TikTok has introduced Symphony Avatars, a new addition to its digital tools. These tools enhance the capabilities of content creators and businesses on TikTok’s platform. 

This innovative feature is a part of TikTok’s Symphony suite, designed to bolster advertising solutions through advanced AI technologies. The company also unveiled Symphony AI Dubbing, a tool to break language barriers by offering translation and dubbing services in over ten languages and dialects.

Two types of avatars to boost global engagement

Symphony Avatars offers two distinct types of AI-generated avatars tailored to meet the diverse needs of TikTok’s user base. The first category, Stock Avatars, consists of pre-made models developed with the help of paid actors. 

These avatars are readily available for commercial use, allowing businesses to integrate a human element into their digital content swiftly. The second category, Custom Avatars, will enable brands and individual creators to craft avatars in their likeness or that of their representatives, capable of multilingual communication. 

This feature is particularly beneficial for reaching a broader audience by transcending language barriers. TikTok highlights the versatility of Stock Avatars, stating, “Stock Avatars allow businesses of all sizes to add a human touch to their content with quick and accessible global creators from a diverse range of backgrounds, nationalities, and over 30 languages.” This initiative reflects TikTok’s commitment to fostering inclusivity and broadening reach for content creators and businesses.

Symphony AI dubbing in breaking language barriers

Complementing the avatar tool, Symphony AI Dubbing is another significant enhancement within the TikTok Symphony suite. This feature supports content creators and marketers by enabling them to translate and dub their original content into more than ten different languages and dialects, including major ones such as Spanish, Portuguese, French, German, Thai, and Korean. 

The process automatically detects the spoken language in the video, followed by transcription, translation, and the production of a newly dubbed video in the selected language. Videos utilizing the Symphony Avatars or the AI dubbing tool will be marked as AI-generated to maintain transparency with viewers. However, TikTok has not disclosed the pricing details for these advanced AI advertising and marketing tools.

User reactions mixed

The introduction of Symphony Avatars has elicited mixed reactions among TikTok users. Some have expressed enthusiasm for these advanced features, like one user who commented, “waited an age for this stuff,” celebrating the innovative approach. In contrast, others have shown apprehension regarding the realistic nature of the avatars. A user expressed discomfort by stating, “This is MESSED UP,” pointing to potential concerns over the lifelike appearance of these digital personas.

These diverse reactions underscore the evolving landscape of digital content creation, where technological advancements continually reshape user engagement and content accessibility. As TikTok continues to expand its technological frontiers, the platform enhances user experience and sets new standards for digital marketing and cross-cultural communication.

The post TikTok Unveils New AI-Generated Avatars for Creators and Businesses first appeared on Coinfea.

The South Korean cryptocurrency landscape is experiencing significant volatility due to the impending implementation of the Virtual Asset User Protection Act, scheduled for next month. 

This legislative move has sparked a widespread sell-off among altcoin holders, leading to a notable decline in coin prices across various exchanges.

Regulatory changes prompt market uncertainty

To enhance user protection and security, the South Korean government is set to enforce stricter regulatory measures on the trading of virtual assets. This includes the introduction of a new law mandating exchanges to review 600 cryptocurrency tokens. 

The review process is divided into two main categories: formal and qualitative standards. Formal standards assess the issuer’s credibility, user protection protocols, and technological security. Qualitative standards evaluate the volume of issuance, distribution strategies, and any alterations to the business model associated with the tokens. 

Despite the market’s reaction, South Korean financial authorities have clarified their stance, emphasizing that the government will not directly participate in the review process. Instead, individual exchanges will handle this responsibility per the Financial Supervisory Service’s Virtual Asset Supervision Bureau guidelines. These guidelines aim to standardize listing criteria across platforms, ensuring a more consistent and fair trading environment.

Exchanges address community concerns

In response to the turmoil and speculation within the crypto community, South Korean exchanges actively engage with their users to alleviate fears of mass delistings. Officials from significant exchanges have pointed out that the upcoming reviews are simply a continuation of existing practices, which have been in place to maintain market integrity. 

They stress that the new regulations do not significantly deviate from previous standards and should not result in the sudden removal of many tokens from the market. An official from the Korean Won Exchange reassured investors, stating, “This isn’t something new. It’s just a renewal of the transaction maintenance review. 

The chances of a mass delisting are very slim.” He further highlighted the role of investor responsibility and the need for awareness about the risks associated with coin investments. Moreover, the past has seen similar situations where lists of potential delistings have circulated, mainly targeting ‘Kimchi coins’ cryptocurrencies heavily traded domestically. These instances were often fueled by speculation rather than based on solid evidence, as noted by exchange officials.

Investor outlook and market adaptation

The crypto market will likely remain in flux as South Korea prepares for these regulatory updates. Investors are advised to stay informed and consider the stability and compliance of their investments with the new laws. 

Exchanges are taking a proactive approach to educating and updating their users, so once the new standards are fully implemented, the market is anticipated to stabilize gradually. This transition reflects South Korea’s commitment to fostering a safer and more reliable digital asset market.

The post South Korean Altcoin Market Faces Turbulence Ahead of New Regulation first appeared on Coinfea.

Deloitte, a global leader in professional services, predicts that losses from AI-enabled fraud could soar to $40 billion in the United States by 2027, marking a significant rise from the $12.3 billion reported in 2023. 

This escalation represents a compound annual growth rate of 32%, highlighting the growing challenge in combating technologically advanced fraud.

Rise in AI-enabled fraud tools

The projection by Deloitte’s Center for Financial Services underscores a worrying trend fueled by the proliferation of sophisticated AI tools. Criminals increasingly exploit these tools to orchestrate fraud against financial institutions and individuals. 

Deloitte indicates that there could be a less drastic yet substantial increase to $22 billion, but even this lower estimate underscores a significant concern in the finance sector.

The firm points to a burgeoning market of easily accessible fraudulent software as a critical driver of this trend. “Scamming software, ranging from as little as $20 to thousands of dollars, is now prolific across the dark web,” Deloitte’s report noted. This accessibility makes many anti-fraud measures less effective, as the technology democratizes capabilities previously only available to sophisticated operators.

Crypto fraud and deepfake concerns

The use of AI is not just limited to traditional fraud schemes but extends to more complex crypto-related frauds. For instance, a notable fraud involved a deepfake AI “gang” that successfully extracted $11 million from an OKX crypto exchange account by fooling the platform’s facial recognition systems. Star Xu, the founder of OKX, commented on the incident in a discussion with Cointelegraph Magazine, highlighting AI’s innovative yet malicious use in cybercrimes.

Strengthening defenses against AI frauds

Deloitte advises financial service providers to overhaul their defensive strategies. The firm recommends a robust investment in AI-based defense mechanisms and continuous threat detection and alert systems updates. “There is no single solution that can fully address the range of AI-enabled fraud risks,” Deloitte stated, stressing the importance of ongoing adaptation and learning for anti-fraud teams. Moreover, Deloitte suggests financial institutions should consider partnerships with third-party technology providers outside the banking sector. 

