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AI (artificial intelligence) tokens were one of the most promising assets in the cryptocurrency market at the beginning of 2023. One of the major drivers of this was the launch of ChatGPT – an AI-based chatbot – in late 2022, which propelled some AI-related cryptocurrencies to substantial gains.
However, the interest in this set of cryptocurrencies appears to be cooling, with data research firm Kaiko revealing a significant decline in trading activity for the AI-related tokens.
Lowest Weekly Trading Volume For AI Tokens
AI-related tokens registered their lowest weekly trading volume since January 2023, according to a recent data report from Kaiko. In this report, the research platform looked at the trading volume of six of the top seven AI tokens, including FET, INJ, ROSE, AGIX, RNDR, and GRT.
Source: Kaiko/Twitter
This notable decrease in trading activity suggests a decline in attention from investors since the AI token frenzy peaked in January. And this appears to be reflected in the price performances of many AI-related cryptocurrencies.
The Graph (GRT), the largest AI token in the market, was one of the top gainers at the start of 2023, surging by roughly 122% to reach a yearly high of $0.2323 on February 7. However, the price of the GRT token has since plummeted, with a 51% decline from the 2023 peak.
Can ChatGPT & OpenAI Do It Again?
As mentioned earlier, the surge of interest in AI tokens was partly driven by the launch of ChatGPT. However, there has not been a similar effect on the AI and big-data crypto economy following the launch of Sam Altman’s Worldcoin project and WLD token.
On July 24, 2023, Altman, the CEO of OpenAI – the artificial intelligence company behind ChatGPT – rolled out his crypto product, releasing the World ID development kit and the WLD token.
The WLD token soared more than 85% to reach an all-time high of $3.3 on the day of launch, according to CoinGecko data. However, the cryptocurrency’s price has declined by over 31% since hitting this peak.
Although there has been enthusiasm around the launch of Worldcoin, the project – especially its technology – has also been met with some skepticism. Notably, Ethereum co-founder Vitalik Buterin voiced his concern over the project’s iris-scanning hardware and biometric data collection practices.
Meanwhile, Worldcoin looks set to face some regulatory scrutiny, with the UK’s data regulator Information Commissioner Office (ICO) already making inquiries. France’s privacy regulator CNIL has also questioned the legality of the project’s biometric data collection.
While the Worldcoin project and the WLD token seem to be gaining some traction at the moment, it remains to be seen how they will impact the AI and big-data crypto economy. As of this writing, the WLD token changes hand at $2.27, with a 6.8% price increase in the past day.
WLDUSD trading at $2.262 | Source: daily WLDUSD chart from TradingView
Featured image from iStock, chart from TradingView
The enduring allure of XRP, despite market volatility, may be evidence of its continued relevance, as it has continued to attract the interest of traders and investors equally.
Even as the dust settles after Ripple’s recent victory jubilation, the cryptocurrency market remains keen on XRP. Kaiko, a provider of market data on digital assets, reports that the open interest ratio on XRP futures trades on prominent exchanges remains quite impressive.
Recently, the crypto market has experienced a pervasive price reversal. Despite the pullbacks, traders’ interest in the Ripple cryptocurrency remained remarkably high, according to Kaiko.
At the time of writing, XRP was in the red in all timeframes, trading at $$0.712, down a measly 0.02% in the last 24 hours, and a considerable 8.4% in the last seven days, data from crypto market tracker Coingecko shows. Given these numbers, XRP is still able to shine in another key department.
XRP in crimson in all timeframes during the weekend. Source: Coingecko
XRP Community Remains Upbeat About The Crypto
Kaiko shows that across numerous markets, XRP’s volume-to-open interest ratio is consistently higher than the median value. This reliability suggests that the XRP coin is actively traded in a healthy market. This percentage is significantly greater than the market average, indicating strong liquidity and sustained interest from traders and investors.
On prominent exchanges, the volume-to-open-interest ratio is also used to measure trading activity. When the interest metric is high, it indicates that more purchasers and sellers are willing to trade the token, which indicates speculative interest. A favorable volume-to-open interest ratio could be a signal for market participants to trade in such a token.
Ripple’s popularity on social media, as assessed by Santiment, has increased dramatically over the previous two months, reflecting the excitement surrounding the cryptocurrency. Its social dominance increased dramatically in late May and early June, peaking at over 4%.
