The price of Elon Mars X (EMX) jumped by more than 47% in the past week, reaching $0.000006088 by 2:00 a.m. EST. This surge came as investors showed strong interest in the newly-launched meme coin.
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EMX joins the ranks of other meme coins inspired by tech mogul Elon Musk, the founder of SpaceX. Some of these coins include Dogelon Mars (ELON), Baby Elon (BABYELON), and Elon Musk (MUSK), alongside popular ones like Dogecoin (DOGE) and Grok (GROK).

Elon Mars X Price Analysis: Bullish and Bearish Scenarios

1-hour chart for EMX/USD (Source : TradingView)
Currently, the Elon Mars X price is positioned on the 9 Exponential Moving Average (EMA) line on its hourly chart, aiming to challenge the resistance level at $0.000006133. If it successfully surpasses this barrier within the next 6 hours, the meme coin could target the subsequent threshold at $0.000007462 over the following 6 hours.
However, failure to maintain above the 9 EMA line in the upcoming hours might negate the bullish outlook. In such a case, Elon Mars X may drop below the 9 EMA line, with the 20 EMA line on the hourly chart serving as the last defense before potentially falling to the next key support at $0.000004657. In an extremely bearish scenario, there’s a risk of the meme coin plummeting to as low as $0.000003291 in the short term.
Elon Mars X Price Analysis: Bullish and Bearish Scenarios
Currently, the Elon Mars X price is positioned on the 9 Exponential Moving Average (EMA) line on its hourly chart, aiming to challenge the resistance level at $0.000006133. If it successfully surpasses this barrier within the next 6 hours, the meme coin could target the subsequent threshold at $0.000007462 over the following 6 hours.

However, failure to maintain above the 9 EMA line in the upcoming hours might negate the bullish outlook. In such a case, Elon Mars X may drop below the 9 EMA line, with the 20 EMA line on the hourly chart serving as the last defense before potentially falling to the next key support at $0.000004657. In an extremely bearish scenario, there’s a risk of the meme coin plummeting to as low as $0.000003291 in the short term.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Elon #EMX #Bitcoin #Altcoin #Cryptocurrency

Crypto News Key Highlights:

BTC price traded in a tight range briefly. A minor dip and rally coincided with news of tech investor Cathie Wood's ARK Invest seeking a US #Ethereum ETF spot.

The upcoming #G20  Leaders Summit in New Delhi will focus on cryptocurrency regulation. Simultaneously, the Financial Stability Board and the International Monetary Fund will release a collaborative paper outlining a detailed roadmap for nations to regulate crypto assets.

Ripple Labs, a crypto company, is teaming up with Japan's prominent financial services giant, SBI Group's remittance branch, SBI Remit. Their partnership aims to facilitate international remittances to the Philippines, Vietnam, and Indonesia using the digital currency XRP, as per a recent press release.

#Ripple Labs' Chair, Chris Larsen, criticized the U.S. crypto policy under the Biden administration, suggesting the legal system is now rectifying it. He emphasized the need for Congress to lead crypto policy after recent legal developments, including Grayscale's court victory. Larsen accused the SEC of regulatory ambiguity and overreach.

JPMorgan predicts the SEC will approve several spot Bitcoin ETFs simultaneously rather than granting an exclusive first-mover advantage. The bank suggests that to maintain its rejection of Grayscale's Bitcoin ETF conversion, the SEC would need to retract prior approvals of Bitcoin futures ETFs, which could be highly disruptive and embarrassing for the regulatory body.

In an unexpected twist, Ripple, the firm behind XRP, has partnered with Jared Isaacman, known as #Elon Musk's SpaceX associate. The billionaire, also the founder of Shift 4 payments, journeyed to Earth's orbit aboard SpaceX's Crew Dragon capsule in 2021. Ripple recently confirmed their collaboration on a donation project with Isaacman.

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#Binance You've heard the script before. Migrants need to make payments back home to their family, but cross-border payments are achingly slow, taking days to process. Luckily, revolutionary new technologies like blockchains, stablecoins, and central bank digital currency (CBDC) are on the verge of speeding things up, or so their advocates claim.

