This week in crypto saw plenty of news stories, beginning with North Carolina’s request of a temporary ban on crypto mining due to potential pollution and noise. Buncombe County, NC is striving to ensure that crypto mining be defined as a specific zoning use case before it is implemented. In Texas, a new bill is also pending, aiming to limit the miners’ power usage. Artificial intelligence (AI) bots also made headlines as their claims of improving crypto trading remain unquantified.
ChatGPT is one such AI tool and it has revealed that it cannot give real-time Bitcoin price readings. Although the bot has only been trained on data since September of 2021, it has recorded Bitcoin’s all-time high of $64,000 for the month of April this year. Another AI trading tool, Satoshi, proposed by FalconX, promises to help crypto traders to acquire cheaper derivative and OTC trades. Despite these claims, the software deficiencies mean data it provides lacks insight into trading books of the institution it sources information from.
Elon Musk, the billionaire CEO of Twitter, recently bought Graphics Processing Units in order to enhance the social network’s AI capabilities. Twitter also recently launched a new feature that allows users to search stock prices, while providing a shortcut to trading instruments via a ‘View on eToro’ button. The app is likely part of Musk’s vision of creating a ‘super app’ like Tencent’s WeChat. This follows the merger of Twitter’s shell corporation, X Corp.
Comparing the crypto market changes over the week, Render Token (RNDR) was the highest gainer, rising 36%. Other tokens such as Woo Network (WOO), Arbitrum (ARB) and Injective (INJ) rose 31%, 30%, and 27% respectively. The biggest loser was Enjin Coin (ENJ) which dipped 5.7%.
El Salvador play a huge role in the world of crypto as they have adopted Bitcoin to be a legal tender there since September 2021. This had a major impact on the country, increasing tourism there by 30%. Despite this, a lack of education on cryptocurrencies has caused some financial exclusion of the poorer citizens. Geothermal energy is being considered as an eco-friendly means to fuel crypto mining. Bitcoin’s current global share of the remittance market only accounts for about 2%. Depending on the success or failure of El Salvador’s Bitcoin experiment, other countries may consider taking similar steps.
FalconX is an AI company based in Boston, Massachusetts. Founded in 2020, the company’s mission is to modernize crypto markets with large language models. These AI models use contextual information to understand some crypto symbols, making the process easier and faster. FalconX also creates tools to empower traders to create and manage sophisticated digital asset portfolios over many exchanges.
Satoshi, a large language model developed by FalconX, is named after Satoshi Nakamoto – the anonymous creator of Bitcoin. The AI tool provides portfolio-specific advice to traders with respect to cryptocurrency. It provides data-driven solutions to simplify the trading process and is optimized with high-frequency interactions to improve efficiency.