These collaborations can bring fresh perspectives and technologies to the fight against fraud, particularly in enhancing biometric and digital identity verification tools. Institutions like JP Morgan and Mastercard are already pioneering the development of AI-driven defenses to safeguard against the sophisticated threats posed by AI-enabled fraud. By integrating these advanced solutions, financial service providers can better protect themselves and their clients from the increasingly complex landscape of digital fraud, ensuring security in an era dominated by rapid technological advancements.

The post Deloitte Forecasts $40 Billion in AI-Enabled Fraud Losses by 2027 first appeared on Coinfea.

In the serene early hours of February 7, 2021, the Dubai Creek canal was the scene of a grim discovery: Stanislav Drugalev, the brain behind the infamous Garantex crypto exchange, was found dead.

This tragic event marked a sinister chapter in cryptocurrency, sparking widespread speculation and investigation.

The ascent of Garantex

Garantex, under the leadership of Drugalev and co-founders Sergei Mendeleev and Alex Ntifo-Siao, rapidly evolved from a modest initiative in Estonia to a powerhouse in the cryptocurrency world. The platform capitalized on the global shift towards digital currencies during the COVID-19 pandemic, with its daily transactions peaking at a staggering 300 million rubles. 

The success brought its founders a lavish lifestyle filled with high-end real estate and luxury acquisitions. The narrative took a complex turn with Pavel Karavatsky’s entry. His history in Russian law enforcement and connections with the financial elite colored his involvement. Blavatsky, known for his ties to influential figures like Oleg Feoktistov and Ivan Tkachev from Russia’s security sector, aligned with Ntifo-Siao. 

Their partnership strengthened significantly in early February 2021, just days before Drugalev’s mysterious death. Karavatsky and Ntifo-Siao became beneficiaries of Fintech Corporation LLC, linked to Rosneft, signaling a move to seize control over Garantex. This strategic maneuver coincided with the troubling events leading to Drugalev’s demise.

Mysterious death and power struggles

Drugalev’s unexpected presence in Dubai and his subsequent death raised many questions. Theories about his end range from an accidental drowning to more nefarious motives, fueled by his connections and the critical data reportedly missing from his laptop. Following his death, Garantex plunged into chaos. 

Ntifo-Siao and Karavatsky quickly moved to consolidate their power, altering the company’s charter and reshuffling the board to secure their control. The aftermath saw Garantex’s governance shift drastically, with changes made to benefit a select few. 

These actions coincided with a legal challenge from Drugalev’s father, Konstantin Khazan, who fought against the unethical amendments to the charter that sidelined the legal heirs from their rights. After an initial defeat, Khazan’s persistence was rewarded by the Moscow City Court, which restored a significant portion of ownership to Drugalev’s family.

Government shadows and legal labyrinths

Beyond the personal tragedies and corporate battles, the Garantex saga suggests deeper state involvement. Karavatsky’s rise within the company and his connections imply a broader strategy by Russian governmental entities to leverage Garantex for state interests. 

This hypothesis is supported by the opaque nature of the ownership changes and the strategic legal maneuvers that followed. Parallel to the main events at Garantex, the Flip Animation Studio, which is involved in the animation industry, emerged as a front for questionable financial operations, potentially including money laundering. 

The intricate connections between Garantex, the animation studio, and Russian power brokers underline the complex interplay of business and politics in the shadows of the crypto world.

The unfolding story of Garantex offers a cautionary tale about the intersection of technology, finance, and power, where the lines between legal enterprise and governmental overreach become blurred. The true impact of these events continues to unfold, influencing the cryptocurrency landscape and the regulatory challenges it faces.

The post Cryptocurrency Undercurrents: Exposing Deceit at Garantex first appeared on Coinfea.

Blockchain protocols have witnessed significant user growth, driven by varying factors from Ethereum-based re-staking to the continuous expansion of older networks like Polygon. 

Notably, June 14 marked a peak in activity, with 181 protocols engaging 588 million token holders. Despite the buzz around these networks, the newer Base blockchain has yet to be included in this rising trend. 

Protocols with the biggest 7d uptick in tokenholder count.Why are investors buying into these protocols specifically? pic.twitter.com/fCt0ph8Pl2

— Token Terminal (@tokenterminal) June 16, 2024

Driving factors behind user influx

The recent uptick in user engagement can be attributed to hype and genuine performance improvements across these networks. Protocols like Aerodrome and Ondo have shown consistent user growth, setting new records almost daily. In particular, the re-staking Layer 3 protocol Pendle has seen its token holders double since March. Moreover, Ether. Fi has broken new ground by reaching 70.8K token holders, highlighting its increasing appeal among blockchain users.

Polygon’s gradual growth illustrates a broader adoption across games and DeFi protocols, necessitating MATIC ownership for participation. Similarly, smaller projects like Morpho are gradually increasing their user base while experiencing a rapid uptick in transaction fees. Additionally, COW Protocols has gained attention on social media, increasing stable user activity across its applications.

Trends in gaming and DeFi sectors

Gaming protocols, as reported by DappRadar, have seen a notable resurgence, marking a shift away from the play-to-earn model to more sustainable incentives like airdrops and whitelisting. In May alone, gaming applications expanded their user count by 7%, contributing to an overall retention of more than 10 million monthly active wallets. Daily active wallets in the gaming sector have grown to 3.13 million.

1/ The DappRadar x @BGameAlliance Games Report for May 2024 is live!In May, gaming dapps hit a new ATH with 3.13M dUAW, led by strong performances from @Ronin_Network and @Immutable.Overview in the thread Read the full report https://t.co/X6KwS0KK1M

— DappRadar Insights (@InsightsByDR) June 13, 2024

Despite this growth, the DeFi sector has experienced a decline from a peak of 6.9 million users in March to 5.4 million in May. The DeFi wallets increased from 35 million at the beginning of the year to 59 million by the end of May, although this number may not reflect unique users.

Blockchain performance and user engagement

On the broader blockchain landscape, Ethereum continues to dominate in scalability and diverse product offerings. In contrast, blockchains like Avalanche C-Chain have remained stagnant. Near Protocol, Telegram (TON), and Polygon have shown stable performance based on wallet count in recent months. 

Arbitrum has emerged as a noteworthy performer among newer blockchains, experiencing significant growth over the past three months. Despite this, the blockchain space struggles with genuine user engagement, overshadowed by automated bot activity and DeFi speed trading. Solana, TRON, and Near Protocol lead in terms of active wallet counts, although the focus remains mainly on a few smart contracts, such as those for stablecoins and MEV bots.

The blockchain sector continues to evolve, with growth being driven by a mix of hype, strategic incentives, and genuine performance improvements across various networks. Understanding these dynamics will be crucial for users and investors navigating the blockchain space as the ecosystem matures.

The post Top Protocols Experience Significant Growth Over the Past Week first appeared on Coinfea.

Raydium, Solana’s principal decentralized exchange (DEX), has experienced a significant increase in trading activity, recently surpassing Uniswap in 24-hour trading volumes. 

