Crypto Market Update: DeepMind and Brain Merge To Create Google DeepMind For Accelerated AI Progress
Written by Van - Perfected by ChatGPT
Alphabet has merged its two AI-focused teams, DeepMind and Brain, to create Google DeepMind in an effort to accelerate progress in AI. DeepMind CEO, Demis Hassabis, will head up the new group, while Brain co-founder Jeff Dean will serve as chief scientist for Google and Google DeepMind. The creation of the new unit comes as companies including Alphabet, Amazon, Facebook and Microsoft continue to invest billions in artificial intelligence technologies. Meanwhile, a new study by Pew Research Centre has found that 32% of Americans believe AI will do more harm than good for workers over the next 20 years. Of the concerns raised, fears of impact on privacy, performance evaluations and employment emerged as primary issues.
Lightning Network Transaction Fees 1,000 Times Cheaper Than Major Credit Card Companies
According to fresh data from Glassnode, the median fee rate for the Lightning Network is currently 0.0029%, making it 1,000 times cheaper than that of major credit card companies such as Mastercard and Visa. The Lightning Network, a layer-2 payments solution built atop Bitcoin, was designed to make Bitcoin effective as a payment method, and the low cost of transactions is a significant advantage for businesses that accept it. However, the network is better suited to payments under $1,000, as the typical channel is smaller than 1 BTC. Although some Bitcoin early adopters are using custodial wallets, semi-custodial solutions could ultimately undermine their reliance on fully custodial options.
Gemini Expands Presence in Asia-Pacific with New CEO and Engineering Center in India
Cryptocurrency exchange Gemini is expanding its presence in the Asia-Pacific (APAC) region with the appointment of a regional CEO and the establishment of an engineering center in Gurgaon, India. The move is part of Gemini’s strategy to grow its international business and capitalize on increasing demand for crypto and Web3 products. Gemini’s expansion plans include building out product and engineering teams in India and expanding its business in Singapore. The APAC region has proven to be one of the largest crypto markets in the world. Gemini was charged with violating securities laws through its Lend program earlier this year, but the exchange believes in crypto’s resurgence.
Crypto Venture Capital Firm Paradigm Criticizes SEC’s Stance on Cryptocurrencies
Web3 venture capital firm Paradigm has criticized the United States Securities and Exchange Commission (SEC) for its unrelenting stance against cryptocurrencies. The firm has stated the SEC offers insufficient information for investors, and its attempt to fit crypto assets into a disclosure framework is flawed. The current disclosure policy was created in the 1930s, Paradigm said, and is not tailored to the decentralized platforms that cryptocurrencies trade on. The SEC offers insufficient guidance for crypto entrepreneurs and needs to adapt to new technologies and asset classes. Congressman Warren Davidson has also been critical of the agency and its chief.
Criticism Arises as Societe Generale-Forge Restricts Peer-to-Peer Transactions for Ethereum-Based Stablecoin
French bank Societe Generale-Forge (SGF) released the EUR CoinVertible (EURCV), an ethereum-based stablecoin. However, the bank’s decision to restrict peer-to-peer transactions has caused criticism from industry figures. Observers reviewing the code found that ERC-20 transfers must be approved by a centralized registrar before the transaction occurs. Some cryptographers criticized the code, describing it as “radical commitment to inefficiency in the name of regulation.” Despite this, analysts remain optimistic that more banks will follow suit by launching their own stablecoins on public networks.
Bitcoin Whale Transfers $7.8 Million Worth of BTC After 10-Year Dormancy
Another red day saw Bitcoin lose $28,000 at one point before coming back above this level, whereas crypto analytics firm Santiment had warned that Bitcoin’s funding rate could turn negative, signaling a downtrend, due to periodic payments required based on the difference between the perpetual contract market and the spot price.
The firm is also tracking social media trends, which showed traders have gradually become less optimistic about top assets in crypto over the past five weeks, increasing the probability of continued price rises. However, discussions on social media are declining overall, indicating some disbelief about the trend.
