Bitcoin (BTC) appears to be gearing up for a powerful bull phase, according to market analyst Cole Garner. Despite the current stagnant BTC price action, Garner believes that the cryptocurrency market is on the verge of a significant upward trend reminiscent of past cycles.
Garner draws his optimism from the behavior of major Bitcoin investors, often referred to as “whales.” He emphasizes that whale accumulation trends are a crucial indicator of a bull market.
Jarvis Labs, an analytics team, corroborates this sentiment, reporting an ongoing “multi-month buying frenzy” among whales.
Notably, smaller investors, referred to as “fish,” have also been increasing their exposure to Bitcoin. This trend, coupled with whales’ unwavering positions, leads popular technical analyst CryptoCon to label the whales as “diamond hands” during the current cycle.
In contrast to the relentless selling by whales in Bitcoin’s last cycle, the current situation portrays a stark difference.
Retail investors were the ones selling during the bear market, while whales stood their ground.
This phenomenon contributes to the conviction that the current cycle is different and that the market is poised for substantial growth.
One critical factor on which the entire bullish scenario hinges is the Bitcoin-to-stablecoin ratio on Bitfinex, known as the Bitfinex Whale.
This ratio has historically preceded major Bitcoin bull runs. Garner emphasizes the significance of this metric, considering Bitfinex the “smart money exchange” and a key driver of short-to-medium-term price movements in the crypto market.
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While Garner favors a potential bullish breakout in the third quarter, he acknowledges the potential counter-argument of summer seasonality.
Nevertheless, he believes that any shakeout is likely to occur in September, giving the markets more time to rally.
To invalidate the bullish outlook, Garner highlights the importance of the 200-week simple moving average (SMA) for Bitcoin’s price.
A weekly close below this level, currently at $27,235, would be a critical sign that the bullish phase might not materialize.
In conclusion, Garner’s analysis indicates a strong belief in a forthcoming bull market for Bitcoin and the broader crypto market.
The increasing accumulation by whales and smaller investors, coupled with the historical significance of certain metrics like the Bitfinex Whale, provides an optimistic outlook for BTC’s future price trajectory.
Nonetheless, the 200-week SMA remains a crucial level to watch for potential bearish developments.
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Elon Musk, the CEO of the social media company X (formerly known as Twitter), has declared that the company will financially support users who face mistreatment from their employers due to their engagement with or content posted on the platform.
In a recent thread on X, Musk announced this initiative on August 5, promising to fund legal bills regardless of the scale of the lawsuits.
The announcement garnered significant support, amassing over 200,000 likes and prompting numerous users to express their interest in receiving funding for potential legal actions against their employers.
One such case was brought to the spotlight by The Libs of TikTok, which highlighted the situation of Kara Lynne, an employee of Limited Run Games, allegedly fired for following an account on X.
Musk personally responded to the post and inquired about the accuracy of the situation, to which Lynne confirmed that the headline was slightly oversimplified but essentially accurate.
This move by Musk reflects his self-proclaimed stance as a “free speech absolutist” and his disdain for cancel culture.
He has consistently advocated for reducing content censorship, especially concerning political and ideological views, on the X platform.
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In December 2022, he tweeted that “cancel culture needs to be canceled,” and since taking ownership, X has reinstated several accounts that were previously banned for policy violations.
The recent announcement is part of ongoing changes at X, which underwent a complete rebranding from Twitter to X in July as part of its transformation into an “everything app.”
The platform has also introduced a revenue-sharing model for its users and, on August 2, rolled out an option for premium Blue service subscribers to hide their verified checkmarks.
Elon Musk’s commitment to supporting users facing employer mistreatment due to their activity on X showcases his dedication to promoting free expression and countering cancel culture.
As the company continues to evolve and expand its services, users are eagerly embracing the changes and participating in the ongoing transformation of the platform.
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According to the 2023 “Financial Stability Report” by Latvijas Banka, the number of individuals purchasing crypto assets in Latvia has witnessed a decline.
The central bank attributes this drop in interest to various factors, including negative sentiment stemming from fraud and insolvency issues among major players in the market, unwise investment decisions that have been made previously, and the association of cryptocurrencies with money laundering.
