Welcome to today's episode of "GM Web3," where we dive into the latest developments in the world of finance, cryptocurrency, and blockchain technology.

In our previous episode, we saw a robust day in the equities market, with NVIDIA leading the way with an impressive 8% surge in their stock price, thanks to their stellar earnings report. However, today presents a different picture as stocks have taken a downturn. The spotlight has also shifted to interest rates, which have pulled back from their recent highs.

One noteworthy indicator of the economy's health is the initial jobless claims report, and it's signaling strength in the labor force. This suggests a positive outlook for the job market.

Turning our attention to the world of cryptocurrency, Bitcoin made a quick upward move, but it seems to have plateaued once again. Interestingly, the funding dynamics for Bitcoin and Ethereum are indicating a growing short position in the market. This could be due to a major fund hedging their bets, possibly against assets like NVIDIA stock. Our friends at OSF view this as bullish news for the short term, especially over the next couple of days.

A significant development in the crypto space is the movement of funds off exchanges. A staggering 200 million dollars were moved off exchanges just yesterday, hinting at large players stashing their assets in cold storage. This move could have substantial implications for the market.

Shifting gears to blockchain technology, Shopify is making waves by considering the use of USDC on the Solana blockchain. This move has the potential to gain popularity as it would substantially reduce transaction fees when compared to traditional credit card payments.

Lastly, we're excited about the upcoming Korea Blockchain Week, where we anticipate the convergence of artists, blockchain founders, and new enthusiasts. This event promises to be a hub of innovation and collaboration in the blockchain space.

That's a wrap for today's "GM Web3" podcast. Stay tuned for more updates on the ever-evolving world of finance, cryptocurrency, and blockchain technology.

GM!

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