It happened while a Bitcoin whale that had been inactive for a decade transferred 279 bitcoins, worth \(7.8 million, to three new addresses. This comes after another long-dormant bitcoin whale transferred 2,071.5 BTC, worth \)60.7 million, after nine years of inactivity. There is speculation that some long-time crypto users are moving old funds to new wallets amid a significant wallet-draining operation allegedly targeting old wallets.
Ethereum’s Significant Dormant Movement Sparks Positive Price Shifts
Ethereum’s recent drop below $2,000 may be temporary, as a significant dormant movement has occurred on the Ethereum network, which historically indicates major price shifts in a positive direction. The surge in dormant circulation is currently the fifth-highest in the past six months, and the mean dollar invested age line has decreased, favoring a bullish market setup.
Santiment highlights two Ethereum addresses that accumulated 150,000 ETH in November 2018 and sold their entire holdings on April 18, 2023, suggesting possible insight into market movements. The report emphasizes that the timing of the accumulation coincided with prices below $125 and just before the market bottomed out and surged.
Since the Merge in Ethereum, where the network switched to a Proof-of-Stake consensus mechanism, the cryptocurrency has seen a decline in its native token. Over 104,939.20 ETH has been burned, which amounts to over \(200 million in current market value, and corresponds to a 0.146% decline in the yearly supply of ETH. Had Ethereum stayed with miners, the ETH supply would have increased by more than 2.52 million coins, or \)4.9 billion.
Tether Mints $1 Billion USDT on TRON Network for Chain Swap
Tether has minted \(1 billion worth of [USDT](https://coin360.com/coin/tether-usdt) on the [TRON](https://coin360.com/coin/tron-trx) network, bringing the total USDT authorized on Ethereum to over \)36 billion. The TRON network holds the most issued USDT at $44 billion due to lower transaction costs than Ethereum. The minting was carried out for a chain swap and did not release new coins into circulation. Tether’s reserves, which include US treasuries and cash deposits, have previously raised concerns. Nevertheless, the stablecoin’s popularity has been linked to increased Bitcoin prices.
Dogecoin Value Drops Following SpaceX Starship’s Failed Launch
Dogecoin decreased by 8.16% in value after the SpaceX Starship rocket, which was linked to Elon Musk, exploded. The memecoin had been gradually rising before the incident, but its value decreased as a result. After falling to a local low of \(0.08295, [DOGE](https://coin360.com/coin/dogecoin-doge) recovered some losses to trade at \)0.08389. The SpaceX test vehicle experienced technical issues during its launch, causing its failure to launch to Thursday. SpaceX assured its followers that its development on the Starship would continue despite the setback.
Synthetix Sees Surge in Trading Volume After Distributing Optimism Tokens
Decentralized derivatives exchange, Synthetix, saw a surge in trading volume after distributing Optimism tokens. The 7-day average volume on Synthetix increased to \(115M, while the 7-day average fees doubled to \)90,000. Trading activity was highest on Kwenta, a Synthetix-based exchange for trading perpetual futures. Users who trade on the platform will be eligible to earn OP tokens for 20 weeks, with more than 5.3 million OP tokens to be distributed, worth approximately $12.8M. Synthetix Perps V2 is adding new trading pairs at an accelerated rate, including ATOM, FTM, and NEAR. Despite the news, SNX token has been down -6.28% today.
Axie Infinity’s AXS Token Faces Losses Ahead of Token Unlocking Event
Axie Infinity’s AXS token is facing potential losses ahead of the planned unlocking of millions of dollars worth of tokens on April 23. The unlock will free up 18.89 million tokens, worth $155.27 million, thus adding more supply to the market. However, unlocks do not always lead to lower prices, and the broader crypto market has faced selling pressure this week. Additionally, the decline seems to be driven by broader risk aversion rather than bearish bets. The dollar value of futures tied to the token has declined nearly 20% this week, suggesting closures of bullish positions rather than outright shorts or bearish bets. AXS is trading at a -2.22% discount over the past 24 hours.
