The value of IMX, the native token of ImmutableX, a Layer 2 scaling solution for NFTs on Ethereum, has increased by 22% in the past week, leading to a surge in its derivatives market. Currently trading at $1.58, the spike in the L2 market has propelled IMX's price to double digits. The token's open interest has reached $23 million, marking a 39% growth since hitting a year-to-date low of $14 million on July 7. Despite the positive momentum, new entrants in the IMX derivatives market have been favoring short positions, reflected in negative funding rates since July 6. IMX's funding rate stands at -0.001% across exchanges. With IMX breaking above its 20-day EMA, traders anticipate a climb to $1.75 if buying pressure persists. However, a downtrend could see IMX drop to $1.13. This analysis serves for informational purposes only, and readers are advised to conduct their own research before making financial decisions. Read more AI-generated news on: https://app.chaingpt.org/news

Bitfinex Derivatives has partnered with Thalex, a crypto derivatives exchange, to enhance its offerings with options and futures trading. The collaboration aims to provide Bitfinex Derivatives customers access to Thalex's range of crypto products. By integrating the two platforms, user onboarding, fund deposits, and trading on Thalex will be streamlined. Both companies anticipate growth in crypto options and futures trading, as these segments currently represent a small portion of the $100 billion daily crypto derivatives volume. Paolo Ardoino, Bitfinex Derivatives' CTO, highlighted the importance of education and dedicated platforms for the market's expansion. Thalex's CEO, Hendrik Ghys, emphasized how Options and Dated Futures complement the Perpetuals ecosystem. Additionally, Bitfinex Securities announced a refund for investors in its Hilton hotel venture in El Salvador due to insufficient funding. The collaboration between Bitfinex Derivatives and Thalex signifies a strategic move to enhance the crypto derivatives market. Read more AI-generated news on: https://app.chaingpt.org/news

Singapore-based travel service conglomerate Trip.com received backlash from the crypto community for ending its non-fungible token (NFT) project, Trekki. The project's official account announced its termination on Aug. 1, canceling Phase 2 plans and community operations. Despite this, benefits like discount coupons will still be available for holders. The floor price of Trekki NFT dropped by over 70% post-announcement, leading to community frustration. Members criticized Trip.com for backing out of the project and questioned its motives. Some suggested that Web2 brands should support Web3-native projects instead. Speculation arose about Trip.com's reasons for shutting down the NFT project, with some believing it was due to market size limitations. The incident highlights challenges faced by traditional companies entering the crypto space. In related news, Asia Express reported on Singapore's caution towards Bitcoin ETFs and a sneaky crypto mining rig importer. Read more AI-generated news on: https://app.chaingpt.org/news

Grayscale, an asset manager, has introduced a new crypto fund focusing on decentralized artificial intelligence protocols. The Grayscale Decentralized AI Fund, announced on July 17, includes tokens like Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR), and Render (RNDR). This fund is exclusive to accredited investors. The fund's strategy revolves around three key categories: protocols for decentralized AI services, solutions to centralized AI issues, and AI infrastructure development. TAO, FIL, LPT, NEAR, and RNDR make up the fund's assets. Various Web3 protocols are merging AI and blockchain technology. Bittensor offers a platform for AI model creation, while Filecoin provides decentralized data storage for AI. Livepeer is a video streaming network using AI, and Render is a GPU network for AI tasks. Grayscale's initiative reflects the growing intersection of AI and crypto in the market. Read more AI-generated news on: https://app.chaingpt.org/news

Santiment data reveals that three altcoins have recently experienced significant bullish movements in their address activity. The on-chain analytics firm highlighted the surge in network activity for Render (RNDR), Aave (AAVE), and Maker (MKR) through the 'Daily Active Addresses' metric. High values indicate increased user engagement, signaling a growing interest in cryptocurrencies. Conversely, low activity suggests waning investor attention. The recent uptick in address activity aligns with the market recovery, with RNDR notably standing out for its substantial growth. This surge in user engagement is crucial for sustaining price rallies, as historically, assets with insufficient attention tend to lose momentum quickly. The positive trend in address activity could potentially lead to bullish movements for these altcoins in the future. Maker, currently priced at $2,950, has already seen a 30% increase in the past week. Read more AI-generated news on: https://app.chaingpt.org/news

