This week Market reportCointelegraph’s resident experts discuss dozens of pump-and-dump tokens allegedly related to ChatGPT and Bing AI.
We’re going to do things a little differently this week as our handsome and charming host Joe Hall will be somewhere across the Atlantic during the live broadcast and won’t be able to join. Not to worry, though, because as always, our resident experts Marcel Pechman and Sam Bourgi are here to break down the latest news in the markets.
Bitcoin Bulls Ignore Recent Regulatory FUD By Trying To Flip $25,000 For Support
New York State Department of Finance ordered Paxos to “cease mining” Binance USD issued by Paxos (BUSD) stablecoin pegged to the dollar. February 16 bank account controlled by Binance.US moved over $400 million to trading firm Merit Peak, which is said to be an independent entity also controlled by Binance CEO Changpeng Zhao. This and other bad news in the crypto market does not seem to have deterred Bitcoin (BTC) from a profit of 15% since February 13. In fact, both retail and professional traders are showing signs of confidence. We explain why this is so and why the odds favor the continuation of the current rally.
BingChatGPT “pump-and-dump” tokens generated by the dozens: PeckShield
Blockchain security firm PeckShield raised the alarm after finding dozens of tokens allegedly related to the artificial intelligence (AI)-powered ChatGPT chatbot. Some of these tokens have already lost most, if not all, of their value in what is often referred to as a pump-and-dump or rug-pulling scheme. AND pump-and-dump scheme it typically involves creators orchestrating a campaign of introducing statements and hype to convince investors to buy tokens, then secretly selling their stake in the system when prices rise. You might think it’s interesting to look at a token that is said to be related to the recent hype surrounding Bing AI chat and ChatGPT, but we’re here to tell you to be careful when getting involved financially with either of them. We also explain some basic ways to protect yourself from such scams.
Active Bitcoin Addresses ‘Troublesome’ Analyst Despite 50% Rise in BTC Price
Bitcoin still lacks the on-chain volume and active address surges that characterize bull markets, research warns. In a candid assessment of BTC price growth in 2023, on-chain analytics platform CryptoQuant warned that Bitcoin may be weaker than it appears. Many analysts seem to be very suspicious of the recent bullish trend in the market and we are here to explain why.
Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on what’s new in the cryptocurrency world.
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