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United States president Joe Biden has issued an executive order to establish new rules and standards that artificial intelligence (AI) companies will have to follow to secure the leadership of America in the field. The executive order also ostensibly seeks to protect the privacy of citizens and examine the effects that AI tools will have on the national labor market. Biden Administration Issues AI Executive Order U.S. president Joe Biden has recently issued an executive order that tackles the field of Artificial Intelligence (AI), seeking to establish standards that companies in the industry will have to follow to operate in the U.S. The order, one of the most comprehensive issued by any government, also seeks to avoid discrimination produced by AI algorithms and protect citizens’ privacy. One of the features of the order is that it will require AI companies to “share their safety test results and other critical information with the U.S. government” when their activities pose “a

Bitcoin continued to trade under the $35,000 level on Tuesday, as markets prepared for the upcoming U.S. consumer confidence report. It is expected that the confidence index will come in at a reading of 100 in October, down from 103 the month prior. Ethereum remains above $1,800. Bitcoin Bitcoin consolidated on Tuesday, as markets braced themselves for the upcoming consumer confidence report from the United States. Following a high of $34,843.94 to start the week, BTC /USD slipped to an intraday low of $34,083.31 in today’s session. This has resulted in the world’s largest cryptocurrency hovering below a key price point of $35,000. Additionally, the relative strength index (RSI) tracked above a floor at 79.00, which is deep in bull territory. Price strength is now sitting at 82.02, with the next visible point of resistance being at the 88.00 mark. Overall, many see BTC as being overcooked, with a more long-lasting reversal potentially on the cards. Ethereum Ethereum ( ETH )

The Nigerian fintech Vella Finance recently informed users and subscribers that it would stop offering crypto related services starting on Oct. 30. According to co-founder Tolu Adedayo, offering crypto and banking services at the same time is not feasible, hence the decision to drop the former. Business Decision The Nigerian fintech startup, Vella Finance, has reportedly dropped crypto services and will instead focus on providing banking services to small and medium-sized businesses. Co-founder Tolu Adedayo claimed that the decision to drop crypto services was based on business reasons. According to a Techcabal report , Vella Finance informed users and subscribers on Oct. 23 that the fintech startup would stop offering crypto-related services from Oct. 30, going forward. Explaining why the startup chose to pivot away from crypto-related services, the co-founder said: We’re going fully into SME Banking. Banking requires playing in regulatory confines. We already serve businesses f

While closing out October, the digital asset market has witnessed a significant rush in optimism, culminating in $326 million in fund inflows, marking the largest single-week gain in one and a half years, according to Coinshares latest digital asset fund flows report. Digital Asset Market Soars Higher With Record-Breaking Inflows This week’s Coinshares report, Volume 155, highlights the rising optimism and a higher rate of inflows. Bitcoin (BTC) dominated the influx, capturing 90% of the inflows at $296 million, demonstrating market confidence despite recent price increases. Coinshares researchers also noted substantial inflows into various alternative digital assets. However, this renewed optimism did not extend to ethereum (ETH) , which experienced a $6 million outflow. The report further indicates that the market is responding positively to the current conditions, with BTC leading the way in terms of investor interest and capital allocation. Interestingly, the research also

Solana surged to near a one-year high to start the week, as bulls pushed the cryptocurrency above the $35.00 level. Today’s surge comes as the global crypto market cap rallied, following a recent bout of consolidation. Avalanche also edged higher, surging by 5% today. Solana (SOL) Solana (SOL) was one of the notable gainers in the market on Monday, as the token climbed above the $35.00 mark. Following a low of $32.29 on Sunday, SOL/USD rose to an intraday high at $35.17 to start the week. This is the highest level the cryptocurrency has hit since November 6 last year, when the price was trading above $37.00. Solana was one of the biggest tokens to fall following the FTX fraud scandal, however price has made steady gains since then. Today’s surge comes as the relative strength index (RSI) rallied above a ceiling at 74.00, and now sits at 77.33. SOL remains above $35.00 as of writing, however, bulls could begin taking profits in the coming days. Avalanche (AVAX) Avalanche (AVAX

