• Aussies can buy BTC at a discount (kind of… also there’s a catch) 🤷♀️
💸New in Polo Earn
We’ve added $MATIC as one of our stakeable tokens! Just head over to Polo Earn to earn at near validator levels with your MATIC! And as always, you’ll have the flexibility to redeem your funds to trade at any time. Check out our support article for all the deets.
📈📉 Market Watch!
BTC retreats back under $27K
Bitcoin’s price has gone back under $27K which could be owed to a multitude of factors including strong US job data as well as a timid market due to the raising of the US debt ceiling. To expound, the raising of the debt ceiling could bring the issuance of Treasury Bills, which would in turn cause a price correction across markets. And although decoupling may be in our future, those markets include crypto, and definitely include Bitcoin.
The top gainers for the last 24 hours on Poloniex are RBE/USDT, TRU/USDT, PEPEAI/USDT, FANTA/USDT, POLY/USDT, and PSYOP/USDT.
🗞️ So, what happened?
💥The big story
The tale of AI so far
AI is certainly in the air. From startups to tech titans, everyone seems to be looking for ways to implement artificial intelligence into their products. By now you’ve probably seen the myriad of AI-associated cryptocurrencies pop up. Crypto projects like Fetch.ai seek to utilize the new technology to bolster their services in order to automate things like data acquisition and trading insights, all to benefit users and reduce large data-intensive tasks to simple commands performed by a computer. And let us tell you, the hype is real. Beyond the success of OpenAI and Microsoft’s once second-fiddle-search-engine Bing is also the success of other AI companies such as the aforementioned Fetch.ai.
In recent weeks, technology company Nvidia jumped to a $1 trillion valuation, joining the likes of Apple and Microsoft after its computer chips saw increased demand from companies jumping on the AI bandwagon. This past week, Nvidia’s share price peaked at an impressive ~$419. All of this comes after demand for the company’s GPUs saw an impressive spike amidst a shortage during the early pandemic.
All of this isn’t without its controversy, however. Tech leaders, including heads at Google, Microsoft and even OpenAI, have warned about the dangers the rapid advancement of this still nascent technology might present. A statement from nonprofit organization Center for AI Safety, whose signatories include Sam Altman of OpenAI, Shane Legg of Google DeepMind and Kevin Horvitz of Microsoft, reads “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.” And there is also much to be said about job displacement set on by the adoption of AI. Quite notable is the discourse over AI’s inclusion in the writing process in the United States’ TV and film industry. Currently, writers in the Writers Guild of America are on strike over low wages but also the use of AI. According to the WGA, there is a need to regulate how AI is used and provide guardrails such that it can’t be used for things like source material and that it can’t be trained using writers’ work.
With any new disruptive technology, there is always controversy that challenges if the disruption has a net positive effect on society. So what do you think? Will AI replace human workers? Will this replacement find its way to professions that rely on the fundamental trait of human storytelling? Is this just an adjustment period? With AI moving at breakneck speed, these questions loom increasingly large.
Bitcoin was selling at around $22K?? (sorta kinda, read on pls)
After issues with its payments provider, crypto exchange Binance Australia has suspended use of Australian dollars (AUD) on its platform. What this has led to is many users to cash out in the form AUD before that option expires, and thus the price of BTC on the platform became heavily discounted to the tune of $22,000 when traded against the Australian dollar.
Pretty bonkers, right? After all, that $22,000 is around 21% lower than the global price of Bitcoin. As enticing as this prospect is, it’s a bit of a double-edged sword as the cause for the mass exodus is the cause for the difficulty to get enough AUD on the platform in order to buy BTC in the first place. Even if users are willing to convert other assets into the national currency, that will come at a premium. And although there are other ways to buy crypto with credit and debit cards, BTC bought through those means will be at market price.
This all comes as Binance has, in the US and Australia, found itself in a bit of a pickle, regulations-wise. In Australia, the exchange had its derivatives license canceled, and in the US, the exchange has been the subject of an extensive investigation by the Commodities and Futures Trading Commission (CFTC).
Ripple’s SEC conclusion draws near
Ripple, which has become nearly synonymous with its ongoing SEC suit that alleges the company sold $1.3billion in unregistered securities, may have a light waiting for it soon at the end of its long, legal tunnel. Recently, Ripple CEO Brad Garlinghouse was quoted as saying that the case will conclude in a matter of weeks, a sentiment that caused the project’s native token, $XRP, to rise by 10%.
There have been a couple of encouraging developments in the Ripple vs. SEC saga, as just recently the judge handling the case ruled against attempts by the regulatory body to redact information relating to its former Director of Corporation Finance’s belief that ETH is not in fact a security.
By now, you’ve probably heard about the general sentiment by crypto enthusiasts and companies in the US that the SEC has not offered sufficient or even clear guidance on crypto regulation. Most notably, crypto exchange Coinbase decided to go to court with the SEC in order to force clarity out of the regulatory body. With Coinbase going on the offensive and Ripple possibly winning its case against the SEC, the US may actually finally have a more defined regulatory environment. Whether this happens by force, only time will tell.
🤑 New Listings on Poloniex
Here’s what we’ve listed recently:
🪙New Coins
• WFAI
• BOTS
• BIAO
• RBE
• PAPI
🔮Futures
• ORDI
• 1000PEPE
• SUI
• ID
• MASK
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Campaigns
Our recap of ongoing campaigns that YOU can get involved in!
Airdrops incoming ✈️ *loud plane noises*
• $5,000 Airdrop to Celebrate the Listing of The DONS (DONS)
The community megaphone📢
Highlights from the community
🎙️ Tune into our Twitter Space with Aloysius Chan of AI Meta Club ( $AMC)
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel- https://t.me/PoloniexEnglish
Is there anything you’d want to see us cover in our newsletter? Make sure to comment on this Medium article! Just want to show your appreciation? Smash that clap button and give a round of applause👏
Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
