It's been a bullish week for crypto. Gainers, Losers and trends to watch!
The past week has proven to be a bullish one for the cryptocurrency market, with significant gains observed across various digital assets. Bitcoin, the leading cryptocurrency, experienced a notable surge, breaking through key resistance levels and surpassing its previous all-time high. This bullish momentum spilled over to other major cryptocurrencies such as Ethereum, which also witnessed substantial price appreciation. However, not all cryptocurrencies shared in the gains, as some faced losses
US Bitcoin Corp to host 8,500 BTC miners for bankrupt Celsius
Data center operator US Bitcoin Corp (USBTC) has announced it will host 8,500 Bitcoin miners from the insolvent crypto lender Celsius at its Alpha Site.
A press statement on Aug. 31 revealed that the miners are expected to have an estimated hashrate of 820 petahash (PH).
The hosting arrangement is part of a more significant deal that could see USBTC managing as many as 310,000 Bitcoin (BTC) miners. These miners would belong to Celsius and other clients like Teslawatt, Foundry USA, Marathon Di
Aptos, Microsoft partner to fuse AI with blockchain.
Aptos Labs has partnered with Microsoft to integrate AI capabilities with blockchain technology, per an announcement on Aug. 9.
The Aptos Assistant, developed by Aptos Labs in collaboration with Microsoft, provides users and developers with valuable insights and analytical data on the Aptos environment.
The partnership will involve Aptos Labs establishing validator nodes on Microsoft’s Azure cloud computing service. These nodes are vital in supporting the blockchain and enabling transaction pr
A Seeking Alpha analysis reveals that Bitcoin prices must not only more than triple to $100,000 but should be sustained above this level for miners to remain profitable in 2024 and beyond.
Bitcoin, the pioneering cryptocurrency, is grappling with significant environmental challenges due to its vast annual electricity consumption of around 139.39 TWh, comparable to the power demands of entire countries. Bitcoin’s PoW system, responsible for its high energy use, contributed to a carbon footprint exceeding 65 million tonnes of CO2 in 2021.
Bitcoin transactions are validated by users who mine bitcoins through the energy-consuming PoW process. The winning miner, who solves complex cry
The cryptocurrency markets were trading in the red on Monday as the FOMC interest rate decision looms over crypto markets this week.
Bitcoin (BTC) declined 0.42% to $29,793, whereas Ethereum (ETH) was below the 1,900 level. BTC volume stood at approximately $10 billion, rising 22.28% in the last 24 hours.
Bitcoin continues to trade below the $30000 mark at around $29780. The price of Bitcoin did not rise about $30000 over the weekend. This recent price decline could be because of the US SEC ch
DeFiance Capital Founder: Bear Market Officially Ends in 2022-2023
The founder of DeFiance Capital, a crypto investment fund, tweeted that the bear market of 2022-2023 has officially ended. He provided six reasons to support this claim:
The worst macroeconomic tightening has passed, with a decrease in CPI and positive real interest rates. There is a higher likelihood of interest rate cuts next year.
Institutional acceptance of cryptocurrencies as an asset class is growing, starting with BlackRock's application for a Bitcoin ETF.
Last week, see here, we found using the Elliott Wave Principle (EWP), Bitcoin (BTC) made an almost picture-perfect Fibonacci-based impulse pattern on several wave degrees, and we were looking for:
a W-2/b pullback to ideally $25600-26200, … and then the next rally should target at least $28000 but preferably $29500+ for green W-3/c.”
Thus, if we see five green waves up from last week’s low develop to ideally around $30500 over the next few days to weeks, then we know those five are only W-i of
BITCOIN LOOKS IMPROVES SIGNIFICANTLY ; WHAT'S THE NEXT PRICE MOVE?
Bitcoin seems to be the flavor of the day, and everyone seems to be talking about it once again. The thing is that fundamentals have started to shift for Bitcoin in terms of news flow. For instance, Binance, which is the largest crypto exchange, seems to have settled its case with the US over its US assets. This is really good not only for the exchange but also for the crypto space, as the less time you spend with the SEC arguing this matter and focusing more on growth, the better.
CZ Rejects Allegations of Controlling $12 Billion in Customer Funds
Key Points:
Binance CEO CZ has emphatically refuted the CoinDesk report, claiming that $12 billion was transferred to enterprises under his control.
The initial story was based on the SEC’s accusations.
He labeled the claim “simply false,” questioning if the disinformation came from the journalist or the source itself.
Binance CEO Changpeng Zhao (CZ) denied on Thursday that the crypto exchange routed up to $12 billion in customer funds to other firms owned by the CEO.
