Month: May 2023

No ETH to trade? Ethereum exchange balance drops to a 5-year low

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The balance of available Ether (ETH) across crypto exchanges dropped to a five-year low on May 26, bringing the total amount of Ether held on exchanges to 17.86 million. A drastic decline in the exchange supply of ETH like this has not been seen since April 2018. According to Glassnode data, only 14.85% of the total Ether supply is currently held on centralized exchanges, compared with the 25–26% of supply held during the 2021 bull run. The decline in Ether exchange balances. Source: Glassnode The drop in ETH supply began…

Nike NFT Sale Surmounts Technical Issues to Hit $1 Million in Revenue

Although the first round was originally proposed to last for only two days, technical glitches and delays caused it to drag through nine days. Technical issues and unprecedented delays could not deter Nike NFT, OF1 collection, from setting mind-blowing records with its highly-anticipated sale. This follows after the NFT sale, which began just over a week ago, is reported to have officially raked in over $1 million. Debuting on Nike’s .SWOOSH Web3 platform, Our Force 1 (OF1) collection began selling on May 15. That was about a week later than…

TikTok Joins Conversational AI Race, Now Trialing Tako In-App

Despite the future fears being nursed, TikTok said it is still building out the responses and feedbacks from the AI. TikTok, the short video content social media offshoot of Chinese technology firm ByteDance is reportedly conducting test trials for its in-app Artificial Intelligence (AI) chatbot named Tako. As reported by TechCrunch, the public became aware of the testing through AI intelligence firm Watchful.ai after which they were also confirmed by TikTok. The development of user friendly artificial intelligence chatbot is becoming a major push for platforms around the world today.…

Bitcoin reaches ‘decision point’ — 4 BTC price metrics to watch

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Bitcoin (BTC) has reached a “decision point” for price action, but speculators are in charge, says a new analysis. In findings uploaded to Twitter on May 26, Checkmate — lead on-chain analyst at Glassnode — revealed a BTC price showdown in the making. Analyst warns Bitcoin bulls “not doing anything” Struggling near key trend lines, BTC/USD is giving an increasing number of long-time market participants cold feet this month. As downside price predictions flow in, on-chain analysts’ attention increasingly focuses on short-term holders (STHs) when it comes to where the…

Former Director of Listing of Crypto Exchange Coinone Acknowledges South Korea Bribery Charges: Report

“Mr Jeon,” Coinone’s former director of listing, was accused of receiving nearly 2 billion won ($1.51 million) in return for listing virtual assets such as “Furiever Coin,” which was listed exclusively on the exchange, and has since been linked to a kidnapping and murder investigation in the Gangnam district in Seoul. Jeon’s broker, known as “Mr Ko,” is accused of facilitating the listings. Source

Chinese city releases policy draft for metaverse industry development

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On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region. As part of the initiatives, the municipal government will establish a dedicated fund worth 10 billion yuan ($1.42 billion) to foster growth and development in the industry. Per the government draft, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). The companies will also qualify for other benefits, including…

OpenAI’s ChatGPT New App Clocks Over 500K Downloads in Less Than One Week

The OpenAI’s ChatGPT app has integrated Whisper, an open-source speech-recognition system, to enable voice inputs. The rise of OpenAI’s ChatGPT in the Artificial Intelligence (AI) market is to a great extent unrivaled. Already, the AI research company has unveiled a remarkable application, currently running on iOS products, to help its customers access the products seamlessly. Having been in the market for about six days, the ChatGPT app on iOS has ostensibly been downloaded by more than 500K users. As a result, the new ChatGPT app outperformed other developers’ YTD, despite…

OpenAI launches grant for AI democratic governance project

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OpenAI, the parent company of the artificial intelligence chatbot ChatGPT, has launched an initiative to bring more democratic input to AI development.  In the official announcement on May 25, the company said it is preparing to award 10 grants worth $100,000 each toward experiments in setting up a “proof-of-concept,” democratic process for determining rules for AI systems to follow. According to OpenAI, the rules should be “within the bounds defined by the law” and should benefit humanity. “This grant represents a step to establish democratic processes for overseeing AGI and,…

Crypto fintech Unbanked shuts down amid US regulatory hurdle

Unbanked, a crypto fintech firm specializing in crypto custody and payments services, has decided to close its operations, citing a harsh regulatory environment for cryptocurrencies in the United States. In a blog post published on May 26, Unbanked’s co-founders, Ian Kane and Daniel Gouldman, revealed that despite initially believing that establishing their company in the US would be a wise long-term strategy, their expectations were unmet after five years of operation. Source: Unbanked on Twitter Unbanked succumbs to regulatory pressure The founders explained that while other crypto companies thrived by…