Source: Token Unlocks
Arbitrum’s Troubles Continue as Stablecoin Outflows Increase and Fees Decline
Arbitrum is facing challenges with an increase in stablecoin outflows, which could suggest a decrease in demand for its services or increased competition from other protocols. There has also been a sharp decline in fees collected by the protocol, although Arbitrum still holds a high TVL and has seen success with its dApps. The ARB token has experienced a significant decline in price with continued selling pressure, but some addresses are still holding profitable positions. ARB has been sliding by -3.97%.
MakerDAO Approved to Transfer Up to $500 Million in USDC Stablecoins to RWA Vault
Crypto lending protocol MakerDAO has approved the opening of a real-world asset (RWA) vault for Coinbase Custody to transfer up to \(500 million in [USDC](https://coin360.com/coin/usd-coin-usdc) stablecoins. Coinbase Custody will pay a 2.6% annual yield on deposits, but is prohibited from rehypothecating – lending, reinvesting or using – the assets in the account. Coinbase must keep the tokens in cold crypto wallets, and Maker will be able to withdraw funds from the vault within 24 hours, which are insured up to the \)500 million limit. The move is part of a strategy to diversify its reserves and increase revenue by investing in yield-generating traditional financial assets.
Solana Launches Real-Time Dashboard
Solana has launched a real-time dashboard to measure its carbon emissions, in what is believed to be a first among major smart contract blockchain networks. The emissions tracker, developed with Trycarbonara, records the network’s energy consumption, carbon footprint and network power intensity, among other data, by drawing from stats collected directly from a sample of validators. Environmental impact has been a concern for blockchain, which requires vast amounts of energy to operate, and advocates hope Solana’s example will encourage others to publish similar details. However, estimates suggest Proof of Work-based cryptocurrencies such as bitcoin require far more energy than Proof of Stake models.
Aptos Protocol Launches Delegated Staking and Lava Testnet
Layer 1 blockchain protocol Aptos has launched delegated staking, which allows users to earn rewards without the stress of operating nodes. It offers options outside of previous thresholds and encourages self-custody, accessibility, and flexibility for all key stakeholders in its ecosystem. Aptos has also launched its Lava Testnet and the NFT Wormhole Bridge to enhance innovation in its ecosystem.
Summary of Market Events and Price Action
As a summary of today’s events and price action in the market, it is crucial to note the following key points:
- Societe Generale-Forge restricts transactions
- Paradigm criticizes SEC’s stance
- Gemini expands in Asia-Pacific, follows Coinbase in an offshore move
- BTC whale moves $7.8M
- ETH see positive changes
- Solana launches carbon emission dashboard
- Aptos Protocol offers new staking options
- MakerDAO approves large transfer
- Arbitrum faces issues with outflows and fees
- Axie Infinity token drops.
- Synthetix sees volume increase
- Dogecoin value falls after failed SpaceX launch
- Tether mints $1B USDT for swap
Top Altcoin Gainers and Losers
Zilliqa ZIL (+4.99%)
Bitcoin SV BSV (+3.30%)
Kaspa KAS (+2.07%)
Radix XRD (-20.43%)
Render Token RNDR (-18.80%)
GMX GMX (-7.00%)
NFT Market Map
The NFT market has experienced a decline in activity due to high gas fees and reduced appetite for digital collectables. This has resulted in a significant drop in the number of unique addresses and NFT sales across top marketplaces. This has led to a struggle for NFT marketplaces to stay profitable as income revenues decline with shrinking traded volume. However, the Ethereum network has managed to hold its position as an NFT hub with traded volume steady in the past 30 days.
The Centre Pompidou in Paris has included an NFT artwork in its exhibition, which explores how blockchain and artistic creation relate to each other. The exhibit features work from 13 artists and showcases how crypto art fits into the wider history of art. Among the exhibit’s artworks is CryptoPunk #110, an NFT that was gifted to the museum by CryptoPunks owners Yuga Labs as part of the “Punks Legacy Project.” The inclusion of NFTs in a French national heritage museum reinforces the growing acceptance of blockchain and crypto art in contemporary art.