Furthermore, the report points out the increasing involvement of crypto-asset companies with supervised financial sector participants, which has added to the waning interest in cryptocurrencies.
Based on data from payment card usage, the report reveals that in February 2023, only 4% of the population had bought crypto assets, compared to 8% in the previous year.
It is important to note that Latvia has a total population of 1.84 million people.
The report also sheds light on the declining transfer of funds to crypto wallets from Latvia. In 2022, Latvians transferred 51.8 million euros ($57 million) to crypto wallets, but this figure dwindled to 10.7 million euros ($11.8 million) in the first quarter of 2023.
Most of these transactions were directed towards companies based in other European countries, particularly in those countries where the fintech ecosystem, including crypto technologies, is flourishing. Notable examples include Lithuania, Estonia, Malta, and Ireland.
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The report contrasts Latvia’s crypto adoption ranking with that of its neighboring country, Lithuania. According to the “2022 Geography of Cryptocurrency Report” by Chainalysis, Latvia was ranked 92nd out of 148 countries in terms of crypto adoption, while Lithuania secured the 102nd spot.
The Latvian central bank acknowledges that its nonbank financial sector is relatively less significant compared to other European countries.
This is mainly attributed to the population’s lower level of long-term savings, which have accumulated over a shorter period compared to many other euro area nations.
Despite the declining interest in crypto assets for investment purposes, the report highlights that retail crypto payments continue to dominate in Latvia.
However, these payments are typically small in size, with 44% of retail payments worth 60 euros ($66) or less, and 97.5% valued at under 1,000 euros ($1,100).
However, the specific monetary value of these transactions was not provided in the report.
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Coinbase CEO Brian Armstrong has expressed a mixed response regarding the company’s plans amid regulatory uncertainty in the United States.
Despite facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) and scrutiny from state regulators over its staking services, Armstrong stated on August 4 that Coinbase is “staying in the United States.”
He emphasized that leaving the country is currently “not even in the realm of possibility” and that there is no emergency plan in place for such a move.
However, this stance contrasts with Armstrong’s comments at a fintech event in London in April, where he mentioned the possibility of relocating Coinbase’s headquarters to a more crypto-friendly country due to the lack of regulatory clarity in the U.S. market.
Nonetheless, he later assured shareholders that Coinbase remains “100% committed” to the U.S. market in the long term.
The SEC filed a lawsuit against Coinbase on June 6, accusing the exchange of offering unregistered securities, following a Wells notice issued by the regulator approximately three months prior.
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On August 4, Coinbase’s legal team filed a motion to dismiss the lawsuit, alleging that the commission had violated due process, abused its discretion, and deviated from its own previous interpretations of securities laws.
The outcome of the SEC’s case against Coinbase could have significant implications for other cryptocurrency firms operating in the United States.
Notably, in a separate lawsuit against Ripple, a federal judge ruled in July that XRP was largely not considered a security by SEC standards.
This ruling has already been cited by lawmakers and lawyers, including Coinbase’s chief legal officer Paul Grewal, in defense of crypto companies.
As the regulatory landscape continues to evolve, Coinbase remains firm in its commitment to the U.S. market, but the ongoing legal battle and uncertainty may influence its long-term decisions regarding its presence in the country.
The cryptocurrency industry is closely watching this case, as it could set important precedents for future regulatory actions in the rapidly expanding digital asset space.
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Cryptocurrency exchange Coinbase, headquartered in the U.S., has submitted a motion to dismiss a lawsuit initiated by the Securities and Exchange Commission (SEC).
The SEC brought the lawsuit against Coinbase in June, approximately three months after the company received a Wells notice from the regulatory body.
In a legal document filed on August 4 with the U.S. District Court for the Southern District of New York, Coinbase’s attorneys argue that the SEC has overstepped its authority, abused its discretion, and misinterpreted securities laws in exercising certain regulatory oversight over the exchange.
They referenced the SEC v. Ripple case, pointing out that a judge had determined that XRP did not predominantly meet the definition of a security as per the commission’s existing standards.
In the lawsuit, the SEC has alleged that 12 tokens in question meet the criteria of “investment contracts” under the Howey test and therefore Coinbase has been operating as an unregistered broker.
