Friday, 8 March 2024

Market Summary

Market Summary 8 March 2024

Bitcoin Price: US$66,823.17 (+1.13%)
Ethereum Price: US$ 3,868.76 (+1.31%)

The recent Coinbase research report suggests that while artificial intelligence (AI) remains a topic of exploration across various industries, AI-related tokens are currently experiencing more hype than substantive value, particularly in the short and medium term. Analyst David Han from Coinbase points out the challenges facing crypto AI projects, noting their heavy reliance on centralised components and data sources, contrary to the decentralisation ethos of many crypto projects. Despite recent outperformance of AI tokens compared to Bitcoin and major stocks like Nvidia and Microsoft, Han remains cautious about their long-term sustainability, emphasising the uncertainty surrounding the future of both the AI and crypto industries. However, Ethereum co-founder Vitalik Buterin highlights the potential role of AI in enhancing the security of blockchain networks, underscoring the importance of continued research and development in this field. Meanwhile, in regulatory news, the United States Securities and Exchange Commission (SEC) has postponed its decision on options trading for spot Bitcoin exchange-traded funds (ETFs), a move that could potentially attract more institutional capital into the Bitcoin market. Additionally, BlackRock, a major asset manager, is planning to include spot Bitcoin ETFs in its Global Allocation Fund (MALOX), indicating growing institutional interest in cryptocurrency investment products.

In the United Kingdom, researchers have conducted a study on the intersection of intellectual property (IP) laws and emerging technologies like the metaverse, highlighting potential challenges in governing copyrighted material within virtual environments. The study, titled “IP and Metaverse,” emphasises the need for clarity and regulation in areas such as copyright, trademarks, patents, and user-generated content within the metaverse. Issues such as interoperability and the use of technologies like blockchain and artificial intelligence (AI) present hurdles for enforcing IP laws, with concerns raised about the unauthorised dissemination of copyrighted work and the immutability of blockchain posing challenges to managing IP rights. Additionally, the reliance on AI in metaverse governance introduces complexities in detecting and addressing infringements, while AI-generated content could further complicate IP enforcement. As such, the researchers advocate for comprehensive IP approaches to address governance and enforcement issues within the evolving metaverse landscape. Meanwhile, in the United States, Senator Cynthia Lummis is spearheading efforts to regulate stablecoins, collaborating with Senator Kirsten Gillibrand to draft legislation aimed at providing regulatory clarity and investor protection in the stablecoin market. Lummis, a prominent advocate for Bitcoin, is known for her involvement in cryptocurrency-related legislation and her scepticism towards certain stablecoins, such as Tether. In a separate development, a cloud-based virtual smartphone application called Aphone has been introduced on Solana’s blockchain, offering users access to Web3 applications and conventional services without hardware upgrades. Operating on decentralised cloud infrastructure, Aphone aims to overcome hardware limitations and drive accessibility to Web3 applications, particularly in emerging markets where smartphone adoption is increasing. Utilising blockchain technology for governance and incentivisation, Aphone provides a virtual alternative to traditional smartphone upgrades, offering users a cost-effective solution to access advanced applications and decentralised networks.

The Optimism Foundation, overseeing the Ethereum layer-2 blockchain Optimism, has initiated a private sale of about 19.5 million governance tokens, fetching around $90 million, with a two-year vesting period, signalling a strategic move to bolster governance participation while ensuring controlled token circulation. Meanwhile, India’s Union Cabinet has greenlit the “IndiaAI Mission,” earmarking $1.24 billion over five years to democratise access to computing power, bolstering the nation’s AI innovation ecosystem with a focus on compute capacity, AI educational courses, and deep-tech startup financing. In Wyoming, Governor Mark Gordon has signed a pioneering bill into law, laying the groundwork for decentralised autonomous organisations (DAOs), offering them legal recognition separate from individual members, enabling contractual engagements and tax compliance, with a16z crypto clarifying that DAOs can engage in for-profit activities under the nonprofit designation, signalling a significant regulatory advancement in the blockchain space.

Source: https://cointelegraph.com

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