Bitcoin Price: US$ 58,491.34 (-1.90%)
Ethereum Price: US$ 2,612.15 (-0.09%)
A Colorado church group has tokenised its $2.5 million chapel by creating a digital asset called “Stone Coin” to raise funds, driven by a spiritual vision to use blockchain technology for advancing their mission. Meanwhile, Nigeria’s tax authority is advocating for a comprehensive law to regulate cryptocurrency, aiming to modernise the tax system and address the growing digital economy, as the SEC updates its rules on digital assets. In Turkey, Coinbase and KuCoin filed for business licenses under new regulatory frameworks, highlighting the nation’s rising importance in the global crypto market despite ongoing regulatory uncertainties.
A popular crypto analyst predicts that Bitcoin’s dominance will not return to its December 2020 peak and will likely cap at around 60%, while others believe that altseason will begin when dominance falls below 50%. Bitcoin miners, facing challenges post-halving, could potentially generate $13.9 billion annually by shifting 20% of their energy capacity to AI and HPC sectors by 2027, according to VanEck. In other news, Swiss tech firm FinalSpark has introduced a service that provides cloud access to biocomputers made from human brain cells for AI development. These organoid-based biocomputers, which are trained using dopamine and electrical signals, are anticipated to be far more efficient than traditional silicon technology and could support AI systems for much longer in the future.
Coinbase has launched an AI accelerator grant program to explore integrating AI with crypto wallets, aiming to enhance finance-related tasks by equipping AI systems with wallet capabilities. Meanwhile, an analyst suggests that Norway’s sovereign wealth fund’s significant increase in indirect Bitcoin exposure, now valued at over $144 million, is likely unintentional and driven by algorithmic sector weighting and risk diversification. Despite mixed signals in the market, U.S.-based spot Bitcoin ETFs have continued to attract investor interest, with a net inflow of $32.58 million on Aug. 16, reflecting growing acceptance in the broader investment landscape, particularly with notable inflows into Fidelity and BlackRock’s Bitcoin ETFs.
WazirX has restored investor balances nearly a month after a $234 million hack, but frustration lingers as the timeline for fund withdrawals remains unclear and ongoing legal analysis is needed to resolve issues related to Indian Rupee and cryptocurrency balances. Meanwhile, in the U.S., finance lawyer Scott Johnsson suggests that the US Marshals Service is likely selling Bitcoin seized from the Silk Road marketplace through Coinbase, though opinions on this vary among experts. At the same time, Franklin Templeton has filed for a new crypto index ETF to track Bitcoin and Ethereum, highlighting growing interest in index ETFs within the crypto market, despite current SEC limitations on the inclusion of other cryptocurrencies.
Source: https://cointelegraph.com
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