Coinbase disputes this assertion, maintaining that the SEC’s challenges regarding its staking program lack legal standing.
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The firm requested the court to dismiss the case, alleging that the SEC’s action was “punitive” and overstepped the regulatory powers given to it by Congress.
Coinbase announced its decision to file the motion to dismiss during an earnings call on August 3. The company continues to refute the SEC’s accusations that it could have violated securities laws through its activities.
Coinbase is not alone in facing SEC scrutiny. The regulator is also pursuing enforcement actions against Binance and Hex founder Richard Heart.
Recently, U.S. legislators have pushed legislation through committees that might reform the SEC’s authority over digital assets, should it become law.
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American actor and comedian, Adam DeVine, has joined forces with crypto exchange Bitget in a year-long advertisement partnership.
The new campaign, titled “Crypto & Beach Houses,” features DeVine holding a smartphone while discussing internet phenomena, with prominent Bitget branding in the background.
In the video, DeVine humorously encourages viewers to trade crypto at any time and from anywhere, even from the comfort of their race car beds at 2:00 am, declaring that traditional business hours are a thing of the past.
Known for his roles in the comedy TV series Workaholics and the Pitch Perfect film franchise, DeVine’s presence aims to attract more attention to the cryptocurrency platform.
However, it’s important to note that DeVine’s appearance in the ad comes with a disclaimer stating that he is a paid actor and his views should not be considered as specific recommendations or financial advice.
Furthermore, he is not licensed as an investment advisor or broker-dealer in any jurisdiction.
Additionally, the ad is not intended for distribution in the United States or to any U.S. person, which suggests that the campaign is targeted toward international audiences.
This partnership between celebrities and crypto companies has been a trend in the industry, with varying degrees of success.
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Some prominent figures, like Lindsay Lohan, YouTuber Jake Paul, and singer Akon, have faced legal action from the U.S. Securities and Exchange Commission for allegedly promoting crypto tokens without proper disclosures.
In the past, Hollywood icon Matt Damon was mocked for his appearance in Crypto.com’s advertisement that coincided with the start of the cryptocurrency bear market.
Meanwhile, football stars Cristiano Ronaldo and Lionel Messi have also ventured into the crypto space.
Ronaldo signed a multi-year non-fungible token partnership with Binance, while Messi currently serves as the brand ambassador for Bitget, the same company with which DeVine is now partnering.
As the crypto market continues to evolve, partnerships with celebrities can help raise awareness and interest in digital assets.
However, it’s crucial for both companies and celebrities to be transparent about their relationships and avoid making misleading claims.
Investors should always conduct thorough research and seek advice from licensed professionals before making financial decisions in the crypto space.
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Aave, the governance token of the decentralized finance (DeFi) Aave protocol, witnessed a 17% decline between July 30 and August 1, reaching $62.
Although the $62 support level proved resilient, the current price of $64.40 remains 12% below the July 30 daily close, leading investors to question whether this indicates a cautious approach to the sector or if other factors are at play.
One contributing factor to the recent movement in the AAVE token can be attributed to the risks of cascading liquidations on DeFi protocols stemming from the Curve Finance pool exploit that began on July 30.
However, Aave’s decentralized liquidity protocol has previously withstood similar scenarios, and it currently holds a substantial $295.6 million in its Safety Module, which provides added security.
A concerning element affecting AAVE’s token performance is the stablecoin GHO, which has been trading below the $1 peg since its launch on July 16.
The lack of DeFi integration and farming opportunities for GHO discourages its holders, leading to selling pressure and depegging on decentralized exchanges.
Despite these challenges, the Aave protocol maintains an impressive $5.1 billion in total value locked (TVL) across six chains.
Nevertheless, it experienced a 12.5% decline in TVL within just one week, whereas Uniswap’s and Compound’s TVL remained relatively stable.
While Aave’s annualized revenue of $12 million lags behind some competitors, such as Convex Finance with $52 million and Radiant with $20 million, proponents argue that Aave’s higher fees may create potential for future revenue growth.
