In a recent announcement, SingularityNET has formed a strategic alliance with Elohim Technology. The partnership aims to foster responsible AI innovation and develop Artificial General Intelligence (AGI) for the betterment of humanity. However, the news is met with skepticism in an already gloomy market.

The blockchain industry, already grappling with regulatory challenges and market volatility, now faces the daunting task of integrating AI and AGI into its ecosystem. The partnership, while promising on paper, raises concerns about the practicality of such a venture in the current market scenario.

The potential of AGI in blockchain is immense, but the path to its successful implementation is fraught with uncertainties. The market's pessimistic outlook is further fueled by the lack of clarity on global regulatory stance towards such advancements.

In conclusion, while the SingularityNET and Elohim Technology partnership is a significant step towards integrating AGI into blockchain, it is yet to be seen how this move will play out in the current market conditions.