BREAKING: @solana-based @RaydiumProtocol becomes the #1 DEX, surpassing Uniswap V3 (Ethereum) in 24-hour volume. pic.twitter.com/GgJQ2Z0DPd

— SolanaFloor (@SolanaFloor) June 14, 2024

This shift highlights a growing preference for Solana-based assets, propelling Raydium to a short-term lead over its competitor. While it’s still being determined if Raydium can maintain this lead, its current 24-hour trading volume stands at $822M, a figure still below those of major centralized exchanges.

Dynamic trading on Raydium

Raydium often experiences fluctuating daily volumes, typically around $400 million. Its on-chain order book is a key factor driving these volumes, which enables rapid transaction execution. 

Despite a 20-25% transaction failure rate, the Solana network has effectively coped with most of this traffic. Comparatively, Uniswap V2 and V3 record daily trading volumes of around $192 million and $633 million, respectively. Raydium’s advantage lies in its ability to consolidate more trading activity into a single DEX platform, unlike Uniswap’s multiple versions.

Strategies against dishonest tokens

Raydium distinguishes itself by handling two main types of token activities. Some projects aim for extensive social media engagement before listing and setting high expectations. Others launch liquidity pools with minimal entry barriers, as low as 3-6 SOL, attracting automated traders eager to capitalize on potential breakout tokens. 

Recent boosts in activity were influenced by the launch of the Daddy Tate (DADDY) token by influencer Andrew Tate, with the SOL/DADDY trading pair constituting 22% of Raydium’s volume, driven mainly by bots. The prevalence of automated trading bots on Raydium, both buying and selling, poses risks and opportunities. June saw an increase in sell bots, outpacing buy bots by up to 30%.

These bots facilitate early access to newly launched tokens and enable quick profit-taking, contributing to the volatility of token values on the exchange. Additionally, Raydium faces challenges from pump and exposure bots that artificially inflate activity and liquidity pools that are vulnerable to attacks.

Leading in Solana’s ecosystem

Raydium accounts for 50% of all trading volume across Solana’s network, overshadowing other Solana DEXs and even Jupiter DEX aggregators. With over $900 million in total value locked, it is the fourth-largest DeFi protocol on Solana. 

1/Been a crazy 1st half of 2024 – time for quick Raydium run-down TLDR:– >275k pools created– ~50% of Solana trade volume– daily avg vol. >$1b– ~30% of Solana organic vol. – >11m RAY ($17m) buybacks– pool creation fees -> Raydium validator– new CPMM program– V3 UI

— Raydium (@RaydiumProtocol) June 13, 2024

This growth is partly due to the influx of funds into the Solana ecosystem, particularly after the downturns of 2022 and 2023. Despite the broader recovery, Raydium’s native token, RAY, trades at approximately $1.70, significantly below its peak of $16. Meanwhile, SOL, critical for liquidity in Raydium, has decreased to $146.14 after recent highs of over $170.

Raydium leads in capturing a substantial portion of Solana’s DEX activity. Its reliance on bots and the transient nature of meme tokens indicate potential volatility and security challenges. The platform’s capacity to manage these risks while sustaining growth will be crucial in maintaining its position in the competitive DEX landscape.

The post Raydium Overtakes Uniswap in Solana DEX Volume first appeared on Coinfea.

Rocket Pool (RPL) experienced a significant rally, pushing its price above $30. 

This surge, characterized by the second-highest trading volume in its history, has placed RPL near its upper trading range. Despite a subsequent retreat to $27.25, community enthusiasm remains strong, fueling hopes for another rally. 

The Rocket Pool project has garnered attention due to its potential involvement in the liquid re-staking trend, a significant value driver in DeFi. Although re-staking rumors remain unconfirmed, the community is actively discussing the possibility. The immediate catalyst for RPL’s rally is the Houston upgrade, which is set to go live on Monday.

Is @RocketPool_Fi launching its own restaking https://t.co/7Bi1lCxcxV

— taetaehoho (@0xtaetaehoho) June 14, 2024

Houston upgrade and re-staking possibilities

The Houston upgrade addresses several technical issues related to addresses and transactions within Rocket Pool. A vital component of this upgrade is the implementation of OnChain pDAO. This RPIP-32 proposal allows an address to deposit ETH to a node, enabling the node to make deposits using the provided tokens. 

While the Houston upgrade has not detailed specific use cases for this staking mechanism, potential applications include third-party pools and smart contracts for ETH deposits. Other possibilities are staking-as-a-service, DAO treasuries, and custodial intelligent contracts. These developments could increase the value locked in Rocket Pool and facilitate the creation of re-staking protocols. 

Any ETH deposited will be accounted for separately and can be withdrawn at any time. This new protocol aims to boost Rocket Pool’s value, currently at $4.45 B. Rocket Pool has been trending since May, driven by the appreciation of Ethereum (ETH) and anticipation of the Houston upgrade.

Tokenomics overhaul

Rocket Pool is preparing to update its tokenomics, removing RPL as a reward for node operators and reducing inflation from 5% to 1.5%. Node operators will no longer need to hold RPL stakes. Instead, they will hold RPL selectively for voting rights. Fees in RPL will be either redistributed to the DAO or burned. 

Rocket Pool’s requirement for RPL holdings drove demand for the token over nearly three years. Now, RPL must rework its inflows and value proposition. Some predictions suggest that RPL could become more valuable despite not being a requirement for running nodes. This tokenomics overhaul aims to position Rocket Pool competitively within the Ethereum network, which already supports multiple nodes among more than one million validators. Rocket Pool is outperforming other Liquid Staking Token producers by offering re-staking options.

Imagine the scenes after both #Houston and #Saturn are live completely overhauling @Rocket_Pool and shedding all capital inefficiencies. https://t.co/iKfVg5DCyT

— jasperthefriendlyghost.eth (@drjasper_eth) June 16, 2024

Rocket Pool hopes to expand its influence and value following the Houston update and the upcoming Saturn update. As of June, ETH has a supply exceeding 500,000 and trades at a premium of $3,965.03. After the tokenomics update, supporters anticipate a rise in RPL prices with the introduction of token burns.

Future ambitions and competitive landscape

Rocket Pool aims to outpace other protocols securing the Ethereum network, a goal dependent on the value locked and the potential introduction of Layer 3 or re-staking. Based on market capitalization, RPL is the second-largest liquid staking protocol after Lido DAO. 

The recent rally, which saw RPL’s price increase by 35% in the past week, reinforces the token’s strong market position. Rocket Pool’s continuous developments and strategic updates are poised to maintain its relevance and competitive edge in the evolving DeFi landscape. The community’s response to these changes and the technical advancements from the Houston upgrade will be crucial in determining Rocket Pool’s future trajectory.

The post Rocket Pool (RPL) Soars with High-Volume Rally, Speculation on Re-staking first appeared on Coinfea.

Binance, the largest cryptocurrency exchange by trading volume, announced the listing of zkSync’s ZK token on Monday, June 17th. 

