Monday, 13 May 2024

Market Summary

Market Summary 13 May 2024

Bitcoin Price: US$ 61,484.79 (+1.00%) 
Ethereum Price: US$ 2,929.29 (+0.58%) 

Sam Altman envisions a future where AI progress leads to restructuring socioeconomics, proposing to treat “compute” as a resource to replace monetary income with universal basic income (UBI), amid concerns about AI threats and job displacement. Altman advocates for a global oversight board to regulate powerful AI systems while promoting startups’ growth, emphasising UBI’s potential to empower individuals despite debates over its effectiveness. Meanwhile, religious leaders explore adopting metaverse technologies for spiritual practices, with some seeing immersive experiences as enhancing religious engagement and meditation, while others caution against replacing physical fellowship with digital interactions. The Catholic Church in Rome embraces metaverse tech cautiously, as Pope Francis warns of AI’s potential harm and advocates for responsible technology use, while the Runes protocol experiences a decline in activity despite its initial success in enabling Bitcoin token creation and generating significant fees for miners. 

Apple is reportedly finalising a deal with OpenAI to integrate ChatGPT features into the iPhone, potentially included in the upcoming iOS 18 software update, while negotiations with Alphabet for integrating the Gemini chatbot continue. Concerns persist regarding user options to disable these features amid Apple’s ramp-up in establishing its own AI division, which includes recruiting experts from Google and acquiring AI startups. Meanwhile, crypto traders anticipate a potential ‘explosive rally’ in the altcoin market, currently in the ‘disbelief stage,’ evidenced by a significant drop in the Crypto Fear and Greed Index and a decline in the altcoin market cap. Analysts are closely monitoring three indicators—the exponential moving average (EMA) over 20 days, the stochastic relative strength index (RSI), and Bitcoin dominance—to predict the market’s direction, expecting a bullish trend under certain conditions. Jenny Johnson, CEO of Franklin Templeton, expressed enthusiasm for blockchain technology, predicting that all ETFs and mutual funds would eventually migrate to blockchain for improved cost efficiency and data verification processes, thus opening new investment opportunities. She also discussed the benefits of generative artificial intelligence (AI) systems, recognising their utility while emphasising the importance of cautious implementation. 

Binance, under scrutiny for regulatory compliance after its guilty plea to money laundering charges and a hefty fine, is slated for a three-year monitoring period by Forensic Risk Alliance (FRA), mandated by a plea deal from November 2023 and orchestrated by the United States Department of Justice (DOJ). The appointment of FRA follows Sullivan & Cromwell’s exclusion due to past ties with FTX, sparking concerns about Binance’s oversight and stability. Meanwhile, ARK Invest and 21Shares have revised their proposal for a spot Ether exchange-traded fund (ETF), eliminating staking plans amid SEC delays, prompting uncertainty in the market as decisions loom by May 24, as JPMorgan Chase divulges investments in spot Bitcoin ETFs, joining other major financial players like Wells Fargo and Susquehanna International Group, indicating growing acceptance of cryptocurrencies within the traditional financial sector. 

Source: https://cointelegraph.com 

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