26/06/2023. Weekly CryptoNews Digest (June, 19 – June, 25)

Hello all! I hope you’re doing well this hot summer wherever you are located. The HYIP industry is still pretty much dead, while the crypto market could not be more alive as Bitcoin had managed to reach a one year high last week. More on that will be reported in today’s issue of the Weekly CryptoNews Digest that will cover the last seven days in the crypto market (June 19 to June 25, 2023 that is). For now I will remind you just a few important things if you’ve only first encountered the MNO blog recently.

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Let’s get back to the Weekly CryptoNews Digest now, shall we?

BITCOIN REACHES NEW HIGHS LAST WEEK

As I just mentioned above already, this last week saw some new highs reached by Bitcoin which traded at $31,255 on June 23, 2023 on its peak. That happened due to a number of factors, including:
– Increasing demand from institutional investors. Some of the world’s largest financial institutions, such as BlackRock and Fidelity Investments, have recently announced that they are investing in Bitcoin. This has helped to boost demand for Bitcoin and drive up the price.
– Positive news about the cryptocurrency industry. There has been a lot of positive news about the cryptocurrency industry in recent months. For example, the first Bitcoin ETF was launched in the United States in October 2022. This has helped to increase investor confidence in Bitcoin and other cryptocurrencies.
– A broader rally in the stock market. The stock market has been on a rally in recent months, and this has helped to boost investor sentiment across all asset classes, including Bitcoin.

Overall, the price increase on June 23, 2023, was likely due to a combination of factors, including increasing demand from institutional investors, positive news about the cryptocurrency industry, and a broader rally in the stock market. It is still too early to say whether the recent price increase is a sign of a sustained bull market or just a temporary blip. However, the increasing interest from institutional investors and the positive news about the cryptocurrency industry suggest that Bitcoin is here to stay.

ETHERSCAN LAUNCHED AI-POWERED CODE READER

Last Monday Etherscan, a popular Ethereum block explorer, launched an AI-powered Code Reader tool. The tool allows users to retrieve and interpret the source code of a specific contract address via an AI prompt.

The Code Reader tool is powered by OpenAI’s large language model, Bard. Bard is a factual language model from OpenAI, trained on a massive dataset of text and code. It can generate text, translate languages, write different kinds of creative content, and answer your questions in an informative way.

To use the Code Reader tool, users first need to input the contract address of the Ethereum smart contract they want to analyze. Then, they need to provide a prompt that describes what they want to know about the contract. For example, a user might want to know what the contract does, what functions it has, or what variables it uses.

The Code Reader tool will then generate a response from Bard that provides insight into the contract’s source code files. The response will include a summary of the contract, as well as information about the contract’s functions, variables, and events.

The Code Reader tool is a powerful tool that can help users to understand Ethereum smart contracts. It is especially useful for users who are not familiar with Solidity, the programming language that is used to write Ethereum smart contracts.

Here are some of the benefits of using the Code Reader tool:
– It can help users to understand Ethereum smart contracts, even if they are not familiar with Solidity.
– It can help users to identify potential security vulnerabilities in Ethereum smart contracts.
– It can help users to debug Ethereum smart contracts.

The Code Reader tool is still under development, but it is a promising tool that has the potential to make Ethereum smart contracts more accessible and secure.

EDX MARKETS CRYPTOCURRENCY EXCHANGE LAUNCHED

EDX Markets is a new cryptocurrency exchange that was launched on June 20, 2023. The exchange is backed by a consortium of financial institutions, including Citadel Securities, Fidelity Digital Assets, and Charles Schwab.

EDX Markets is designed to be a regulated and institutional-grade exchange. The exchange offers a variety of features that are designed to appeal to institutional investors, such as high liquidity, tight spreads, and a non-custodial model.

The launch of EDX Markets is seen as a sign of growing institutional interest in the cryptocurrency market. The exchange is the first of its kind to be backed by a consortium of major financial institutions.

Here are some of the key features of EDX Markets:
– Regulated and institutional-grade: EDX Markets is regulated by the Financial Industry Regulatory Authority (FINRA). This means that the exchange is subject to strict financial regulations, which is important for institutional investors.
– High liquidity: EDX Markets offers high liquidity, which means that there is a lot of buying and selling activity on the exchange. This is important for institutional investors who want to be able to trade large volumes of cryptocurrency without affecting the market price.
– Tight spreads: EDX Markets offers tight spreads, which means that the difference between the buy and sell prices is small. This is important for institutional investors who want to minimize their trading costs.
– Non-custodial model: EDX Markets uses a non-custodial model, which means that the exchange does not hold custody of its users’ cryptocurrency. This means that users have full control over their cryptocurrency, which is important for institutional investors who want to keep their assets secure.