This listing will feature multiple trading pairs, marking a significant milestone for the zkSync community. Binance also revealed plans for a ZK token distribution program to address ongoing concerns within the community.

The ZK token will debut with trading pairs, including ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Withdrawals for the ZK token will be available starting Tuesday, June 18th, a day after the listing. 

The ZK ticker will represent zkSync’s native token, a layer 2 scaling solution for the Ethereum network. This event aligns with the scheduled zkSync token airdrop, anticipated today, June 17th, with the Binance listing set for an hour later.

ZK token distribution program

Binance Will List @zksync (ZK) with $ZK Token Distribution ProgramListing Time: 2024-06-17 08:00 (UTC). #Binance ZK Token Distribution ProgramBinance is offering 10,500,000 ZK tokens to up to 52,500 Binance users who meet all of the following criteria… https://t.co/eVrl64hjUs pic.twitter.com/CyVKKalAmK

— Ethereum Daily (@ETH_Daily) June 17, 2024

In addition to listing the ZK token, Binance is launching a ZK token distribution program. This initiative will distribute 10,500,000 ZK tokens to up to 52,500 users. To qualify for this program, users must have completed at least 50 transactions on the zkSync Era initiated from their address. 

These transactions should have occurred between February 2023 and March 2024, spanning 14 months. Furthermore, users’ addresses must have been active for seven months, and the transactions should not be self-transfers. Eligibility also requires that users’ addresses have not received airdrops from the official ZK Nation airdrop. Addresses linked to contracts, centralized exchanges, or bridges are also excluded.

 Eligible users must deposit a minimum of 0.02 ETH into their Binance.com account. However, the total ETH deposited will not influence the ZK tokens received. The distribution will be on a first-come, first-served basis, with each eligible user receiving 200 ZK tokens. The first distribution from this program is scheduled to begin on June 25th.

Addressing airdrop concerns

zkSync airdrop is out. Most farmable and farmed airdrop ever probably. Almost no sybil filtering as far as I can see.Anyone who knew the criteria could've easily farmed the shit out of it.Makes you appreciate what LayerZero is trying to do with sybil filtering.

— Mudit Gupta (@Mudit__Gupta) June 11, 2024

ZK Nation has responded to community concerns regarding the airdrop. Some community members voiced frustrations, noting that the airdrop lacked effective Sybil filtering, potentially allowing bots to exploit the process and farm multiple ZK tokens. 

ZK Nation acknowledged these issues, highlighting the challenges of conducting airdrops and the sophisticated methods used by bot farms that mimic real users. In a public statement, ZK Nation expressed their awareness of the dissatisfaction among community members who received fewer tokens than expected. 

They emphasized their commitment to investigating reports and double-checking data to ensure accuracy and fairness. ZK Nation has released a set of FAQs to address these issues to provide clarity and support. Additionally, they are working on developing better methods for the community to provide feedback and prioritize concerns.

Community Commitment

Binance and zkSync are demonstrating their commitment to the community through the ZK token distribution program and their responses to airdrop concerns. They aim to build trust and support within the ZK community by ensuring a fair distribution process and addressing issues transparently. 

The listing of the ZK token on Binance and the subsequent distribution program are significant steps in promoting the adoption and growth of zkSync’s layer 2 scaling solution on the Ethereum network. This strategic move by Binance enhances the visibility of the ZK token and provides a structured approach to resolving community concerns, fostering a more robust and engaged ecosystem. The ongoing efforts to improve the airdrop process and ensure fair distribution reflect a dedication to maintaining the integrity and trust of the ZK community.

The post Binance Lists zkSync (ZK) with Token Distribution Program first appeared on Coinfea.

Meta has paused its plans to utilize vast amounts of European user data to train its AI models following significant regulatory feedback. 

This decision impacts its operations in the European Union (EU) and European Economic Area (EEA), where it intended to train its large language model (LLM) named Llama on user-generated content, including public posts and images.

Regulatory resistance and meta’s response

The Facebook parent company initially intended to enhance AI capabilities by analyzing public posts, image captions, and chatbot conversations on platforms like Instagram. However, the Irish Data Protection Commission (DPC) opposed this plan, leading to a broader review by European regulators. 

The DPC, acting on behalf of EU data protection authorities, challenged Meta’s claim that it had “legitimate interests” in processing this data, prompting Meta to revise its strategy. In a recent blog post, Meta expressed disappointment over the delay, stating it hinders AI innovation and the introduction of new technologies to European users. 

Since March, the company has highlighted its efforts to integrate feedback from European regulators and emphasized the setback in launching AI-driven features designed to understand and integrate European cultural nuances.

The DPC issued a statement acknowledging Meta’s decision to halt the AI training initiative, marking the culmination of intense discussions between the company and the regulatory body. The regulator noted its plan to continue engaging with Meta to ensure any data processing aligns with EU privacy laws. This dialogue reflects broader EU regulatory efforts to maintain stringent data protection standards.

Public and legal challenges

Meta’s decision also follows public opposition and legal challenges led by the European Center for Digital Rights, known as Noyb. This group has actively opposed Meta’s plans by lodging complaints in multiple EU countries, including Spain, Austria, and Germany. 

Noyb’s actions highlight a significant reversal from earlier regulatory indications, potentially allowing Meta’s data processing activities. The organization advocates for stringent adherence to the General Data Protection Regulation (GDPR), ensuring that European citizens’ data rights are not compromised.

Comparison with other tech giants

In defending its data processing strategies, Meta pointed to similar practices by other tech giants like OpenAI and Google, who have also utilized EU user data to train their AI systems. 

Meta argues that its methods are more transparent and offer greater control to users, emphasizing the necessity of such data to develop AI systems that fully comprehend Europe’s diverse cultural and linguistic landscape. Notably, Meta had set a June 26 deadline for EU users to opt out of data usage for AI training, a provision not available to users in other regions except Illinois in the US.

The post Meta Postpones AI Training on EU User Data After Regulatory Pushback first appeared on Coinfea.

Researchers at Tsinghua University have introduced a groundbreaking artificial intelligence (AI) medical training system that operates within a fully simulated hospital environment. 

This innovative approach allows virtual AI doctors to engage in training sessions involving diagnosis and treatment without interacting with actual patients, significantly enhancing the efficiency and scope of medical education.

Enhanced simulation for comprehensive training

The Intelligent Industry Research Institute (AIR) and the Department of Computer Science and Technology at Tsinghua University collaborated to create this sophisticated simulation. Dubbed the “Agent Hospital,” the virtual setting replicates a fully operational hospital with virtual staff and patients. This immersive environment mimics real-world medical scenarios, where AI doctors can practice and hone their skills.

The primary advantage of this system is its ability to simulate a vast number of medical interactions without the constraints of a traditional clinical setting. AI doctors can process and learn from thousands of virtual patient cases, making this method more rapid and cost-effective than conventional training methods. As AI doctors undergo training, they learn from errors and successes, gradually improving their ability to diagnose and treat diverse ailments with increased accuracy.

