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March 22 – Shougang Group and FAW Group have recently completed the material development and application verification of 2.4 GPa (2400 MPa) grade hot-formed steel. The successful development of this material marks my countrys entry into the ranks of global leaders in the application of high-performance automotive steel. The 2.4 GPa grade hot-formed steel will be first applied to key safety structural components of Hongqi models.March 22 – The China Development Forum Annual Meeting 2026 opened in Beijing on the 22nd. Before the opening ceremony, Jeffrey Sachs, a professor at Columbia University and a renowned economist, commented on the war with Iran, calling it a "shameful war" waged by the United States and Israel, which will severely impact the global economy, but its impact on China will be limited. He emphasized that if the war continues, it could trigger a global economic crisis. This war has not only closed the Strait of Hormuz but is also destroying the energy infrastructure of Gulf states. "All countries in the world should tell these two countries, stop, go home! You have abused the international system, you are reckless, you have violated the UN Charter, stop your aggression."The Israeli military says it is currently conducting airstrikes against Tehran.March 22 - According to reports from the British military, a Royal Navy nuclear-powered submarine, capable of launching cruise missiles, has arrived in the Arabian Sea on the evening of March 21, local time.On March 22, Elon Musk announced that SpaceX and Tesla will jointly unveil the TERAFAB project at approximately 8 PM Central Time (9 AM Beijing Time tomorrow) and stream it live on the SpaceX platform. The project aims to achieve over 1 terawatt of computing power annually (covering logic chips, memory chips, and packaging), with approximately 80% used in space and approximately 20% for ground applications.

Crypto Market Daily Highlights – DOGE and ADA Lead a Bearish Top Ten

Cory Russell

Dec 29, 2022 14:11

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For the top 10 cryptos on Wednesday, it was a negative session. Leading the way down were DOGE and ADA, with MATIC and XRP far behind. Notably, BTC fell below $16,500 for the first time in eight sessions while failing to reach $17,000 for the eighth straight session.


Throughout the midweek session, the cryptocurrency market was dominated by a bearish mood. As market worries about Fed monetary policy and the growing possibility of a harsh landing propelled riskier assets into the red, hopes of a post-holiday recovery receded.


With China's economy scheduled to reopen and demand likely to jump, along with Russia's embargo on oil shipments to nations with price limits, concerns about another spike in inflation that would compel the Fed to raise rates longer are still prevalent.


The US unemployment rate is at 3.7%, which is lower than the Fed's target rate of 5.0%. This gives the Fed plenty of leeway to maintain its aggressive interest rate trajectory.


The most recent spike of new COVID-19 cases throughout China is another factor contributing to the long list of economic challenges. While China has eliminated the need for quarantines, other nations are starting to place travel restrictions on people coming from China.


The S&P 500 lost 1.20%, while the NASDAQ Index dropped by 1.35%


US unemployment claims data will be of importance today. Better-than-expected results might trigger another sell-off since investors are uneasy about the Fed. The cryptocurrency market will probably continue to follow the NASDAQ Index until there is a significant crypto event. The NASDAQ mini gained 24.5 points this morning.

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