Day: November 22, 2023

Bitcoin dip amid Binance controversy; investors can explore these 2 alternatives

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Between the U.S. Securities and Exchange Commission (SEC) suing the Kraken crypto exchange and the Department of Justice (DOJ) announcing criminal charges against Binance and its CEO Changpeng Zhao (CZ), the crypto industry has had a bad start to the week.  The weakness in crypto prices reflects this negative sentiment – the global crypto market cap shrank by 3% over the past 24 hours, below the crucial $1.4 trillion mark. While the Bitcoin price corrected by only 2.5% in 24 hours, altcoins such as BNB, SUI, and GRT plunged by…

Bitcoin and BNB See Quick Gains amid Binance Settlement Report

Both currencies remain in the down zone on the daily chart, registering 2.6% and 9.34% declines respectively. Bitcoin (BTC) and Binance Coin (BNB) have regained the losses they registered the day before. This follows after crypto exchange Binance resorted to settling with the United States Justice Department by paying fines totaling over $4 billion. Similarly, Binance CEO Changpeng Zhao (CZ) also handed in a plea bargain on the day, with the two events greatly improving the odds that a spot Bitcoin exchange-traded fund (ETF) will be approved in the US…

Sam Altman Reinstated as OpenAI CEO amid Board Reshuffle

Altman’s return could have far-reaching implications for OpenAI’s strategic direction. His previous tenure with the organization saw a strong emphasis on collaboration and partnerships with industry leaders. OpenAI has made a swift turnaround in its leadership decisions, announcing an agreement in principle for Sam Altman’s return as CEO. The announcement, made earlier today via a post from the official OpenAI account, unveiled not only Altman’s return but also a revamped board, signifying a strategic recalibration for the organization. OpenAI Changes Course with Sam Altman The post detailing the new plans…

OpenAI and Microsoft sued over alleged unauthorized use of authors’ work

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OpenAI and Microsoft are facing a lawsuit alleging the improper use of nonfiction authors’ work to train AI models, including OpenAI’s ChatGPT service. Author and reporter Julian Sancton sued the companies on Nov. 21.  According to Sancton’s complaint, OpenAI allegedly utilized tens of thousands of nonfiction books without authorization to train its extensive language models in responding to human text prompts. The author and Hollywood Reporter editor is leading a proposed class-action lawsuit filed in a New York federal court. This legal action is among several initiated by copyright owners,…

Nvidia Revenue for Q3 2024 Triples amid AI Boom but NVDA Stock Price Falls, Here’s Why

Amid exports restrictions on AI chips introduced by the US government, Nvidia expects a slowdown in the revenue growth in the ongoing Q4 quarter leading to a selling pressure on its stock. Investors in Nvidia Corp (NASDAQ: NVDA) displayed a measured response to its recent quarterly (Q3 2024) report, which exceeded the average analysts’ estimates but fell short of the heightened expectations from shareholders heavily invested in the artificial intelligence (AI) boom. Nvidia (NVDA) has released Q3 results that significantly exceeded Wall Street expectations. The chipmaker reported adjusted earnings of…

CZ’s Post-Exit Plans in Crypto

As part of the agreement, CZ was slated to remain in detention for 18 months. However, the former head of Binance was released in less than 24 hours. Changpeng Zhao (CZ), the former CEO of the world’s largest cryptocurrency exchange, Binance, stepped down on Tuesday, November 21, as part of a settlement deal with United States law enforcement agencies for violations of anti-money laundering laws and other financial crimes. After six years as the face of the company, CZ has relinquished his role and pleaded guilty to criminal charges. In…

Richest ETH Wallets Go On Massive $124 Billion Buying Spree

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Ethereum whales have been bullish for a long time now, even through the stretched-out bear market of the last year, and their accumulation trends prove this. According to Santiment, the largest Ethereum wallets have been stacking up ETH at an alarming rate, suggesting that these large investors expect the price to keep going up. Ethereum Whales Buy $124 Billion Worth Of Tokens Santiment reports that the top 200 Ethereum whales have been buying ETH since November 21, 2022. This was just a few weeks after the FTX crypto exchange filed…

Binance Liquidity Tanks After U.S. Settlement, Creating Challenging Trading Conditions

Liquidity for top cryptocurrencies on the exchange, measured by 0.1% and 1% market depth indicators, has declined by 25% or more to less than $150 million and around $180 million, respectively, in the past 24 hours, data tracked by Kaiko show. Market depth is a collection of buy and sell orders within a certain percent of the mid-price, or the average of the bid and the ask prices. Source

Belgium seeks to reboot the EU blockchain infrastructure project

Belgium plans to accelerate the development of a European blockchain infrastructure during its presidency of the EU Council in early 2024, according to the goveernm. The proposal aims to facilitate the secure storage of official documents like driving licenses and property titles.  The development of public blockchain for the pan-EU infrastructure is among the four priorities of Belgium’s upcoming presidency, the country’s secretary of state for digitization, Mathieu Michel, told the Science|Business media on Nov. 21. The remaining three initiatives will take on the matters of artificial intelligence (AI), online anonymity…

European CBDC Not a Pressing Need for EU Payments, Spain Central Bank Chief Pablo Hernández de Cos Says

“I believe it is our responsibility – not only the central bank’s, but also the financial industry’s – to be ready to ensure that a service which is key to society’s well-being, as the payment system is, does not come under threat. Therefore, and irrespective of the decision which is ultimately made, I believe that all the Eurosystem’s past and future efforts are fully warranted,” Hernández de Cos said. Source