One of the significant benefits of Tsinghua University’s virtual training system is its potential to accelerate the time it takes for AI doctors to become adept in various medical specialties. By interacting with thousands of virtual cases, the AI systems can quickly compile and analyze data, leading to faster experience and expertise gains than in traditional settings.

This accelerated learning process is especially beneficial in specialties where patient cases are rare or real-world training opportunities are limited. The virtual environment allows AI doctors to encounter various scenarios, including those that may not occur frequently in actual hospitals, ensuring a well-rounded training experience.

Future implications for global health care

The development of such advanced AI training systems holds significant implications for the future of healthcare worldwide. By integrating AI more deeply into medical training, institutions can ensure consistent care and expertise, particularly in regions with limited access to qualified healthcare professionals. Additionally, this technology could lead to more personalized and precise medical care as AI systems are trained to handle complex cases with varying patient needs.

The Agent Hospital represents a significant step forward in using artificial intelligence in medical education. By providing a safe, controlled, and comprehensive training environment, Tsinghua University is paving the way for future innovations in healthcare. 

This initiative enhances AI’s medical capabilities and promises to make quality medical training more accessible and efficient. As AI continues to evolve, its integration into healthcare systems worldwide is expected to change how medical professionals are trained profoundly, and patients receive care.

The post Tsinghua University Innovates with AI-Driven Medical Training System first appeared on Coinfea.

Donald Trump, the former U.S. President, has pledged to terminate President Joe Biden’s stringent regulatory measures on cryptocurrencies if he wins the upcoming election. 

During a speech in West Palm Beach, Florida, on his 78th birthday, Trump expressed his commitment to fostering the growth and security of the cryptocurrency industry, particularly emphasizing Bitcoin’s role in America.

Trump advocates for domestic Crypto growth

Trump has been vocal about opposing Biden’s approach to cryptocurrency, criticizing it as overly restrictive. On May 26, he expressed dissatisfaction through a Truth Social post targeting Biden’s administration while underscoring his vision for the U.S. to lead in the crypto sector. 

Trump asserted, “Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me.” He reiterated the need for a significant shift in the U.S. crypto strategy. He advocated for all future Bitcoin mining operations based in the U.S., framing it as crucial for achieving energy dominance.

The contrast in perspectives between Trump and the current administration is stark, particularly with Trump advocating for an aggressive push toward domestic Bitcoin mining. He sees it as a critical defense against the proliferation of central bank digital currencies (CBDCs), which several countries are considering. Trump’s comments came shortly after the U.S. House of Representatives passed a bill restricting the Federal Reserve from launching a CBDC without Congress’s explicit approval. He criticized Biden’s administration again for what he perceives as a detrimental stance that benefits foreign adversaries and leftist ideologies.

Biden’s cautious approach to Cryptocurrency

Under President Biden, the U.S. government has maintained a cautious stance on cryptocurrencies. This has been heightened by numerous scandals that have marred the industry and impacted investor confidence. In 2022, Biden signed an executive order that tasked federal agencies with evaluating the risks and benefits associated with cryptocurrencies. 

This move aimed to enhance consumer protection, ensure financial stability, and curb illicit activities related to digital currencies. Despite his current stringent policies, Trump has only sometimes supported cryptocurrencies. In 2019, he declared a lack of support for Bitcoin and other digital currencies, citing concerns over their volatility and potential to facilitate illegal activities. 

This renewed promise from Trump signifies a potential pivot in U.S. crypto policy should he be re-elected. He proposes a more supportive framework for the cryptocurrency industry, focusing on solidifying its base within the United States.

The post Trump Promises to Halt Biden’s Strict Crypto Policies If Elected first appeared on Coinfea.

Artificial Intelligence (AI) is transforming farming operations worldwide, from assisting smallholder farmers in Malawi to advancing dairy management in the United States. 

AI technologies offer crop and livestock care solutions, data gathering, and climate resilience, proving indispensable tools in modern agriculture.

Innovative solutions for smallholder farmers

In Malawi, a mobile app named Ulangizi is changing the game for its 33 million smallholder farmers responsible for 70% of the continent’s food supply. This AI-driven app provides vital guidance on crop and livestock management, answering queries and diagnosing diseases through an intuitive voice-operated interface. 

AI helping poor farmers in Malawi treat their pigs and kill potato weevils. It could help 600 million farmers world widehttps://t.co/i71aaDDHvQ

— Antony Sguazzin (@AntonySguazzin) June 14, 2024

This tool has become especially crucial following the devastation caused by tropical cyclone Freddy in early 2023, which destroyed vast agricultural lands and affected millions. By replacing the need for extensive governmental support structures, Ulangizi helps farmers navigate the challenges of increasingly unpredictable weather patterns and prepare for future climate-related disasters.

Enhancing productivity with AI

Across the United States, farmers are employing AI to enhance productivity and sustainability. In the dairy sector, technologies like the Cainthus system utilize artificial intelligence and computer vision to monitor cow behavior, manage feed, and optimize the herd’s overall health. 

This technology enables farmers to check the cow comfort index daily, a significant advancement from previous methods limited to research applications. Similarly, AI platforms like ClimateAI empower crop farmers with precise weather forecasts and agricultural insights, aiding in crop selection, planting schedules, and yield optimization.

Robotic innovations in data collection

At North Carolina State University, the development of BenchBot 3.0 marks a significant leap forward in agricultural technology. This robot, operating in NC State’s Centennial Campus fields, is part of the NC Plant Sciences Initiative. It is tasked with capturing hundreds of thousands of crop images to create the largest open-source agricultural image repository. 

The data collected by BenchBot is processed by a supercomputer equipped with the NVIDIA Grace Hopper 200, which facilitates the development of new AI tools. These tools will enable precision agriculture practices, such as targeted pesticide application, which can reduce chemical usage, lower costs, and increase crop yields. This robotic technology exemplifies how AI can assist in more intelligent decision-making for crop rotation, field mapping, and weed detection.

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T-Mobile Deutsche Telekom has officially announced its entry into the Bitcoin mining sector, significantly broadening its cryptocurrency endeavors. 

The telecom powerhouse, which has already established a foothold in the digital currency domain by operating Bitcoin nodes, is now taking its involvement to a new level.

Expanding crypto operations

Since 2023, Deutsche Telekom has been actively involved in the cryptocurrency infrastructure by managing a Bitcoin node and facilitating transactions through the Bitcoin Lightning Network. During the BTC Prague conference, Dirk Röder, head of Web3 infrastructure and solutions at Deutsche Telekom, revealed the company’s foray into Bitcoin mining.

T-Mobile Deutsche Telekom are running Bitcoin nodes, Lightning nodes and will start mining #bitcoin WHAT A TIME TO BE ALIVE. pic.twitter.com/r7rihAinXt

— Daniel Sempere Pico (@BTCGandalf) June 14, 2024

Röder said the company is set to undertake what he described as “digital monetary photosynthesis,” a term he did not elaborate on further, hinting at innovative developments in its cryptocurrency strategy.

