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XLM $0.1605 -4.62%
ZEC $260.31 -8.86%
BTC $63,940.49 -0.93%
ETH $1,848.93 -0.77%
BNB $584.40 -1.98%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $482.21 -3.63%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9138 -6.63%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

partners

Dragonfly Partners: The market crash on October 11 was not solely caused by Binance and Ethena as the "single culprit," but rather a combination of multiple factors that triggered the volatility

Dragonfly managing partner Haseeb Qureshi recently published a post regarding the viewpoint that "the market crash on 10/11 was triggered by Binance and Ethena." He stated that this narrative is difficult to establish in terms of timeline, market dissemination path, and evidence. He pointed out that the price of Bitcoin had already bottomed out about 30 minutes before the anomaly in USDe appeared on Binance, indicating that the causal relationship is clearly inverted. Additionally, the deviation in USDe price only occurred on Binance and did not spread to other trading platforms, which cannot explain the large-scale liquidation across the entire market and is fundamentally different from events like Terra that caused global balance sheet shocks.Haseeb believes that a more reasonable explanation is the combination of multiple factors: Trump's tariff comments disturbed the market on Friday evening, the Binance API anomaly prevented market makers from hedging across platforms, liquidation and the ADL mechanism amplified volatility, and the lack of traditional financial-style circuit breakers and self-stabilizing mechanisms in the crypto market ultimately caused the market to evolve along an unfavorable path. He emphasized that there is no simple and conspiratorial "single culprit" for 10/11; although the market suffered a heavy blow, it has not been permanently damaged in the long run and only needs time to restore liquidity and confidence.

Insiders: Nvidia's $100 billion partnership agreement with OpenAI is stalled

According to Global Network reports, informed sources revealed that Nvidia originally planned to invest up to $100 billion (approximately 696.456 billion yuan) in OpenAI for training and running the latest artificial intelligence models. However, due to internal doubts within the company, this highly anticipated deal is currently at a standstill.In September last year, Nvidia and OpenAI publicly announced their collaboration at Nvidia's headquarters in Santa Clara, California. At that time, the two parties signed a memorandum of understanding, with Nvidia committing to build at least 10 GW of computing power for OpenAI and investing up to $100 billion to help cover related costs, while OpenAI agreed to lease Nvidia chips. OpenAI expected negotiations to be finalized quickly, but as of now, discussions remain in the early stages. Currently, both parties are reassessing the prospects for collaboration, and the latest proposal may shift towards a dollar equity investment in OpenAI's current funding round.Informed sources further revealed that Nvidia CEO Jensen Huang has privately emphasized in recent months that the initial $100 billion agreement is not binding and is far from finalized. He also criticized OpenAI for lacking sufficient discipline in commercial advancement and expressed concerns about its strong competition with rivals like Anthropic. In response, an OpenAI spokesperson stated, "The details of the collaboration are still being advanced. Nvidia's technology has supported our breakthroughs from the very beginning and drives the current system, and it will remain central as we scale in the future."
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