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Trump, Biden Court Crypto as Election Season Looms Trump, Biden change tone on crypto: Donald Trump has promised to make the US a leader in digital assets during recent campaign events. And President Joe Biden’s aides have responded by reaching out to major players in the crypto market. Ether's price surges to nearly $4k, then pulls back: After the SEC approved eight Ether ETFs last week, analysts expect anticipated inflows to be 15-30% of Bitcoin ETF levels. So far, the price of ether has remained relatively flat since the SEC approved ETH ETFs. Former FTX executive gets jail time: Ryan Salame, the former CEO of FTX Digital Markets, received a seven-and-a-half year prison sentence and significant financial penalties for his involvement in unlawful political contributions and operating an unlicensed money transmitting business. Argentina's securities regulator meet with El Salvador's digital assets commission to discuss strategies for cryptocurrency adoption: Argentina is seeking to leverage El Salvador's experience as the first country to adopt Bitcoin as legal tender. 📚 Topic of the Week: Learning the Basics of Spot BTC ETFs 👉 Read more here
GEMINI:BTCUSD
by Gemini
SEC Approves first Spot ETH ETFs SEC approves spot ETH ETFs: After months of speculation, the SEC formally approved the first spot ether ETFs on Thursday. The development sets the stage for institutional investors to pour billions into the space. Grayscale CEO departs: Grayscale CEO Michael Sonnenshein announced Monday he was leaving his role after three years running the crypto investment giant. A Goldman Sachs veteran is expected to take his place in August. White House opposes crypto legislation: The White House announced Wednesday its opposition to FIT21, a bill that would give the Commodities and Futures Trading Commission (CFTC) power to regulate the crypto market. But the White House doesn't plan to veto. Gala Games experiences a major issue: It led to the minting of 5 billion tokens worth $206M and caused a nearly 15% drop in the GALA token price. Major banks reveal significant Bitcoin Trust Holdings in Q1: Morgan Stanley, JPMorgan, Wells Fargo, and UBS have shown a growing interest in digital assets within wealth management. Venezuelan government will disconnect crypto mining farms from the national grid: They made the move to stabilize the electrical supply after enduring routine blackouts for the past five years. 🧑‍💻 Topic of the Week: What is a Crypto Exchange 👉 Read more here
GEMINI:ETHUSD
by Gemini
State of Wisconsin Invests in Spot BTC ETFs BTC, ETH jump after inflation eases: The Consumer Price Index jumped 0.3% in April, ending three consecutive months of elevated inflation readings and lifting hopes of a rate cut later this year. Bitcoin and ether prices rallied 7.6% and 5.3% Wednesday. Roaring Kitty returns, sending meme coin soaring: Vince Gill, the meme stock leader who rose to fame in 2021 under the pseudonym “Roaring Kitty,” announced his return on Twitter/X on Monday. Shares of Gamestop and AMC soared the next two days before retreating. But one meme coin reaped the benefits. US Senate overrules SEC: The US Senate voted 60-38 on Thursday to override an SEC rule that requires crypto custodians to treat customer assets as liabilities. But President Joe Biden is expected to veto the measure, and the US House has work to do to get the two-thirds majority needed to override the veto. Wisconsin becomes BTC Bull: The State of Wisconsin Investment Board revealed in a filing Tuesday that it had amassed roughly $162 million worth of shares in spot BTC ETFs with BlackRock and Grayscale. It marked the first time a state pension fund publicly declared an ownership stake in spot BTC ETFs. US Senators upset over crypto mixer treatment: US Senators Cynthia Lummis (R-Wyo.) and Ron Wyden (D-Ore.) have sent a letter to the US (DOJ) contesting a recent decision from FinCEN that said it would treat crypto mixers as money transmitters, opening up software developers to potential charges. New Vanguard CEO not rushing into crypto ETFs: Vanguard named Salim Ramji as its new CEO on Tuesday, raising speculation that the former BlackRock executive would introduce a Vanguard spot BTC ETF after Ramji oversaw the launch of iShares Bitcoin Trust at BlackRock. However, Ramji cast doubt on launching a Vanguard spot BTC ETF in an interview with Barron’s. 🎮 Topic of the Week: What is a short squeeze? The GameStop saga 👉 Read more here
GEMINI:BTCUSD
by Gemini
FTX To Return Money To Former Customers FTX customers to get money back: Lawyers for bankrupt crypto exchange FTX said customers will receive the funds lost when FTX went bankrupt in November 2022, plus interest. The payout will likely take months and still requires approval from a bankruptcy judge. Regulator cracks down on Robinhood: The SEC has issued a Wells Notice informing the crypto arm of Robinhood that it will face upcoming enforcement action. Robinhood maintained the crypto token assets in question are not securities and expressed readiness to contest any charges. Grayscale's Bitcoin Trust (GBTC) reverses four-month outflow trend, BTC remains stable: The ETF saw significant new inflows and contributed to a positive shift in the overall spot Bitcoin ETF market. Meanwhile, the price of BTC remained stable over the past week as investors settle into what analyst described as “post-halving boredom.” Binance CEO Richard Teng calls for release of Tigran Gambaryan: Nigerian authorities have detained the crypto exchange’s compliance officer on charges related to illegal transaction. Hacker responsible for stealing $125M from Poloniex in November moves $35.3M worth of Ethereum and Bitcoin: Some of the funds were moved to the sanctioned mixer Tornado Cash, in attempts to obscure the origins of the stolen funds. 🤑 Topic of the Week: Anti-Money Laundering (AML) 👉 Read more here