EDX Markets is still in its early stages, but it has the potential to become a major player in the cryptocurrency market. The exchange is backed by a strong team of financial institutions, and it offers a number of features that are designed to appeal to institutional investors.

DEUTSCHE BANK FILES FOR CRYPTO CUSTODY

Deutsche Bank, one of the world’s largest banks, has filed for a license to offer crypto custody services in Germany. The move is a sign of growing acceptance of cryptocurrencies by traditional financial institutions.

Deutsche Bank’s application was filed with the German financial regulator, the Federal Financial Supervisory Authority (BaFin). The bank is seeking a license to offer custody services for Bitcoin, Ethereum, and other cryptocurrencies.

Custody services involve holding cryptocurrencies on behalf of clients. This is a key service for institutional investors who want to invest in cryptocurrencies but do not want to manage their own wallets.

Deutsche Bank’s move into crypto custody is a significant development. The bank is one of the first major financial institutions to offer such services. This is likely to encourage other banks to follow suit, and it could help to legitimize the cryptocurrency market.

Here are some of the reasons why Deutsche Bank may have filed for a crypto custody license:
– Growing demand from institutional investors. There is growing demand from institutional investors who want to invest in cryptocurrencies. These investors need a secure and reliable way to store their cryptocurrencies, and Deutsche Bank’s custody services could provide this.
– Competition from other banks. Other banks, such as HSBC and Standard Chartered, are already offering crypto custody services. Deutsche Bank may have felt the need to offer similar services in order to compete with these banks.
– Regulatory clarity. The German government has recently issued guidelines for the regulation of crypto custody services. This has provided some regulatory clarity for banks that are considering offering such services.

It is too early to say how successful Deutsche Bank’s crypto custody services will be. However, the move is a sign of growing acceptance of cryptocurrencies by traditional financial institutions. It is likely that other banks will follow suit in the near future.

AMAZON TO INVEST MILLIONS IN A NEW GENERATIVE AI CENTER

And I would like to end today’s news from the crypto markets with some positive developments from the closely interconnected AI industry that seems to be taking over the world now and will surely greatly improve the crypto currency trading models in the near future.

On June 22, 2023, Amazon announced that it would be investing $100 million in a new generative AI center. The center will be located in Seattle, Washington, and will focus on developing new generative AI technologies.

Generative AI is a type of artificial intelligence that can be used to create new content, such as text, images, and music. It is a rapidly growing field, and Amazon is one of a number of companies that are investing in it.

The Amazon Generative AI Center will be led by Sri Elaprolu, a senior data science manager at Amazon Web Services (AWS). Elaprolu said that the center will focus on three areas:
– Developing new generative AI algorithms: The center will develop new algorithms that can be used to create more realistic and creative content.
– Applying generative AI to real-world problems: The center will work with Amazon’s businesses to apply generative AI to solve real-world problems.
– Training the next generation of generative AI experts: The center will train the next generation of generative AI experts.

Elaprolu said that the Amazon Generative AI Center will “help us to accelerate the development of generative AI technologies and to apply them to solve some of the world’s most challenging problems.”

The investment in the Amazon Generative AI Center is a sign of Amazon’s commitment to generative AI. The company is seeing the potential of this technology, and it is investing heavily in its development.

Here are some of the potential benefits of generative AI:
– Create new content: Generative AI can be used to create new content, such as text, images, and music. This could be used to create new products, services, and experiences.
– Solve real-world problems: Generative AI can be used to solve real-world problems, such as generating realistic synthetic data for training machine learning models.
– Personalize experiences: Generative AI can be used to personalize experiences, such as generating personalized recommendations or creating personalized content.

The potential benefits of generative AI are vast, and Amazon is well-positioned to take advantage of this technology. The company has the resources, the expertise, and the commitment to make generative AI a reality.

That’s about all for today’s issue of the Weekly CryptoNews Digest on MNO. I will see you again next week with more information from that exciting world. Have a great week ahead and thanks for reading MNO – For Money Lovers!