Source: Santiment
Ripple had just roughly 2% of the social market share at the time this story was published. Despite the fact that this number may appear tiny, it demonstrates that the cryptocurrency has a significant presence and impact in the crypto community as a whole.
Despite the fact that Ripple appears to be a minor topic of discussion, it has managed to stand out as a formidable contender, attracting the attention of enthusiasts and experts alike and causing them to discuss it.
XRP market cap currently at $37 billion. Chart: TradingView.com
In the ever-evolving world of cryptocurrencies, where numerous digital assets vie for attention and recognition, Ripple carved out a useful niche for itself, influencing discussions about blockchain technology and financial innovation.
Strong Social Footprint
Even though Ripple must contend with other well-known cryptocurrencies, the fact that it has maintained a strong social presence indicates that it has a large number of supporters and investors.
Meanwhile, the loss of nearly 10% of XRP’s value over the past week appeared insignificant to some speculators. Based on figures from Santiment, the funding rate for cryptocurrencies was 0.1%. A positive reading of the funding rate indicated favorable sentiment on average.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Times Tabloid
French privacy regulator CNIL has initiated a probe into Worldcoin over concerns that its data collection and storage practices may not be entirely legal, Reuters reported on July 28.
The watchdog is collaborating with its German counterpart as the latter directly oversees the project as its primary European regulator.
The CNIL told the newswire:
“The legality of this collection seems questionable, as do the conditions for storing biometric data.”
The project is also under investigation in the U.K. for similar reasons.
Worldcoin Foundation told CryptoSlate via email:
“The Worldcoin Foundation complies with all laws and regulations governing the processing of personal data in the markets where Worldcoin is available, including the General Data Protection Regulation (GDPR).”
The foundation added that Worldcoin is under the supervision of the Bavarian State Office for Data Protection Supervision (Bayerisches Landesamt für Datenschutz) in Europe and is committed to working with regulators around the world to ensure it remains fully compliant.
Orbs
Worldcoin recently launched its token and the so-called “Orbs” — devices used to scan eyes — on July 24 to collect willing participants’ biometric iris data. People who scan their eyes through the orb get a unique Worldcoin ID and 25 Worldcoin tokens.
Worldcoin founder Sam Altman claimed the project is onboarding roughly eight users per second through the orbs as of July 27.
The project launched 1500 orbs in multiple major cities around the world, including in the U.K., France, and Germany. However, the orbs and the coin have not been launched in the U.S. for now due to a lack of regulatory clarity.
Worldcoin Foundation said it will focus on increasing the orbs in jurisdictions more welcoming toward the crypto industry than those still on the fence.
The project has been gaining steam throughout the second quarter, and the coin’s launch has been well received by most of the crypto community despite the privacy and data concerns around the project.
Meanwhile, network activity has surged since the launch, with transactions hitting an all-time high of 944,668 in a single day on July 27, according to Etherscan data.
The post French authorities launch probe into Worldcoin over data collection practices appeared first on CryptoSlate.
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Billionaire investor Mark Mobius confirmed all of his money is outside the US.
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That’s because he’s so bullish on emerging markets, he told CNBC.
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Mobius said he is focusing his investments on Taiwan, South Korea, and India.
Billionaire investor Mark Mobius confirmed he has no US investments, saying he is bullish on emerging markets in Asia.
“I’m all international and emerging markets in particular,” the Mobius Capital Partners founder said in an interview with CNBC on Thursday.
Mobius said he is focusing his investments in Taiwan, South Korea, and India. But he sounded more cautious on China, saying he is looking at Hong Kong-listed companies because they have attractive valuations.
He added that the world’s second-largest economy is still going through a “tremendous adjustment” that will make it “very difficult for many companies.”
Companies in countries like Korea are also exposed to China as they export to customers there, and are looking to diversify to reduce their dependence on China, Mobius said.
As a result, he is looking for companies that have found alternative markets, while acknowledging that Korean and Taiwanese companies would have trouble completely cutting off their exposure to China.
“We want companies that have been diversified internationally, and we’re finding a number of these companies with incredible technology so they’re able to diversify their investor base,” he said.