GEMINI:BTCUSD
by Gemini
Crypto Slides Amid Stagflation Concerns & Gloomy Economic DataThe cryptocurrency market has retreated under the shadow of renewed concerns about US stagflation. Federal Reserve chair Jerome Powell left the benchmark federal interest rate at between 5.25% and 5.5% at the latest FOMC meeting Wednesday, citing sticky inflationary pressures and a lack of recent progress toward their 2% inflation target. However, Powell downplayed the idea of needing additional rate hikes. “It’s unlikely that our next policy move would be a rate hike,” Powell said. Economic data revealed a slowdown in US GDP growth to 1.6% this quarter and a 3.4% increase in the PCE index – the Federal Reserve’s preferred inflation metric. However, Powell also downplayed the notion that stagflation had arrived. “I don’t really understand where that’s coming from,” Powell said. “I don’t see the stag or the flation.” After BTC had reached an almost two-month low at roughly $57,000 on Wednesday, the price rallied to $59,269.80 as of press time Thursday. ➗Topic of the Week: How do Interest Rates Work? ➡️ Read more here
GEMINI:BTCUSD
by Gemini
Bitcoin Halving Shakes up Market Bitcoin miners see rewards cut, Dorsey jumps in: Bitcoin miners collected more than $100 million in revenue for the halving on April 20, the highest total ever recorded in a single day. But now miners face a drop in mining rewards that could reshape the industry. And one familiar name is jumping in. Speculators hopeful upcoming Fed meeting will leave rates unchanged: US inflation rates have eased slightly in April in conjunction with weakening demand in both manufacturing and service sectors. Investors hope the latest data will spur a more bullish tone on future rate cuts. Bitcoin halving brings fresh interest to spot ETFs: After a period of net outflows prior to BTC’s halving event, spot BTC ETFs in the US have started to rebound. Ripple calls for SEC to reduce fine: Ripple has strongly opposed the SEC's proposed SEED_TVCODER77_ETHBTCDATA:2B fine, while a contingent of crypto lobbyists moves to sue the regulator. Tether claims it will freeze addresses linked to OFAC-sanctioned entities: The move follows reports that Venezuela's state oil company, PDVSA, used the USDT stablecoin to bypass US sanctions and continue its oil exports. 🤷 Topic of the Week: What is Ethereum? ➡️ Read more here
GEMINI:BTCUSD
by Gemini
Unpacking Arguments Over the Bitcoin Halving Iran’s weekend attack on Israel prompts crypto selloff: Iran fired more than 300 missiles and drones at Israel over the weekend, heightening market fears that a wider conflict in the Middle East could break out. Crypto markets reacted initially with the price of BTC dropping from $67,800 to $61,300. Fed chair sounds hawkish on rate cuts: Federal Reserve chairman Jerome Powell on Tuesday cast doubt on carrying out previously expected interest rate cuts later in 2024. The price of BTC dipped the following day, briefly dropping below $60K, before mounting a small rally. Hong Kong approves first Bitcoin and Ethereum spot ETFs: The move could help further establish Hong Kong as a key Asian hub for cryptocurrency trading. Markets are now watching closely to see if they receive more interest than Hong Kong’s previously launched BTC and ETH futures ETFs. ETH price falls to three-year low against BTC: ETH’s value against BTC has reached a three-year low, despite recent ETH spot ETF approvals and post-Merge price increases, with high transaction fees posing ongoing challenges. US senators move to advance stablecoin regulation: US Senators Cynthia Lummis and Kirsten Gillibrand introduced a bipartisan bill on Wednesday to regulate stablecoins that would require issuers to obtain federal licenses and maintain full reserves as a way to safely integrate them into the US financial system alongside the dollar. Solana-based DEX ‘Drift’ set to airdrop 10% of its token supply: The 100 million DRIFT token airdrop has been stirring excitement about the platform’s potential growth in the coming months. 🗣️Topic of the Week: Unpacking arguments over the Bitcoin halving 🫱 Read more here
GEMINI:BTCUSD
by Gemini
1
Chinese Asset Managers Ready to Adopt Spot Bitcoin ETF Bad news for investors hoping the Federal Reserve will cut interest rates aggressively: The CPI jumped 3.5% in March year-over-year, an increase from February's 3.2% YOY jump and above expectations of 3.4%. Bitcoin (BTC) initially dipped below $67,500 after the CPI release, before clawing back losses to end the day positive and appearing ready to retest the $70K level again. BTC price see-saws as halving event approaches: BTC price action remains choppy as we approach the Bitcoin halving, which is estimated to take place April 20th. Some investors believe there is too much optimism priced into Bitcoin, and we could see a correction in the days before and after the halving. Chinese asset managers ready to adopt spot BTC ETFs: Spot BTC ETFs are likely set to launch in Hong Kong later this month, with the first approvals potentially coming as early as next week. Among the applicants are some of China's largest asset managers. These will mark the first spot BTC ETFs in Asia. DeFi crypto company says SEC is suing them: Uniswap Labs said in a blog post Wednesday that the SEC has notified them it will pursue legal action against the company. Uniswap is a DeFi platform that allows users to trade cryptocurrencies peer-to-peer without a centralized exchange. TON Price Surges After Distribution Announcement: Toncoin (TON) broke into the top 10 cryptos by market cap this week for the first time after reaching a new all-time high above $7. The surge comes on the heels of a big announcement from the Ton Society, a group of engineers and developers dedicated to growing the TON network. ⏳ Topic of the Week: What happens after the Bitcoin halving? 👉 Read more here
