Day: October 17, 2023

Fed governor Bowman doubles down on CBDC skepticism, likes stablecoin no better

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Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing more bearish.  Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified ledger” technology and distributed ledger technology as a bridge between existing systems, as well as ways to improve existing technology. She repeated questions she has raised before about the need for such innovations and suggested…

Time To Cash Out? Bitcoin’s 4-Hour RSI Triggers Sell Indicator

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Bitcoin (BTC) has retraced to the $28,400 level following a failed breakout above $30,000, resulting in a high rate of liquidations for both long and short positions.  Additionally, the recent fake news surrounding the approval of Blackrock’s spot Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission has disrupted the upward trend and introduced new bearish indicators in the Bitcoin market. RSI Screams Sell Renowned trader and crypto analyst Ali Martinez suggests selling BTC based on its 4-hour chart Relative Strength Index (RSI) indicator. His simple trading strategy…

Baidu unveils Ernie 4.0 AI system, says overall performance ‘on par with ChatGPT’

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Baidu, one of China’s largest technology companies, released version 4.0 of its popular “Ernie” artificial intelligence (AI) large language model (LLM) chatbot. According to an English language translation provided by Baidu, embedded in an X post alongside the usual Google Translate subtitles, CEO Robin Li claimed the updated model “stands on par with GPT-4 in terms of overall performance.” Baidu CEO Robin Li announced ERNIE 4.0 foundation model, now available for invited testing. ERNIE 4.0 elevates foundation model capabilities in understanding, generation, reasoning, and memory. Read the thread to find…

Sui (SUI) Foundation Calls Report of Supply Manipulation ‘Materially False’

The Sui Foundation denied the allegations in an emailed statement to CoinDesk. “The Sui Foundation wants to address unfounded and materially false statements surrounding the supply of SUI tokens. Contrary to recent conjecture, there has never been any sale of SUI tokens by the Foundation after the initial Community Access Program (CAP) distributions,” according to a spokesperson for the Sui Foundation. Source

Nishad Singh says there is ’a lot’ he doesn’t remember about FTX in 2022 — SBF trial

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Lawyers representing former FTX CEO Sam “SBF” Sam Bankman-Fried conducted their cross-examination of Nishad Singh, pressing the former engineering director on events leading to Alameda Research using funds from the crypto exchange. According to reports from the courtroom on Oct. 17, Singh admitted “there was a lot” he didn’t remember from June to July 2022 under questioning from SBF defense attorney Mark Cohen. The former FTX director reportedly said he had no knowledge of a software bug that exaggerated Alameda’s liabilities until overhearing a discussion between former FTX chief technology…

Polkadot Road To Recovery – Will $4 Mark The Turning Point?

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Polkadot (DOT) has been grappling with a descending resistance trendline, experiencing a relentless decline since February. In the month of October, the digital asset suffered a 10% drop, plummeting from $4.3 to $3.6.  Market analysts are warning of the potential for further losses should the prevailing bearish pressure persist. However, a slight glimmer of hope emerged as DOT attempted a reversal at $3.6, hinting at the possibility of overcoming the overhead resistance barrier. At present, the DOT price according to CoinGecko stands at $3.74, depicting a marginal 0.3% decline over…

EU Formally Agrees on New Crypto Tax Data Sharing Rules

“The directive will improve Member States’ ability to detect and combat tax fraud, avoidance and evasion, by requiring all EU-based crypto-asset service providers, regardless of their size, that they report transactions from customers residing in the EU,” the Commission said in a statement on Tuesday. Source

Platypus Finance recovers 90% of assets lost in exploit

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Decentralized finance (DeFi) protocol Platypus Finance said it had recovered 90% of assets that were stolen in a security breach last week. According to the Oct. 17 announcement, the protocol’s net loss was limited to 18,000 AVAX (AVAX) worth $167,400 at the time of publication. As the hacker voluntarily returned the funds, Platypus Finance stated it “will guarantee that no legal action will be pursued.” It also hinted that withdrawal information regarding users’ assets will soon be posted. On Oct. 12, the automated market maker running on the Avalanche blockchain…