Asia Morning Briefing: All Eyes on TON as Elon Musk Pours Cold Water on xAI Deal Talks
Asia Morning Briefing: Market Movers and Shakers
Global markets are showing mixed signals as the Asian business day begins. Bitcoin (BTC) experienced a slight dip of 1.2%, trading at $107,800, despite NYDIG’s prediction of further gains. The market showed muted reaction to a US court ruling blocking Trump’s broad tariffs as unconstitutional. Ether (ETH), however, is trading above $2700, potentially eyeing a breakout above $3000 according to CoinDesk analysis, forming a bullish pattern. Gold saw a 1% decrease to $3267.47, reflecting cooling safe-haven demand despite ongoing geopolitical uncertainties.
Equities show a more positive trend. The Nikkei 225 opened 1% higher, with investors cautiously optimistic about the Supreme Court’s decision on Trump’s tariffs. S&P 500 futures also rose 1%, anticipating further clarity on the tariff situation. Nvidia’s strong Q1 earnings, showing a 69% revenue increase year-over-year and a significant boost in data center revenue, propelled its stock up 4% in after-hours trading. This positive momentum provided a modest lift to AI-related crypto tokens like Bittensor (TAO), NEAR Protocol, and Internet Computer (ICP). However, Nvidia’s tempered outlook for Q2, citing US-China trade tensions, suggests potential headwinds.
In other news, the Telegram-xAI partnership remains uncertain. While Telegram founder Pavel Durov initially announced a completed deal, Elon Musk later clarified that no deal has been signed, only an “agreement in principle.” TON, a Telegram-affiliated token, initially rallied on the news but has since corrected, still showing an 11% daily increase. The situation warrants close observation.
Bluesky CEO Jay Graber clarified her decentralized social media platform’s stance, emphasizing its Web2 approach despite her Web3 background. Graber argues that blockchain’s permanence and scalability issues make it unsuitable for a consumer-oriented social network. She believes Bluesky can achieve decentralization ideals using Web2 infrastructure, prioritizing user needs.