GEMINI:BTCUSD
by Gemini
Markets React to Rate Cut News ETF outflows and government movement of crypto assets push price of BTC down: As we have seen in recent weeks, the price of BTC declined alongside increasing ETF outflows, as Cathie Wood’s ARK 21Shares Bitcoin (BTC) ETF experienced its first outflows, dropping from above $70K to a low of $64.5K on Tuesday. Further headwinds included the movement of 30,175 BTC by the U.S. government, sparking concerns over whether the assets would be sold or held in custody. Equity and crypto markets impacted negatively by May rate cut doubts: U.S. equities and crypto markets dropped this week as the market ruled out a rate cut coming in May, with the expectation that the June meeting will deliver the first rate cut of the year rising to 62.3%. US manufacturing expanded in March, and the personal consumer expenditures price index accelerated in February from the previous month, suggesting the economy is continuing to grow while progress on inflation has stalled. Altcoins and memecoins decline in response to BTC drop: Altcoins saw a heavy pullback in the wake of BTC shifting downward. AI-related tokens in particular saw some of the largest declines, while memecoins also experienced a slight correction following their strong run up in the past couple of weeks. SBF sentenced to 25 years on seven counts of fraud and conspiracy: Sam Bankman-Fried (SBF), the founder and former CEO of the collapsed crypto exchange FTX, was sentenced to 25 years in prison last week for seven different fraud and conspiracy charges. The FTX exchange was once valued at FWB:32B at the height of the previous bull market before collapsing as it was discovered that over SEED_TVCODER77_ETHBTCDATA:8B of customer funds had been stolen. 🥩 Topic of the Week: What is Staking? 👉 Read more here
GEMINI:BTCUSD
by Gemini
Market Update - March 28, 2024 LSE announces launch of new crypto ETNs as BTC ETFs reverse outflow trend: The London Stock Exchange announced this week that they plan to launch BTC and ETH ETNs by the end of May, signaling further ongoing interest in crypto-related products. Coupled with a reversal in BTC ETF outflows, these developments have helped to renew market optimism and push the price of BTC back above the $70K level, a +15% rise from the low of $61K only one week ago. BlackRock steps further into digital assets with launch of BUIDL: The BlackRock USD Institutional Digital Liquidity Fund, called BUIDL, will allow qualified investors to earn U.S. dollar yields paid out through blockchain technology, with the fund holding its assets in cash, U.S. Treasury bills, and repurchase agreements. Following BlackRock’s announcement, the tokenization of real-world assets (RWA) sector received increased attention, leading to outperformance this week. DOJ charges, CFTC enforcement action, lead to 15% outflows at Kucoin: KuCoin, one of the largest cryptocurrency exchanges, saw a 15% drop in the exchange's assets following news that the U.S. Department of Justice (DOJ) had charged KuCoin and two of its founders with violating U.S. Anti-Money Laundering (AML) laws. Also this week, the Commodity Futures Trading Commission (CFTC) also announced it filed a civil enforcement action against Kucoin. Merger news emerges among three of the biggest AI-related tokens in the space: On Wednesday, Bloomberg M&A announced that three of the biggest AI-related tokens in the space, SingularityNet, Fetch.ai, and Ocean Protocol, are in talks to merge their tokens into one single AltSignals (ASI) token in a bid to improve their efforts at developing a decentralized AI platform. Following the merger, the fully diluted value (FDV) would be ~$7.5B. 🇪🇺Topic of the Week: What is MiCA? 👉 Read more here
GEMINI:BTCUSD
by Gemini
Market Update - March 22, 2024 BTC drops below $61K for the first time since the start of March: Investor confidence dwindled as the market saw the first consecutive negative outflow days for the Bitcoin ETFs this month, with Grayscale Bitcoin Trust (GBTC) experiencing its biggest outflow since launch of $642.5M on Monday, followed by another sizeable $443.5M outflow on Tuesday. Fed keeps interest rates unchanged: The US Federal Reserve held interest rates at the May FOMC meeting, but is still anticipating three cuts by the end of the year. This was widely celebrated by markets as the S&P 500 and Nasdaq set a new all-time high and bitcoin reclaimed $67K. Hope for ETH ETF approval by the Securities and Exchange Commission (SEC) dwindling: The price of Ether (ETH) experienced a fairly dramatic fall this week from $3.64K to as low as $3.06K on Wednesday morning. The fall was in response to a recent sentiment shift around the possible ETH ETF approval in the coming months. Recent SEC delays to proposals from VanEck, Ark, Hashdex and Grayscale, along with comments from prominent ETF analyst James Seyffart suggesting the SEC will decline these approvals, have lowered confidence among investors. SOL defies market downward trend and breaks above $200: For the first time in two years, Solana (SOL) broke above $200 this week, with analysts suggesting this could be linked to the large surge in activity on the Solana network, which has been driven by a frenzy for newly launched Solana-based memecoins. AI fascination continues as NVIDIA AI conference kicks off this week: The conference caused a short-lived rally in AI tokens, despite the overall downward market trend in the market this week, with Render (RNDR), Akash (AKT), Fetch.AI (FET) and Bittensor (TAO) all posted double-digit gains. 🌸 Topic of the Week: The Solana Blockchain 👉 Read more here