Mobius previously cautioned investors on China, as he was unable to withdraw his funds from his Shanghai HSBC account due to the government’s capital controls. But he later said those issues were resolved.
And while some observers have expressed concern over potential conflict between China and Taiwan, Mobius believed tensions were unlikely to boil over anytime soon.
Any attack delivered on Taiwan would likely face resistance from the US, and China’s economy is dependent on US markets, he said.
Mobius has also turned more bullish on India, as companies like Apple are shifting towards India in order to diversify their business away from China. India’s population of 1.4 billion is also larger than China’s, and its GDP is growing at a rate of 7% a year. Those factors can help the nation become a significant supply base in the future, he said.
In Korea, Mobius was enticed by the nation’s impressive technological developments, pointing to one company he invested in that’s developing machines to smooth over wrinkles.
Other Wall Street commentators have turned optimistic on emerging market investments as financial conditions tighten in the US. Emerging markets could top the US in the global stock market starting in 2030, Goldman Sachs estimated. Meanwhile, the MSCI Emerging Markets exchange traded fund has risen 10% this year.
Read the original article on Business Insider
Jason Lowrey, the author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin, has withdrawn his book from public access, prompting speculation among readers and academics alike. The work, which was presented as a thesis to the System Design and Management Program at MIT in February 2023, has additionally been removed from the MIT library’s inventory.
Lowrey did not disclose reasons for this action other than to say that he was directed to remove the text from circulation. He wrote on Twitter: “For those asking what’s been going on w/me, I was ordered to take SOFTWAR down & asked to stop talking about the subject publicly. Can’t talk details but things are good & I’m working hard behind the scenes. Appreciate the kind words.”
Proof-of-work in national security
Softwar examines Bitcoin’s proof-of-work technology in the context of national security, proposing an innovative theoretical framework for considering Bitcoin’s potential strategic influence as an electro-cyber security instrument instead of viewing it strictly as a financial technology. The book posits Bitcoin as a potentially transformative tool for national security and power projection within the digital realm.
Critical reviews commended Lowrey’s fresh viewpoint, which suggested that the landscape of modern warfare is evolving towards non-physical, non-kinetic forms. Under this framework, Lowrey proposes that Bitcoin, through its proof-of-work consensus mechanism, could provide a formidable mechanism for power projection within the cyber realm, thus bolstering cybersecurity. Lowrey’s analysis emphasized Bitcoin’s potential not only as a financial technology but also as a security asset capable of protecting sensitive data and deterring cyberattacks by implementing physical costs on assailants.
The thesis, supervised by Joan Rubin, Executive Director of the System Design & Management Program, stressed the potential of Bitcoin’s proof-of-work technologies to function as a novel type of electro-cyber power projection tool. This groundbreaking idea, which he dubbed “softwar,” was considered to hold transformative potential for national strategic security in the 21st century.
The abrupt and unexplained removal of “Softwar” from the public sphere has created a cloud of unanswered queries. Lowrey’s cryptic tweet has further intensified the enigma. His innovative approach to Bitcoin and cybersecurity had begun to resonate, and his work’s disappearance from the public eye has left a palpable gap in the ongoing discussion.
At press time, Softwar had been removed from Amazon, Google shopping listings, Thriftbooks, and other major booksellers, as well as from the MIT Press site. It is still available for online viewing through the Air University library system.
The post Jason Lowrey’s book on the strategic significance of Bitcoin removed from circulation and MIT library for unknown reasons appeared first on CryptoSlate.
Cardano (ADA) has been at the forefront of network development over the last few months. This continued commitment to further development on the blockchain has led to the network hitting multiple new milestones. However, the price of ADA has remained stagnant, so what’s going on?
Latest Achievements For Cardano
The year 2023 has been a good year for the Cardano network so far as it has celebrated multiple achievements during this time. The first of these is the fact that the Cardano network has recorded one of the longest uptimes of any blockchain in the space.
Cardano has recorded a continuous uptime record of 2,131 days as of July 28, which means that the network has not had an outage in almost six years. This achievement points to the sound technology behind the blockchain, in comparison to competitors such as Solana which has been characterized by multiple outages since its launch.
Cardano has a current UPTIME of 2129 days exactly.
That’s 5.83 YEARS with NO downtime.Built to last, an uptime the largest service providers in the world cannot & will never come close to challenging.
