Month: March 2023

• Globaldata predicts that China will become a leader in metaverse tech during 2023.
• China is investing in technologies like AI, VR, AR and 6G to become a global metaverse hub.
• Chinese investments focus on the industry rather than consumer products.

China Set to Become Metaverse Tech Leader

Globaldata, a global consulting and data analysis company, recently issued a report which predicts that China will become a leading country in metaverse tech during 2023. China is positioning itself to outpace advances in the West by investing heavily into other related technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G, with plans to configure itself as a metaverse hub.

Focus on Industrial Applications

The Chinese Ministry of Industry and IT has released reports highlighting the application of VR and metaverse tech into industrial processes, showing how these can be mixed efficiently. As such, Globaldata proposes that the Chinese metaverse is likely to focus more on the industry and the benefits that it can reap from including metaverse tech in its processes. This approach is expected to highlight the value of the metaverse compared to existing one-off experiences such as social media, gaming, or ecommerce.

Growing Interest Despite Cooling Period

Despite estimations that put the sector value of the metaverse at $376 billion by 2025, 2023 is described as a year in which investments in this technology may suffer a cooling period due to waning interest worldwide. Nevertheless, Chinese provinces and cities have already presented plans to become hubs for this technology – Shanghai and Zhejiang among them – indicating continued investment regardless of temporary drops in interest elsewhere.

Implications for Other Countries

The progress made by China towards becoming a leader in this field could have implications for other countries too; those who do not invest sufficiently into related technologies may find themselves falling behind if they choose not to keep up with technological advancements being made elsewhere.

Conclusion

In conclusion then, it appears inevitable that China will soon become an important player within this sector due largely to its commitment towards investing sufficient resources into related technologies like AI, VR/AR and 6G connectivity. As such then it remains imperative for other nations considering their own advancement within this space should remain aware of China’s progress so they do not fall too far behind over time.

• On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC and noted that the liquidity operations would resume normally on Monday morning in the United States.
• Circle noted that it will stand behind USDC and cover any shortfall using corporate resources and involving external capital if necessary.
• The company also discussed the failure of Silicon Valley Bank (SVB) but emphasized USDC’s strong liquidity and reserve assets.

Circle Issues Update Amid Stablecoin Volatility

On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC and noted that the liquidity operations would resume normally on Monday morning in the United States. The company stated it will be ready to “handle significant volume” and stands behind USDC to cover any shortfall using corporate resources, involving external capital if necessary.

Circle Confident in USDC Stability Despite SVB Failure

Circle discussed the failure of Silicon Valley Bank (SVB), but emphasized USDC’s strong liquidity and reserve assets with $3.3 billion held at SVB. Circle initiated transfers of these funds to other banks and is confident in FDIC’s management of this situation. However, a negative scenario could arise where SVB may not become whole and returns may take time; however, Circle still stands behind USDC for any shortfall if this were to occur.

USDC Drops Then Rises 10%

On Monday morning usd coin (USDC) was redeemable 1-for-1 with U.S Dollar as expected; however before then at 3:02 a.m ET on Saturday it dropped to a low of $0.877 per unit before rising back up 10% later in the day at 4:15 p.m., trading for $0.971 per coin instead. Other five stablecoins also deviated from their $1 parity during this time period too).

Circle Prepared To Cover Any Shortfall

Circle mentioned that it has “reason to believe,” under applicable FDIC policy “transfers initiated prior to a bank entering receivership would have otherwise been processed normally.” If this does not occur then Circle is prepared to cover any shortfall by using corporate resources and potentially external capital if necessary; ensuring customers are not left out of pocket or unable to access their money due to events beyond their control or understanding .

Conclusion

Overall it appears that despite some initial volatility over the weekend with six major stablecoins deviating from their $1 parity for various reasons including SVB’s failure ,Circle Financial remains confident in its ability provide services as normal with confidence in redeeming usd coin (USD) 1-for-1 with U.S Dollars by standing behind them financially should any issue arise , while still maintaining an open dialogue with customers throughout

Summary of the Article

• Bitcoin (BTC) and Ethereum (ETH) have both dropped to multi-week lows in response to uncertainty surrounding Silvergate.
• BTC/USD slipped to an intraday low of $22,241.78 while ETH/USD dropped below the $1,600 mark.
• The relative strength index (RSI) for both Bitcoin and Ethereum is currently at its lowest point since January 1.

Price Drop in Bitcoin and Ethereum Uncertainty Surrounding Silvergate

Bitcoin (BTC) and Ethereum (ETH) have hit a two week low after crypto markets reacted to fallout surrounding Silvergate. The crypto bank recently announced that it couldn’t file its annual report to the Security and Exchange committee which has caused Binance, Coinbase and other exchanges to halt transactions. As a consequence, BTC/USD slipped to an intraday low of $22,241.78 earlier in the day while ETH/USD moved to a bottom at $1,553.85 earlier in the day. This is significantly lower than Thursday’s high of $23,540.16 for bitcoin and $1,652.43 for ethereum respectively.

Relative Strength Index Lowest Point Since January 1st

The relative strength index (RSI) for both Bitcoin and Ethereum is currently at its lowest point since January 1st due this recent price drop reaction from uncertainty around Silvergate. Both currencies are now trading at their weakest level since Valentines Day on February 14th with BTC’s RSI tracking at 42.91 and ETH’s RSI tracking at 44.51 which is marginally above the next support at 44.00 .

Binance Coinbase Halt Transactions Due To FalloutAnalysis Of Price Movements Conclusion