Integration with major Blockchain networks

Deutsche Telekom has been strengthening its blockchain capabilities. The company collaborated with Polygon, a Layer-2 scaling solution for Ethereum, becoming one of its 100 validators in the Proof of Stake (PoS) network. This move is part of a broader strategy to engage more deeply with various blockchain networks, including Q, Flow, Celo, Chainlink, and Ethereum.

Röder highlighted that their goal is to cater to institutional clients by providing dependable, enterprise-grade staking services. Through these efforts, Deutsche Telekom is expanding its telecommunications and internet service provider role and enhancing its reputation as a robust infrastructure provider within the Web3 space.

Impact on the Cryptocurrency Market

The announcement of Deutsche Telekom’s Bitcoin mining initiative is likely to have a considerable impact on the cryptocurrency market. The company is positioning itself as a pivotal player in the digital currency ecosystem by leveraging its extensive infrastructure to include services like staking and validation for blockchain networks. 

This expansion allows Deutsche Telekom to diversify its revenue streams by monetizing the native tokens of the blockchain platforms it supports. As the company continues to build on its blockchain and cryptocurrency initiatives, it underscores the growing intersection between traditional telecommunications industries and the evolving digital currency sectors. This strategic direction enhances Deutsche Telekom’s service offerings and contributes to cryptocurrencies’ broader adoption and integration in mainstream financial and technological frameworks.

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Binance, the leading global cryptocurrency exchange, has declared its support for the upcoming merger of artificial intelligence-based tokens Fetch.ai (FET), SingularityNet (Agix), and Ocean Protocol (Ocean) into a single token named ‘Artificial Superintelligence’ (ASI). 

This announcement follows a recent update from the three AI companies about a delay in their planned consolidation. Due to unresolved logistical and technical issues at the exchange level, the consolidation is now set to be completed by July 15.

Exchange preparations and trading suspensions

To facilitate the merger, Binance will suspend all deposits and withdrawals of the FET, Agix, and Ocean tokens starting July 1, 2024. Furthermore, spot trading for these tokens will cease on the same day, with futures trading concluding on June 25. The exchange advises token holders to ensure all deposits are finalized well before the suspension to avoid inconveniences. 

Binance has committed to managing all technical aspects of the transition and promises to notify users when the new ASI token becomes available for deposits and withdrawals. As part of the merger terms, token holders in specific Binance products will have their FET automatically converted to ASI on a one-to-one basis unless they opt out, in which case their original tokens will be returned to their spot wallets. 

This conversion process is critical to streamline the integration of the three tokens into the new ASI token. Following the merger announcement, the value of all three AI tokens declined significantly, mirroring a broader downturn in the cryptocurrency market. FET dropped 9% to $1.45, Agix 8% to $0.61, and Ocean 8.5% to $0.62. This decline reflects market reactions to the significant structural changes involved in the merger process.

Alliance and plans

The newly formed Artificial Superintelligence Alliance, emerging from this merger, clarified that the additional delay to mid-July was necessary to ensure the merger’s precision and efficiency. The alliance highlighted the complexity of integrating these tokens, involving significant coordination across various stakeholders, including exchanges and validators. 

The Alliance plans to distribute 2.631 billion ASI tokens, replacing the existing FET, Agix, and Ocean tokens, with additional allocations to Agix and Ocean holders to maintain equitable value across the new unified token system. 

This strategic move by Binance to back the ASI token signifies a significant step in consolidating AI-driven blockchain initiatives, potentially enhancing the functionality and interoperability within the decentralized AI sector. As the cryptocurrency landscape continues to evolve, the success of such mergers could pave the way for more streamlined and powerful AI integrations in blockchain technology.

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Adobe Inc. recently announced a promising forecast for its future sales, attributing significant growth prospects to integrating artificial intelligence (AI) technologies in its creative product suite. 

The projection spurred a notable increase in Adobe’s stock price, marking its most enormous surge over four years.

AI-driven success in creative products

During the last trading session, Adobe’s shares soared by up to 16.5%, reaching the highest intraday gain since March 2020. By the end of 2023, the company’s stock had climbed by 77%, despite a 23% drop just before this recent surge. Adobe’s optimistic financial outlook, especially in digital media net revenue expected to hit $460 million for the current quarter, surpassing the average estimate of $435.2 million, has reassured investors about the company’s position in the competitive AI landscape. 

Other tech giants like Salesforce Inc., Workday Inc., and ServiceNow Inc. have also felt the market shifts due to AI. However, Adobe’s strategic AI enhancements, particularly in Photoshop and Illustrator, have kept it at the forefront. Adobe’s AI model, Firefly, is also being adapted for video editing software like Premiere, and it has already facilitated the creation of over 9 billion images.

Earnings and market performance

Adobe reported earnings that exceeded Wall Street’s expectations for the fiscal second quarter. The company posted a revenue of $5.31 billion, a 10% increase from the previous year, and profits of $4.48 per share, excluding certain expenses, surpassing the forecasted $4.40 per share. 

This financial success can largely be attributed to customer upgrades to higher-tier plans, particularly those incorporating the Firefly technology. Adobe has also adjusted its full-year earnings forecast, expecting up to $18.20 per share from the previously anticipated $18. Adobe has been focusing on broadening its user base, particularly among students and non-professional creators gravitating towards simpler platforms like Canva Inc. 

Adobe Express, the company’s latest offering aimed at casual creators, saw a significant increase in user engagement, with monthly active users doubling over the past quarter. David Wadhwani, Adobe’s Senior Vice President of the Creative segment, highlighted the company’s unique AI-driven approach as a critical factor in attracting and retaining users.

Boost in document cloud business

The company’s Document Cloud segment saw notable growth, with $165 million in new annual recurring business for the quarter, significantly above the expected $122.7 million. This increase is attributed to the adoption of new AI-assisted features that enhance document analysis and interpretation functionality. 

Sharing an update on changes and clarifications coming to Adobe's Terms of Use to address customer concerns. As technology evolves, so must our Terms of Use. Learn more: https://t.co/NYx1LjAYPd pic.twitter.com/Ci1IX6XCpZ

— Adobe (@Adobe) June 10, 2024

Despite recent controversies over its terms of service regarding using customer content for AI training, Adobe has clarified its stance, ensuring users do not utilize unpublished work for AI training purposes, aiming to maintain trust and transparency with its user base. Adobe’s strategic emphasis on AI underscores its commitment to innovation and signals a robust growth trajectory that could redefine its market standing in the coming years. As AI continues influencing the digital media landscape and creative products, Adobe’s proactive approach may set a benchmark for the industry.

The post Adobe Anticipates Robust Sales Growth Driven by AI Innovations first appeared on Coinfea.

Nigerian President Bola Tinubu met with FBI Director Christopher Wray to discuss enhancing joint efforts against cybercrime and terrorism. 

The gathering, which included high-ranking officials from multiple Nigerian security agencies, underscored the necessity of international cooperation in combating these global challenges.

