Here’s what’s happening in Web3 and AI at a glance.
Web3
Crypto Market Tumbles, BTC Drops Below $50K
1️⃣ Bitcoin plunged below $50K for the first time in 2024, sparking a wider crypto market crash. The total market cap shed over 17%, wiping out $600M in leveraged bets. ETH also saw a dip of nearly 20% within a few hours.
DeFi Liquidations Surge Amid Market Crash
2️⃣ Over $350M in DeFi liquidations occurred in the past 24 hours, mainly affecting ETH and wstETH collateral. This follows a broader market sell off with Bitcoin and Ethereum hitting new lows. Centralised exchanges also reported over $1B in futures liquidations.
ETH Transfers Trigger Ethereum Crash
3️⃣Ethereum price dipped after Jump Trading moved large amounts of ETH to crypto exchanges. This sparked concerns about potential liquidation and exacerbated market volatility. The move during low liquidity hours intensified the price drop.
Australia Probes Crypto Phishing Scam Wave
4️⃣ The Australian Federal Police is investigating crypto phishing scams that has targeted over 2,000 wallets with approval phishing tactics to steal millions. They are also partnering Chainalysis to combat scams and educate the public.
Proposed Bill Expands Secret Service Presence
5️⃣ Two US Senators introduced a bill to empower the Secret Service to investigate cryptocurrency-related crimes, including those involving unlicensed money transmitters. The aim is to combat money laundering and fraud in the digital asset space.
Crypto Market Crashes Amid Recession Fears
6️⃣ Crypto market plunged as Japan’s rate hike fuelled recession fears, with Bitcoin and Ethereum declining in prices with double-digit losses. Despite heavy dip buying, the market remains volatile.
BTC L2s Face Sustainability Challenges
7️⃣ Bitcoin rollups may struggle due to high data posting costs on the base layer, which could lead to increased fees and reduced accessibility. Alternative solutions like sidechains are being explored to improve cost-efficiency.
ZKX Shuts Down Amidst Investor Backlash
8️⃣ Starknet-based DEX ZKX unexpectedly closed operations, leaving investors and market makers in the dark. The founder cites financial difficulties, but investors are seeing it as a potential rug pull move.
AI
Argentina Taps Into AI to Reduce Crime
1️⃣ Argentina has organised a task force to tap into AI to reduce potential crimes within the country. Known as the UIAAS and led by the director of cyber affairs, the group will look into machine learning to predict future crime patterns.
Nvidia’s Blackwell AI Chip Faces Delay
2️⃣ Nvidia’s Blackwell B-200 AI chip has reportedly been delayed due to a design flaw. This setback could impact the entire AI industry while creating uncertainty for tech giants relying on these chips for their AI advancements.
Microsoft Labels OpenAI as Friendly Competitor
3️⃣ Microsoft’s SEC filing identifies OpenAI as a rival despite their close partnership, which comes amidst antitrust investigations into their relationship. The filing highlights the complex nature of their collaboration and potential competition in the AI space.
AI Hype May Be Cooling Down
4️⃣ Tech giants are steadily facing pressure about generative AI. Despite massive investments and advanced models, AI hasn’t delivered promised expected returns. Moreover, interest amongst consumer and enterprise interest are waning as its limitations become apparent.
Google’s Gemini Overtakes ChatGPT
5️⃣ Google’s Gemini 1.5 Pro has surpassed OpenAI’s ChatGPT-4o in benchmark testing, which has generated significant excitement in the AI community. While the scores of the experimental model are promising, it has yet to be tested in a real-world scenario
Google Clamps Down On Deepfakes
6️⃣ Google is cracking down on deepfake content by removing and demoting websites with reported illicit images, a move aimed at reducing non-consensual deepfakes in search results. This move is part of Google’s ongoing efforts to combat the spread of harmful AI-generated content.
AI Music Startup Faces Copyright Lawsuit
7️⃣AI music startup Suno admits using copyrighted songs to train its model, causing the RIAA to file a lawsuit alleging copyright infringement by the former. The latter has reiterated their stance that such practices harm the livelihood of artists.
Meta’s Metaverse Flails Despite Strong Earnings
8️⃣ While Meta saw strong Q2 earnings driven by AI and core apps, its metaverse division was an outlier on the sheet with a loss of $4.5 billion in the previous quarter. Despite these losses, Meta plans to increase its investment in AI and metaverse development.
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