Tonight, Alibaba's financial report is impressive, not only increasing its share from the food delivery war but also showing significant growth in AI and cloud business, with Alibaba's stock rising 11% during the day.
At the same time, Alibaba's press conference mentioned that it has a global "replacement" plan for AI chip procurement, which instantly caused a plunge in US chip stocks, with Nvidia dropping 3.46% and the Philadelphia Semiconductor Index falling 3%. The familiar script of the East rising and the West falling is back.
Adding to this is that after India was hit with a 50% tariff by the understanding king, it has turned back to the panda. The village heads of China, India, and Russia will gather at Tiananmen on September 3.
This further drives geopolitical concerns, with gold breaking through the historical high of 3500, continuing to look bullish.
As the US tech stocks decline, the cryptocurrency market is accelerating its drop. In addition to the whales, miners are now also joining the selling spree, with a total of 4,207 BTC sold in 12 days, amounting to about 485 million USD.
Bitcoin is testing the critical support at 108,000, with retail investors dominating over the weekend, making it easier to accelerate the decline. If it falls below 108,000, the next support level will be around 100,000; Ethereum has broken below the 4,300 support, with support below at 4,100 and 4,000.
At the same time, Alibaba's press conference mentioned that it has a global "replacement" plan for AI chip procurement, which instantly caused a plunge in US chip stocks, with Nvidia dropping 3.46% and the Philadelphia Semiconductor Index falling 3%. The familiar script of the East rising and the West falling is back.
Adding to this is that after India was hit with a 50% tariff by the understanding king, it has turned back to the panda. The village heads of China, India, and Russia will gather at Tiananmen on September 3.
This further drives geopolitical concerns, with gold breaking through the historical high of 3500, continuing to look bullish.
As the US tech stocks decline, the cryptocurrency market is accelerating its drop. In addition to the whales, miners are now also joining the selling spree, with a total of 4,207 BTC sold in 12 days, amounting to about 485 million USD.
Bitcoin is testing the critical support at 108,000, with retail investors dominating over the weekend, making it easier to accelerate the decline. If it falls below 108,000, the next support level will be around 100,000; Ethereum has broken below the 4,300 support, with support below at 4,100 and 4,000.