Day: October 12, 2023

USDT Whale Activity Heating Up As Exchange Deposits Rapidly Accelerate, According to Analytics Firm Santiment

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Top stablecoin USDT is witnessing a surge in on-chain activity, according to the crypto analytics firm Santiment. Santiment notes that USDT, which is issued by Tether and aims to maintain to maintain a 1:1 peg with the US dollar, recently notched a three-month high in active addresses, in large part due to an increase in exchange deposits. Earlier this week, Santiment noted that the amount of USDT on exchanges had reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors. USDT had…

Alphabet’s AI Lab DeepMind Cut Employee Costs by 39% in 2022, Reported Decline in Profit

Despite these financial challenges, Google, which acquired DeepMind in 2014, has committed to extending financial support to the company for at least another 12 months from September 28. DeepMind, Alphabet Inc‘s (NASDAQ: GOOGL) division responsible for developing general-purpose artificial intelligence (AI) technology, reduced employee expenses by 39% last year within its cost-cutting strategy. According to DeepMind’s filing with a UK government agency, the staff costs and related expenses totaled 594.5 million pounds ($731 million) in fiscal 2022, down from 969.4 million pounds ($1.2 billion) in 2021. As a result of the…

JPMorgan predicts 20% drop in Bitcoin hash rate after halving

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JPMorgan has published a report predicting a possible 20% reduction in the Bitcoin hash rate after the halving event scheduled for April 2024. The report suggests that up to 80 EH/s, which equates to 20% of the current network hash rate, could be eliminated as older mining hardware is phased out following the next halving in April 2024. “Not all miners created equal. Miners vary by scale, operating efficiency, access to capital and growth prospects. We believe CLSK, our top pick, offers the best balance of scale, growth potential, power…

Microsoft, Amazon, Others Move to Incorporate Transparency and Accountability into AI-Backed Recruitment

AI is being used in hiring in the areas of creating job descriptions, sourcing talents, creating and scoring assessments, screening new applicants, and training new employees. Artificial Intelligence (AI) has been gradually disrupting many industries, including the hiring/recruitment space. However, experts have shared that hiring companies may not be able to fully integrate AI with their practices. Businesses Exercise Caution as Technology Mixes with Talent Acquisition According to a CNBC report, which cited a 2023 Hiring Benchmark Report by Criteria, only 12% of recruiters currently use AI in their talent…

Japanese yen-backed digital currency, DCJPY, to go live in July 2024

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On Oct. 12, digital currency and electronic payments firm DeCurret Holdings published a white paper on its cryptocurrency project, the “DCJPY.“ The organization intends to launch the coin in July 2024. According to the white paper, the DCJPY network will consist of two areas: the Financial Zone and the Business Zone. The former will include banks, minting bank deposits as digital currency on the blockchain, while the latter will be reserved for transactions. The Business Zone will provide space for issuing non-fungible tokens (NFT), security tokens (ST), and governance tokens (GT).…

Coinbase spot trading volume falls by 52% compared to 2022: Report

The spot trading volume of Coinbase, one of the largest crypto exchanges in the United States, has dropped by more than half, highlighting a shift in interest in crypto trading.  Citing analysis from digital asset data provider CCData, mainstream media outlet Bloomberg reported on Oct. 11 that Coinbase registered around $76 billion in spot trading volume. Compared to its quarterly record for the third quarter of 2022, the new data shows a 52% drop in spot trading for Q3 2023. According to the report, the new numbers are the lowest they’ve…

Bitcoin price drops below $27k despite high social volume

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Bitcoin (BTC) has been tumbling over the past three days as the war in the Gaza Strip took off. While the asset’s price fell below the $27,000 mark, Santiment data shows high social volume. Bitcoin’s price fell by 0.7% in the past 24 hours and is trading at around $26,900 at the time of writing. The flagship cryptocurrency witnessed a 2.7% decline over the past week. However, BTC’s 24-hour trading volume has surged by 7.6%, reaching $12.4 billion with a total market capitalization of roughly $525 billion. BTC price, whale…

As Fed Rate Pause Comes into Play Analysts Hint That Bitcoin (BTC) May Repeat Its 2019 Performance

“Reflecting back on 2019, the Fed concluded its rate-hiking cycle and entered a seven-month pause. During this period, Bitcoin experienced a dramatic price rally, surging by an impressive 325%,” Markus Thielen, head of research and strategy, said in a note to clients last week. “In line with our outlook, it’s highly likely that the Fed concluded its rate-hiking cycle in July 2023.” Source

How Low Can XRP Price Go Before It Skyrockets To $5?

A meticulous analysis of the XRP/USD trading pair by renowned crypto analyst, Jaydee, has shed light on some compelling technical patterns and indicators. With the crypto community eagerly anticipating XRP’s next major move, Jaydee offers insights that hint at two critical price thresholds before a potential rally toward $5. What’s Next For The XRP Price? The analyst today shared the following 1-week chart of XRP and explained: “XRP – PATIENCE & ignoring the news is key! Let’s take a step back and look at a more macro view! Though short…

CoinMarketCap Rolls Out ChatGPT Plugin for Crypto Analysis 

CoinMarketCap is not the only crypto company exploring the benefits of AI technologies since the AI hype began. Crypto data aggregator CoinMarketCap announced its foray into the world of artificial intelligence through the launch of a ChatGPT plugin that promises to redefine crypto analysis for users across the world. According to the company, the new plugin is designed to function as an AI crypto analyst. To achieve this goal, the tool will combine CoinMarketCap’s crypto data repository with the large-language model (LLM)-based AI chatbot capabilities to enable users to analyze…