⚽ *Like when a team pulls ahead after being down the entire first half…*

In the world of technical analysis, when a stock's 50-day moving average crosses above its 200-day moving average, it makes a cross-like pattern on price charts that’s referred to as a "golden cross." Some investors consider it a bullish signal. __Bitcoin__ just had a [golden cross](https://www.coindesk.com/markets/2023/02/21/crypto-markets-analysis-bitcoin-breaches-rare-golden-cross-threshold/) moment last weekend — its first since August 2021.

DEFI(NE)

Heard on the Block: "golden cross"

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__Multiplayer mode *on*…__ __[Microsoft](https://robinhood.com/stocks/MSFT/)__ is trying to win friends and influence people. The Xbox maker struck deals to share its gaming treasures with some of its biggest rivals in hopes of pushing its [$69B](https://snacks.robinhood.com/newsletters/4eOJialeY3vTs2AHV0FkZt/articles/5Tuqimhcf73WVRvJ5YTv5C/) __[Activision Blizzard](https://robinhood.com/stocks/ATVI/)__ acquisition across the finish line. Microsoft’s bid to buy the “Call of Duty” maker (which would be the largest tech deal *ever*) has been on ice as regulators and gaming rivals worry the merger would hurt competition. Yesterday Microsoft announced moves to soothe their concerns:

- __Chipper:__ Microsoft said it struck a 10-year partnership with __[Nvidia](https://robinhood.com/stocks/NVDA/)__ to make its Xbox PC games available on Nvidia’s GeForce Now cloud gaming service. Microsoft said Nvidia is now “offering its full support” for the Activision acquisition. 
- __Switch’d on:__ __Microsoft__ also sealed a 10-year deal with __[Nintendo](https://robinhood.com/stocks/NTDOY/)__ to make the newest “Call of Duty” available on its devices at the same time it drops on Xbox (if the acquisition gets approved).

__Thinking outside the Xbox…__ and getting “Minecraft”-y. Microsoft said the Nvidia and Nintendo deals will bring C.O.D. to 150M more people, addressing concerns that the popular game would be less available post-acquisition. But one mega-rival remains: __[Sony](https://robinhood.com/stocks/SONY/)__. Microsoft’s trying to convince the PlayStation maker that it’ll keep C.O.D. on PlayStation if the deal goes through, but Sony hadn’t accepted a deal as of yesterday. Microsoft said Sony makes up 70% of the global console market.

The Candy Crush Saga continues (Hakan Nural/Getty Images)

Pause

__Sharing the treasure can win you the chest...__ While it’s not ideal for Microsoft to share its blockbuster-game trove, it could be a small price to pay to own Activision’s franchise treasure. With console sales slumping, Microsoft wants to stack its cloud gaming service, Xbox Game, with top titles to lure subscribers. And in the gaming wars, a hit title like C.O.D. could be worth the battle.

Microsoft plans to share top games like C.O.D. with rivals to save its Activision-quisition

__New coin, who dis?…__ __[Coinbase](https://robinhood.com/stocks/COIN/)__ said it plans to list a new [stablecoin](https://snacks.robinhood.com/newsletters/1alSYApz9fMDqEf8i3IPRi/articles/1vwhQv8VIIqij4eXh9Wsvw/) next week amid a flurry of regulatory attention directed at the crypto asset class. Dubbed __Euro Coin__ (EUROC), the __Circle__-issued crypto is pegged to the euro — aka: it’s designed to = 1 euro. Circle says EUROC is fully backed by euros held in reserve, similar to its US-dollar-pegged stablecoin, __USDC__, the second-largest stablecoin by market cap. 

__Stables get the shake-up…__ The SEC is [investigating](https://www.wsj.com/articles/stablecoins-attract-scrutiny-in-secs-drive-to-control-crypto-12179e04) whether stablecoins violate investor-protection laws. It’s looking into Coinbase’s and Circle’s stablecoin businesses, though Coinbase says USDC is “not a security.” Meanwhile, the SEC reportedly plans to sue crypto-services company __Paxos__, arguing that its Binance-branded __BUSD__ stablecoin is an unregistered security. The scrutiny is problematic for crypto exchanges as stablecoins are increasingly important to their bottom lines: 

- __Interest-ed:__ In its earnings report this week, Coinbase said it had earned $146M in interest income from USDC — nearly one-fourth of its total quarterly revenue.
- __Fi-nanced:__ Last month (before its market cap nosedived) BUSD stablecoin transactions made up 40% of __Binance's__ trading volume.

__The road to diversification can be bumpy…__ As crypto winter scared off investors, exchanges reliant on transaction fees saw their revenue plummet. Coinbase's trading volume sank 50% last year, making $$ earned from stablecoins (and [staking](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/7A7vAvybFvXFNBUcPqFsGU/)) more important than ever. Now regulatory scrutiny could threaten that #diversification. While Coinbase said its "regulatory focus" will position it for success, this week it also said it might decide *not* to pull a crypto off its exchange — even if the SEC says it's a security.

Coinbase leans into stablecoins as regulators set their sights on the crypto asset class

Heard on the Block: "golden cross"

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