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On February 24, Guoxin Technology stated on the interactive platform that the companys products have not yet been adapted for DEEPSEEK. In the actual application of intelligent driving and cockpits, the companys automotive-grade information security chips, domain control MCU chips, noise reduction and high-order sound processing DSP chips have good application prospects. At present, the companys automotive-grade information security chip CCM4202S has demonstrated good technical advantages and high cost performance, and has achieved batch supply of more than one million in intelligent cockpit applications.On February 24, European natural gas prices continued to slide below 50 euros per megawatt hour due to warmer weather forecasts in the European Union and optimistic expectations for the Russian-Ukrainian peace agreement. The Dutch TTF contract, the European benchmark natural gas futures, traded 3.9% lower at 45.35 euros per megawatt hour. Natural gas prices hit a two-year high in mid-February due to strong demand and rapid inventory consumption, followed by a sharp sell-off as the United States and Russia agreed to start negotiations to end the Russian-Ukrainian conflict. Analysts at JPMorgan said in a report that despite the forecast for warmer weather, the global natural gas and liquefied natural gas markets remain tight. An official notification on European natural gas regulations is expected to be released next week, and preliminary discussions show that storage regulations may become more flexible. EU member states are currently required to fill gas storage facilities with at least 90% of their capacity by November 1.Bank of England: Reappoints Swati Dhingra as member of the Monetary Policy Committee.Musk announced on his social media platform X that a major update to Groks voice mode will be launched tomorrow night (February 25).BP is to scrap its 2030 target to increase renewable energy production.

Crypto Market Daily Highlights: Fed Fear and the NASDAQ Index Weigh

Skylar Shaw

Feb 22, 2023 16:05

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The top ten cryptocurrency index had a gloomy session on Tuesday. The descent was guided by MATIC. Bitcoin returned to the $25,000 handle for the fifth time in six sessions despite the negative session.


Fed On Tuesday, fear returned as markets focused on the FOMC meeting minutes that are due later today. Riskier assets were impacted by market concerns about longer-term increases. The S&P 500 and Dow both had declines of 2.06% and 2.00%, respectively, while the NASDAQ Composite Index fell by 2.50%, marking its worst performance of 2023.


Tuesday's US economic data provided more fuel for the Fed's fire. The services PMI increased from 46.8 to 50.5 instead of rising to 47.2 as predicted, providing the Fed's rate-hiking hawks more justification to pursue an aggressive interest rate trajectory to bring inflation to the desired level.


The news that Polygon Network was laying off employees was negative for the market, while plans to offer crypto trading to retail consumers in Hong Kong and the restart of withdrawals at FTX Japan were favorable. The implications of the protracted crypto winter, however, were emphasized by Coinbase's (COIN) quarterly earnings, which also reminded the markets of the difficult path ahead and the rising regulatory scrutiny.

The Coming Day

Investors should keep an eye on the cryptocurrency news wires for anything that could shift the market. The changes from FTX, Genesis, and Silvergate Bank must be taken into account, but Binance will continue to be the major focus. Regulatory activity and congressional chitchat, however, will continue to be the main drivers.


The NASDAQ Composite Index, Fed chitchat, and the minutes of the FOMC meeting will have an impact on the afternoon session. The FOMC meeting minutes after the Tuesday sell-off may highlight how high and for how long, which will probably put investor sentiment to the test.


This morning's increase in the NASDAQ mini indicated a flat start to the American session.

As Fed jitters return, the cryptocurrency market falls.


Tuesday's session was rocky. During a positive morning, the crypto market cap increased to a high of $1,100 billion before turning negative. The reversal caused the market valuation of cryptocurrencies to fall to a late low of $1,048 billion.


The crypto market cap did, however, find late support, ending the day at $1,065 billion and cutting the loss from the session to $18.80 billion.


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