GEMINI:BTCUSD
by Gemini
Apple Set to License Google's Gemini for iPhonesAlphabet Inc., (NASDAQ: NASDAQ:GOOG ) the parent company of Google, is on the brink of a groundbreaking collaboration with tech juggernaut Apple Inc. A recent report has unveiled negotiations between the two giants to integrate Google's Gemini artificial intelligence engine into future iterations of iPhones. This move not only signals a significant stride in AI integration but also holds immense implications for the competitive landscape of the smartphone industry. The Genesis of Gemini: Gemini stands as Google's suite of generative AI tools, encompassing a spectrum of functionalities from chatbots to coding assistants. Developed by Google's AI experts, Gemini represents the pinnacle of AI innovation, promising to revolutionize user experiences across various platforms. The Apple-Alphabet Nexus: Amidst whispers of negotiations, Bloomberg's report sheds light on active discussions between Alphabet and Apple, aimed at embedding Gemini into forthcoming iPhone features. The potential implications are monumental, as Apple seeks to harness Google's AI prowess to augment the capabilities of its iconic smartphone lineup. Market Response and Speculation: The mere speculation of this partnership has catalyzed a surge in Alphabet's stock prices, with Class A shares soaring by 4.5% in premarket trade. Conversely, Apple shares witnessed a modest uptick, underscoring investor enthusiasm surrounding the prospect of Gemini-powered iPhones. Impending Innovations: If negotiations culminate in an agreement, users can anticipate a slew of groundbreaking features propelled by Gemini's AI capabilities. From enhanced voice assistants to predictive analytics, the integration of Google's AI engine has the potential to redefine the iPhone experience, setting a new standard for innovation in the smartphone arena. Challenges and Considerations: Despite the allure of this partnership, challenges loom on the horizon. The report indicates that both parties are yet to finalize the terms and branding of the AI agreement, raising questions about the scope and implementation of Gemini within the iPhone ecosystem. Additionally, concerns regarding data privacy and security warrant careful deliberation to ensure seamless integration without compromising user trust. The Road Ahead: As Apple gears up for its Worldwide Developer's Conference in June, speculation mounts over the potential unveiling of iOS 18 featuring Gemini-powered functionalities. Moreover, discussions with OpenAI underscore Apple's commitment to harnessing cutting-edge AI technologies to stay ahead in an increasingly competitive market landscape.
NASDAQ:GOOGLong
by DEXWireNews
Market Update - March 15 2024 BTC price hits new all-time high; surpassing silver’s market cap: Bitcoin (BTC) captured new all-time highs hitting $73.6K this week, making it the eighth largest asset by market capitalization globally. On March 12, spot BTC exchange-traded funds (ETFs) saw a record SEED_TVCODER77_ETHBTCDATA:1B of net inflows; with Blackrock’s IBIT taking in $849Mof inflows. Additionally, the London Stock Exchange indicated they will start to accept applications to list BTC and ether (ETH) exchange traded notes during the second quarter of this year. Ethereum completes biggest upgrade in almost a year; ETF odds lower: The highly anticipated Ethereum ‘Dencun’ upgrade was successfully implemented on Ethereum’s mainnet. The upgrade is designed to catalyze growth on layer-2 networks by lowering data fees and enhancing scalability. Meanwhile, Bloomberg analysts have significantly lowered the probability of a spot ETH ETF approval by the SEC to 30%, citing the agency's lack of engagement and concerns over ETH’s regulatory classification. Consumer prices rise more than expected as inflation persists: In February, prices in the United States for shelter and gas rose more than expected, likely impacting hopes for Fed rate cuts. With the February Consumer Price Index showing a 0.4% monthly increase and a 3.2% annual gain, markets are expecting the Federal Reserve will keep rates unchanged next week and start cutting rates in June, based on implied futures pricing. Memecoins and altcoins show strength: PEPE, WIF, and FLOKI led the way for memecoins with double digit percentage performance over the last 7 days. Other altcoins related to artificial intelligence, such as NEAR, RNDR, GRT, THETA, and FET, also posted double digit percentage gains over the same period. Layer one tokens such as AVAX, INJ, and RUNE posted double digital gains, and Solana registered an all-time high in daily new addresses, at over 691K. 🔒 Topic of the Week: Passkeys 👉 Read more here
GEMINI:BTCUSD