Research Wins. We are Cardano. Choose Cardano. 🙌👏@IOHK_Charles @Cardano…
— Dave 🧑🚀💽 🐋 (@beaumont_dvd) July 26, 2023
Another achievement for the network has the consistent development taking place. Cardano has consistently ranked among the top 3 ecosystems when it comes to development and this time around has been no different.
ADA price trending at $0.31 | Source: ADAUSD on TradingView.com
According to data from the on-chain tracker Santiment, the network is number 3 on the list of assets with the most developments over the last 30 days. This puts it behind only Polkadot (DOT) and Kusama Network (KSM), both of which emerged 1st and 2nd, respectively. This placement also puts Cardano ahead of its largest competitor Ethereum in terms of development.
🧑💻 Top 10 #crypto assets by development activity: notable #github commits, past 30 days:
T1 @Polkadot $DOT
T1 @kusamanetwork $KSM
3 @Cardano $ADA
4 @dfinity $ICP
5 @hedera $HBAR
6 @vegaprotocol $VEGA
7 @ethstatus $SNT
8 @cosmos $ATOM
9 @Ethereum $ETH
10 @decentraland $MANA pic.twitter.com/SnWDQf5a3y— Santiment (@santimentfeed) July 27, 2023
But Why Is ADA Not Reflecting The Achievements?
Usually, when a network such as Cardano is recording such achievements as it has, it is reflected in the price of its native in the form of a rally. However, there has been no such performance from ADA. Rather, the altcoin has been shedding its gains since June.
The problem may not be from ADA and might stem from the fact that the crypto market just reverted into another bear market trend. As a result, the broader market has been following the movement of Bitcoin, which on its own has reversed toward the low $29,000s.
Given Cardano’s developments, if the market were to resume its rally, then ADA may emerge as one of the top performers. This would stem from the positive sentiment surrounding the token due to its significant achievements.
Meanwhile, ADA is still performing well on a broader scale. At its current price, the digital asset’s price is up over 40% from its June lows, and ADA holding a good chunk of these gains shows that demand is rising to meet supply, thereby steadying the price.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
The United States Securities and Exchange Commission’s (SEC) Commissioner Hester Peirce questioned why the regulator wants to discourage good-faith efforts to provide more transparency for the cryptocurrency industry in a July 27 tweet.
Peirce was reacting to a statement from the SEC chief accountant, Paul Munter, who warned that accounting firms acting as performing “audit” duties for crypto firms risk censure or suspension if their findings are misrepresented.
While Peirce conceded that crypto firms and their accountants should be clear on proof of reserve, she argued that the regulator should not discourage good-faith efforts to provide more transparency to the crypto scene.
SEC’s warning to accounting firms
According to a July 27 statement, Munter stated that any accounting firm whose clients make “material misstatements” about its “audit” scope risks legal liabilities, and it could be implicated in the antifraud provisions of the federal securities laws.
Munter wrote:
“As accounting firms increasingly engage in this sort of non-audit work, their clients’ marketing and terminology risks misleadingly suggesting that these alternative, non-audit arrangements are at parity with, or even more “precise” than, a financial statement audit. Such suggestions are false. Non-audit arrangements are neither as rigorous nor as comprehensive as a financial statement audit, and may not provide any reasonable assurance to investors.”
Munter stated that an accounting firm that becomes aware that a client has made misleading statements about the nature of its non-audit work “should consider making a noisy withdrawal, disassociating itself from the client, including by way of its public statements, or, if that is not sufficient, informing the Commission.”
The regulator’s accountant further advised accounting firms to maintain independence to bolster the integrity of the financial reporting system.
Following FTX’s collapse last year, several crypto firms immediately introduced a proof-of-reserve scheme that showed evidence of their crypto holdings. However, the system soon generated much criticism after several auditors, including Mazars and Armanino, dropped their crypto clients after the efficacy of their reports was questioned.
The post SEC commissioner Hester Peirce calls watchdog’s public accounting warning into question appeared first on CryptoSlate.
Worldcoin and its native token WLD have been taking the attention of crypto investors, according to recent data from Coingecko. The project recently announced its worldwide launch inviting users to “visit the orb” and receive rewards by onboarding the platform.
