Day: November 2, 2023

Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial

Bankman-Fried, 31, was arrested last December and tried on allegations of defrauding FTX investors and customers, and Alameda Research’s lenders. The once-prominent crypto exchange CEO pleaded not guilty to all charges, and went to trial at the beginning of October, where federal prosecutors sought to paint him as someone who deliberately set out to steal his customers’ funds – around $8 billion – for use in a variety of purchases and investments, including real estate, sports sponsorships and venture investments. His defense team argued that Bankman-Fried was an overworked businessman…

Coinbase narrows loss while crypto trading volumes fall in Q3

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Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as inotched a year-on-year increase in revenue despite lower trading volumes. The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement. Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters. Of the total revenue, $334.4 million came from subscription…

Ethereum Yet To Shake Off 2022 Bear Hangover: Glassnode

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Data from Glassnode shows Ethereum is still experiencing negative momentum despite the year-to-date rise that the asset has observed. Ethereum MVRV Ratio Has Recently Indicated Negative Momentum According to the latest weekly report from Glassnode, the MVRV ratio has recently been below its 180-day moving average (MA). The “Market Value to Realized Value (MVRV) ratio” refers to an indicator that measures the ratio between the Ethereum market cap and realized cap. The “realized cap” here is a capitalization model for ETH that assumes the true value of any coin in…

Solana Price’s 40% Rally Persuades Detractor, Arthur Hayes Makes Confession

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Supported by a spike in volatility, the Solana price has skyrocketed from its yearly lows into a new high. The bullish momentum left some players in disbelief, while others capitulated to the price action and tried to capture some of the profits. As of this writing, SOL trades at $40 with sideways movement in the last 24 hours. Over the previous week, the cryptocurrency recorded a 30% profit, but the monthly chart saw a 70% increase, while other tokens hardly saw double-digit gains. SOL’s price trends to the upside on…

Marathon Digital will use landfill methane to mine Bitcoin in Utah pilot project

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Marathon Digital has begun mining Bitcoin (BTC) using power generated from methane gas siphoned off a landfill. The 280-kW off-grid pilot project is operating in Utah. Marathon teamed up with Nodal Power on the project. Nodal Power was launched in November 2022 and produces energy from landfill gas in the southeastern United States and Texas. It raised $13 million in a seed round in August to operate two sites, one of which includes a data center. A Nodal Power datacenter. Source: PRNewswire Marathon said in a statement that the project…

Analyst Raises Red Flag On Bitcoin Rally, Predicts Imminent Retreat After 35% Spike

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As Bitcoin (BTC) continues to consolidate above the $34,000 mark, aiming to surpass and reclaim its yearly high, theories suggest that a retracement may follow the current upward spike in the coming weeks.  On this matter, the renowned crypto analyst known by the pseudonym “Crypto Soulz” recently shared insights on the potential short-term retracement for Bitcoin in a recent post on X (formerly Twitter). BTC’s Local Top At $36,000 Signals Potential Reversal According to Crypto Soulz, a key resistance level for Bitcoin is identified at $37,370. The analyst suggests that this…

NIST establishes AI Safety Institute Consortium in response to Biden executive order

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The United States National Institute of Standards and Technology (NIST) and the Department of Commerce are soliciting members for the newly-established Artificial Intelligence (AI) Safety Institute Consortium.  Participate in a new consortium for evaluating artificial intelligence (AI) systems to improve the emerging technology’s safety and trustworthiness. Here’s how: https://t.co/HPOIHJyd3C pic.twitter.com/QD3vc3v6vX — National Institute of Standards and Technology (@NIST) November 2, 2023 In a document published to the Federal Registry on Nov. 2, NIST announced the formation of the new AI consortium along with an official notice expressing the office’s request…