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Recent events may have influenced investors’ views on Aave. In May 2023, the older version of the Aave protocol (v2) encountered a bug that temporarily hindered withdrawals on the Polygon Network implementation. The issue was quickly resolved without any reported losses.
Additionally, a contentious event occurred on June 12 when a proposal sought to prevent a specific account, owned by Curve founder Michael Egorov, from accumulating further debt.
This sparked debates about censorship resistance in DeFi.
Despite the recent decline in the AAVE token price and TVL, Aave’s decentralized application remains a strong contender in the DeFi space.
With a robust insurance fund and protocol fees, Aave is well-prepared to weather market fluctuations and potential risks.
The protocol’s solid foundation and significant TVL signal its resilience and potential for continued success.
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Google and Accenture, who operate a joint business venture, are facing allegations of violating federal labor laws in the United States, as reported by Bloomberg.
The Alphabet Workers Union lodged a complaint with the U.S. National Labor Relations Board on August 3, asserting that Alphabet Inc. acted in contravention of the law that prohibits retaliation against employees for organizing.
The union alleges that Alphabet terminated the contract employment of a significant number of Google Help workers who were in the process of unionizing.
This affected over 70% of the “proposed bargaining unit,” which included 118 writers, graphic designers, and launch coordinators responsible for generating content for Google both internally and externally.
Notably, workers handling Google search engine optimization and AI chatbot responsibilities were employed through Accenture.
One affected worker, Anjail Muhammad, a writer with Accenture, described the job loss as “retaliatory.”
The timing of these job cuts raised suspicions, prompting the union to file an unfair labor practice charge against Google and Accenture. The union aims to hold the companies accountable for their actions.
In response, Google maintained that organizing matters were solely between the workers and their employer, Accenture, adding that it did not control the terms and conditions of their employment.
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Despite the complaint, Google stood by its previous statement and reiterated that the changes in employment contracts were driven by cost-saving measures and efforts to improve efficiency.
Earlier in the year, on January 20, Google had reportedly laid off 12,000 employees. It’s worth noting that several tech and crypto companies also conducted large-scale layoffs around the same time.
In April, Google underwent restructuring within its AI research and development unit, Deepmind.
Furthermore, Google has been embroiled in legal disputes, including a class-action lawsuit filed on July 12 concerning its recently introduced AI data scraping privacy policy.
The allegations from the Alphabet Workers Union highlight the growing concerns about labor practices within major technology companies.
As the case progresses, it may prompt further scrutiny of Google and Accenture’s business practices in relation to their employees’ rights and organizing activities.
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London, UK, August 4th, 2023, Chainwire
Shiba Memu, a buzzing new AI-backed crypto meme coin, is creating more stir as it surges past the $1.5 million fundraising milestone and makes its exchange announcement debut with a BitMart listing – all within just one month of its presale starting.
Getting listed on an established exchange like Bitmart, a significant player since 2017 that showcases an impressive roster of over 1500 cryptocurrency pairs, underscores a smart strategic play for the project.
The main idea behind Shiba Memu’s AI was born out of the team’s experiences with excessive marketing agency fees in previous business endeavors. This motivated them to take the initiative, developing a self-promoting AI that can scale into a variety of practical applications.
The tangible concept, combined with the appealing Shiba Memu mascot, has fueled a wave of interest from investors and crypto enthusiasts who recognize the long-term potential of the project.
Shiba Memu is currently priced at $0.0181, with a scheduled price increase every 24 hours, courtesy of the team’s expertly programmed smart contract. This enticing mechanism is especially appealing to presale fans, as it guarantees the token purchase price will always be lower than the eventual exchange listing price. For example, if you bought today at $0.0181 the increase by the end of the presale on day 60 would be 35%.
SHMU tokens are available to purchase on the official Shiba Memu website here.
Why is Shiba Memu Trending?
Shiba Memu’s notable success can be attributed to the untapped potential of its AI. Still in its early stages, the AI employs Natural Language Processing (NLP) and Sentiment Analysis to scan the web, primarily focusing on social platforms, for Shiba Memu mentions and tailors its promotions accordingly.