Strengthening international law enforcement ties

President Tinubu Meets FBI Director, Calls for Stronger Collaboration to Fight Cybercrime and Terrorism pic.twitter.com/yhnjl2r0GQ

— Presidency Nigeria (@NGRPresident) June 14, 2024

President Tinubu emphasized the importance of nations’ collaborative efforts to tackle financial crimes and terrorism. He advocated for stronger relationships between developing countries and the United States, highlighting that effective crime-fighting requires global cooperation. 

The Nigerian president expressed gratitude for the FBI’s support, noting that the partnership could lead to technological advancements and knowledge transfer essential for addressing complex international crimes.

Key Nigerian figures, such as Mallam Nuhu Ribadu, National Security Adviser; Kayode Egbetokun, Inspector-General of Police; and Yusuf Magaji Bichi, Director-General of the Department of States Services, attended the meeting. High-level discussions covered strategies for enhancing the capabilities of Nigerian security forces through U.S. support, particularly in cyber forensics and intelligence sharing.

Focus on education and economic development

Some charges against Binance exec and former IRS crypto crime investigator Tigran Gambaryan were dropped today in Nigeria. He's still in jail, still sick, still facing charges from another agency, Nigeria's Economic and Financial Crimes Commission. Press release from his family: pic.twitter.com/eY2TLyFmfL

— Andy Greenberg (@agreenberg at the other places) (@a_greenberg) June 14, 2024

During the discussions, President Tinubu also touched upon the role of education in preventing crime and fostering economic growth. He reiterated his administration’s commitment to prioritizing education to combat poverty, which he believes will indirectly reduce crime rates in the long term. 

As ECOWAS Chairman, Tinubu highlighted Nigeria’s leadership role in regional initiatives targeting economic and related crimes. Following the high-profile meeting, there was a notable development in the legal troubles facing executives of the cryptocurrency exchange Binance. Charges of tax evasion previously lodged against executives Gambaryan and Anjarwalla were dropped. 

The Federal Inland Revenue Service of Nigeria continues its case against the Binance platform, while new money laundering charges are set to be filed against the executives. Despite the dropped charges, Tigran Gambaryan, a former IRS investigator and American citizen, remains in custody. Legal efforts are ongoing to secure his release, with his legal team arguing that Gambaryan was not involved in decision-making at Binance. Meanwhile, his counterpart Anjarwalla, a British-Kenyan citizen, has already left Nigeria.

Community speculation and reactions

The timing of these legal adjustments post-meeting has sparked discussions within the crypto community regarding the potential influence of Director Wray’s visit on the decisions made by Nigerian authorities. 

The online response has been mixed, with some suggesting that international political pressure may have played a role in the recent legal outcomes. This significant dialogue between Nigerian and U.S. officials marks a pivotal moment in international law enforcement cooperation, with potential long-term implications for cybersecurity and the global fight against economic crimes.

The post President Tinubu’s Meeting with FBI Director: Linked to Binance Executive Case? first appeared on Coinfea.

TON blockchain has overtaken the Ethereum network in terms of daily active addresses. 

Reports from Delphi Analytics highlight that for several consecutive days this month, TON’s user activity has exceeded that of its long-standing competitor, Ethereum. This surge in activity is partly attributed to strategic partnerships and integration with high-traffic platforms.

Strategic partnerships fuel TON’s rise

Earlier this year, a significant partnership was forged between Telegram Messenger and Tether, announced by Telegram’s founder Pavel Durov and Tether’s CTO Paolo Ardoino during TOKEN 2049 in Dubai. This collaboration involved Top and Wallet, led by Andrew Rogozov, playing a crucial role in integrating Tether’s USDT, the world’s predominant stablecoin, onto the TON blockchain. 

This move capitalized on Telegram’s extensive user base, offering incentives to maintain high engagement levels on the TON platform. Integrating directly with Telegram Messenger, which boasts over 900 million users, has provided TON with a distinctive competitive edge. 

As Durov states, the underlying strategy leverages Telegram’s vast distribution network to bolster the TON blockchain’s position in the market. Delphi Digital supports this view, indicating that the core appeal of the TON blockchain is its deep integration with Telegram’s expansive user reach.

The Flippening CT ignores TON's quiet growth, fueled by Telegram's 900M user base, has driven its daily active addresses above Ethereum.At its core, TON is a bet on Telegram's distribution. Though the ecosystem is nascent, its early growth is promising. But is it enough? pic.twitter.com/k2b2SMiQJD

— Delphi Digital (@Delphi_Digital) June 10, 2024

Ethereum has historically led as the primary alternative blockchain, but this year, competition has escalated due to innovative marketing and strategic alliances across various blockchain ecosystems. Ethereum now contends with rivals that are not only leveraging lower transaction fees but also engaging in vigorous marketing and partnership strategies. According to data from Token Terminal, TON has impressively outperformed Ethereum, with nearly 570,000 daily active users compared to Ethereum’s less than 450,000.

The rise of clicker games on TON

A significant portion of TON’s increased activity can be attributed to the popularity of clicker games within its ecosystem. Notably, the game Notcoin, integrated directly into the TON framework via Telegram, saw over 5 million users in its first week. 

This game and Hamster Kombat, another popular Telegram-based clicker game, have significantly contributed to daily interactions on the TON blockchain. Inspired by Notcoin’s success, Hamster Kombat has amassed over 100 million users, with its dedicated community on Telegram reaching 17 million.  These developments underscore the growing trend of blockchain networks diversifying their offerings and integrating with widely used platforms to enhance user engagement and expand their user base. 

As blockchains like TON continue to innovate and forge pivotal partnerships, the landscape of digital transactions and interactive applications is poised for further transformation, presenting new challenges and opportunities for established networks like Ethereum.

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OpenAI has recently announced the addition of retired US Army General Paul M. Nakasone to its board of directors. 

Nakasone, who formerly served as the director of the National Security Agency (NSA) and head of the US Cyber Command, joins the AI organization’s board focusing on enhancing safety and cybersecurity.

Expertise in cybersecurity to bolster OpenAI

Paul M. Nakasone’s extensive experience in cybersecurity is set to play a pivotal role at OpenAI. Having recently stepped down from his role at the NSA, appointed during President Trump’s tenure, Nakasone is poised to direct his expertise toward safeguarding OpenAI’s innovative projects. 

The company emphasized this role, stating that Nakasone will oversee “safety and security decisions for all OpenAI projects and operations.” His insights are also expected to advance the company’s capabilities in using AI to detect and counteract cybersecurity threats swiftly. According to OpenAI, the new safety and cyber committee, which Nakasone will be part of, is currently reviewing the organization’s procedures and safety measures. Recommendations from this review are scheduled to be presented to the board within three months, followed by public updates. 

The recruitment of Nakasone comes at a critical time for OpenAI, which has recently been scrutinized over its safety practices. This scrutiny was heightened by the departure of several top-level executives, including Ilya Sutskever, the chief scientist and co-founder. Bret Taylor, chair of the OpenAI board, stressed that while AI holds significant potential benefits, ensuring these technologies are secure before deployment is crucial. He expressed confidence that Nakasone’s leadership in cybersecurity will be instrumental in achieving the company’s goals of deploying AI that benefits humanity.

