Crypto firm Circle said on Wednesday it has reduced staff and ended investments in non-core activities as the stablecoin issuer seeks to shore up its balance sheet. Crypto tokens related to Artificial intelligence (A.I.) rose more than 3% on Wednesday after Tesla and SpaceX CEO Elon Musk unveiled a new A.I. company called xAI as an alternative to the popular chatbot ChatGPT. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.
Bitcoin saw some profit booking as it dropped more than a percent but managed to hold the $ 30,000 mark, while Ethereum also shed about a percent and remained below $1,900. Popular altcoins like Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), and Ripple (XRP) — saw minor movements across the board. The Compound (COMP) token emerged as the biggest gainer early Thursday, with a 24-hour jump of over 5 percent. The global cryptocurrency market cap was trading lower, falling to the $1.18 trillion mark, as it declined more than a percent in the last 24 hours.
G20 finance ministers and central bank governors will be presented with a global framework for regulation and supervision of crypto assets as part of policy dialogue that will take place in Gujarat later this month, department of economic affairs secretary Ajay Seth said.
In a recorded video message shared by the finance ministry, Seth said that the G20 finance and central bank governors would also be presented the first volume of the report of an independent committee set up by the G20 to strengthen multilateral development institutions. This panel is co-chaired by N.K. Singh and former U.S. treasury secretary Lawrence Summers.
Crypto firm Circle said on Wednesday it has reduced staff and ended investments in non-core activities as the stablecoin issuer seeks to shore up its balance sheet. The company joins a list of cryptocurrency firms that have announced layoffs this year as a high-interest rate environment and sliding crypto prices have dented investor confidence in the sector.
Crypto tokens related to Artificial intelligence (A.I.) rose more than 3% on Wednesday after Tesla and SpaceX CEO Elon Musk unveiled a new A.I. company called xAI as an alternative to the popular chatbot ChatGPT.
Tokens such as SingularityNET (AGIX) rose more than 6%, while Fetch.ai (FET) climbed about 3% after the announcement of the new company to "understand the true nature of the universe." According to the company website, Musk will lead the team, including members that have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto.
The European Banking Authority (EBA) issued a new set of cryptocurrency guidelines on Wednesday, July 12, 2023, to take effect next year. It comes after the European Union, in April this year, approved the "Markets in Crypto Assets Regulation" (MiCAR) for trading in Bitcoin, Ether, stablecoins, etc.
Wednesday's new guidelines include provisions for permanent redemption rights and handling of complaints as EBA expects more issuance of stablecoins. Meanwhile, the U.K. Financial Conduct Authority (FCA) has cracked down on unauthorized crypto ATMs, where users sell Bitcoin and Ethereum for cash.
Crypto crime fell overall in the first six months of 2023, but the volume of payments to ransomware attackers surged and is on track for its second-biggest annual total on record, blockchain analytics firm Chainalysis said on Wednesday.
Cryptocurrency prices have gradually risen this year, recovering after a string of bankruptcies at high-profile crypto firms in 2022 pushed down token prices and left investors with significant losses.
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