This has transformed the brand image from a simple cute dog meme to a funny and engaging dog meme with a sharp sense of humor! The glimpse into the project’s future, and the forthcoming AI dashboards scheduled for Q4, are whetting investor appetite for meme coins with tangible utility.
The project boasts a healthy outlook in its tokenomics, with 85% of tokens being dedicated to its presale, 10% to exchange listing liquidity and 5% to development – putting real power in the hands of SHMU owners in the future development of the dApp.
Crypto Community Backing Is Driving Shiba Memu Engagement Through the Roof
With more and more hard-hitting YouTubers getting involved with the project, it’s no wonder that global enthusiasm for the project is growing by the day.
Prominent Youtuber NFTsGuide, with over 700K followers recently described the project as a ‘AI Marketing Powerhouse’, which again goes to show how the developers premise of building self-marketing tech is relatable to not only investors but crypto enthusiasts.
Some have even speculated that Shiba Memu is in the running to dominate other memes, with Crypto Moonlight’s channel suggesting this could be an interesting opportunity for those who missed out on PEPE and others like Austin Hilton making some bold price predictions and calculations about how much SHMU investors would need to hold to hit significant ROI.
The rapidity with which word has spread and the interest it’s gauged from seasoned hands like those above goes to show that the marketing tactics implemented so far are gaining serious traction – it will be interesting indeed to see how this one plays out.
Now on day 32 of the presale which is scheduled to run for 60 days, at which time the price will have increased 119% from $0.011125 to $0.024400, Shiba Memu is truly racing ahead – time is running out for investors looking to get involved.
About Shiba Memu
Shiba Memu (SHMU) is a fresh dog-themed crypto meme coin that supports a platform utilizing AI to promote itself and generate buzz in online communities. This technology is poised to gain traction within the blockchain industry in the coming years, establishing Shiba Memu’s position as an industry innovator. The innovative AI technology behind the project demonstrates true innovation in the meme coin sector, offering small and medium-sized businesses access to effective marketing solutions that could significantly cut costs and provide competitive advantage.
Learn more about this innovative AI-powered dog meme on the official website.
For more information: Website | Whitepaper | Socials
Contact
Shiba Memu Press
Shiba Memu
[email protected]
According to economists at Goldman Sachs, artificial intelligence (AI) is poised to make a greater financial impact on the American economy than even electricity and personal computers did.
In their investment report released on August 1, Goldman Sachs economists Joseph Briggs and Devesh Kodnani projected that AI could attract up to $200 billion in global investments by 2025, with approximately half of that investment occurring in the United States.
This surge in AI investment is expected to contribute significantly to the country’s gross domestic product (GDP).
While previous technological booms associated with the introduction of electricity and PCs saw a 2% growth in GDP, the economists estimated that AI could be responsible for up to 4% of GDP growth in the United States and 2.5% in other nations that are already heavily investing in AI technologies.
Goldman Sachs attributed a significant portion of these anticipated gains to the rapid advancements being made in generative AI.
Generative AI, which includes technologies like OpenAI’s chatbot ChatGPT, image creation software Midourney, and text-to-speech generator Eleven Labs, is expected to have enormous economic potential.
The economists predicted that generative AI could boost global labor productivity by over 1 percentage point annually in the decade following widespread adoption.
However, while generative AI offers promising productivity benefits, businesses will need to make substantial upfront investments in physical, digital, and human capital to acquire and implement these new technologies and transform their business processes.
Goldman Sachs also highlighted the increasing prevalence of AI adoption among companies, with 16% of Russell 3000 companies mentioning AI in their earnings calls.
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This figure represents a significant increase from less than 1% in 2016, indicating that America is taking the lead in AI innovation.
The economists believe that American companies are likely to be early adopters due to the country’s position as a market leader in AI technology.
Regarding the timing of the AI investment cycle, it remains challenging to predict precisely. However, based on current business surveys, the economists suggest that AI will start to have its most significant investment impact after 2025.
In conclusion, economists at Goldman Sachs are optimistic about the financial potential of AI in the American economy.
They project that AI investments could be substantial, leading to substantial GDP growth and improved productivity in various sectors.
Although the transformation brought about by AI will require significant upfront investments from businesses, the potential benefits are expected to be substantial and could drive the American economy to new heights.
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