Bitcoin News and Finance: What You Need to Know

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In the midst of the buzz surrounding artificial intelligence (AI), a developer has crafted a fresh chat platform that harnesses the power of Openai’s Chatgpt. However, this creation sets itself apart by being trained on a myriad of resources specifically focused on Bitcoin and its enigmatic founder, Satoshi Nakamoto. Meet the AI Chatbot ‘Talk2Satoshi’ On May 31, bitcoin enthusiast and author Pierre Corbin unveiled a chatbot platform infused with the essence of Bitcoin. This unique platform, akin to Openai’s Chatgpt, functions as a conversational program capable of responding to queries and engaging in dialogue with users. What sets talk2satoshi.com apart is that Corbin, with the assistance of Hugo Ferrer , the co-creator, fed the chat program with a diverse array of sources, including Satoshi Nakamoto’s emails and forum posts, Saifedean Ammous’ 2018 book “The Bitcoin Standard,” and Corbin’s own work, “The Great Reset and the Rise of Bitcoin.” Our news team posed a series of inqu...

Blockchain analytics company Elliptic said it’s going to use Openai’s Chatgpt to support its intelligence gathering and research. The AI-based language model will allow its experts to speed up and expand the analysis of new risks related to crypto assets. Blockchain Forensics Firm Elliptic to Employ Chatgpt London-headquartered Elliptic, a leader in blockchain analysis and crypto-asset risk management, announced the integration of the Chatgpt chatbot into its team’s off-chain intelligence and research gathering efforts. The company pointed out in a press release that the solutions it has developed leverage a proprietary dataset consisting of more than a decade’s worth of data, “encompassing over 97% of crypto transactions by trading volume, and the largest collection of crypto exchange risk profiles.” Adding the technology based on artificial intelligence (AI) to Elliptic’s tool set will allow its specialists to concentrate on accuracy and scalability while the large language model...

During the past week, while bitcoin has been less volatile, the BRC20 token economy has been coasting along just below the $500 million range, and today it stands at $475.05 million. Statistics show that BRC20s have increased in value significantly over the past 39 days, rising 1,511% from a total value of $29.48 million to today’s market capitalization of $475 million. Value of BRC20 Token Economy Holds Above $400 Million Since First Week of May Bitcoin’s BRC20 token economy remains just below the half-billion-dollar mark in value, with 24,677 listed BRC20 tokens, according to the BRC20 market aggregation website brc-20.io. Similar to bitcoin’s (BTC) price during the past week, the market capitalization of the BRC20 economy has experienced limited movement and has been lackluster in terms of activity. However, the BRC20 token economy has consistently maintained a value above the $400 million range since the first week of May 2023. Approximately 39 days ago, statistics from the ...

  Iran and Russia have increased cooperation and settled more than 60% of their bilateral trade in the Russian ruble and the Iranian rial, according to the chairman of Iran-Russia Joint Chamber of Commerce. The two countries have ramped up their de-dollarization efforts with Iranian President Ebrahim Raisi calling for the Central Bank of Iran to lay the necessary groundwork to ditch the U.S. dollar in bilateral trade settlements. Iran and Russia Increase Cooperation Amid Heavy Sanctions The head of the Tehran-based Iran-Russia Joint Chamber of Commerce, Hadi Tizhoush Taban, discussed de-dollarization efforts by the two countries Friday in an interview with Iran’s news agency IRNA. He stated that the use of the Russian ruble and the Iranian rial in bilateral trade settlements between Russia and Iran has exceeded 60%. The Joint Chamber chief explained that following the onset of the conflict between Russia and Ukraine, Russia was heavily sanctioned by Western countries, just like...

On June 3, 2023, numerous sources revealed details about an attack on Atomic Wallet that resulted in significant financial losses for many victims. The Atomic Wallet team announced they are looking into the issue, while onchain investigators like Zachxbt have also been digging deeper, searching for explanations. Decentralized Finance Nightmare: Atomic Wallet Compromised, Millions in Crypto Stolen Based on several reports, the decentralized finance (defi) wallet platform Atomic Wallet appears to have been breached. On Saturday, the Atomic Wallet team acknowledged the event on their Twitter account after hearing from affected users. “We have received reports of wallets being compromised. We are doing all we can to investigate and analyse the situation. As we have more information, we will share it accordingly,” stated the Twitter account for Atomic Wallet. Boasting an estimated user base of five million, Atomic Wallet saw several of its users voicing their frustrations after the up...