On October 29, 2023, Bitcoin’s difficulty rose 2.35%, reaching a record 62.46 trillion. This uptick represented the fourth consecutive rise over the preceding six weeks. The next difficulty epoch is slated for November 12, 2023, and as it stands, the recent spate of increases seems to have left miners undeterred, with the total hashrate demonstrating both resilience and stability. Bitcoin Difficulty Marks 2.35% Uptick in Fourth Consecutive Rise After a 6.47% increase on October 16, Bitcoin’s difficulty has risen again. On October 29, 2023, at block height 814,464, the network saw a 2.35% boost in difficulty, moving from 61.03 trillion to a new high of 62.46 trillion. This development has made mining bitcoin block rewards more challenging than at any previous point in history. Despite this increased complexity, bitcoin miners remain unfazed, sustaining a total hashrate of just above 450 exahash per second (EH/s). Currently, block times remain below the ten-minute average, with d

Ethereum once again rallied above the $1,800 level on Monday, ahead of a highly significant week of U.S. economic data. Over the next few days consumer confidence, and nonfarm payrolls will be reported, ahead of a Federal Reserve policy meeting. Bitcoin continued to trade close to the $35,000 zone. Bitcoin On Monday, bitcoin remained near the $35,000 level, ahead of a key week of economic data from the United States. BTC /USD peaked at the $34,743.26 mark to start the week, after falling to a low at $34,173.38 on Sunday. This resulted in bitcoin moving closer to an 18-month high at $35,157, which was last struck on October 25. Bitcoin chart by TradingView Since hitting a low of $33,400 on Friday, BTC has made consecutive gains, and this comes after the relative strength index (RSI) found a stable floor at 79.00. As of writing, the index is tracking at 82.52, which is still significantly above the overbought mark. Should price now continue to increase, there is a good c

A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged regulators whom it hopes will help expedite resolution of the matter. No Timeline Given The South African cryptocurrency investment platform Revix has said it is hopeful an asset recovery proposal put forward by its custody partner Haru Invest will ultimately result in users regaining access to blocked funds. However, Sean Sanders, the CEO of Revix, noted that while this may be positive news for users, his company is still unsure of when this process is set to be completed. As previously reported by Bitcoin.com News in June, Revix began restricting users’ access to a portion (24%) of their funds. At the time, the crypto investment platform argued that the abrupt suspension of withdrawals by its South Korea-based custody partner had necessitated

The key U.S. equities index the S&P 500 has now declined by just over 10% from its July 31 peak on fears that the U.S. economy is headed for a recession. One expert characterized the index’s drop as the first correction since the market bottomed in the fourth quarter of 2022. In contrast, the prices of safe haven assets like gold and bitcoin have been on the rise. S&P 500 in Correction Territory Mounting fears that the U.S. economy is headed for recession have now seen the key S&P 500 index drop by just over 10% from the July 31 peak of 4,577 points. Similarly, the Dow Jow Industrial Average ended the last week of October 2023 1.7% lower at just under 32,420 points. The fall of both indices came just days after it was reported that the yield on 10-year U.S. Treasury notes had crossed the 5% mark for the first time since 2007. The S&P 500 has now corrected 10% from its July 31 peak. This is the first such correction since the market bottomed on October 12, 2022. I&#

Over the weekend, the cumulative count of Ordinal inscriptions briskly surpassed the 36 million milestone, signaling a departure from the month-long downturn in daily onchain inscription issuances. While the staggering peaks of early September still remain unreached, a discernible resurgence has unfolded since October 25, with daily inscriptions once more eclipsing the 100,000 benchmark. From Slump to Surge, Bitcoin Ordinal Count Ignites Onchain Revival Unfolding over 33 days from September 24, 2023, the realm of Ordinal inscriptions witnessed a pronounced decline , presenting a vivid contrast to September 15, when an astonishing 440,760 inscriptions were orchestrated within a mere 24-hour span. The ensuing period was characterized by a substantial descent , reaching a low on October 13, with less than 10,000 inscriptions minted. Yet, a week later, the winds of change began to stir, hinting at a potential renaissance of Ordinal inscriptions. The pivot materialized on October 24,

