AI surpasses Bitcoin mining in energy consumption
Recent research reveals that the energy consumed by artificial
intelligence (AI) systems may be surpassing that used in Bitcoin
mining. With the growing adoption of generative AI, it’s estimated
that AI will consume 169 TWh in 2024 and 240 TWh by 2027, compared
to 160 TWh for Bitcoin mining. Additionally, AI data centers
require significant water for cooling, with five to 50 ChatGPT
queries using about 500 ml of water. In comparison, Bitcoin mining
in the U.S. consumes between 93 and 120 gigaliters annually. AI
also offers much higher profit margins, ranging from $3 to $5 per
kWh, compared to Bitcoin mining’s $0.17 to $0.20. With AI
generating up to 25 times more revenue per kWh than Bitcoin, miners
are considering transitioning to AI or adding AI processing to
their data centers. The revenue gap and financial capabilities of
AI companies are intensifying this competition for electricity and
equipment.
Goldman Sachs invests $418 million in Bitcoin ETFs
Goldman Sachs (NYSE:GS) has revealed $418 million investments in
Bitcoin ETFs, signaling increasing institutional interest. Among
its top holdings are BlackRock’s iShares Bitcoin Trust
(NASDAQ:IBIT) with nearly $240 million and Fidelity Bitcoin ETF
(AMEX:FBTC) with $79.5 million. The bank, previously skeptical
about Bitcoin, now sees ETFs as a way to gain exposure to the asset
without directly owning it.
Bitcoin and Ethereum ETF inflows and outflows on August 13
On August 13, Bitcoin ETFs recorded a net inflow of $39 million,
led by BlackRock’s ETF (NASDAQ:IBIT) with $34.6 million, followed
by Fidelity’s ETF (AMEX:FBTC) with $22.6 million and Bitwise’s ETF
(AMEX:BITB) with $16.5 million. However, Grayscale’s ETFs
(AMEX:GBTC) and Ark’s ETFs (AMEX:ARKB) saw outflows of $28.6
million and $6.1 million, respectively.
Ethereum ETFs had an inflow of $24.3 million, with BlackRock’s
ETF (NASDAQ:ETHA) seeing $49.1 million in inflows. Fidelity
(AMEX:FETH) and Invesco saw inflows of $5.4 million and $0.8
million, respectively. Grayscale’s ETF (AMEX:ETHE) saw outflows of
$31 million.
Bitcoin faces correction after lower-than-expected CPI data
On August 14, Bitcoin (COIN:BTCUSD) hit a high of $61,827.20
following the release of U.S. CPI data but quickly dropped, trading
down over 2% in the last 24 hours to around $59,250. Despite
below-expectation data that usually favors risk assets, BTC
couldn’t sustain the gains. U.S. CPI showed an annualized inflation
rate of 2.9%, the lowest since 2021. Zach Pandl of Grayscale stated
that this could lead the Federal Reserve to cut interest rates,
benefiting Bitcoin and potentially enabling new all-time highs.
However, some traders warn of a possible further drop to $55,000
before considering new buys. Withdrawals of over $1 billion in USDT
from exchanges indicate potential risk aversion among investors.
Historically, large stablecoin withdrawals have preceded BTC
declines. Additionally, data shows that August and September are
typically weak months for Bitcoin.
Norwegian Sovereign Fund increases indirect exposure to Bitcoin
According to K33 Research Vetle Lunde, the Norwegian Government
Pension Fund, the world’s largest sovereign wealth fund, increased
its indirect exposure to Bitcoin by 62% in the first half of 2024,
reaching 2,446 BTC.
Hut 8 stock rises after HC Wainwright upgrades rating
Shares of Hut 8 (NASDAQ:HUT) are up 2.7% on Wednesday after
broker HC Wainwright upgraded its rating from “sell” to “buy” and
raised the price target from $7.50 to $13.50. The revision is
attributed to reduced electricity costs in Texas, investments in
equipment, and potential growth with AI and HPC clients.
Exodus and Blockchain.com join forces to enhance cryptocurrency
access
Exodus Movement, Inc. has partnered with Blockchain.com to
integrate the Passkeys Wallet into Blockchain.com’s fiat onramp
services. This will allow users to buy cryptocurrencies directly
within the Exodus interface, facilitating transactions in over 50
countries. The collaboration includes advanced security features
like biometric login and Multi-Party Computation (MPC), promising a
more accessible and secure cryptocurrency experience.
Fantom faces potential challenges after 17% surge
Fantom (COIN:FTMUSD) rose 17.3% last week, reaching $0.3755.
However, momentum indicators like RSI and MFI are low, suggesting
potential difficulty in maintaining the gains. The Chaikin Money
Flow also indicates market weakness. Low demand and negative
divergence with the number of daily active addresses suggest an
imminent correction, with the price potentially dropping to
$0.17.
Open Network Ventures launches $40 million fund for TON platform
projects and partners with Pyth Network
Open Network Ventures, a new venture capital firm formed by
former members of the TON Foundation, has launched a $40 million
fund to support early-stage cryptocurrency projects on the TON
platform. The fund will focus on applications utilizing Telegram
and will offer financial and strategic support to selected
projects, leveraging Telegram’s infrastructure and global network
to foster innovation. Additionally, Open Network has partnered with
Pyth Network to integrate real-time, high-fidelity price data into
its decentralized applications. This collaboration aims to
strengthen DeFi projects on TON with accurate and rapid
information, improving the performance and security of
applications. The partnership promises greater engagement with the
TON community. TON Coin (COIN:TONCOINUSD) is up 8.8% in the last 24
hours.