Even Elon Musk has joined in. In an interview last month, Musk says that the banking system is "still not real-time" and "quite inefficient," and suggests that his social network, Twitter, may be able to do something about this. His subsidiary, Twitter Payments LLC, just got its first money transmitter license yesterday from the state of New Hampshire, suggesting that he means business.

Alas, the script is based on dubious assumptions, and money transfer company Wise (previously Transferwise) is a great example of why. Wise, based in London, now processes 55% of its customers' cross-border payments instantly, up from under 10% back in 2018. Wise doesn't rely on blockchains, stablecoins, or CBDC to get up to speed. It uses boring already-existing architecture.

The Wise example suggests that would-be challengers like Elon Musk's Twitter and advocates of blockchains, stablecoins and CBDCs may need to update their views on the incumbent infrastructure they are looking to displace.

Take Elon, for example, who helped found PayPal in 1999 and therefore knows a little bit about the payments system. In his recent interview, he describes the financial system as a heterogenous set of databases that "slowly engage in batch processing."

Having subsequently switched his focus from retail payments to rockets and cars in 2000, what Musk seems to have missed is that batch processing of retail payments has been increasingly displaced by real-time processing. Under the older batching systems that prevailed when Elon was still at PayPal, streams of retail payment instructions would be accumulated over the course of the day into a big batch. Come evening-time or the following day that entire mass of payments was cleared and settled. Only then would the money be made available to the recipient.

Batching was efficient, but slug-like.

But then the #global payments landscape entered into an era of transformation. Central banks began to build a new generation of payments infrastructure: real-time retail payments systems.

Real-time payments

These new retail payments systems process incoming retail payments on a first-come first-serve basis, and do so instantly. The central banks that offer these systems keep them open through the night and during weekends. Banks and fintechs can in turn plug into these new pieces of public infrastructure in order to offer their customers 24/7 instant payments.

Read more: Elon Musk's Twitter, Crypto's Town Square, Has Found a New CEO

The world's first real-time retail system, Zengin, was built in 1973 by the Bank of Japan, but the movement really only hit its stride in the 2000s as Korea, Mexico, and the UK sped up their capabilities. India and China went real-time in the early 2010s. The U.S. finally got its first instant retail payments system in 2017, with the debut of the Real-Time Payments network, run by privately-owned The Clearing House. It will get its second such system this summer as the Fed introduces its FedNow payments network.

According to a 2021 BIS report, over 60 jurisdictions currently now have real-time retail systems in place running alongside their older batch retail systems. This is up from almost none back when Elon was working in the payments sector.

This new generation of real-time retail payments systems is a big part of why Wise can move 55% of its customers cross-border payments instantly. Here's how it works.

Say a Wise customer in Ireland wants to send 500 euros to a family member in India. First, the money must be moved from the customer's Irish bank account to Wise's account at another Irish bank. In the old days of batch processing, this leg of the remittance would have taken a day or two. Thanks to the European Central Bank's TARGET instant payment settlement (TIPS) system, introduced in 2018, a flow like this can now occur in just a few moments.

Having received its customer’s 500 euros, Wise can now proceed to the next stage: paying out 44,000 rupees to the recipient in India. To do so it will have to transfer funds from its account at an Indian bank to the recipient's bank. In the days of batch processing, that meant adding another day or two of waiting. Nowadays, courtesy of India's Immediate Payment Service (IMPS), when Wise sends 44,000 rupees to the family member's bank account the payment can be processed in a second or two.

In sum, the Irish and Indian legs of a modern remittance can be processed in a few heart beats, much faster than the multiple day lags that dominated 20 years ago.

As more and more countries install real-time payments systems, and as Wise integrates itself with them, the proportion of Wise remittances settled in real-time will move ever closer to 100%.

But blockchain?

