billion, increasing NVIDIA’s annual performance modestly higher, Coindesk reported earlier.
The earnings report provided a light lift to AI-related crypto-tokens as bittensor (TAO), near protocol and internet computer (ICP), although gains were modest.
However, Nvidia tempered future expectations, warning that revenue in the 2nd quarter may come under market estimates due to customs -related US -China trades.
Market Movement:
- BTC: Bitcoin dipped 1.2% to $ 107,800, though newly sees more room for winnings. At the same time, Crypto Markets withdrew from an American court blocking Trump’s broad tariffs as constitutional, with the BTC trade, which remained remaining.
- ETH: Ether trades over $ 2700 as Asia begins its work day. Earlier, Coindesk -Analysts Omkar Godbole Eth, looking at a breakout of $ 3,000, wrote and formed a bullish “rising triangle” pattern with increasing support and resistance to $ 2,735, as higher low signal growing shopping pressure and accumulation in front of a potential price monkey.
- Gold: Gold has slid 1% to $ 3,267.47 in the middle of demand for cooling a safe haven, although duty and geopolitical uncertainty dwell.
- Nikkei 225: Nikkei 225 opens in the green, up 1%, as investors in export-dependent Japan are looking at a recent announcement that the Supreme Court has blocked Trump’s duty with cautious optimism even when crypto pulled it off.
- S&P 500: While the S&P 500 closed in the red, Futures is up 1%as dealers are waiting for more clarity in terms of the court’s steps to block Trump’s duty.
