Month: July 2023

Price analysis 7/12: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC, MATIC, DOT

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Bitcoin continues to face strong resistance at $31,000, but supportive macroeconomic factors could tilt the advantage in favor of the bulls. Bitcoin bulls are again having a go at the overhead resistance of $31,000. The bullish sentiment may get a boost from the United States inflation report, which showed signs of slowing inflation. Economists were expecting the year-on-year Consumer Price Index to rise 3.1%, but the June print came in at 3%. The month-on-month increase of 0.2% was also less than forecast. This suggests that the Federal Reserve’s rate hikes are…

Cosmos-based Osmosis launches concentrated liquidity, lets LPs choose price

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The Cosmos-based decentralized exchange Osmosis (OSMO) has launched a new “concentrated liquidity” feature, according to a July 12 announcement from the app’s developer, Osmosis Labs. The new feature allows liquidity providers (LPs) to choose a minimum and maximum price to offer to buy or sell crypto. Osmosis user interface. Source: Osmosis The Cosmos ecosystem is a web of blockchain networks that use the Cosmos software development kit and are connected through the Inter-Blockchain Communication (IBC) protocol. Osmosis is one of the largest decentralized exchanges (DEXs) in the ecosystem, doing approximately…

European regulator releases consultative paper on MiCA standards for crypto asset service providers

The European Securities and Markets Authority (ESMA), the European Union’s markets regulator, released a consultative paper on Markets in Crypto-Assets (MiCA) mandates on July 12. It was the first of three consultative packages the agency expects to publish and concerns technical specifications for crypto asset service providers (CASPs). Entities that are already licensed are presumed under MiCA to be “generally capable of providing crypto-asset services,” but they will be required to provide additional information in the form of notifications to the national competent authorities (NCAs) of the country they are registered…

Stablecoin Issuer Circle Cuts Workers, Ends Certain ‘Non-Core’ Activities; Will Continue Hiring Globally

“To maintain our strong balance sheet, Circle is redoubling its focus on core business activities and execution,” a spokesperson for Circle told CoinDesk in an email. “As a result, we have reduced or ended investments in non-core activities and reduced operational expenses which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis.” Source

Elon Musk kickstarts new AI company to ‘understand the universe’

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American business magnate Elon Musk has launched a novel company dubbed “xAI” with the goal of understanding “the true nature of the universe.” According to the July 12 announcement, xAI will work closely with Twitter, Tesla and other companies owned by Musk to “make progress toward our mission.” The firm said it is actively recruiting experienced engineers and researchers in the San Francisco Bay area to join its technical staff. The company also lists Dan Hendrycks, director of the Center for AI Safety, as its adviser. Developers wrote: “We have…

Elon Musk’s New ChatGPT Competitor Boosts AI-Related Crypto Tokens

Tokens such as SingularityNET (AGIX) rose more than 6% while Fetch.ai (FET) climbed about 3% after the announcement of the new company with a goal to “understand the true nature of the universe.” The team will be led by Musk and includes members that have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto, according to the company website. Source

Bitcoin mining difficulty hits all-time high as BTC miner selling peaks

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Bitcoin (BTC) mining difficulty reached an all-time high of 53.91 trillion units after the latest difficulty adjustment on July 12. It is a measure of how difficult it is to mine Bitcoin blocks. The blockchain adjusts its difficulty every two weeks to maintain its processing time of 10 minutes. When the network’s processing power increases, it adjusts to make mining challenging, reducing the profitability for individual miners. The latest adjustment will add to the pressure on miners who have been selling off their mined BTC since June. Some analysts suspect…

Digitex Founder Ordered to Pay $16M to Resolve U.S. CFTC Action, Banned From Trading

“This order resolves yet another action against an individual and digital asset exchange illegally offering futures contracts to U.S. customers,” said Ian McGinley, the CFTC’s enforcement director, in a statement. He noted the court also found that Todd had “attempted to manipulate Digitex’s native utility token, DGTX, by allegedly ‘pumping’ the token’s price through the use of a computerized bot.” Source

Blockchain Association calls for investigation into Prometheum over alleged ‘sweetheart’ SEC deal

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The United States-based crypto advocacy group Blockchain Association has submitted a letter to the Securities and Exchange Commission’s (SEC) Office of Inspector General calling for an investigation into crypto firm Prometheum. In a July 12 letter, the Blockchain Association requested SEC inspector general Deborah Jeffrey look into the Financial Industry Regulatory Authority’s approval of Prometheum’s special purpose broker-dealer license (SPBD). The group also raised concerns about the means by which co-CEO Aaron Kaplan secured a seat testifying before the U.S. House Financial Services Committee in June. The advocacy group said the…