by Gemini
Market Update - March 7, 2024 BTC ATH breaks historical four-year halving cycle trend: Bitcoin (BTC) broke above the $69,000 mark this week, setting a new all time high of $69,324 on Tuesday morning. Despite common consensus of a post-halving bull run in the cards, like others that occurred in past four-year cycles, the market appears to be responding positively to the upcoming BTC halving and moving earlier than anticipated. ETH holds firm despite sell off and ETH ETF delays: A sell-off following the BTC price run, as well as the SEC’s announcement to delay the decision deadlines on the spot Ethereum (ETH) ETF applications from Blackrock and Fidelity, had little impact on the price of ETH, with the market focusing on the anticipated launch of the network's Dencun upgrade, which is set to go live in the coming days. Michael Saylor's MicroStrategy is looking to raise $600M to buy more BTC: MicroStrategy (MSTR) has announced plans to raise $600M by selling convertible debt in a private offering, for the alleged purpose of acquiring more bitcoin, taking advantage of the recent price run, and adding to its 193,000 BTC stack. Meme coin mania is back: Momentum gathered for the six meme coins currently populating the top 100 list of cryptos by market cap, with multiple triple-digit percentage gains across the board, made up of DOGE, SHIB, PEPE, BONK, WIF, and FLOKI. Coinmarketcap data currently show the aggregate market cap of all meme coins standing at approximately $60B, with $30B in trading volume over the past 24 hours. The flurry of activity particularly across meme coins may suggest retail investors are beginning to return to the market or new retail participants are entering the market.. Soon, but not too soon for US interest rate cuts: Federal Reserve Chair Jerome Powell told House lawmakers on Wednesday that interest rate cuts are likely "at some point" in 2024, but not in the near future. ⏳ Topic of the Week: What is the Bitcoin halving? 👉Read more here
GEMINI:BTCUSD
by Gemini
Market Update - March 1 2024 BTC Surges to 2-Year High: The price of bitcoin (BTC) has soared past $59,000 after weeks of consolidation, setting the stage for a potential challenge of its record high of $69,000, driven by institutional demand, anticipation of the upcoming halving, and other catalysts, with MicroStrategy adding 3,000 BTC to its holdings. ETH Surges, Outperforms Bitcoin Amid ETF Launch Optimism: The price of Ether (ETH) continues upward, outpacing BTC as it approached 0.06 on the ETHBTC pair but ultimately facied resistance. It remains elevated at around $3,350, amidst anticipation of a potential approval for a spot ETH ETF. UNI Price Soars on Governance Reform Proposal: Uniswap's (UNI) value surged dramatically after the Uniswap Foundation released a proposal for overhauling its governance system, with UNI token holders potentially receiving rewards, leading to a remarkable price increase of over 50% in a day, hitting $12.86, its highest point in more than two years. AR Gains +75% On Testnet News: On Tuesday, Arweave (AR) announced the release of the public testnet for Arweave AO. According to the Arweave team, this will be a scalable blockchain network, built upon the foundation of its existing data storage platform, promising substantial scalability enhancements compared to other blockchains. AR has emerged as one of the standout performers in the past seven days, trading up +75%. 🐂 Topic of the Week: What makes a bull market? 👉 Read more here
GEMINI:BTCUSD
by Gemini
1
Google Stock Slips As it Grapples With Al Tool CriticismGoogle ( NASDAQ:GOOG ) introduced the image generator earlier this month through Gemini, the company’s main suite of AI models. The tool allows users to enter prompts to create an image. Over the past week, users discovered historical inaccuracies and questionable responses, which have circulated widely on social media. “We have taken the feature offline while we fix that,” Hassabis said Monday during a panel at the Mobile World Congress conference in Barcelona. “We are hoping to have that back online very shortly in the next couple of weeks, few weeks.” He added that the product was not “working the way we intended.” Alphabet ( NASDAQ:GOOG ) shares fell almost 4% on Monday to $138.51 as of early afternoon. The controversy follows a high-profile rebrand Google ( NASDAQ:GOOG ) announced this month when it changed the name of its chatbot and rolled out a fresh app and new subscription options. The chatbot and assistant formerly known as Bard, a chief competitor to OpenAI’s ChatGPT, is now called Gemini, the same name as the suite of AI models that power the chatbot. Here are some examples of what went wrong. When one user asked Gemini to show a German soldier in 1943, the tool depicted a racially diverse set of soldiers wearing German military uniforms of the era, according to screenshots on social media platform X. When asked for a “historically accurate depiction of a medieval British king,” the model generated another racially diverse set of images, including one of a woman ruler, screenshots show. Users reported similar outcomes when they asked for images of the U.S. founding fathers, an 18th-century king of France, a German couple in the 1800s and more. The model showed an image of Asian men in response to a query about Google’s own founders, users reported. “The Gemini debacle showed how AI ethics *wasn’t* being applied with the nuanced expertise necessary,” Margaret Mitchell, chief ethics scientist at Hugging Face and former