As speculation continues about a possible Blackrock spot bitcoin exchange-traded fund (ETF) approval, Elon Musk calls for “comprehensive deregulation” amidst United States Securities and Exchange Commission (SEC) regulatory turmoil, and Rich Dad Poor Dad author Robert Kiyosaki describes the kind of bitcoin investor he is, differentiating his investment style from that of billionaire Warren Buffet. This and more directly below in the latest Bitcoin.com News Week in Review. Bitcoin Soars as Blackrock Moves Closer to Launching Spot Bitcoin ETF Blackrock is moving forward with the process of bringing its spot bitcoin exchange-traded fund (ETF) to market. The world’s largest asset manager has secured a ticker symbol and a CUSIP number for its forthcoming spot bitcoin ETF, which is now listed on the Depository Trust and Clearing Corporation (DTCC), the entity responsible for clearing Nasdaq trades. Additionally, Blackrock’s spot bitcoin ETF filing signals the firm’s intention to buy bitc

A few weeks back, a coalition of creditors from FTX, known as the “FTX 2.0 Coalition,” shed light on how the defunct exchange’s vested interest in Anthropic could significantly enhance their compensation. Now, Anthropic has successfully secured $2 billion in funding from Google. Although the exact updated valuation remains undisclosed, preliminary estimates suggest the generative artificial intelligence (AI) company reportedly boasts a post-valuation ranging from $20 to $30 billion. FTX Creditors Look to Reap Benefits as Anthropic Gains $2 Billion In 2023, there is no doubt that artificial intelligence (AI) has experienced significant growth, with billions of dollars in capital flowing towards companies such as Anthropic and Openai. These two competitors have developed two generative AI chatbots known as “Claude” and “Chatgpt.” Towards the end of September, Bitcoin.com News reported that Amazon pledged $4 billion to support Anthropic. Prior to this investment, Google had already i

Chainlink moved towards an 18-month high to start the weekend, following a second day of bullish momentum. The cryptocurrency rose by as much as 7% in today’s session, despite the global market cap mostly consolidating on Saturday. Cardano also rallied, nearing a multi-month high of its own. Chainlink (LINK) Chainlink (LINK) made considerable gains to start the weekend, as the token rose by as much as 7% in the day. LINK/USD peaked at a high of $11.59 earlier in today’s session, which comes a day after price fell to a low of $10.80. Today’s gains pushed price closer to a recent 18-month high of $11.78, which was hit during the week. The latest bullish push in LINK comes as the relative strength index (RSI) continued to trend upward, and it now sits at 81.68. A ceiling is fast approaching at the 83.00 mark, and should bulls fail to break out of this level, there will likely be a reversal in price. Cardano ( ADA ) Cardano ( ADA ) was another notable mover on Saturday, climbing c

Bitcoin started the weekend tracking around the $34,000 level, as prices rebounded following a two-day winless run. The cryptocurrency has begun to consolidate in recent days, following strong gains earlier in the week. Ethereum moved back closer to the $1,800 level. Bitcoin Bitcoin rose back above the $34,000 level on Saturday, which comes following recent price consolidation. After hitting a low of $33,416.89 on Friday, BTC /USD rallied to an intraday high of $34,201.77 to start the day. The move saw bitcoin snap a two-day losing streak, which came after the cryptocurrency was significantly overbought. Despite the uncertainty of the past few days, the 14-day relative strength index (RSI) remains in this territory. As of writing, the index is tracking at 81.21, which comes as bulls implemented an interim floor at the 80.00 mark. If this level holds throughout the weekend, bulls may make another run towards the $35,000 level. Ethereum Ethereum ( ETH ) rebounded from Friday’s

South Korean crypto traders are more inclined to invest in high-risk, high-reward altcoins than their American counterparts, according to a new report. The share of major cryptocurrencies like bitcoin and ethereum in the trading volumes on the largest Korean exchange is much smaller than the one registered on the leading U.S. exchange, the research indicates. Majority of South Korean Investors Interested in Altcoins With Potential for High Profit Many South Koreans favor a high-risk approach to crypto investments that can potentially return high rewards, the Web3 market strategy consulting firm Despread has established in a new study focused on trading on the country’s major cryptocurrency exchanges. “The majority of individual investors on Upbit show strong interest in altcoins with high profit potential and tend to accept the associated high risks. This is considered one of the reasons for the high proportion of altcoin trading in the Korean market,” the authors said in a blog po