Pixelverse, a popular Telegram tap-to-earn game, has recently announced a collaboration with Pudgy Penguins, a well-known Ethereum NFT collection. By incorporating Pudgy Penguins into their game PixelTap, Pixelverse aims to attract more users and enhance the game's appeal. The Pudgy Penguins NFT collection has achieved significant success, with sales exceeding $390 million and merchandise available in major retailers like Walmart and Target. Kori Leon, Co-founder of Pixelverse, highlighted the collaboration's goal of promoting mass crypto adoption through gaming and cuteness. Additionally, Pixelverse is set to launch its native token, PIXFI, and has secured funding from investors. The game offers a unique blend of exploration, strategy, and real-world incentives through NFTs and the PIXFI token. Despite the success of tap-to-earn games like Pixelverse, concerns remain about their long-term value and sustainability in the market. Read more AI-generated news on: https://app.chaingpt.org/news

Washington's financial regulator has issued a warning about a new crypto scam involving fraudsters pretending to be business 'professors' to deceive victims into investing in a crypto scam or facing legal consequences. These 'professors' claim to be associated with an 'Academy,' 'Business School,' or 'Wealth Institute,' offering courses promising high returns. Victims are targeted through Facebook ads, led to a company website with letters from the 'Professor' or 'Dean,' and added to chat groups like 'daily trading signals.' The scammers offer loans or credit lines, requesting personal information and cryptocurrency deposits. Despite promises of profits covering the loan, victims end up with frozen accounts and threats of legal action. Another reported scam involved a fake business school luring victims into an ICHCOIN cryptocurrency scam. Investors were duped into investing large sums, only to find no record of transactions. Beware of such scams and stay vigilant in the crypto world. Read more AI-generated news on: https://app.chaingpt.org/news

A user of the layer-3 blockchain, Degen Chain, experienced a significant loss of 90% of their funds amounting to 785,000 DEGEN tokens, nearly $5,000, during a bridge transfer to Base, an Ethereum layer-2 protocol. The incident was attributed to an internal bug within Degen Chain. Despite acknowledging some responsibility for not proactively addressing the issue with service providers, the protocol plans to compensate affected users. However, community members expressed concerns over the risks associated with bridge transfers in layer-3 ecosystems like Degen Chain, indicating that they may not be prepared for widespread adoption. In a related development, Optimism, an Ethereum layer-2 scaling solution provider, announced intentions to incorporate layer-3 applications into the OP Stack, a move aimed at expanding the capabilities of the ecosystem beyond L2 chains and application developers. Read more AI-generated news on: https://app.chaingpt.org/news

Sony recently made a significant move by acquiring the Japanese unit of Amber Group, marking its entry into the world of cryptocurrency. This development signals a growing interest from traditional tech giants in digital assets. Sony plans to relaunch the crypto exchange with a new app, solidifying its formal entry into the crypto space. Additionally, Harambe AI Token, set to launch on July 16th, aims to combine artificial intelligence with blockchain technology, offering unique features like smart contract optimization and AI-driven governance. The token's successful presale exceeding $9 million reflects the increasing trust and interest in this innovative project. With major corporations like Sony venturing into crypto and new tokens like Harambe AI emerging, the cryptocurrency market is evolving rapidly, offering investors new opportunities for growth and innovation. Read more AI-generated news on: https://app.chaingpt.org/news

Web3 gaming is currently in its exploratory phase, with players and developers alike delving into the possibilities offered by various gaming chains and studios. John Linden, the CEO of Mythical Games, is leading the charge in transforming the industry. His vision involves integrating blockchain technology seamlessly into gaming mechanics to enhance gameplay rather than overshadow it. By targeting passionate fan bases, such as sports enthusiasts, Mythical Games has seen success with titles like NFL Rivals. The company's move to Polkadot blockchain has not affected user experience, highlighting the importance of gameplay over underlying technology. Linden's focus on innovation and expansion beyond traditional gaming genres sets Mythical Games apart in the evolving world of GameFi. With upcoming releases like the Pudgy Penguins video game, Mythical Games aims to captivate existing fans and attract new players, ultimately driving mainstream adoption of web3 gaming. Read more AI-generated news on: https://app.chaingpt.org/news

