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On June 23, Advanced Computing Technology announced that its next-generation self-developed interconnect bus, N200, has officially completed development. The N200 interconnect bus will be used in Advanced Computing Technologys next-generation computing chips, along with the general-purpose CPU core X200 and the intelligent computing AI core A200, and is expected to enter mass production in 2027.Market news: Abu Dhabi-based investment group MGX has raised approximately $50 billion to accelerate artificial intelligence transactions.On June 23, Russian Foreign Minister Sergey Lavrov stated that Russia is ready to resume negotiations with Ukraine from where they were interrupted, noting that the terms of a solution to the conflict were discussed and agreed upon nearly a year ago in Anchorage. However, he believes that this consensus has been shelved to buy time for Ukraine to rearm. Russian Deputy Foreign Minister Sergey Ryabkov also pointed out on the same day that Washingtons position has recently shown signs of deviating from the Anchorage consensus, but Russias position remains unchanged, and dialogue between Russia and the United States on the Ukraine issue has not been interrupted and will continue.On June 23, the National Artificial Intelligence Application Pilot Base (Industrial Software) officially commenced construction in Jinan, Shandong Province. This national-level public "driving school" and "testing ground" for "AI + industrial software" is a unified platform, featuring simulated workshops, computing power pools, and industrial datasets. This allows AI software to practice and be tested repeatedly under real-world conditions before being deployed in factories. The base focuses on three types of industrial software: R&D design, production control, and business management. It has identified over 100 industrial application scenarios and established partnerships with more than 20 companies, aiming to bridge the final gap between "usable in the laboratory" and "safe for use in factories."On June 23, Premier Li Qiang met with South Korean Prime Minister Kim Min-seok in Dalian. Kim was in China to attend the Summer Davos Forum. Li Qiang pointed out that China-South Korea trade cooperation has enormous potential, and China is willing to work with South Korea to make good use of mechanisms such as the bilateral economic ministers meeting to accelerate the second phase of negotiations on the bilateral free trade agreement and promote the expansion and improvement of bilateral trade. China and South Korea each have their strengths in innovation, and their industrial and value chains are deeply integrated. They can further promote alignment and mutual integration, fully leverage complementary advantages, consolidate and optimize cooperation in traditional industries, expand cooperation in emerging industries such as semiconductors, artificial intelligence, new energy, and biomedicine, and jointly seize new opportunities for innovative development. Both sides should deepen exchanges and cooperation in tourism, education, local affairs, youth, media, and think tanks to continuously enhance the friendship between the two peoples. Kim Min-seok stated that South Korea looks forward to working with China to implement the important consensus reached by the two heads of state, strengthen high-level exchanges and dialogues at all levels, expand cooperation in areas such as trade and economy, and high technology, accelerate the second phase of negotiations on the bilateral free trade agreement, and strengthen people-to-people exchanges in culture, tourism, and youth. South Korea welcomes Chinese enterprises to invest and do business in South Korea and is willing to deepen supply chain cooperation with China.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

 截屏2022-11-03 下午7.34.53.png

 

Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini was up 35 points this morning.


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