Day: July 29, 2023

AI Tokens Record Lowest Weekly Volume Since January

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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…

Lawmakers probe Apple’s App Store policies on blockchain, NFTs

United States Representatives Gus Bilirakis and Jan Schakowsky penned a formal letter to Apple CEO Tim Cook about concerns related to the California-based company’s App Store, and the potential effect of its guidelines on emerging technologies like blockchain and nonfungible tokens (NFTs). The letter requests information about whether the App Store’s guidelines might inadvertently hinder the progress and growth of cutting-edge innovations. Screenshot of the letter from the lawmakers addressed to Apple’s CEO. Source: Bilirakis blog. The lawmakers observed a pattern in Apple’s approach to its App Store guidelines, where…

British Museum embraces digital collectibles with The Sandbox partnership

The British Museum, well-known for its vast assortment of global artwork and historical objects, has joined forces with The Sandbox, a reputable player in the crypto and metaverse scene. This announcement marks a new journey for the British Museum, marking its transition into digital experiences, an evolution increasingly being adopted by traditional cultural institutions. The British Museum, founded in 1753, has pledged to become a “museum of the world, for the world.” As the world becomes more digital, this mission becomes even more critical. By exploring digital platforms, the museum strives to apply this…

CryptoPunks Toughness Tested as They Lost 60%

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Non-fungible tokens continue to play a significant role in developing the Web3 ecosystem, despite the enthusiasm around them having subsided since its peak in 2021. Unquestionably, these distinctive digital assets have been a significant force behind the NFT transformations that have taken place. Despite the wide variety of NFT collections and their accomplishments, it is crucial to recognize that some particular ones have recently been severely affected by market pressures and are now beginning to fall from their lofty positions. Consider the situation with CryptoPunks. CoinGecko discovered that of the…

US banking advocacy group supports Sen. Warren’s reintroduced crypto bill

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The United States banking advocacy group, the Bank Policy Institute (BPI), has backed the legislation of vocal crypto critic Senator Elizabeth Warren, calling for digital assets to fall under its own set of Anti-Money Laundering (AML) laws. According to a July 28 Bloomberg report, Warren reintroduced the Digital Asset Anti-Money Laundering Act along with Senators Joe Manchin, Roger Marshall and Lindsey Graham. The BPI has indicated its support for the bill, which demands more transparency in digital asset transactions to combat money laundering and terrorism financing. The BPI highlighted the existing AML…

US banking advocacy group support Sen. Warren’s reintroduced crypto bill

United States banking advocacy group, Bank Policy Institute, has backed Senator Elizabeth Warrens’ legislation aimed at tackling financial crime, which she first introduced several months ago. According to a July 28 Bloomberg report, Warren reintroduced the bill – titled ‘Digital Asset Anti-Money Laundering Act of 2023’ – on July 28, along with West Virginian Democrat Joe Manchin, Kansas’ Republican Roger Marshall and South Carolina Republican Lindsey Graham. Warren initially introduced the bill to the U.S. Senate in December 2022. The Bank Policy Institute has shown its support for the bill, which demands more…

SEC, Binance unite against Eeon’s lawsuit intervention

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The United States Securities and Exchange Commission (SEC) and Binance have submitted responses regarding the entity “Eeon,” which has sought to intervene on behalf of customers in the SEC’s case against the crypto exchange. According to the U.S. District Court for the District of Columbia, Binance and the SEC objected to Eeon’s request to intervene in the lawsuit, citing that it does not meet the necessary legal requirements for intervention and consent. The SEC claims that Eeon has a history of repeatedly unsuccessfully representing itself in court cases. Screenshot of  SEC’s response to…

Traders’ Interest In XRP Remains Solid, Despite Price Decline

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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…

Casper (CSPR) Spikes 15% Following Key Partnership

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Casper (CSPR) has been making significant strides in the cryptocurrency market, attracting attention with its aim to accelerate enterprise and developer adoption of blockchain technology. As a live proof-of-stake blockchain built off the Casper CBC specification, Casper offers unique features and growth potential, drawing interest from investors and enthusiasts alike. In the past week, there has been a significant upturn in its on-chain volume. Casper has experienced a substantial price surge in the past 24 hours, with its value increasing by 4.62%. This surge has created excitement among investors, especially…

US SEC chair says crypto riddled with fraud and non-compliance

US Securities and Exchange Commission (SEC) chair, Gary Gensler, is concerned about the pervasive fraud and regulatory non-compliance in crypto. In a recent Bloomberg interview, Gary Gensler aired his concerns about the risks associated with crypto investments. His comments come on the back of an impactful court decision related to XRP’s status as a security, which ran contrary to the commission’s viewpoint. During the interview, the SEC chair expressed concerns about the crypto market, highlighting the prevalence of fraud and individuals trying to deceive others. He also emphasized that the…