WLD has doubled its value from its launch on July 24th, when the cryptocurrency was trading at around $1. The token rose to $2.19 the following week and has been moving sideways since amid a surge in controversy from different angles.
Worldcoin (WLD) Leads Crypto Tendencies
In addition to WLD, Coingecko shows that Bitcoin (BTC), Unibot (UNIBOT), Chainlink (LINK), HarryPotterObamaSonic10Inu, and Pepe Coin (PEPE) have been trending along with other tokens. Bitcoin remains the leader on this chart despite the crash in the BTC.D chart.
This metric gauges the percentage of the crypto total market cap comprised solely of Bitcoin’s market capitalization. Often, when the chart trends to the upside, altcoins, such as Worldcoin (WLD) and PEPE, experience a drop in their prices and vice versa.
In that sense, WLD’s launch came at a favorable time for small tokens. The project has promised a reward for every user willing to scan their eyeballs with one of the devices scattered around different countries.
Thus, sparking controversy about their practices from the crypto community and regulators, some of which are already looking into the project’s legitimacy.
Via his Twitter (X) account, Adam Cochran wondered if the hype around WLD is organic or fabricated by a marketing strategy. Cochran wrote:
So either Worldcoin, or some group of Orb operators are legit paying plants to stand in line at orbs both for videos and to create demand for the orbs. Got pinged by an old marketing firm friend who does field event marketing, who was asking if Worldcoin is legit.
PEPE Leads Trends In The United States
While WLD took over the global attention in the nascent sector, PEPE Coin is still the king of the top trending tokens in 2023. Research conducted by Marketplace Fairness indicates that the token has been trending across 23 of the 50 states in the U.S., including Florida, California, and Texas.
The cryptocurrency was launched a few months ago but has already garnered more interest than Cardano (ADA), XRP, Litecoin (LTC), Dogecoin, etc. Most of these tokens only trended in 2 of the 50 states in the U.S. in 2023.
Thou shalt not use my dad’s image in vain.
Former-Liberty University president Jerry Falwell Jr., who resigned in 2020 amid a sex scandal, has filed a trademark infringement suit against the Christian college claiming it has been using the image of the school’s founder, his late father, without permission.
The suit, filed in federal court in Virginia, is the latest salvo in an ongoing-legal battle between the younger Falwell and the university since he was pushed out following allegations involving his wife and a Miami pool boy that scandalized the private, evangelical institution.
Earlier this year, Falwell, who had run the Virginia-based university since his father’s death in 2007 until 2020, filed a suit against the school claiming they owed him $8.5 million in retirement benefits. He had previously filed defamation and breach of contract suits against the university. The school has similarly filed a breach of contract and fiduciary suit against Falwell.
The most recent suit alleges that the school has pressed forward since Falwell’s removal with plans to build a $35 million Jerry Falwell Center in homage to his father, who founded the school in 1971.
Plans for the building include an engraving of the elder Falwell’s signature at the entrance, a hologram tour featuring his likeness and quotes from him emblazoned on the walls.
The younger Falwell says that a trust controlled by him and his siblings holds the trademark to his father’s name, intellectual property and likeness, but that the school has continued to use them without the family’s permission.
Calling it “an ostentatious Disney-esque shrine,” the younger Falwell accused the school of ignoring the family’s request to enter into a licensing agreement.
“I asked the university to stop improperly using my father’s intellectual property and sent the university leadership a proposed license agreement that would cover the Jerry Falwell Center, assuming there was meaningful consultation with the family about the use of my father’s intellectual property,” he said in a statement. “Unfortunately, they chose to continue using it without authorization, and in an undignified manner that seems to attempt to aggrandize and deify my father in a fawning way that he would never have wanted or approved.”
A spokesman for Liberty University said in a statement that the school is “confident it will ultimately prevail in this case and will be able to maintain its use of the name of its founder.”
“This lawsuit is in response to a specific request by Mr. Falwell, one trustee of the Falwell Family Trust, for the university to pay $7 million dollars for his permission to continue to use the name of Liberty’s founder for the next four years,” the spokesman said. “Included in his demand is the expectation that, in effect, former president Falwell would also have total editorial control of Liberty’s use of the name of Liberty’s founder. The university declined the request; so, this lawsuit was filed by Mr. Falwell.”