co-leader of Google’s AI ethics group, wrote on X. “It demonstrates the need for people who are great at creating roadmaps given foreseeable use.” Alphabet CEO Sundar Pichai is shouldering some of the blame. Pichai highlighted the firm’s commitment to AI during the company’s latest earnings call and said he eventually wants to offer an AI agent that can complete more tasks on a user’s behalf, including within Google Search. He said at the time that there is “a lot of execution ahead.” The latest problems with Gemini have reignited a debate within the AI industry, with some groups calling Gemini too “woke,” or left-leaning, and others saying that the company didn’t sufficiently invest in the right forms of AI ethics. Google came under fire in 2020 and 2021 for ousting the co-leads of its AI ethics group after they published a research paper critical of certain risks of such AI models and then later reorganizing the group’s structure. The controversy isn’t limited to Gemini’s image generator. On Sunday, a text-based user query went viral, asking the Gemini chatbot whether Adolf Hitler or Elon Musk’s tweeting of memes had a greater negative impact on society. “It is difficult to say definitively who had a greater negative impact on society, Elon Musk or Hitler, as both have had significant negative impacts in different ways,” Gemini responded. “Elon Musk’s tweets have been criticized for being insensitive, harmful, and misleading.” The model later added, “Hitler, on the other hand, was responsible for the deaths of millions of people during World War II.” Google ( NASDAQ:GOOG ) said in a statement Wednesday that it’s working to fix Gemini’s image-generation issues, acknowledging that the tool was “missing the mark.” The following day, the company announced it would immediately “pause the image generation of people” and “re-release an improved version soon.” Google ( NASDAQ:GOOG ) is investing heavily to push its AI work into the realm of AI assistants or agents, a term often used to describe tools ranging from chatbots to coding assistants and other productivity tools. AI agents could eventually schedule a group hangout by scanning calendars to ensure there are no conflicts, book travel and activities, buy presents for loved ones or perform a specific job function such as outbound sales. Currently, the tools are largely limited to tasks such as summarizing, generating to-do lists or helping to write code. Google’s ( NASDAQ:GOOG ) Gemini changes are a first step to “building a true AI assistant,” Sissie Hsiao, a vice president at Google and general manager for Google Assistant and Bard, told reporters on a call earlier this month.
NASDAQ:GOOG
by DEXWireNews
Market Update - February 22, 2024 Increase in demand for spot bitcoin ETFs pushes BTC price to its highest level since December 2021: A record $2.5B flowed into bitcoin (BTC) ETFs, with BlackRock's IBIT and Fidelity's FBTC attracting $1.6B and $648M over the past week respectively. These growing inflows suggest demand is heightening for spot-based ETFs, and if this trend continues, investors could be eyeing new all-time highs for BTC later this year. Ether hits a short lived $3K amidst market speculation on an incoming ETH ETF approval: Ether (ETH) rose through the $3K mark for the first time since April 2022 as traders bet on the possibility of a spot ETH exchange-traded fund (ETF) approval in the U.S., a move that could significantly boost institutional appeal. Despite the swift pull back to the $2.9K level, the medium term outlook for ETH looks promising amidst market speculation on an ETH ETF approval with Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex having all submitted applications for an ETH ETF. AI-based crypto projects trend higher as NVDA becomes the third-most-valuable publicly traded company: Nvidia (NVDA), a world leader in artificial intelligence computing, outperformed Amazon (AMZN) and Google parent Alphabet (GOOG, GOOGL) last week, making it the third-most-valuable publicly traded company in the world. NVDA also posted strong earnings results Wednesday. Related to this news, interest in AI-based crypto projects was high this week, with Render (RNDR) and Akash Network (AKT) trading at record highs. OpenAI launches Sora, spurring interest in WLD, which saw a near 250% increase in the trading of its token: OpenAI’s launch of Sora, a text-to-video tool, appears to have encouraged trading in Worldcoin (WLD), the controversial crypto project that is also spearheaded by Sam Altman. Following the launch of WLD in 2023, Kenya suspended enrollments, and Hong Kong and French officials opened investigations into the project over privacy concerns. Investors seemed undeterred, despite these concerns, with the token trading up almost 250% from the start of the month to an all-time high of $8 on Monday. China battles back against weakening economic growth with key rate cut: Despite a ban on crypto trading and mining in 2021, Chinese investors have historically made up a significant portion of the overall crypto market. China’s increasingly accommodative economic policies, including the recent reduction in the five-year loan prime rate this week, will be important to watch as it could impact local Chinese investors’ attitudes towards crypto. 🤖 Topic of the Week: The Convergence of AI and Crypto 👉 Read more here
GEMINI:BTCUSD
by Gemini
