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Artificial Intelligence: 1. The US will hold an AI summit in Lima, Peru on September 8. 2. British media: The Bank of England is investigating investment banks exposure to Asian stocks to avoid concentrated bets on AI. 3. OpenAI president responds to Apple lawsuit: We are highly innovative and do not need other company secrets. 4. OpenAI announces the launch of CHATGPT for academic researchers, which will be provided free of charge to 100,000 researchers. 5. OpenAI CFO: The companys annualized revenue in July exceeded the total for the entire second quarter. Other: 1. SpaceX wins a $1.6 billion contract from the US Space Force. 2. Metas revenue hits record highs, but AI costs drag down its stock price in after-hours trading. 3. Two major MLCC manufacturers raise prices: Samsung Electro-Mechanics to raise prices by 30% starting in August, and Taiyo Yuden to raise prices starting in September. 4. The US announces a letter of intent for $874 million in semiconductor R&D investment. 5. Yangtze Memory Technologies: The online claim that "all 19 claims of its core 3D NAND patent have been ruled invalid" is a seriously misleading description. 6. Microsofts Q4 revenue exceeded expectations at $90 billion, with Azure cloud revenue surpassing $100 billion for the first time. Microsoft expects first-quarter revenue of $90 billion and maintains positive free cash flow for the new fiscal year. A Ukrainian Interior Ministry advisor stated that Russia has launched a large-scale attack on Ukraine, targeting multiple cities, including Kyiv. Cruise missile strikes are expected soon.On July 30th, Microsoft (MSFT.O) CEO Satya Nadella emphasized that customers must have the ability to freely switch between different closed-source and open-source AI models. He told analysts on Wednesdays conference call that the number of Microsoft customers building with multiple models has quadrupled since the beginning of the year. "You have to separate your system framework from the models," Nadella said. "That means any particular model should be replaceable at any given time. You should also be able to use cutting-edge models. Theres no reason not to, but you can also use multiple models, right?" Microsoft has investments in both OpenAI and Anthropic, but last week signed an open letter with companies like Nvidia and Palantir supporting open models.Market news: Intel (INTC.O) has granted access to some technologies to startup RosaicLabs, whose CEO is a co-investor of Intels CEO in other companies.July 30th - On the evening of the 29th local time, Iraqi Armed Forces Commander-in-Chiefs spokesman, Sabah Numan, stated that the joint US-Saudi Arabian operation against Iraqi militias has hindered the investigation into previous attacks on Saudi Arabia. Numan said the Iraqi government has requested evidence of attacks on Saudi Arabia by armed forces originating within Iraq, but "no one has provided any." Iraqi security forces are developing plans to prevent attacks on the country and uphold Iraqi sovereignty. The Iraqi government rejects any aggression from outside Iraq and will not allow weapons to remain outside the states control.

Bitcoin Eyes $50,000, Bitcoin Surpasses Facebook In Market Capitalization

Eden

Oct 26, 2021 11:06

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Bitcoin price today is making a push back to $50,000 for the first time since El Salvador’s checked rollout of the largest cryptocurrency as legal tender at the start of September. Bitcoin was trading nearly 3% higher to $49,407.


Bitcoin rose 1.11% to $49533.7 by 15:50(GMT+8).


Bitcoin had plummeted from more than $52,000 per coin, over 17% on September 7 after El Salvador became the first country to adopt Bitcoin as legal tender as the rollout stumbled in its first hours. 


Other cryptocurrency prices today were mixed with ether, the coin linked to ethereum blockchain and the second largest crypto was trading marginally higher at $3,393.9. Cardano prices slipped nearly 1% to $2.20 whereas dogecoin surged 8% to $0.24.


"All crypto markets have been positive for a few days. The total crypto market capitalization has broken out of the descending channel pattern, indicating some type of trend reversal. We can definitely expect a recovery in the crypto markets, as the RSI indicator for BTC has also broken out of the pattern. With the dollar index weakening slightly compared to the last few days, we can only hope that the cryptocurrency markets will gain some buying momentum," said Siddharth Menon, COO of WazirX.


Meanwhile, cryptocurrency investment products and funds recorded inflows for a seventh straight week, data from digital asset manager CoinShares showed on Monday. Inflows to the sector were $90.2 million last week, led by bitcoin which snagged $69 million, according to CoinShares data as of October 1. Over the past seven weeks, crypto inflows reached $390 million.


Bitcoin recorded its third straight week of inflows. Ethereum products and funds, meanwhile, posted another week of inflows totalling $20 million, despite conceding market share to bitcoin in recent weeks. Inflows to ether, the token for the Ethereum blockchain, so far this year amount to $1 billion.


Another report showed that India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis. India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.


Bitcoin Surpasses Facebook In Market Capitalization


Bitcoin achieves another big milestone by surpassing Facebook in market capitalization at over $929,014,620,160 at the time of writing, according to Asset Dash.


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Photo: Asset Dash


Even though Bitcoin has had some setbacks in price earlier this year, BTC continues to rise rampantly. In the past year, Bitcoin is up over 360%, compared to Facebook which is only up 22%. Facebook is just the next giant slain in Bitcoin’s path to becoming the world’s most valuable asset. Note that the comparison here is that of Facebook the publicly traded company and Bitcoin, the monetary asset and distributed network.


Bitcoin was the best performing asset of the last decade and has started off this decade really strong, which poises BTC to potentially becoming the best performing asset of this decade as well.


As we go into Q4 of this year, Bitcoin is primed to capture even more value and grow exponentially higher than what it is today. As we can see below, Bitcoin typically tends to perform well in Q4 of previous years. Q4 2020 was at the beginning of this current bull run we find ourselves in today. Many are predicting an even higher leg up this Q4 due to many circumstances such as the expansion of the monetary supply by central banks, El Salvador making bitcoin legal tender and adding it to their balance sheet, BTC being taken off exchanges by long term holders, and more.


Ranking BTC against the top stocks, it’s clear that Bitcoin is slowly climbing its way to the top of the list. With Bitcoin leapfrogging Facebook, that now puts it in 6th place, right behind Amazon. The next obstacles after that will be in order: Google, Saudi Aramco, Microsoft, then Apple. 

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