BTC, ETH remain rangebound; looks for direction

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Bearish sentiments weighed on the crypto market as concerns about Fed policy and regulatory scrutiny test investor resilience. Most top cryptos by market cap are trading in the red, with DOGE and ADA down by 6.30% and 4.31%, respectively. BTC, ETH, and BNB also lost value. However, the Fear & Greed Index remained within the Greed zone despite falling from 58/100 to 55/100.

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*Last updated at 9:00 am, 9 February 2023

From the crypto news wires 📰

Algorand’s Web3 initiative in IndiaThe Algorand Foundation has teamed up with academic institutions in India to launch educational initiatives to promote Web3. The Algorand team announced a partnership with the Hyderabad-based Indian School of Business and Jawaharlal Nehru Technological University to provide educational programs. The company will also host a master class for companies keen to enter the Web3 market.

AI buzz fuels rally in crypto AI tokensThe excitement surrounding Google and Microsoft's AI chatbots has led to huge price jumps for AI and big data tokens. AI tokens listed on CoinSwitch, such as FET, GRT, NMR, and RLC, have seen price increases of 50-200% in the last 30 days. While investors appear to be flocking to such tokens around the world, one should be wary of the pump and dumps that are common in such market conditions.

Businesses bet big on blockchainDespite last year’s market volatility, legacy businesses are investing in blockchain technology to increase trust, protect data privacy, and streamline enterprise processes. Tokenization is also used to share financial data while adhering to financial regulations. Alphabet, BlackRock, Fidelity, MasterCard, and NBL are among the companies on Forbes' fifth annual Blockchain 50 list.

Saudi, Sandbox in metaverse pactMetaverse gaming platform The Sandbox and Saudi Arabia signed an MoU for metaverse development without divulging details. However, both parties said more information would be available soon. Sandbox co-founder and COO Sebastien Borget took to LinkedIn to announce the news. Borget and Saudi Arabia’s DGA signed the pact on the sidelines of the Leap Tech Conference in the Saudi capital Riyadh.

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