The statement came amid claims that CZ redirected client monies to Merit Peak. Meanwhile, US Senators Elizabeth Warren and Chris Van Hollen have asked the US Justice Department to look into the crypto exchange Binance after the SEC’s complaint.
According to the CoinDesk article, the proof for these charges comes from testimony given by Sachin Verma, an SEC accountant, which would be used as part of the regulator’s arguments to ask the court to approve a temporary restraining order freezing assets on Binance.US.
Verma’s forensic investigation of Binance and CZ’s bank accounts showed that $12 billion was paid to Zhao and $162 million to a Guangying Chen-controlled business in Singapore.
The documents stated Chen and CZ held a variety of firms with no evident relation to Binance under their names. According to the SEC, the bulk of the monies delivered to CZ and Chen are now in “offshore” accounts.
In response to the SEC case, the Binance CEO said that all customer monies are accounted for and were never transferred in an unlawful way.
“To the best of my knowledge, Binance.US had in total roughly $2 billion in user funds. All user funds are accounted for, and never left the Binance.US platform (unless users withdraw themselves of course), ever.”
CZ reiterated his customary attitude of “4” for news that causes fear and uncertainty, claiming that the SEC case is an assault on the whole crypto market, not just the exchange.
“But $12 billion? The platform (Binance US) never had that much… not even close,” CZ asserted.
According to the SEC complaint, Binance participated in the unregistered offer and sale of securities, as well as combining investor money with the company’s own cash. This was quickly followed by the SEC lawsuit against Coinbase.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Google Cloud Launches Free Courses to Help Users Build Their Own GPT-style AI
Google Cloud recently launched a suite of free online educational courses designed to teach the fundamentals of generative artificial intelligence (AI) systems, as well as provide an introduction to the Generative AI Studio development environment.
Learn more about #generativeAI at no cost! This Google Cloud Skills Boost learning path will teach you the foundational knowledge to understand Generative AI and Google Cloud’s approach to this transformative technology → https://t.co/uLeaKNpq67 pic.twitter.com/nRW1kcMZCR
— Google Cloud (@googlecloud) June 4, 2023
Generative AI systems have become a global industry since the launch of OpenAI’s ChatGPT system in November 2022. In the time since, Microsoft, Google, Amazon, Baidu and countless other tech outfits have sought to capitalize on the public fervor for large language models and image generators.
The new Google Cloud corpus comprises nine separate modules, including introductory courses in generative AI, large language models, responsible AI, image generation and Generative AI Studio. It also takes students on a deeper dive into important generative AI concepts such as encoder-decoder architecture, attention mechanism, transformer and BERT models, and how to create image captioning models.
The offerings end with a “quest” featuring labs and timed assignments, which students can complete in order to earn a Generative AI Explorer–Vertex AI badge.
According to Google Cloud, the courses should provide a sufficient introduction to the topic of generative AI to teach users the fundamentals and set them on the path to creating, training and deploying their own foundational models:
“This learning path guides you through a curated collection of content on Generative AI products and technologies, from the fundamentals of Large Language Models to how to create and deploy generative AI solutions on Google Cloud.”
Generative AI models have become a mainstay in the cryptocurrency and blockchain sectors recently. While their use cases as trading bots and data management assistants are well-documented, ChatGPT and other models also serve as educational conduits.
According to researchers from the Blockchain Research Lab in Hamburg, Germany, the proliferation of ChatGPT and similar AI systems may be a contributing factor in the ongoing rise in global cryptocurrency adoption, thanks to their ability to explain complex concepts to the general public.
Last Cryptocurrency Project Invested By Ethereum Co-Founder Vitalik Buterin Revealed:-
Last Cryptocurrency Project Invested By Ethereum Co-Founder Vitalik Buterin Revealed:-
Ethereum (ETH) co-founder Vitalik Buterin and blockchain scaling startup StarkWare are supporting a new initiative in the blockchain space.
Buterin's new startup is Kakarot, an Ethereum Virtual Machine (EVM) on Starknet. Buterin and StarkWare participated in a pre-seed investment round for a startup called Kakarot. The amount of the investment was not disclosed to the public.
Binance Markets share chopped with the end of zero - fees BTC Trading.
New data reveals that cryptocurrency exchange Binance has experienced a loss in market share since ending zero-free Bitcoin (BTC) trading.
A report by CCData released in mid-May reveals that the exchange’s market share continued to slide for the second consecutive month in April, down to 46.3%. This marks Binance’s lowest market share since October 2022. #BinanceTournament #binancepizza #BTC #bitcoin
U.S. Commodities Agency May Change Risk Rules to Consider Crypto
The U.S. Commodity Futures Trading Commission (CFTC) has proposed an overhaul of its rules for risk management, and Commissioner Christy Goldsmith Romero said the changes should insist firms prepare themselves for crypto volatility and the risks from holding customers’ digital assets.
