Why are AI tokens outperforming Bitcoin?
In today’s dispatch we have:
AI tokens outperforming Bitcoin
Craig Wright loses #BTC copyright
Coming back to life with 120,000,000% profit
Chatgpt and its cousin Dall-E have been shaking up the tech world for the past few months! And guess what? They're also bringing some major excitement to the crypto scene with the rise of A. I Tokens!
AI in the tech world:
Google revealed its answer to ChatGPT: an "experimental conversational AI service" called Bard that's currently in testing mode.
Microsoft (which invested in ChatGPT) announced a new ChatGPT-powered version of its search engine Bing.
Chinese tech giant Baidu confirmed it's on track to introduce its AI chatbot, known as "Ernie Bot" in English, in March.
AI in crypto world (AI Tokens):
AI-related crypto tokens have seen an increase in value in the past day, with Fetch (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) seeing the highest growth. Such tokens are up an average of 80% in the past week alone.
An AI-backed blockchain environment.
25% increase over the day
106% growth in the past week
250% growth in the past 30 days
Highest levels since January 2022
A blockchain-based AI project built on the Cardano network.
883% growth since the start of the year
17-month high of $0.59
22% increase in value over the past 24 hours
Focus on increasing interoperability between Ethereum and Cardano
Ocean Protocol (OCEAN)
A crypto on-ramp for data services which unlocks the value of data.
157% growth in the past month
24.3% increase in the past day
Currently trading at $0.53, a level last seen in April 2022
A decentralized protocol for indexing and querying data from blockchains.
up over 47% in the past day
surpassed a $1 billion market capitalization on Sunday
Currently trading at $0.2066.
A layer one blockchain that aims to be privacy-preserving and scalable.
The token is up 15.24% in the past day
Currently trading at $0.063
Up 76.1% in the past 30 days
Meanwhile Major Cryptocurrencies :
Bitcoin (BTC): Up 0.9% in the past day, Trading at $23,000
Ethereum: Up 0.7% in the past day 2. Trading at $1,640.
Shiba Inu (SHIB): increase of more than 23%, price peaked at $0.00001545
Why is this happening?
AI software blast off: The public launch of chatbot ChatGPT and image generation software Dall-E by OpenAI has generated a lot of interest in the AI industry.
Microsoft's mega investment: Microsoft's investment of $10 billion in OpenAI has helped create a compelling argument for crypto traders to bet on AI-focused tokens as the next growth sector.
Growth opportunity: The AI and Web3 space combines early interest, potential and hype, making it an attractive investment opportunity for crypto traders.
AI shaking up the crypto conversation: AI is contributing to the crypto conversation and offers advanced tools for analyzing market trends and improving security, helping to increase the legitimacy and adoption of cryptocurrencies.
Traders see AI as the next bull market: Many prominent traders see AI as the source of the next bull market, driving investment in AI tokens.
The AI, blockchain, decentralization, and privacy combo: Some AI tokens are combining AI, blockchain, decentralization and privacy in new and innovative ways, making them attractive to crypto enthusiasts.
Craig Wright loses #BTC copyright
A U.K. judge has ruled that the file format of the Bitcoin blockchain cannot be protected by copyright, ruling against self-proclaimed inventor Craig Wright. Wright had sought to argue that he should be able to block the operation of Bitcoin and the system that forked from it, Bitcoin Cash, because they breach his intellectual property rights.
The judge said that Wright had been given ample opportunity to identify a relevant work containing content which defines the structure of the Bitcoin File Format, but had failed to do so. Claims concerning copyright to the 2008 white paper and whether Wright is really the author will be the subject of later rulings. Last week, the U.K. Court of Appeal ruled that a claim by Wright's Tulip Trading against 16 Bitcoin developers should go to trial in London.
Coming back to life with 120,000,000% profit👀
A dormant Bitcoin wallet from 2012 suddenly came to life on Wednesday, transferring 412.12 BTC. The address emptied its wallet at $23,000 a piece, which translates to a staggering $9.6 million in value today. This address was active before Bitcoin's pseudonymous creator Satoshi Nakamoto had left the project, and it is suspected that Satoshi holds as much as 5% of Bitcoin's entire supply. Bitcoin developer @LukeDashJr believes that if Satoshi is still alive, he would have challenged frauds masquerading as him and would not have allowed his stash to remain untouched.
This comes after a large Bitcoin whale transferred 13,369 BTC worth $311 million from an unknown wallet to another. The wallet was used for both sending and receiving funds, showing the potential of Bitcoin to generate huge returns over time.
$20.3M and counting, SBF's FTX lawyers bill book
FTX, the exchange owned by Sam Bankman-Fried, has paid $20.3 million in consulting and legal fees to lawyers during the initial months of its bankruptcy. The biggest bill was from Sullivan & Cromwell, which was $9.5 million for the 6,561 hours of work done.
Other large bills came from Alvarez & Marsal, which was worth $6.3 million, and Quinn Emanuel Urquhart & Sullivan, worth $1.5 million. The services provided by the law firms included the coordination of more than 100 entities within FTX, filing for bankruptcy protection, dealing with the hack that followed, and other services. Sullivan & Cromwell stated that the services performed by them during the fee period represented one of the most complicated, multi-disciplinary exercises by any law firm in any area of law.
Dubai's Crypto Rulebook
Dubai has released a set of rulebooks from the Virtual Assets Regulatory Authority (VARA) that require crypto firms to obtain authorization and relevant licenses to operate in Dubai. The rules cover everything from cybersecurity norms to compliance and risk-management standards, as well as separate rulebooks for activities such as issuance, advisory, custody and exchange services. All activities and firms fall under the supervision of VARA, with plans to publish a comprehensive rulebook by the end of 2022. The rules are designed to provide clarity, assure certainty, and mitigate market risks, while creating a model framework for global economic sustainability within an innovation-centric environment.
According to the agency, the purpose of the new rules is to draw in crypto businesses, keep digital asset traders and investors safe, and prevent any illegal activity. This is all part of their plan to establish Dubai as a leading hub for virtual assets, both regionally and globally, and give it a competitive edge.
TTD Surfer 🏄🏻
A nine-person jury in a copyright infringement trial between Hermès and NFT artist Mason Rothschild has ruled in favor of Hermès.
The Middle East is showing significant interest in metaverse development, which was highlighted at the Leap conference in Riyadh, Saudi Arabia.
Bitstamp has officially registered with the Financial Markets Authority in France, according to the regulator’s website.
Digihost (DGHI), a bitcoin mining firm, has completed the acquisition of a natural gas power plant in New York after almost two years of planning.
The Algorand Foundation announced partnerships in India, including with schools to develop educational programs to promote Web3 growth in the country.