Diverse and influential board members

The OpenAI board boasts a diverse group of leaders from various sectors. Alongside Bret Taylor and Paul Nakasone, the board includes OpenAI CEO Sam Altman and former Secretary of the Treasury Larry Summers. Other notable members are Tasha McCauley, a tech entrepreneur; Nicole Seligman, former vice president of Sony Corporation; Dan D’Angelo, CEO of Quora Inc.; and Dr. Sue Desmond-Hellmann, former CEO of the Bill and Melinda Gates Foundation. 

Fidji Simo of Instacart and Dee Templeton from Microsoft, who holds an observer seat, also contribute to the board’s wide-ranging expertise. In his remarks upon joining OpenAI, Nakasone expressed enthusiasm for contributing to the company’s mission of ensuring that artificial general intelligence remains safe and advantageous globally. His commitment appears aligned with OpenAI’s core values, emphasizing security and beneficial technological advancements. 

Techcrunch highlighted this alignment, highlighting similarities between Nakasone’s defense of certain NSA practices and OpenAI’s proactive approach to handling complex ethical issues in AI development. As OpenAI continues to navigate the complex landscape of artificial intelligence amid growing safety concerns, the addition of Nakasone is seen by many as a strategic move to fortify the company’s commitment to safety and ethical AI practices.

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Bitcoin’s (BTC) price has recently dipped below $67,000 amidst mixed market sentiments. While smart money indicators suggest a bearish outlook, retail investors continue to buy the dip, indicating long-term solid demand for the cryptocurrency. 

Trading volumes surged to over $26 billion within 24 hours, reflecting the heightened activity in the BTC market.

Smart money takes a cautious stance

During this period of price decline, analyses reveal that smart money investors—those known for historically outperforming the market—are showing a bearish inclination towards Bitcoin. This group’s sentiment contrasts sharply with the general trading pool, where many continue to see the downturn as an opportunity to accumulate more BTC at lower prices. 

According to sentiment trackers, the Bitcoin Fear and Greed Index has risen to 74 points, signaling a prevailing interest in purchasing despite the falling prices. Retail investors are increasingly buying the dip in defiance of smart money’s cautious approach. 

$BTC Sentiment CROWD = Bullish MP | #SmartMoney = Bearish #BitcoinCheck out sentiment and other crypto stats at https://t.co/HQDyBNuzek#crypto #cryptotrading #CryptoX pic.twitter.com/bs1P1UmfEX

— Market Prophit (@MarketProphit) June 13, 2024

This behavior is driven by a belief in Bitcoin’s value and the potential for significant price increases post-correction. Market analysts note that some predictions place BTC’s potential fall to as low as $63,000, which could extend the current accumulation phase by an additional three months. Despite this, the demand in BTC spot markets for long-term holdings remains robust, with retail investors showing little sign of pulling back.

Market dynamics and future predictions

The dynamics between institutional and retail investors are also shifting, with an increasing ratio of retail to institutional buyers. This shift may indicate a more bearish sentiment among large-scale holders. 

The influx of retail activity tends to precede a drop in market prices, suggesting that the dominance of smaller investors could lead to further price decreases. Yet, the resilience in retail buying, reduced exchange reserves, and ongoing withdrawals by miners may cushion any potential price slides. As we look towards the future, Bitcoin’s supply dynamics offer a mixed picture. 

Bitcoin's second stop below $67K Thursday resulted in the 2nd largest spike in crowd $BTC buying interest in the past 2 months. FOMO and greed comes in two ways:1) Price erupts and traders want to jump in with hopes of prices continue climbing (as we saw on May 20th)2)… pic.twitter.com/44O8Y3kSiD

— Santiment (@santimentfeed) June 14, 2024

While BTC’s liquid and highly liquid supplies are gradually diminishing, the illiquid supply of coins held for long-term investment is steadily growing. This trend reflects a broader market sentiment that views Bitcoin as a valuable asset beyond mere speculative trading. Social media platforms continue to buzz with calls to “buy the dip,” underscoring a robust community ready to support Bitcoin through volatile phases. 

Bitcoin’s current market scenario presents a complex tapestry of investor behaviors and predictions. While smart money might be signaling caution, the enthusiastic participation of retail investors provides solid backing for Bitcoin’s stability and potential growth. As the market continues to evolve, both groups of investors will play pivotal roles in shaping the trajectory of Bitcoin’s price in the coming months.

The post Institutional Investors Cautious as Retail Buys Bitcoin Dips first appeared on Coinfea.

KuCoin’s research division has released data indicating that the cryptocurrency market secured investments surpassing $1 billion in May. 

Although this marks a substantial inflow, it represents a minor downturn from the previous month’s figures.

Vibrant market activity despite fluctuations

KuCoin Research highlighted that the crypto industry witnessed 156 publicly disclosed investments totaling $1.02 billion in May. This investment volume signifies a 10.61% year-over-year increase from May 2023 yet shows a 6.4% decrease from April 2023’s totals. 

The report pointed to various market drivers, including the SEC’s unexpected nod to a Spot Ethereum ETF, which significantly bolsters market confidence. Additionally, a strong performance in the U.S. stock market and a surge in meme stocks were critical in the robust recovery of cryptocurrency assets during the month.

Mixed results in stablecoin performance

Stablecoins experienced varied fortunes throughout May. The overall issuance of major fiat-collateralized stablecoins, such as USDC and FDUSD, saw declines, whereas USDe achieved a new issuance peak. 

According to data from SosoValue, the combined issuance of six primary stablecoins dropped by $840 million. Conversely, Glassnode data indicates positive momentum for USDT and PYUSD, with PYUSD expanding its market presence from $327 million at the end of April to $398 million by the end of May, marking a 21.7% increase. 

The report also noted PYUSD’s new issuance on the Solana blockchain aimed at retail payments, which could potentially influence Solana’s broader ecosystem involving developers and users. By month-end, USDe’s issuance had escalated to $2.978 billion, narrowly missing the $3 billion threshold but overtaking FDUSD to rank as the fourth largest stablecoin.

Contrasting dynamics in layer-2 and public chains

The landscape for public chains and Layer-2 ecosystems revealed stark contrasts. Despite an uptick in Ethereum prices, its Layer-2 networks did not witness a proportional increase in activity. In contrast, networks like Base and Linea saw sustained inflows and performed well. The report suggests that the allure of high-performance public chains and lower on-chain fees has diminished somewhat, failing to attract new participants at earlier rates.

Bitcoin-related projects, such as BRC20, showed weakness, while assets like Runes led in trading volumes. The market valuation of DOG impressively surged, exceeding $800 million by the close of May. The report also touched on increased vigilance against sybil attacks within large projects, with LayerZero Labs promoting a new initiative for users to report such activities in exchange for rewards. Additionally, crypto gaming and ‘Tap to Earn’ models demonstrated strong appeal within the TON ecosystem, resonating well with market participants.

The post Over $1 Billion Poured into Crypto Investments in May, Report Reveals first appeared on Coinfea.