Day: October 10, 2023

Bitcoin traders decimated by $112m of liquidations

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Over the past 24 hours, 41,186 Bitcoin traders were liquidated, according to data from Coinglass. The total value of these forced sell-offs was $112.67 million, highlighting the increasingly bearish sentiment around the cryptocurrency. The largest single liquidation order during this period took place on Binance for $4.53 million worth of Ethereum (ETH) against Bitcoin (BTC). This indicates traders betting on a bounce for Ethereum against Bitcoin, a bet swiftly stopped out. These liquidations come as Bitcoin’s price languishes well below its all-time high. Bitcoin is trading around $27,692, representing a…

US Policy’s Endgame Will Boost Bitcoin And Crypto: Analyst

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The intricacies of US monetary policy have been placed under the microscope by Jordi Alexander, CIO of Selini Capital, who today offered an incisive analysis of the potential ripple effects these policies may have on the Bitcoin and crypto market. Drawing correlations between traditional financial mechanisms and the nascent digital asset landscape, his commentary elucidates a series of complex market dynamics that every investor should be aware of. At the crux of Alexander’s argument is his observation that the Federal Reserve’s approach to handling current economic conditions might be nearing…

ChatGPT Mobile App’s Revenue Growth Slows after Hitting Record $4.58M Last Month

Google Play accounted for 9 million ChatGPT downloads in September, while the other 6.6 million were recorded by the App Store. The total number of ChatGPT downloads has hit 52.2 million.  OpenAI’s chatbot ChatGPT has seen a record growth in downloads in September, which brought the revenue generated by its mobile app to $4.58 million. As many as 15.6 million downloads across iOS and Android app stores were reported for the previous month, but now seems that this growth is slowing down. Google Play accounted for 9 million downloads in September,…

Saudi Arabia and China collaborate on Arabic-based AI system

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The King Abdullah University of Science and Technology (KAUST) in Saudi Arabia has collaborated with two Chinese universities to create an Arabic-focused artificial intelligence (AI) system.  The large language model (LLM) called AceGPT is built on Meta’s LlaMA2 and was launched by a Chinese-American professor at KAUST in collaboration with the School of Data Science, the Chinese University of Hong Kong, Shenzhen (CUHKSZ) and the Shenzhen Research Institute of Big Data (SRIBD). According to the project’s GitHub page, the model is designed to function as an AI assistant for Arabic…

Chinese EV Manufacturer WM Motor Files for Bankruptcy in Shanghai Court 

WM Motor’s struggle highlights the challenges smaller companies and new startups face in China’s fiercely competitive EV market. China’s electric vehicle (EV) landscape is witnessing a significant development as WM Motor, a notable player in the industry, officially filed for bankruptcy protection in a Shanghai court. The announcement came through a notice published on China’s national enterprise bankruptcy information disclosure platform. WM Motor, founded in 2015 by the renowned automotive veteran Freeman Shen, initially appeared as a promising contender among the rising EV startups in China. It stood shoulder to…

Hong Kong Police Raise Alarm as Binance Users Lose $450K to Phishing Scam

The police confirm that all 11 victims, so far, have reported combined losses to the excess of $446,000. The Hong Kong police force has cautioned about a new phishing scam technique that bad actors are using to target Binance users in the region. According to a Monday post, no less than 11 users of the platform have fallen victim to the scam already. The police took to its Facebook page dubbed “CyberDefender,” to make the announcement. It said that the phishing scam was perpetrated through text messages sent to unsuspecting…

SBF’s Alameda minted $38B USDT to profit off arbitrage trading: Coinbase director

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Blockchain data flagged by Coinbase director Conor Grogan indicates that Alameda Research redeemed over $38 billion for Tether (USDT) tokens in 2021 despite not having the equivalent assets under management. Onchain data shows that Alameda was responsible for minting $39.55B of USDT, a number that is 47% of Tether’s circulating supply today A previous report by Protoss estimated the number at around $36.7B; I was able to update these figures with additional wallets I found pic.twitter.com/fYBvGAYlFd — Conor (@jconorgrogan) October 9, 2023 According to Grogan, the total value of USDT…