Changpeng Zhao, the CEO of Binance, doesn’t think buying a bank would solve the crypto industry’s troubles with traditional financial institutions, amid issues his own exchange currently faces in regions like Australia and Europe. In other news, the chairman of Russia’s second-largest bank has said that the Chinese yuan is likely to replace the U.S. dollar as the world’s reserve currency. All this and more, just below, in the latest Bitcoin.com News Week in Review. Binance Buying Bank Not Solution for Banking Problems, Says CEO Changpeng Zhao Acquiring a bank wouldn’t solve the issues with banking for or others, the CEO of the largest crypto exchange is convinced. Speaking in the aftermath of the collapse of crypto-friendly banks in the U.S. and amid Binance’s issues with payment providers in Australia, Changpeng Zhao (CZ) said investments in several banks might be a better option although not a guarantee that crypto won’t be cut off. Read More Crypto Exchange Binance to Remove ...

The regulatory environment in the U.S. doesn’t look good for crypto but the United States has the potential to lead again, according to Binance CEO Changpeng Zhao (CZ). The founder of the world’s largest digital asset exchange is convinced stablecoins can increase use cases for the U.S. dollar and praises the pro-crypto stance of Republican presidential hopeful Ron DeSantis. CZ: Lack of Clarity and Regulation by Enforcement Mark Current Regulatory Landscape in U.S. founder and chief executive, Changpeng Zhao, gave his thoughts on the crypto regulatory situation in the United States in an Ask Me Anything session on Twitter this past Wednesday. He was asked to comment in light of the 2024 U.S. presidential election and the statements of some of the candidates on cryptocurrency and regulations. CZ said that his outlook on the current regulatory environment in the U.S. is not positive from crypto’s perspective. “I think there’s a lack of clarity and there are clear cases of regulation...

Although the U.S. has averted defaulting on its debt obligations, Fitch Ratings still has concerns about the country’s ability to repay its debt. As a result, the credit rating agency has placed the U.S. “AAA” rating on negative watch, emphasizing that recent events have lowered “confidence in governance on fiscal and debt matters.” Fitch Ratings Still Has Concerns About the US Fitch Ratings, one of the three largest credit rating agencies in the U.S., announced on Friday that the United States’ “AAA” credit rating remains on “negative watch” despite the recent debt limit agreement reached in Congress. The other two major rating agencies in the U.S. are Moody’s Investors Service and Standard & Poor’s. The U.S. avoided having to default on its debt obligations after Congress passed a bill Friday to suspend the debt limit until Jan. 1, 2025. Without the agreement reached in this bill, the country could default on its debt obligations on June 5 , according to Treasury Secretary Jan...

On June 1, Coinbase revealed its plans to extend bitcoin and ether futures contracts to institutional investors through its derivatives exchange. The firm mentioned that the Coinbase Bitcoin (BTI) and Ether (ETI) futures contracts would be accessible via third-party institutional futures commission merchants (FCMs) and brokerage firms. Coinbase to Launch New Bitcoin and Ether Futures Products Following the launch of the company’s nano-sized bitcoin and ether contracts, Coinbase announced this week that it has witnessed substantial “institutional interest and demand for advanced derivatives products.” As a result, the San Francisco-based exchange has opted to introduce “institutional-sized” bitcoin and ether futures contracts through its regulated Coinbase Derivatives Exchange. These new futures products will become available on June 5, with the Coinbase Bitcoin (BTI) futures contract specified at 1 BTC and the Coinbase Ether (ETI) futures contract at 10 ether per contract. Coinba...

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  Four days ago, on May 31, 2023, the cross-chain protocol Multichain announced on Twitter that the team has been unable to locate the firm’s CEO. As a result, controls to several blockchain network routers have been impaired. The project’s native token, MULTI, has experienced a 1% decline in the last 24 hours and a decrease of over 50% in the past two weeks. Multichain Protocol Struggles as CEO Disappears This week, the cryptocurrency community has been discussing the Multichain Cross-Chain Router Protocol after the team revealed its founder has gone missing. Multichain’s bridge technology allows users to transfer assets between different blockchain networks. As of the time of writing, the decentralized finance (defi) platform holds $1.45 billion in value. “In the past two days, the Multichain protocol has experienced multiple issues due to unforeseeable circumstances,” the t...

