WEEK OF JANUARY 15, 2024
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What’s Moving The Markets?
Nvidia’s China-Focused AI Chip
Nvidia intends to start mass production in Q2 2024 of its H20 artificial intelligence chip designed for China, aiming to comply with U.S. export regulations, following delays attributed to integration issues faced by server manufacturers.
Google’s $1.67B AI Blunder
Google is in a federal jury trial in Boston, contesting allegations by Singular Computing that it owes $1.67 billion for patent infringement related to processors used in AI technology, with Singular claiming Google copied its technology after discussions with the company’s founder, Joseph Bates.
TikTok’s Buyout Prospect
ByteDance, the parent company of TikTok, is in discussions with potential buyers, including Tencent, for its gaming assets, including popular titles like “Crystal of Atland” and “Earth: Revival,” as ByteDance steps back from the gaming industry, with no finalized deal as of now.
Bitcoin ETF Now Trading
The Spot Bitcoin ETF, approved last Wednesday, recorded over $4.5 billion in trading volume on its first day, with $1.74 billion traded in the first hour, surpassing expectations and involving major asset firms such as BlackRock and Fidelity.
Blackrock’s Bitcoin ETF Holdings
After just over two trading days, BlackRock’s Spot Bitcoin ETF holds 11,439 BTC valued at over $497 million, marking a successful debut for the iShares Bitcoin Trust, while BlackRock CEO Larry Fink expresses strong support for digital assets, likening Bitcoin to gold as a protective asset.
Upcoming Ethereum ETF?
BlackRock CEO Larry Fink expressed interest in having a spot Ethereum (ETH) ETF, following the recent approval of 11 spot Bitcoin (BTC) ETFs by the US SEC, addressing the long-standing demand from US investors for cryptocurrency spot ETFs.
Bear Case: Bears are actively defending the supply zone that begins at 4834 and extends up to 4860. This area is crucial for bears to maintain control, as a successful defense could lead to a downward movement towards the next significant level at 4740, a historical key point in market movements.
Bull Case: On the bullish front, a critical challenge lies in breaking and sustaining above the 4840 mark. Achieving this would be a sign of potential upward continuation, with the immediate target being the top of the current supply zone at 4860, followed by the next daily supply level at 4924. In case of a price retracement, bulls should focus on defending the 4740 level, which is strategically positioned just above a Daily Demand zone starting at 4735.50.