Here’s what’s happening in Web3 and AI at a glance.
Web3
Crypto Funds Stay Bullish Amidst Market Volatility
1️⃣ Despite recent market turmoil, many crypto funds remain bullish on Solana and DeFi. They see the token as undervalued compared to Ethereum, and DeFi as a promising sector with strong growth potential. Some funds are also increasing exposure to stablecoins and infrastructure projects
Bitcoin Traders Anticipate Another Potential Dip
2️⃣ After last week’s market dip, Bitcoin’s price movement is showing signs of recovery. But market sentiment remains cautious as charts show a potential death cross on the horizon, with some predicting further price drops.
Hong Kong Accelerates Digital Asset Regulation
3️⃣ Hong Kong aims to become a global fintech hub with enhanced digital asset regulation within 18 months. As part of this goal, sandbox tests to support the introduction of stablecoins within the finance hub has been completed, and authorities aim to enhance legislation on digital assets.
MicroStrategy’s Bitcoin Bet Pays Off
4️⃣ MicroStrategy’s Bitcoin holdings are now worth over $13.7B with an average price of $37,000 per coin. This strategy has outperformed the S&P 500 and Warren Buffett’s Berkshire Hathaway, showcasing the company’s confidence in cryptocurrency.
Crypto Industry Opposes Political Prediction Ban
5️⃣ Crypto and fintech companies are lobbying against a proposed rule by the CFTC that could ban political prediction markets in the US. While politicians argue such markets could worsen political manipulation, industry leaders argue these markets provide valuable sentiments.
Nigerian Activist Fights for Crypto Rights
6️⃣ Nigerian politician James Otudor is challenging the local stance on cryptocurrencies. He aims to clarify legal status of Bitcoin and other digital assets to dispel misconceptions about crypto and promote a regulated crypto ecosystem
Celsius Sues Tether Over Alleged Misused Collateral
7️⃣ Celsius filed a lawsuit against Tether, claiming they misappropriated collateral assets during its bankruptcy. The former seeks the return of Bitcoin used as collateral, along with damages and legal fees, potentially seeking over $3.5 billion in remunerations.
Atari Brings Breakout to Coinbase’s Base
8️⃣ Atari has launched its classic game, Breakout, on Coinbase’s Base network. Players can compete for top scores and win prizes, and minted NFTs are required to play. This follows Atari’s previous Asteroids release on Base.
AI
UK Probes Amazon-Anthropic Partnership
1️⃣ The UK is investigating Amazon’s $4 billion investment in Anthropic, with regulators examining if the partnership constitutes a merger, and if it impacts market competition. The investigation could lead to a deeper probe if concerns are raised.
Microsoft and Palantir Team Up for AI in Security
2️⃣ Microsoft and Palantir is teaming up to bring AI to US defence and intelligence agencies. The collaboration combines Palantir’s data analytics with Microsoft’s Azure cloud and OpenAI’s language models, enhancing national security capabilities.
Quantum Computing Feasible Within a Decade
3️⃣ Quantum computing is rapidly advancing, but the tech still faces several challenges. Experts predict we could tap into its benefits within a decade, but profitability and practical applications remain elusive. Despite scepticism, significant progress has been made in overcoming early hurdles.
Synthesia Launches Personal AI Avatars
4️⃣ AI company Synthesia has introduced AI avatars created from short video clips. These digital twins can be used for various purposes, including marketing to training. The company emphasises user consent and control to prevent misuse of the technology.
AI Bubble Concerns Emerge
5️⃣ Massive investments in AI by tech giants have raised concerns about a potential bubble, as a lack of tangible returns and experimental models fuel scepticism. Investors are currently worried about the long-term viability of the AI race and its impact on the market.
African Union Unveils AI Strategy
6️⃣ The African Union has adopted a continent-wide strategy to promote responsible AI development across member states. The plan focuses on infrastructure, governance, and skills development, aiming to harness AI for Africa’s economic growth and social progress.
Apple Surprises with Google Deal for AI Training
7️⃣ Apple has partnered with Google to train its AI model instead of working with Nvidia, the current market leader. This unexpected move comes after concerns that Apple was lagging behind in AI development.
Generative AI Drives Tech Growth
8️⃣ Generative AI is a major driver of tech industry growth. However, security and accuracy concerns remain, especially in finance. That said, IBM has introduced a lightweight model to make AI deployment more secure for businesses.
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