EleutherAI, a non-profit AI research group, reportedly violated YouTube's terms of service by scraping subtitles from YouTube videos to create a dataset called the Pile. This dataset, consisting of subtitles from over 173,000 YouTube videos across 48,000 channels, has been used by tech giants like Anthropic, Salesforce, Apple, Nvidia, Bloomberg, and Databricks for AI training. The dataset also includes content from crypto channels like Coinbase, Cointelegraph, and Bitcoin Magazine. The controversy extends to AI copyright disputes, with lawsuits involving companies such as Anthropic, Meta, GitHub, Nvidia, and Google. The article also mentions the rise in crypto lobbying, with Coinbase leading the way. It emphasizes the importance of conducting thorough research before engaging in cryptocurrency activities, as they are considered high-risk ventures. The crypto world continues to evolve, with new developments and challenges emerging regularly. Read more AI-generated news on: https://app.chaingpt.org/news

MANTRA, a blockchain platform specializing in real-world asset tokenizations, has seen its OM token reach a new all-time high. The surge in value is attributed to the anticipation of a major OM token giveaway event. Season 2 of the MANTRA 50 million OM GenDrop is set to begin on July 17, offering tokens at $0.7 each. Participants can earn 'Karma Points' through on-chain quests, leading to greater OM rewards. Early participants have the chance to complete missions and earn exclusive rewards. To ensure fairness, the team will monitor participation and remove bots. The recent success of OM can also be linked to strategic partnerships, such as the collaboration with MAG for real estate tokenization. MANTRA aims to revolutionize industries through tokenization, aligning with the projected growth of the tokenized financial assets market. The company plans to expand its focus on the UAE and Asian markets. Read more AI-generated news on: https://app.chaingpt.org/news

The integration of blockchain technology in the financial sector is reshaping traditional banking practices. Cryptocurrencies are challenging the conventional banking system by offering decentralized and secure transactions. This shift towards digital assets is forcing banks to adapt to the changing landscape or risk becoming obsolete. With the rise of digital currencies like Bitcoin and Ethereum, customers now have more control over their funds and can conduct transactions with greater transparency. The concept of peer-to-peer transactions eliminates the need for intermediaries, reducing costs and increasing efficiency. As the crypto market continues to grow, traditional banks are exploring ways to incorporate blockchain technology to stay competitive. The future of banking is being redefined by the innovative solutions provided by cryptocurrencies. Read more AI-generated news on: https://app.chaingpt.org/news

In the second quarter of 2024, CoinGecko's website traffic highlighted memecoins, real-world assets (RWA), and artificial intelligence as the most popular narratives. Memecoins, inspired by internet memes, dominated the crypto narrative chart, with Solana and Base leading the way. Real-world assets, such as tokenized real estate, and AI also garnered significant attention. Memecoins have become a major trend in 2024, boasting impressive returns but sparking debates on their alignment with crypto's original purpose. Additionally, CoinGecko reported that Ethereum became inflationary in Q2 2024, with an increase in circulating supply. The industry is evolving rapidly, with memecoins reshaping the crypto landscape and challenging traditional perceptions. Avichal Garg predicts that in five years, Coinbase may no longer refer to 'crypto' in its operations, reflecting the dynamic nature of the industry. Read more AI-generated news on: https://app.chaingpt.org/news

Cryptocurrency has emerged as a disruptive force in the financial world, challenging traditional banking systems. Its decentralized nature and blockchain technology have revolutionized transactions, offering security and transparency. Investors are increasingly turning to digital assets like Bitcoin and Ethereum for their potential high returns. The volatility of the crypto market presents both risks and opportunities for traders. Governments and regulators are grappling with how to regulate this new form of currency. Despite skepticism and concerns about its legitimacy, cryptocurrency continues to gain mainstream acceptance. As more businesses and individuals adopt digital currencies, the future of finance is being reshaped. The potential for innovation and growth in the crypto space is vast, with new projects and technologies constantly emerging. Read more AI-generated news on: https://app.chaingpt.org/news