Swell launches swBTC for liquid Bitcoin restaking
Ethereum staking project Swell has launched “swBTC,” a liquid
restaking token that generates yield for Bitcoin holders. Utilizing
wBTC (COIN:WBTCUSD), a 1:1 Bitcoin-backed token on the Ethereum
network, swBTC will allow users to earn yield starting in
mid-September. The initiative aims to leverage Bitcoin’s value
while maximizing yields across different blockchain ecosystems.
Crypto.com returns as UEFA Champions League sponsor
Crypto.com is resuming its push into sports sponsorship after a
hiatus. The company has resumed sponsorship of the UEFA Champions
League nearly two years after abandoning a similar deal. The new
sponsorship will be announced during the UEFA Super Cup between
Real Madrid and Atalanta. Financial details and the duration of the
contract have not been disclosed. Previously, Crypto.com backed out
of a $495 million deal due to regulatory issues.
WazirX ends agreement with Liminal after $235 million hack
Indian exchange WazirX (COIN:WRXUSD) has terminated its custody
contract with Liminal and is moving assets to new multi-signature
wallets following a $235 million hack in July. WazirX stated that
this move is crucial to ensure the security of remaining funds,
despite mutual allegations over the source of the attack. The
company is also restoring balances and collaborating with experts
to resolve the incident.
dYdX introduces permissionless listing and new MegaVault
dYdX (COIN:DYDXUSD) has launched updates to its chain, including
a new feature that allows permissionless token listings, making it
easier to add new markets. Additionally, it introduced MegaVault, a
liquidity pool that will ensure market liquidity and allow users to
earn yields on deposits. These innovations promise to increase
platform efficiency and liquidity.
Coinbase plans to launch tokenized bitcoin product cbBTC
Coinbase (NASDAQ:COIN) announced on X a possible launch of
cbBTC, a tokenized bitcoin product similar to the company’s cbETH.
This new product will allow bitcoin to be used on Ethereum and
Layer 2 networks, serving as a liquidity source. cbBTC will compete
with BitGo’s WBTC, currently the largest tokenized bitcoin.
Additional details have yet to be disclosed, but the launch seems
imminent.
Bitget appoints Hon Ng as chief legal officer
Cryptocurrency exchange Bitget has hired Hon Ng as its new Chief
Legal Officer. With 20 years of experience, Ng will oversee the
company’s global regulatory compliance. Previously at Binance, he
is known for his work in compliance and licensing. Ng will help
Bitget navigate the rapidly evolving regulatory landscape and
expand the company’s presence in the cryptocurrency and Web3
sectors.
MetaMask launches blockchain-based debit card in EU and UK
MetaMask is launching a blockchain-based debit card in
collaboration with Mastercard and Baanx. Initially available as a
digital pilot for select users in the European Union and the United
Kingdom, the card will enable purchases directly with
cryptocurrencies stored in the MetaMask wallet. MetaMask plans to
expand distribution and explore launches in other regions in the
future.
Brazil may launch first Solana ETF before other countries
Brazil is poised to become the first country to list a spot
Solana ETF (COIN:SOLUSD), with approval from the Comissão de
Valores Mobiliários (CVM) on August 7. The ETF awaits final
approval from B3. This innovation could spark global interest,
especially in the U.S., where approval of a Solana ETF remains
uncertain. The success of this fund in Brazil could encourage other
nations to explore similar ETFs, highlighting Brazil’s leadership
in cryptocurrencies.
Hong Kong launches AI sandbox for finance
The Hong Kong Monetary Authority (HKMA) has launched a
generative artificial intelligence (GenA.I.) sandbox in
collaboration with Cyberport. The new environment will allow AI
applications in finance, such as risk management and customer
service, to be tested, aiming to facilitate the adoption of
generative AI and provide regulatory feedback, promoting innovation
in the financial sector.
Circle reveals interest from Harris campaign in cryptocurrency
policies
Circle CEO Jeremy Allaire stated that representatives from
Kamala Harris’s campaign are exploring cryptocurrency policies for
the 2024 elections. In an interview, Allaire highlighted that
crypto is a “purple” issue, with bipartisan interest. He mentioned
a meeting with White House and Harris campaign officials to discuss
the sector. Harris has yet to present a detailed economic platform,
while Donald Trump has already included cryptocurrency in his
agenda.
Bitcoin donations to RFK Jr. are low, but he continues to support
cryptocurrency
Robert F. Kennedy Jr. has raised only $61,000 in Bitcoin
donations since 2023, according to Breadcrumbs data. This amount is
small compared to the campaign’s total $100 million. Kennedy’s
campaign uses complex tracking methods, such as multiple addresses
and the Lightning Network, making transparency difficult. Despite
this, Kennedy is a strong Bitcoin advocate (COIN:BTCUSD) and
promises favorable cryptocurrency policies.
Sahara AI raises $43 million to revolutionize collaborative AI
economy
Sahara AI secured $43 million in funding to create a
decentralized platform that combines artificial intelligence and
blockchain. With support from investors like Pantera Capital and
Binance Labs, the startup aims to ensure a fair collaborative
economy, offering rewards and transparency in AI models and
infrastructure contributions. The promised platform is expected to
launch its testnet and mainnet soon.
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