The CFTC issued a proposal Thursday to invite comments on possible changes to the agency’s risk management program, and Romero said in a statement that “technologies like digital assets, artificial intelligence, and cloud services, also have emerged as areas that can carry significant risk.”
“These technological advancements, with their accompanying risks, necessitate the commission revisiting our regulatory oversight, including our risk management requirements,” Goldsmith Romero said. “Integration of digital assets with banks and brokers, and the risks that could be posed, could continue to evolve.”
She also flagged the ongoing issues regarding the industry’s custody practices, saying “brokers may explore holding customer property in the form of stablecoins or other digital assets that could result in unknown and unique risks.”
The CFTC will take public comments for 60 days on its “advance notice of proposed rulemaking” – the preliminary stage of a rule process that would have to be followed by a formal, proposed rule and then a vote on a final version.
Read More: Crypto Lawyers Share Blame for FTX, Other Disasters, CFTC Commissioner Says
Ethereum Whales Dump All Holdings: a Potential Delay in the Bull Market?
The Ethereum (ETH) market is facing big problems, as new data show that major investors are selling off their holdings. According to data from blockchain analytics, the number of Ethereum accounts with 1,000 or more coins has dropped to its lowest level in 10 months. This low was seen in November 2022, when the number was slightly higher at 6,270.
Understanding Ethereum whales
Ethereum, the second-largest crypto by market capitalization, has attracted the interest of some very affluent people. Ethereum whales are wealthy people with large quantities of Ethereum (ETH), the token used on the Ethereum network. Since they can buy or sell large tokens, their investment decisions can significantly affect market dynamics.
Reports that “Ethereum whales” sold all their shares shocked the crypto community. The market had been expecting a possible bull run, which usually means a significant rise in price and more confidence in the market. But the move by whales to sell their Ethereum holdings has made many people question the timing and effects of their actions.
📉 #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 10-month low of 6,268Previous 10-month low of 6,270 was observed on 02 November 2022View metric:https://t.co/iDNXAbcjH1 pic.twitter.com/SNVGSIJR0j
— glassnode alerts (@glassnodealerts) May 31, 2023
Ethereum has been trading near $1,870 recently, which is quite close to its 50-day Exponential Moving Average (EMA). This technical level can serve as a consolidation point for the second-largest crypto by market cap. Falling trading volume, however, could indicate waning interest among investors, threatening Ethereum’s price stability.
This decreasing trajectory of whale holdings is usually pessimistic, suggesting that large-scale investors might be losing faith in ETH’s short-term prospects. This bearish sign indicates that Ethereum’s price might fall further soon.
This kind of movement in the attitude of essential investors typically has a notable impact on the market. This is because the transactions these investors conduct are large enough to affect the price of ETH. Some investors fear a lack of trust or a slump in the market.
Some of the possible reasons behind the sell-off
There could be several causes for such changes in the behavior of whale investors. It’s possible that some whales are cashing out after the recent price increases in Ethereum, while others are redistributing their funds in response to shifts in the market. Some whales could be selling off their Ether due to worries about the network’s scalability and high transaction costs.
An essential upgrade to ETH is imminent, aiming to enhance scalability, security, and longevity. As the potential risks and benefits of the promotion become more apparent, it could have an effect on investor sentiment. Fewer Ethereum holdings by “whales” may raise red flags for
Ethereum’s implications on the bull market
Concerns have been raised regarding the future of the predicted bull market due to the selling done by “whales” of ETH. The activities of whales are frequently perceived as signs of market sentiment, and the choice of whales to sell their holdings could set off a domino effect, leading to an increase in the amount of pressure being applied to trade and lowering investor confidence.
However, it is essential to keep in mind that the behaviors of whales are only one aspect out of a significant number of others that influence the dynamics of the market. The prevailing mood of the market, technological advancements, and the rate of ETH acceptance are also essential factors. Although the sell-off could have a short-term influence on prices, it does not necessarily eliminate the possibility of a future bull market.
The move by ETH whales to sell all of their holdings has caught the crypto community’s attention. This has fueled speculation and made people worried about the possibility of a bull market. Even though no one knows precisely why they did what they did, looking at the more considerable market factors that affect Ethereum’s path is essential.
There are good reasons to think about market corrections, taking profits, and governmental uncertainty. As the crypto market continues to change, it’s important to stay aware, keep an eye on what’s happening, and be careful when trying to figure out what whales are doing. Only time will tell if this sell-off was just a short-term loss or a sign of an enormous change in the market.