Elon Musk recently announced the relocation of X and SpaceX headquarters from California to Texas due to Governor Gavin Newsom's policies and the state's regulatory environment. Musk criticized California's anti-family legislation and stringent financial regulations impacting the crypto industry. The move will see X's headquarters in Austin and SpaceX's in Starbase, Texas. Musk expressed frustration with California's regulatory climate and safety concerns. Newsom's Digital Financial Assets Law in 2023 imposed strict crypto regulations, requiring licenses and record-keeping. Despite initial resistance, a lawsuit against Ripple for selling unregistered securities was allowed to proceed in California. This case questions Ripple CEO's statements about XRP. Musk's stance on cryptocurrencies has shifted, reflecting the evolving regulatory landscape impacting the crypto market. Read more AI-generated news on: https://app.chaingpt.org/news

Cryptocurrency has emerged as a prominent player in the financial world, revolutionizing traditional banking systems. The digital currency's decentralized nature and blockchain technology have attracted investors seeking transparency and security. As more people embrace cryptocurrencies like Bitcoin and Ethereum, the market continues to expand rapidly. This shift towards digital assets has prompted traditional financial institutions to adapt and explore blockchain technology. The potential for decentralized finance (DeFi) to disrupt traditional banking services is becoming increasingly evident. With the growing popularity of cryptocurrencies, it is essential for individuals and businesses to stay informed about this evolving landscape to make informed investment decisions. The future of finance is being reshaped by the rise of cryptocurrency, offering new opportunities and challenges for the global economy. Read more AI-generated news on: https://app.chaingpt.org/news

The latest developments in the cryptocurrency market indicate a surge in Bitcoin prices, with Ethereum and other altcoins following suit. Investors are closely monitoring the market trends, with many speculating on the potential for further growth. This bullish sentiment is driven by factors such as increased institutional adoption and mainstream acceptance of digital assets. As the market continues to evolve, experts advise caution and strategic investment decisions to navigate the volatility. Additionally, the rise of decentralized finance (DeFi) platforms is reshaping the financial landscape, offering new opportunities for users to earn passive income and participate in innovative projects. Overall, the cryptocurrency market presents a dynamic and exciting environment for both seasoned traders and newcomers looking to capitalize on the digital asset revolution. Read more AI-generated news on: https://app.chaingpt.org/news

Cryptocurrency has emerged as a disruptive force in the financial world, challenging traditional banking systems. Its decentralized nature and blockchain technology have revolutionized transactions, offering security and transparency. The increasing popularity of digital currencies like Bitcoin and Ethereum has led to a surge in investments and trading activities. Investors are drawn to the potential for high returns and the opportunity to diversify their portfolios. As more businesses accept cryptocurrencies as a form of payment, the mainstream adoption of these digital assets continues to grow. However, regulatory concerns and market volatility remain key challenges for the industry. Despite these obstacles, the future of cryptocurrency looks promising, with innovations such as decentralized finance (DeFi) reshaping the way we think about money and investments. Read more AI-generated news on: https://app.chaingpt.org/news

The integration of blockchain technology in the financial sector is reshaping traditional banking practices. Cryptocurrencies are challenging the conventional banking system by offering decentralized and secure transactions. This shift towards digital assets is forcing banks to adapt to the changing landscape or risk becoming obsolete. With the rise of digital currencies like Bitcoin and Ethereum, customers now have more control over their finances and can conduct cross-border transactions with ease. The transparency and efficiency of blockchain technology are revolutionizing the way people perceive and interact with money. As the crypto market continues to grow, traditional banks are exploring ways to incorporate these innovations into their services to stay relevant in the evolving financial industry. Read more AI-generated news on: https://app.chaingpt.org/news