The paused partnership was tied to Nvidia’s Ignition AI Accelerator, part of the company’s broader Inception Program that supports AI startups. Arbitrum was poised to be a flagship partner—until Nvidia reportedly stepped back without explanation.
This isn’t new territory. Nvidia’s top executives have publicly dismissed crypto’s value.
In 2023, CTO Michael Kagan stated, “Crypto doesn’t bring anything useful for society,” echoing the sentiment of CEO Jensen Huang.
Their stance has translated into company policy, with Nvidia consistently excluding crypto startups from key initiatives.
Nvidia’s skepticism is rooted in past experience. The 2018 ICO crash left the company with excess GPU inventory and resulted in a $5.5 million fine for underreporting crypto-linked revenue. Since then, the chipmaker has maintained a cautious distance from the blockchain sector.
AI First: Nvidia’s Clear Focus
While Nvidia distances itself from crypto, it continues to champion AI. Executives have repeatedly praised AI’s potential to transform industries and society, with no similar enthusiasm for blockchain. Notably, Nvidia still welcomes AI startups—even if their founders have ties to the crypto world.
Nvidia’s latest move with Arbitrum signals no shift in its stance. For now, the door remains closed to crypto, regardless of how deeply blockchain and AI may intertwine in the future.
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U.S.-based crypto exchange Coinbase has announced plans to launch crypto perpetual futures for American traders. The exchange stated that the product will comply with CFTC regulations, as perpetual futures grow in popularity. Coinbase Plans Crypto Perpetual Futures For US Traders Coinbase has made several announcements recently, the latest being its proposal to introduce crypto perpetual
On August 1, Hong Kong’s Stablecoin Ordinance officially came into effect. The HKMA released detailed licensing guidelines covering capital, custody, KYC, reserves, and governance requirements.
Banks Lead the Race
Top banknote-issuing banks like BOCHK and Standard Chartered are expected to apply first. They hold regulatory and institutional advantages under Hong Kong’s currency system. Each stablecoin must maintain full fiat backing under strict bank custody.
HKMA will only issue a few licenses in the first batch. Applicants must submit by September 30 to be considered. Issuers not applying within three months face shutdown by November.
Many players are preparing applications now. State-owned enterprises, sandbox firms, and fintech giants are all participating. Application success will depend on real-world use cases and sustainability.
Target scenarios include asset tokenization, cross-border payments, and crypto trading. These use cases will determine which firms get approval.
Securities firms will initially focus on stablecoin trading, custody, and consulting services. They are also exploring tokenized asset portfolio services. So far, 44 brokers have upgraded their Type 1 licenses.
Hong Kong’s top brokers are racing to secure crypto licenses now. Failure to do so risks losing competitiveness in digital finance. Major Chinese brokers like Guotai Junan and Eastmoney have already upgraded.
Regulatory Warnings
HK regulators warn of hype and speculative risks ahead. Investors must evaluate asset backing and project viability carefully. Concept tokens without substance could still re-emerge despite new rules.
Some firms are exploring CNH-backed stablecoins for cross-border payments. For Instance, China Asset Management Company (Hong Kong) launched multiple tokenized funds this year. The Hua Xia RMB Digital Currency Fund became the first on-chain offshore RMB fund. Industry experts view this as a landmark event exploring offshore RMB stablecoin possibilities.
Bitcoin’s (BTC) market dominance has surged to 64%, reaching its highest level in over four years.
However, experts remain divided on what this means for the future. Some predict an impending altcoin season, and others caution that Bitcoin’s dominance could continue to suppress altcoins.
“Excluding stable coins, Bitcoin dominance is now at 69%,” Cowen revealed.
The rise in Bitcoin dominance has sparked debate among analysts about its implications for altcoins. Cowen believes there will be a correction or downward movement in altcoins before any substantial gains can be expected in the market. This implies that the altcoin season may not be imminent yet.
“I think ALT/ BTC pairs need to go down before they can go up,” he stated.
Nordin, founder of Nour Group, also expressed caution. He stressed that Bitcoin dominance is nearing the levels seen during the peak of the 2020 bear market.
“This isn’t just a BTC move. Its capital rotating out of alts,” he noted.
“Bitcoin dominance back to 64%. No Alt seasons in 2024 or 2025,” analyst, Alessandro Ottaviani, predicted.
On the other hand, analyst Mister Crypto predicts that Bitcoin’s dominance may follow a long-term descending triangle pattern. A descending triangle typically suggests bearish momentum, where the price or dominance gradually decreases as lower highs are formed.
However, this could prolong its market control before a broader correction allows altcoins to gain traction.
Another analyst mentioned that Bitcoin dominance is currently testing the resistance zone between 64% and 64.3%. Therefore, a possible retracement may be on the horizon. Should this retracement occur, altcoins could begin to gain traction, with some potentially emerging as top performers in the market as capital shifts away from Bitcoin.
“However, a breakout from this zone could mean further declines for alts,” the analyst remarked.
Finally, Junaid Dar, CEO of Bitwardinvest, offered a more optimistic view. According to Dar’s analysis, if Bitcoin’s dominance drops below 63.45%, it could trigger a strong upward movement in altcoins. This, he believes, would create an ideal opportunity to profit from altcoin positions.
“For now, alts are stuck. Just a matter of time,” Dar added.
Tether Dominance Signals Potential Altcoin Season
Meanwhile, many analysts believe that the trends in Tether dominance (USDT.D) signal a potential altcoin season. From a technical analysis standpoint, USDT.D has reached a resistance zone and may be due for a correction, suggesting the possibility of capital flowing from USDT into altcoins.
“The USDTD is in a rejection zone, as long as it does not close above 6.75% it will be favorable for the market,” a technical analyst wrote.
Another analyst also stressed that the USDT.D and USD Coin dominance (USDC.D) have reached resistance, forecasting an incoming altcoin season. Doğu Tekinoğlu drew similar conclusions by observing the combined chart of BTC.D, USDT.D, and USDC.D.
As Bitcoin’s dominance climbs, investors are closely monitoring these technical and on-chain signals. The interplay between Bitcoin’s strength and stablecoin dynamics could dictate whether altcoins stage a comeback this summer or face further consolidation. For now, Bitcoin’s grip on the market remains firm.