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians  While non-fungible token (NFT) sales witnessed a substantial increase in May, demonstrating significant progress, recent data indicates that NFT sales have soared by 39.35% within just the last week alone. Furthermore, sales figures for the trailing week demonstrate that the Bitcoin blockchain maintains its rank as second in weekly sales volume. Ethereum Dominates NFT Market with 60% Share, Bitcoin NFT Sales Capture 17% of Weekly Sales Volume The NFT sales for this week saw a 39.35% growth from last week, amounting to $202.22 million in global sales. The quantity of NFT buyers also expanded by 37.45%, reaching the current week’s total of 724,193 buyers. Besides those two data points, NFT transactions have ascended to 2,350,977 transactions, marking a 6.94% increase compared to the preceding week. In the meantime, sales originating from the Ethereum blockchain led the $202 milli...

The Twitter account of Bitcoin critic Peter Schiff was found advertising a gold-branded token as a result of an apparent hacking. His son, crypto enthusiast Spencer Schiff, warned users in a tweet not to follow the link posted by the unknown attackers trying to lure victims using his father’s name. ‘Dad Almost Certainly Hacked,’ Son Tweets After Peter Schiff Launches $GOLD Token on Twitter Hackers obviously took control of economist Peter Schiff’s Twitter account to promote the supposed launch of a “groundbreaking cryptocurrency token” called $GOLD. A series of tweets posted in the space of a few hours suggested that the digital asset represents tokenized gold and is “a complete and utter gamechanger for gold-backed DeFi” that will “empower the #Web3 community.” “Claim your $GOLD,” as it is “extremely close to selling out,” the perpetrators of the apparent scam urged followers of Schiff, who is a well-known gold proponent but also a vocal critic of cryptocurrencies like bitcoi...

Bitcoin started the weekend in the red, as markets continued to digest the latest nonfarm payrolls in the United States. Despite payrolls coming in better than expected, the unemployment rate also rose, hitting 3.7%, which is its highest point since last October. Bitcoin Bitcoin ( BTC ) was mostly consolidating to start the weekend, as traders continued to digest the latest U.S. nonfarm payrolls data. Payrolls rose to 339,000 last month, which was higher than the 190,000 markets were expecting. Following a low of $26,898.00 on Friday, BTC /USD is trading at $27,149.78 at the time of writing. For many, a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages was a signal that bullish momentum was set to return. However, yesterday’s economic data has added more questions than provided answers, as to what the Federal Reserve could do in its upcoming meeting. A ceiling at $27,300 remains a key hurdle for bulls to overcome, and should this occur, the chances o...

On Friday, Cathedra Bitcoin Inc. announced a partnership with 360 Mining, revealing plans to deploy mobile data centers and application-specific integrated circuit (ASIC) bitcoin miners at 360 Mining’s off-grid location in Texas. 360 Mining and Cathedra Bitcoin Announce Texas Bitcoin Mining Venture According to Cathedra Bitcoin (CBIT), the firm will be deploying bitcoin miners at 360 Mining’s off-grid Texas campus. CBIT will pay $55.00 per megawatt hour for power consumed, plus 10% of gross bitcoin mined at the site, the announcement details. The deal gives CBIT the rights to two megawatts of mining capacity which could produce an estimated 0.054 exahash per second (EH/s) or 54 petahash per second (PH/s) of capacity. If necessary and its “economically advantageous to do so,” the company can abstain from bitcoin mining and sell the natural gas on the open market. “We are excited to begin working with 360 Mining, a company run by bitcoiners who have put in the proof-of-work to dev...

Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, has explained that the U.S. dollar will lose its dominant status. He expects the Chinese yuan and possibly the Indian rupee to become “much more important currencies for the world.” Lord Jim O’Neill on USD Losing Its Dominant Status British economist Lord Jim O’Neill discussed de-dollarization and the potential for a proposed common BRICS currency or the Chinese yuan to replace the U.S. dollar as the world’s reserve currency in a couple of interviews this week. O’Neill, a former Goldman Sachs economist, coined the acronym BRIC over 20 years ago to describe the economic potential of Brazil, Russia, India, and China. South Africa joined the group a few years later, and the acronym was changed to BRICS. O’Neill is now the chair of venture capital firm Northern Gritstone. He believes that the U.S. dollar will lose its world’s reserve currency status at some point, stating in an interview with Going Undergro...