None of this is to say that there is no space in the cross-border payments landscape for a Twitter-based payments option, stablecoins, or blockchains. There is! It simply means that the incoming competitors need to update their oppo research. Traditional finance isn't the oaf that it is so often made out to be. It already has the technological capability for doing instant cross-border payments, which means the rebels will have to find other factors to differentiate themselves by.

Nor is this spreading bedrock of real-time infrastructure that I’ve just described at all incompatible with the new entrants. If #Elon wants to build an instant #Twitter payments network, he'll find the web of central bank real-time systems that have blossomed during his 20-year interlude outside the payments space to be a very useful set of rails on which to build.

As for stablecoins and blockchain-based offerings, they too may find it useful to be integrated into 24/7 central bank instant payments systems. For instance, if a DeFi speculator wants to move $10,000 from their bank into a stablecoin at 11PM on Saturday evening in order to take advantage of a fleeting DeFi arbitrage opportunity, and then move the funds back into their bank account by 11:01 PM, central bank instant payments systems can make this possible.

Let a thousand instant payments options bloom, built on top of central bank instant rails.#pepe

#Binanceturns6 Maverick entrepreneur Elon Musk, known for shaking up industries with memes, is launching a new quest: unfiltered truth in Artificial Intelligence (AI). Musk's latest venture, xAI, is aimed at redefining the AI landscape, prioritizing transparent truth over political correctness in its AI models.

Is this audacious pursuit a noble mission, an effort to create an AI that mimics his mindset, or the catalyst to opening Pandora's box?

The Tesla CEO unpacked his ambitious AI startup in a recent Twitter Spaces conversation last week, promising a company that values the honesty of its AI models over perceived bias. Musk emphasized the need for AI that isn’t afraid to share its "beliefs," even if they venture into "controversial" terrain.

“Do not give the AI usually impossible objectives," he admonished. "Basically, don't force the AI to lie."

This positioning starkly contrasts with other AI companies like OpenAI, which Musk co-founded and which has been repeatedly accused of "dumbing down" its ChatGPT bot to avoid controversial topics and having a left-leaning political bias.

Source: David Rozado / New Zealand Institute of Skills and Technolog

Musk envisions xAI as a robust challenger to AI industry giants like OpenAI and Google.

"Competition in the AI space is valuable to prevent one company from dominating development," Musk said. “Competition makes companies more honest."

xAI's ambition goes beyond the creation of a truth-speaking AI chatbot. Musk pitched a company that seeks to "understand the true nature of the universe," a lofty goal by any standard. He aims to use AI to tackle unresolved scientific questions on topics as diverse as dark matter, dark energy, alien life, and the nature of gravity.

xAI already has access to a rich pool of experts, attracting executives and established researchers from major AI players, including Google and Microsoft and OpenAI.

The goal of a raw, unbiased AI presents the moral question of AI alignment, however, which often requires human oversight to prevent it from causing harm by generating fake output or morally wrong conclusions.

When asked if xAI was his attempt to build a "TruthGPT AI" in response to OpenAI’s ChatGPT and its alleged political bias, Musk said, “I do think there is a significant danger in training AI to be politically correct. Or in other words, training AI basically to not say what it actually thinks is true."

#Elon Musk Predicts 'Catastrophic Outcome' Without AI Regulation

Musk’s vision is compelling but stokes the same debate over the necessity of AI guardrails like those he previously endorsed.

The Tesla chief has been quite vocal about his worries regarding AI developments, recently urging regulation and industry collaboration. However, with AI investment estimated to reach $15.7 trillion by 2030, #Musk is not alone in hoping to capitalize on inflated expectations.

Despite presiding over a variety of controversies, #ElonMusk remains undaunted in charting a new course in AI.

There’s an old adage that goes, "In seeking truth, you have to get both sides of a story." With Musk's xAI, however, it remains to be seen if the AI's "truth" will resonate with our human understanding. After all, one person's truth can be another's propaganda.

While the allure of an uncensored AI is undeniable, we don’t yet know if it will serve as a beacon of enlightenment or if—like Pandora's box—it will unleash a series of unintended consequences.#BinanceTournament