According to Louis Bellet, the founder of the Layer-3 peer-to-peer protocol Yellow Network, crypto trading has not scaled largely because it remains unregulated in many places which in turn “greatly slows down its growth and produces tons of scams.” In contrast, traditional finance (tradfi) is widely seen as “a well-oiled machine” and this according to Bellet may be down to the sector’s “well-established regulatory frameworks and policies in place.” State Channels Ideal for Apps Which ‘Require Rapid Transactions’ Still, in his answers sent to Bitcoin.com News, Bellet sought to link traditional finance’s scalability to the “usage of clearing systems.” He argued that such clearing systems help to “mitigate counterparty risks and obviate the need for speedy settlements.” According to Bellet, until and unless this vector is “fully explored and optimized” in the crypto space, trading will not scale as some are hoping. Meanwhile, when asked about his views on so-called state channels, th

Toncoin was a notable mover on Friday, as the cryptocurrency edged lower for a second straight session. Price fell by as much as 4% earlier in the day, as price approached a breakout below the $2.00 mark. On the other hand, solana continued to trade around the $33.00 mark. Toncoin (TON) Toncoin dropped for a second straight day on Friday, as bears pushed the cryptocurrency close to a breakout below the $2.00 level. Following a high of $2.17 during yesterday’s session, TON/USD slipped to an intraday low of $2.07 earlier today. As a result of the decline, toncoin continued to track a one-week low, and close to a key price floor of $2.00. One reason TON remains above the aforementioned level is as a result of the 14-day relative strength index (RSI), which is above its own floor at 50.00. In the event that this point is broken, there is a strong possibility that bearish sentiment will significantly increase. If so, traders will possibly be targeting a lower support point of $1.90.

Federal prosecutors questioned Sam Bankman-Fried in an ongoing hearing on Wednesday about his message deletion practices and the alleged use of customer funds while he was CEO of now-bankrupt crypto exchange FTX. FTX Founder Faces Intensive Cross-Examination by Prosecutors in Ongoing Trial Prosecutors focused on Sam Bankman-Fried ‘s use of the encrypted messaging app Signal, including his enabling of auto-delete features in 2021. Bankman-Fried said he did not seek specific legal approval for auto-deleting messages, but believed it was allowed under FTX’s document retention policy implemented that year. Bankman-Fried’s testimony was recorded by Matthew Russell Lee from the Inner City Press . When asked if he should have preserved messages with former Alameda CEO Caroline Ellison containing financial spreadsheets, Bankman-Fried replied “Yes. For example, verbal discussions were not required to be reported.” Prosecutors also questioned if Bankman-Fried violated the policy by deletin

Bitcoin slipped below the $34,000 level earlier in today’s session, ahead of the upcoming consumer sentiment report in the United States. Data on Thursday showed that the U.S. economy grew at a rate of 4.9% in Q3, largely driven by consumer spending. Ethereum moved below the $1,800 level to start the day. Bitcoin Bitcoin slipped below the $34,000 mark on Friday, as markets consolidated ahead of U.S. consumer sentiment figures. BTC /USD fell to a low at $33,762.32 earlier in today’s session, which comes following a peak at $34,649.40 the day before. As a result of the decline, bitcoin continued to pull away from a recent 18-month high, as bears began to gradually seize market sentiment. Bitcoin chart by TradingView This comes as the relative strength index (RSI) remained in overbought territory, with a current reading of 83.68. Bulls in the market seem reluctant to let go of their positions, and have gone on to once again push BTC above $34,000. Overall, BTC remains ne

Blockchain analytics firm Elliptic says there is no evidence that Hamas has received significant volumes of cryptocurrency donations, emphasizing that crypto data it provides on the matter has been misrepresented. Noting that crypto accounts linked to Hamas have been seized or frozen, Elliptic says: “This illustrates the weakness of crypto as a terrorism fundraising tool. The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities.” Hamas’ Crypto Amounts Raised ‘Tiny’ Compared to Other Funding Sources Blockchain analysis provider Elliptic published a blog post on Wednesday to set the record straight regarding crypto crowdfunding by Hamas, the military organization currently at war with Israel. This clarification followed numerous media reports claiming that Hamas had raised significant funds in cryptocurrency, including an article in The Wall Street Journal titled “Hamas Militants Behind Israel Attack Raised Millions in Cry

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