rdxtamimafnan

bitcoin

Bitcoin ETF fever returns: Biggest inflow to ProShares’ BITO in a year

deleted by author

tech

In a recent post by Saifr, the company outlines four of the key capabilities involved in today’s world of AI.

Delving into the world of AI, there exist four crucial abilities that power its functionality. Saifr outlined these as foundation models, transformer architecture, emergent capabilities, and generative AI.

Foundation models serve as the backbone of contemporary AI, the firm outlined. Assembled from an extensive array of data collected from the internet, these models offer a broad and comprehensive understanding of the world, acting as a beneficial launching pad for future models. Foundation models enable us to avoid reinventing the wheel, particularly considering the immense computing power required to recreate such models.

A myriad of challenges can be effectively addressed with the aid of foundation models, however, for more complex conundrums, a process called “fine-tuning” is required, exclaimed Saifr. This involves building on the base model to cater to specific requirements. For instance, a model developed to identify cars can be fine-tuned to recognise trucks, or a language model could be customised to navigate particular regulations.

Meanwhile, Saifr underlined that the evolution of AI witnessed a pivotal shift in 2017 when Google developed a new form of neural network architecture, dubbed the transformer. Inspired by human brain functionality, neural networks utilise millions of interconnected processing nodes to analyse data. The transformer’s introduction revolutionised the AI landscape, becoming the common architecture for image, audio, and video, besides natural language.

As AI models, known as large language models (LLMs), acquire a vast number of weights, they exhibit emergent capabilities not present in their smaller counterparts. These capabilities, including in-context learning and self-reflection, enable more intricate problems to be solved, expanding the realm of possibilities.

Generative AI, as its name implies, can generate new content based on a user’s intent. For instance, LLMs can create articles so convincingly written that one might assume a human authored them. The potential of generative AI to transform the AI domain is significant, as it can augment human processes and enhance efficiency and productivity, Saifr said.

The AI landscape is in a constant state of flux, evolving at a lightning pace. As these techniques are implemented, their limitations will spur the development of the next wave of technologies.

Exploring the four critical capabilities propelling today’s AI technology

Bitcoin rallies 10% to highest level in over a month traders get bullish on ETF

Bitcoin surged over 5% in Wednesday morning trading in Asia to breach the US$28,000 resistance level, leading a rally of the top 10 non-stablecoin cryptocurrencies except XRP. Bitcoin’s jump followed the Tuesday evening launch of EDX Markets, a cryptocurrency exchange backed by major Wall Street players such as Citadel Securities, Fidelity and Charles Schwab. Meanwhile, the U.S. equity futures edged lower as investors waited for the Federal Reserve Chair Jerome Powell’s Wednesday testimony to Congress, with economic data on Tuesday pointing to a recovery in the U.S. housing market.



Bitcoin leads crypto rally


Bitcoin jumped 5.65% over the last 24 hours to US$28,285 at 07:30 a.m. in Hong Kong, moving up 9.36% for the past seven days, according to data from CoinMarketCap. The world’s largest cryptocurrency breached the US$28,000 mark early Wednesday for the first time since May 30.

Ether also gained 2.94% to US$1,788 and added 3% for the week. Most top 10 non-stablecoin tokens traded higher in the past 24 hours as Bitcoin spearheaded the rally, with the exception of XRP, which dipped 0.34% over the same period.


EDX Markets, a New Jersey-based crypto exchange, officially launched on Tuesday. Its investors include Fidelity Investment, an asset manager overseeing more than US$4 trillion in assets, and will offer Bitcoin, Bitcoin Cash, Ethereum and Litecoin trading services.

The launch of EDX Markets echoes BlackRock’s Bitcoin exchange-traded fund filing last week, which indicates institutional interest in cryptocurrencies despite the U.S. Securities and Exchange Commission’s crackdown on the industry.


The SEC’s probability of approving the Blackrock Bitcoin ETF is high,” said Markus Thielen, head of crypto research at digital asset service platform Matrixport, in an email. “The ETF might be approved by September/October 2023 and will attract US$10 billion within three months and US$20 billion within six months — materially supporting Bitcoin prices.”

Adding to the signals of institutional adoption, German investment bank Deutsche Bank has reportedly applied for a license from German regulators to offer custody services for digital assets including cryptocurrencies, according to Bloomberg on Tuesday.


On the regulatory front, the U.K.’s Financial Services and Markets Bill, which proposes cryptocurrency regulation in the country, was approved by the Parliament’s upper house on Sunday, signaling that the bill is now in its final stage before being enacted into law. 

“[The bill] could essentially recognize cryptocurrencies as a regulated activity and stablecoins as a means of payment,” said investment fund Ark36 Chief Executive Officer Anto Paroian in an email. “If the bill is accepted and put into law, this could propel the cryptocurrency industry as a whole into a more mature and respected position within the global financial landscape while putting Britain on the map as a potential global hub for crypto.”

The total cryptocurrency market cap rose 3.70% to US$1.11 trillion in the last 24 hours, while crypto trading volume rose 47.78% to US$38.63 billion, according to CoinMarketCap data.



Bitcoin surges above US$28,000

The market appears to be in a period of quiet accumulation, which suggests an undercurrent of demand," one analyst said.




Bitcoin (BTC) is flowing into wallets controlled by illiquid entities, or network participants with little-to-no spending history, at the fastest rate in six months, indicating a bias for accumulation from long-term investors.
Glassnode's illiquid supply change metric, which measures the number of coins held by illiquid wallets on a specific date compared with the same day the previous month, rose to 147,351.58 BTC ($3.9 billion) on Monday, the most since Dec. 19. The total held by illiquid entities has jumped to a record high 15,207,843 BTC, with the tally increasing by 215,000 BTC in the past four weeks alone.

The data shows investors remain confident of bitcoin's price prospects despite continued macroeconomic uncertainty and heightened regulatory risks.
Last week, the U.S. Federal Reserve kept interest rates unchanged, pausing a 15-month rate-hike cycle. The bank, however, ruled out rate cuts this year while keeping the doors open for more increases if required. The so-called tightening was partly responsible for last year's crypto market swoon.
Early this month, the U.S. Securities and Exchange Commission filed lawsuits against prominent digital assets exchanges Coinbase and Binance, accusing them of offering a number of alternative cryptocurrencies as unregistered securities. The lawsuits did not mention bitcoin, triggering a rotation of money out of altcoins and into the leading cryptocurrency by market value.


The rate of flow into illiquid wallets is "supporting the case for a gradual and steady accumulation taking place," Glassnode analyst James Check said in a weekly report published Monday, noting the record balance held by illiquid entities and the dwindling exchange balance.
"Overall, the market appears to be in a period of quiet accumulation, which suggests an undercurrent of demand, despite the regulatory headwinds of late," Check added.


The illiquid supply change indicator turned positive on May 24, signaling renewed accumulation, and has increased sharply since then.
Other things being equal, faster accumulation means weakening supply in the market and potential for price rise. Technical charts suggest scope for bull revival as long as crucial support at $25,200 is held intact, that is the bitcoin price doesn't drop below that level.

Bitcoin Is Becoming Illiquid at 147K a Month in Signal of Steady Accumulation

I'll charge more above $49 if it goes down there, I don't think I'll lose it.