The Latest News from the Crypto World: What Happened Yesterday?
The unveiling of Grayscale’s new artificial intelligence (AI) fund, the NFT by former US President Donald Trump, and Germany’s $2.9 billion in bitcoin sales income are some notable recent developments in the cryptocurrency and finance worlds. These and other examples highlight how the crypto world is evolving quickly.
Grayscale Decentralized AI Fund: The New Intersection of Artificial Intelligence and Cryptocurrency
In order to address the intersection of AI and cryptocurrency, Grayscale has established a decentralized AI fund. Render, Bittensor, Filecoin, Livepeer, and Near make up the first basket of the Grayscale Decentralized AI Fund. The head of product and research at Grayscale, Rayhaneh Sharif-Askary, stated that these blockchain-based AI-related protocols embody the principles of decentralization, accessibility, and transparency. The fund’s asset manager went on to say that the fund will prioritize funding projects in three areas: deep fakes, misinformation, and other centralized AI issues.
Donald Trump Announces a New NFT Set Release
Donald Trump defended in a recent interview with Bloomberg Businessweek that the United States ought to lead the world’s cryptocurrency race ahead of China. The Republican front-runner for president stated that he intends to release another set of NFTs and believes cryptocurrencies are here to stay.
If I throw it (cryptocurrency) aside, it’s going to be picked up in another country, most likely China. So you have to look at it — what I want, again, is what is good for the country. I did it (NFT) three times and I’m going to do another one because the people want me to do another one.
German Government Makes Statement on the Bitcoin Sell-Off
The German government announced on Wednesday that it had sold about 50,000 bitcoins for around $2.9 billion as part of a scheme to sell assets that had been confiscated from the Movie2K website that pirated movies. Between June 19 and July 12, a coordinated sale was conducted through exchanges Bitstamp, Coinbase, and Kraken, under the supervision of the Federal Criminal Police Office. German officials stated that the hasty sale was legally necessary to prevent the risk of a large loss in value of roughly ten percent or more, even though the Movie2K case has not yet been resolved.
422 Million Dollar Bitcoin ETF Net Inflow Draws Attention
Tuesday saw net inflows of $422.5 million into U.S. spot Bitcoin ETFs, the highest since early June, continuing their eight-day winning run.
- Almost $1 billion worth of trading volume was generated by BlackRock’s IBIT, which topped the inflows with $260.2 million, its largest since June 6.
- With additions of $61.1 million and $29.8 million, respectively, Fidelity’s FBTC and Ark Invest’s ARKB also had sizable net inflows.
Matt Hougan: Spot ETF Inflows Could Increase Ether to $5K by Year-End
According to Bitwise CIO Matt Hougan, spot ETF inflows may affect ether more than bitcoin. The Bitwise CIO claims that Ethereum’s effective 0% inflation rate over the previous year and less selling pressure from stakers than from bitcoin miners will increase the impact of ETF inflows on prices. Hougan forecasts that by the end of the year, Ethereum’s price will have risen to all-time highs above $5,000 due to inflows from spot Ethereum ETFs, which are scheduled to debut on July 23.
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