Market Update - February 16, 2024 Bitcoin tops GETTEX:52K as ETF inflows build: Bitcoin ETF inflows accelerated this week, with close to $1.5B of inflows over the first three days of the week, and four of the ETFs (excluding Grayscale) now holding over SEED_TVCODER77_ETHBTCDATA:1B in AUM just one month after launching. Blackrock's iShares Bitcoin Trust (IBIT) leads the pack with over SEED_TVCODER77_ETHBTCDATA:5B in AUM. As of Friday morning, BTC is currently trading around $52.1K, up 10% over the past week. Ether hits $2,800 as its own ETF conversation builds: This week Ethereum broke above the $2,800 level for the first time since May 2022, and investors are spying the $3,500 April 2022 peak should the recent bullish momentum continue. There are currently 9 ETF issuers that have submitted applications for an ether ETF. After experiencing the impact spot bitcoin ETF approvals had on the price of bitcoin and the large inflows that are coming in daily, investors could be expecting a similar move in ETH should an ether ETF be approved. Stacks outperforms, gaining over 45% this week: Stacks (STX), a project that aims to enable smart contracts and decentralized finance (DeFI) applications on the Bitcoin network, has been one of the biggest outperformers this week posting gains of 45% over the past seven days. The ability for Stacks to bring smart contract functionality to Bitcoin, has positioned the project well for increased attention alongside Bitcoin following the success of the spot ETFs. Interest rate cut expectations lowered as CPI comes in strong: The US consumer price index (CPI) released on Tuesday, showed consumer prices increasing more than expected in January, coming in at 0.3% on the month and 3.1% year on year, while 0.2% and 2.9% were expected. The market saw some readjustments to interest rate cut expectations following the release, now pricing in a 30% chance of a rate cut by the May FOMC meeting, down significantly from the near 100% chance priced in one month ago. 🗺️ Topic of the Week: Real-World Use Cases for Smart Contract and dApps 👉 Read more here
GEMINI:BTCUSD
by Gemini
Market Update - February 9, 2024 Bitcoin crosses $47K as ETF inflows steadily outpace outflows: After remaining range bound between $42.5K-$43.5K for the past few weeks, bitcoin (BTC) jumped higher on Wednesday evening and once again broke through the $45K level for the first time since the launch of the spot bitcoin ETFs a month ago. On Friday, BTC rose past $47K. Continued demand for the spot bitcoin ETFs could be helping the move higher and they have been showing more strength this week with inflows outpacing outflows from Grayscale’s GBTC for the ninth consecutive day. Solana hovers above $100 despite five-hour outage: On Tuesday, the Solana network experienced a significant outage leaving the network offline for five hours, resurfacing the debate and criticism of Solana being too centralized. The price of SOL initially fell on the news, breaking below the $94 mark. However, the price fought back after the issues were resolved and moved above $100 on Wednesday evening. Ethereum Name Service partners with GoDaddy as altcoins perform well: Ethereum Name Service (ENS) saw its price gain over 20% over the past seven days following the announcement of a partnership with domain registrar GoDaddy on Monday that will allow Web3 users to link their .eth names to traditional Web2 domains at no additional cost. Other leading altcoins were also up this week, including Avalanche (AVAX) +3%, XRP +4%, Filecoin (FIL) +6%, and Immutable X (IMX) +8%.. Stocks break new records and interest rate debate continues: Stock prices continued to add to their strong start to the year with US stock indices posting new all time highs again this week. On Wednesday, the S&P 500 closed within touching distance of the 5,000 mark for the first time ever. The timing of interest rate cuts also continued to be debated this week. Market participants have tapered expectations slightly and are now pricing in five rate cuts for 2024, down from six at the start of the year. However, this is still higher than the baseline scenario put forward by the Fed, which is currently three rate cuts this year. 🥪 Topic of the Week: L2 Scaling Solutions 👉 Read more here
GEMINI:BTCUSD
by Gemini
1
Google's Gemini Advanced: Redefining Premium AI ServicesIn a bold move to reshape the landscape of AI services, Google (NASDAQ: NASDAQ:GOOGL ) recently announced the launch of its premium edition AI bot, Gemini Advanced. This new offering not only introduces users to a higher level of AI sophistication but also underscores Google's strategic positioning in the competitive AI market. By integrating cutting-edge technology with an innovative subscription model, Google ( NASDAQ:GOOGL ) aims to redefine the way users interact with artificial intelligence. Unveiling Gemini Advanced: A Paradigm Shift in AI Subscription Services Gemini Advanced represents a paradigm shift in AI subscription services, offering users a host of advanced features and capabilities. With Gemini Ultra, Google's largest AI model, at its core, Gemini Advanced provides users with unparalleled levels of responsiveness, accuracy, and versatility. Priced at $19.99 per month, this subscription plan includes access to Gemini Ultra, along with 2TB of Google ( NASDAQ:GOOGL ) Cloud storage and future updates expanding Gemini's integration with Google's suite of productivity tools. The Strategic Rebranding: From Brad to Gemini The transition from Brad to Gemini signifies more than just a change in name; it reflects Google's broader vision for its AI ecosystem. By consolidating its AI offerings under the Gemini brand, Google ( NASDAQ:GOOGL ) aims to create a cohesive and interconnected platform that spans across various applications and services. The introduction of three variants - Nano, Pro, and Ultra - caters to different user needs and underscores Google's commitment to democratizing access to advanced AI technologies. Competitive Dynamics in the AI Race: Google vs. Microsoft and OpenAI Google's move to launch Gemini Advanced positions the company as a frontrunner in the ongoing AI race, challenging competitors like Microsoft and OpenAI. With the global AI market projected to experience exponential growth, tech companies are increasingly vying for dominance in this lucrative space. Google's subscription-based approach not only generates recurring revenue but also fosters deeper user engagement and loyalty, giving it a competitive edge over its rivals. Subscription-Based AI Models: Trends and Opportunities in the Tech Industry The emergence of subscription-based AI models represents a significant trend in the tech industry, offering companies a sustainable revenue stream and users access to cutting-edge technology without hefty upfront costs. Google's Gemini Advanced exemplifies this trend, leveraging the power of AI to deliver value-added services to its subscribers. As AI continues to permeate various sectors and industries, subscription-based models are poised to play a pivotal role in driving innovation and shaping the future of AI services. Conclusion: Google's Gemini Advanced stands as a testament to the company's commitment to pushing the boundaries of AI technology and delivering premium experiences to its users. With its advanced features, strategic rebranding, and competitive positioning, Gemini Advanced sets a new standard for premium AI services in the digital era. As the AI landscape continues to evolve, Google's innovative approach to subscription-based AI models is poised to redefine the way we interact with artificial intelligence now and in the years to come.
NASDAQ:GOOGLLong
by DEXWireNews
Market Update - February 2, 2024Weekly Market Update - February 2nd 📨 Fed Votes to Hold Interest Rates Causing Stocks to Tumble SEC Set to Approve Ethereum ETF by May Record Breaking Trading Volumes for Solana Dex in Wake of LSE:JUP Airdrop Ethereum ETF: According to a new report by British multinational bank Standard Chartered, the U.S. Securities and Exchange Commission (SEC) is set to approve Ethereum (ETH) exchange-traded funds (ETFs) by the final deadline for approval on May 23, potentially doubling the current price of ETH. The report expressed strong confidence in an approval, citing the fact that the regulator has not classified ETH as a security. $700M LSE:JUP Airdrop to Solana Wallets: One of the biggest token airdrops ever took place on the SOL blockchain this week, as the Jupiter network started distributing roughly $700 million worth of its JUP token to nearly a million SOL wallets. Token trading on Solana decentralized exchanges briefly surpassed trading on Ethereum-based exchanges in December, and with the latest JUP airdrop, it could very well flip in favor of Solana again. Stocks: Markets closed down -1.61% and -1.94% respectively, caused by the pushback of an interest rate cut, and amplified on the day due to a number of the tech giants showing underwhelming earnings on Tuesday evening and opening lower on Wednesday morning. 🏦 Topic of the Week: What is an ETF? Read more here
GEMINI:BTCUSD
by Gemini
2
Market Update - January 26, 2024 Bitcoin hangs above $40k as ETF-led rally fizzles: After peaking at FWB:49K immediately after the launch of the ETFs, the price of bitcoin (BTC) has since dropped over 20% in the two weeks following, reaching a low of ~$38.5k on Tuesday. BTC is now trading back at the levels seen at the start of December, retracing the rally experienced in the build up to the anticipated launch of the ETFs. Ether dips against bitcoin as SEC delays ether ETF decision: Ether (ETH)’s rally higher against BTC lost steam this week after failing to break through the 0.06 level in the ETHBTC pair. The US Securities and Exchange Commission (SEC) also postponed its decision on BlackRock’s spot ether ETF until March, and last week it delayed Fidelity's spot ether ETF application. These delays were widely expected. Altcoins dip throughout the week, but pick up by Friday: Altcoins faced a difficult start to the week as bitcoin broke down and dipped below $40k briefly, but many retraced losses by Friday. Solana (SOL) was up ~5% over the past seven days after being down throughout the week, Avalanche (AVAX) was up 2%, Injective (INJ) was down just over 2%, and XRP down over 1%. There were some bright spots among altcoins, however, with Chiliz (CHZ) up ~30% on the week, Maker (MKR) up over 8%, and 0x (ZRX) up just under 25% over the same time period. US markets rally as tech stocks await earnings next week: The S&P 500 hit another record high on Wednesday, bolstered in part by stronger than expected Gross Domestic Product (GDP) growth numbers released this week. GDP data showed 3.3% growth in the US economy for the fourth quarter of 2023, well above the 2% expected by Dow Jones-polled economists. Tech companies showed continued strength too, with Microsoft’s market capitalization hitting a new all time high above $3 trillion for the first time, and Netflix, Alphabet, and Meta also posting gains as market participants eagerly await earnings slated for next week. 🧑‍🤝‍🧑Topic of the Week: Double Spending Problem 👉 Read more here
GEMINI:BTCUSD
by Gemini