Day: August 31, 2023

Cambridge Bitcoin Electricity Consumption Index updated to reflect hardware distribution and hash rate increases

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Researchers behind the well-known Cambridge Bitcoin Electricity Consumption Index (CBECI) have officially revised its methodology to enhance the accuracy and reliability of the Index’s estimates for the first time since its inception in 2019. The CBECI was launched in July 2019 in an effort to provide reliable data-driven insights to questions about Bitcoin mining’s energy-intensive nature and associated environmental impact.  Speaking exclusively to Cointelegraph ahead of announcement of the revision, head researcher Alexander Neumueller unpacked the Index’s role in providing a relatively accurate estimate of the Bitcoin (BTC) network’s electricity…

Salesforce Reports Better than Expected Fiscal Q2 2024 Results, CRM Shares Pop Over 5%

Despite reporting stronger guidance than expected by analysts, Salesforce highlighted that market uncertainty continues to pressure its future growth prospects. Salesforce Inc (NYSE: CRM), a leading American cloud-based software company, announced several announcements on Wednesday, including fiscal Q2 2024 ended July 31, 2023. According to the announcement, Salesforce recorded an adjusted earnings per share of $2.12 during the second quarter compared to $1.90 expected by analysts surveyed by Refinitiv. During the three months that preceded the end of July, Salesforce recorded a revenue of $8.60 billion, compared to $8.53 billion…

China Encourages AI Deployment, Approves New Products for Baidu, Others

Chinese authorities have accelerated efforts to support companies that are aiming to develop AI. China has given a big boost to artificial intelligence (AI) technology following its recent string of approvals. This follows after the Cyberspace Administration of China gave the nod of approval to at least three Chinese tech firms to launch AI services in the region. To this end, Baidu, alongside Baichuan Intelligent Technology and Zhipu AI will be launching their AI products or services on Thursday, August 30, Reuters reports. Baidu and Others Launch ChatGPT-Like Products Baidu…

Bitcoin And Cryptos Poised For Final Surge Before US Recession

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In the intricate dance of global finance, traditional economic indicators and the burgeoning Bitcoin and crypto market are becoming increasingly intertwined. Recent macroeconomic data from the US suggests a cooling economy, and this could have profound implications for Bitcoin and other cryptocurrencies. Macro Data Snapshot: A Cooling US Economy Yesterday’s data release paint a clear picture of a slowing US economy: Job Openings: The July JOLTS report indicated a significant drop in job openings, falling to 8.827 million from the previous 9.165 million, and notably below the expected 9.5 million.…

US government challenges validity of SBF’s legal defense

The US Department of Justice (DOJ) has expressed reservations over the validity of FTX founder Sam Bankman-Fried’s legal strategy. In a legal document filed on Aug. 29, the Department of Justice’s lawyers have contended that Sam Bankman-Fried’s defense, which argues that his lawyers sanctioned the alleged fraud during his tenure at FTX, should be dismissed as irrelevant. Bankman-Fried, who faces charges of misusing investor funds, has employed an “advice-of-counsel” defense. This line of reasoning claims that he did not intend to break any laws because his legal advisors at the…

Crypto may see second wind in the US as courts ‘rein in the SEC’ — Lawyer

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There are hopes that the United States could see a new crypto resurgence after several rulings this year have seen court judges “rein in the SEC,” according to a digital asset lawyer from K&L Gates. On Aug. 31, Jeremy McLaughlin, a partner at the global law firm, noted that multiple U.S. court cases have stomped on arguments from Securities and Exchange Commission chair Gary Gensler — who has said that almost all digital assets are securities. McLaughlin was speaking on a panel at Intersekt23 in Melbourne alongside payment services firm…

Ethereum will dominate stablecoin wars, expert says

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The race for stablecoin supremacy heats up as industry experts debate Tether’s role and new players like PayPal enter the arena. Bloomberg Intelligence expert Jamie Coutts pointed to Ethereum’s (ETH) growing dominance, highlighted by key network adoption metrics and layer-2 projects like Optimism, Arbitrum, and Base. He anticipates that Ethereum’s scaling roadmap will drastically lower layer-2 transaction costs, thanks to the forthcoming EIP-4844. This comes as PayPal recently debuted its PYUSD stablecoin, fueling speculation that it…

XRP Price Prediction – Topside Bias Vulnerable Unless Bulls Clear This Hurdle

Ripple’s token price is showing bearish signs below $0.550 against the US Dollar. XRP price could start another decline if it trades below $0.500. Ripple’s token price is struggling to recover above $0.540 and $0.550 against the US dollar. The price is now trading below $0.550 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might start another decline if there is a break below…

Coinbase CEO reveals top 10 crypto ideas he’s urging devs to work on

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Coinbase CEO Brian Armstrong has unveiled the ten ideas he is most excited about when it comes to crypto’s future, sharing hopes that developers can use the bear market to take them to the next level. On Aug. 30, the Coinbase boss shared his vision of a crypto future in a company blog post and presentation — sharing the concepts he believes have the potential to make it in the digital asset industry. “I decided to share my 10 top ideas with the hope that someone goes out and builds them,” he…

Can PEPE make a comeback? Traders, analysts and Pepe maxis weigh in

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The biggest new memecoin of 2023, Pepe (PEPE), suffered one of the worst possible fates that can befall a new crypto asset — a partial rug pull after its anonymous developers abruptly sold nearly $16 million worth of the token on Aug. 24.  The official Pepe X (formerly known as Twitter) account explained the drop was due to “three ex-team members” going behind their back and selling the tokens without their knowledge — a move that saw the price of Pepe plummet as much as 26% in the days following,…