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US Stocks Soar at Open, Crypto-Related Stocks Show Weak Momentum

2 hours ago

**Market Brief: March 23** Per Bitget market data, U.S. stocks opened higher Wednesday: - Dow Jones Industrial Average: +1.6% - S&P 500: +1.4% - Nasdaq Composite: +1.6% **Sector Moves**: - Tech stocks broadly advanced: NVIDIA (+2%), Qualcomm (+~3%), Intel (+1.6%) - Energy stocks led decliners: Occidental Petroleum (-3.8%), ConocoPhillips (-1.6%), Chevron (-1.7%) **Crypto-Related Stocks (Mixed)**: - MSTR: +1.61% - BMNR: +1.15% - CRCL: -0.99% - COIN: +0.37% (modest gain) ### Notes on U.S. Language Habits: 1. **Conciseness**: Used bullet points/short phrases (common in real-time briefs) instead of long sentences. 2. **Colloquial Terms**: - "Opened higher" (standard for U.S. financial news) - "~3%" (casual shorthand for "nearly 3%") - "Modest gain" (clearer than "rose 0.37%" without extra fluff) 3. **Sector/Index Abbreviations**: Kept widely recognized acronyms (S&P 500, Nasdaq) but spelled out full names once for clarity. 4. **Mixed Moves**: Highlighted the crypto stock trend upfront (U.S. readers expect quick trend context). No Chinese characters included, aligns with U.S. financial media tone.
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High Stakes Capital Sells 300,000 HYPE Tokens Worth $11.45 Million in the Last Two Hours

March 23rd — Onchain Lens data shows High Stakes Capital sold 300,000 HYPE tokens in the past two hours at an average price of $38.17, totaling $11.45 million in proceeds. The firm still holds 302,421 HYPE (valued at ~$11.54 million), with profits exceeding $33.2 million.

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The Aave Community has activated the Aave V4 on the Ethereum Mainnet through the ARFC proposal.

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The mediating country between the US and Iran is scheduled to convene a meeting in Islamabad later this week

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Kalshi Early Employees Launch Prediction Market Venture Capital Fund with Backing from Kalshi and Polymarket CEOs

On March 23, Fortune reported that Kalshi early employee Adhi Rajaprabhakaran has launched 5c(c) Capital—a $35 million fund focused on early-stage prediction market startups. The fund’s partners include Rajaprabhakaran (a former trader who was Kalshi’s second hire) and Noah Zingler-Sternig, Kalshi’s ex-COO. Per fund documents, early backers span Kalshi CEO Tarek Mansour, Polymarket CEO Shayne Coplan, VC giant Marc Andreessen (via his Moneta Luna fund), Ribbit Capital founder Micky Malka, and former Multicoin Capital managing partner Kyle Samani.

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The US publicly traded company NovaBay Pharmaceuticals has rebranded and pivoted to the stablecoin business

**March 23 — NovaBay Pharmaceuticals, a U.S. pharmaceutical firm, has rebranded to Stablecoin Development Corporation and changed its stock ticker from NBY to SDEV, signaling its shift from healthcare to crypto and stablecoin development.** **The company previously closed a $134 million private funding round and now holds roughly 20.6 billion SKY tokens — about 8.78% of the total supply — after building up its SKY position. It has begun staking its SKY tokens and has so far earned approximately 26.6 million SKY in rewards.** **(CoinDesk)**

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Core Scientific Strategic Financing Increased to $1 Billion with Additional $500 Million Commitment from JPMorgan Chase

March 23rd – Bitcoin mining firm Core Scientific announced JPMorgan Chase has added a $500 million expansion commitment to its 364-day credit facility, pushing total financing to $1 billion. Morgan Stanley had previously committed $500 million to the arrangement. The financing rate is the Secured Overnight Financing Rate (SOFR) plus 250 basis points (2.5%). Core Scientific intends to use the proceeds for general corporate purposes tied to data center asset development, including equipment purchases, pre-development costs, land acquisition, and additional data center power procurement.

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