Day: May 16, 2023

Crypto bank runs in 2022 catalyzed by institutional withdrawals: Research

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The 2022 crypto bank runs — caused by the failure of multiple ecosystem giants — have had a lasting impact on the crypto industry. A new research report from the Federal Reserve Bank of Chicago (FRBC) has identified several key factors and catalysts that accelerated last year’s crypto crisis. The report identified that withdrawals by crypto whales and large account holders on centralized exchanges, including some key institutional accounts, created a liquidity crisis that eventually led to the bank run. Total withdrawals on crypto platforms in 2022. Source: FRBC The first crisis…

ChatGPT Creator OpenAI to Launch New Open-Source AI Model This Week

Along with announcing a new open-source model, OpenAI has shared new features that ChatGPT Plus users will be able to try as soon as this week. OpenAI Inc, an artificial intelligence (AI) research and deployment company that created the AI chatbot ChatGPT, is reportedly preparing to release a new open-source language model. According to those familiar with the matter, the AI model is expected to be introduced to the public this week. It will not compete with the existing ChatGPT product, but it will definitely contribute to the progress in AI development. An open-source…

Japan Is Biggest Victim of North Korean Crypto Hacks

Japan alone lost at least $721 million to these attacks within 5 years. Blockchain analytics firm Elliptic has published a study report of crypto hacks linked to North Korea. According to the report, Asia may be the favorite target in the world for these hackers. The research found out that three out of four top victims of the so-called Hermit Kingdom’s hackers are from countries within the Asian region, and that Japan is the biggest victim of these hacks. Japan Loses $721 Million to North Korean Crypto Hacks Japanese financial…

Bitcoin-Ether Correlation Hits Lowest Level Since 2021, Hints at Regime Change in Crypto Market

Ether, in the past, has decoupled from bitcoin for brief periods. The latest weakening of correlation may be long-lasting, meaning bitcoin, the world’s largest and most liquid digital asset, may no longer anchor ether and the broader market, according to Pulkit Goyal, Vice President of trading at OrBit Markets, an institutional liquidity provider of options and structured derivatives in digital assets. Source

EU Gives Green Signal to Microsoft $69B Acquisition of Activision Blizzard

European Commission stated that Microsoft is offering remedies to allay competition concerns allowing consumers to stream the titles on any cloud computing platform of their choice.  On Monday, May 15, the regulators of the European Union approved the long-awaited $69 billion acquisition of gaming giant Activision Blizzard by Microsoft. The European Commission, which is the executive arm of the EU stated that Microsoft has offered remedies in the area of cloud gaming which has been currently marred with antitrust concerns. These remedies will allow users to stream Activision games that…

Amazon Narrows Down on AI with New Job Listings to Compete with Microsoft and Google

Amazon specified that it is interested in candidates who can develop cutting-edge ML solutions for mass adoption. The supremacy battle for the best Artificial Intelligence (AI) and Machine Learning (ML) ecosystem has pushed the fourth most popular site in the United States Amazon (NASDAQ: AMZN) to advertise new jobs focused on this field. One of the job descriptions is the Sr SDE, Machine Learning (ML) for Amazon Search. For this job advertisement, the company is seeking a candy with more than five years of programming with at least one software programming…

‘The Big Short’ Investor Michael Burry Bets Big on Regional Banks amid Ongoing Crisis

Burry increased his stakes in several regional banks in Q1, including NYCB, PacWest, Western Alliance, and First Republic. Hedge fund manager and investor Michael Burry added new positions in several regional banks during the first quarter, regardless of the sector’s gross underperformance. Burry’s increased investment position in the sector contradicts the prevailing investor convention as many others have fled the scene due to the ongoing banking crisis that has undermined the financial sector. The hedge fund manager’s move underscores his faith in the banking sector amid a tumultuous period. Following…

Bitcoin Cash enables CashTokens upgrade on its network

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The Bitcoin Cash (BCH) network underwent a major upgrade, allowing developers to create tokens with the same properties as BCH. These are called “CashTokens,” and they can be issued by anyone using the network.  The network successfully upgraded the blockchain at the BCH block height of 792,772. According to BCH developer Jason Dreyzehner, the new upgrade includes support for CashTokens, which the developer believes to be a “tool for expanding financial access.” The upgrade also includes other features like future-proof multiparty vaults and technical improvements for transaction validation. Congrats on…

Iraq Issues Ban on US Dollar Transactions to Bolster Usage of Iraqi Dinar – Economics Bitcoin News

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The government of Iraq issued a ban on using the U.S. dollar for conducting business transactions on May 14. The ban, which is already in effect, is designed to bolster the usage of the Iraqi dinar, the fiat currency of the country, and to reduce the influence of the dollar and its exploitation in black markets. Iraq Issues Ban on U.S. Dollar-Based Transactions The Iraqi Ministry of Interior has issued a ban on using the U.S. dollar for conducting personal and business transactions in the country. According to local reports,…

EU’s MiCA Crypto Legal Framework Inches Towards Law With EU Council Finance Ministers’ Sign-Off

MiCA requires crypto firms such as wallet providers and exchanges to seek a license to operate across the bloc, and stablecoin issuers to hold suitable reserves. Its main features were politically agreed in June, but it’s been subject to administrative hold-ups. Major provisions take effect just over a year after it’s published in the bloc’s official journal, which is now likely in June or July. Source