Top news this week
Elon Musk threatens Microsoft with lawsuit, claims AI trained on Twitter data
Microsoft has been threatened with a lawsuit from Twitter CEO Elon Musk, who claimed that the Big Tech firm “illegally” trained its artificial intelligence on Twitter data. The entrepreneur suggested that Microsoft mine user tweets to train its AI-powered applications. Musk tweeted that it was "demand time" after reports that Microsoft would stop supporting Twitter in its online social advertising tools. Musk and Microsoft are believed to be at odds over artificial intelligence. The tech billionaire is developing a rival to ChatGPT known as "TruthGPT." Microsoft owns a 49% stake in OpenAI, the company behind ChatGPT.
Rep. Davidson To Introduce Legislation To Fire SEC Head Gensler For Crypto Overreach
United States Representative Warren Davidson announced plans to introduce legislation to fire Securities and Exchange Commission Chairman Gary Gensler. According to the legislator, the next bill aims to "correct a long series of abuses." Davidson revealed the plan after the SEC's latest attempt to revise the definition of "exchange." The week was not the best for Gensler. During a supervision hearing, Gensler was heavily criticized for his approach about crypto assets.
Australia installs more Bitcoin ATMs than all of Asia
Australia surpassed the continent of Asia in terms of the total number of installed crypto ATMs. Since early 2023, the country has been on a crypto ATM installation spree, rising from fifth to third in the rankings in January alone. Data from Coin ATM Radar confirms that Australia has kept up the effort to install pathways for fiat to cryptocurrency conversions, reaching 364 crypto ATMs across the country, trailing behind the United States and Canada.
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Société Générale subsidiary launches euro-pegged stablecoin on Ethereummeter
Société Générale-Forge, a regulated subsidiary of the French banking firm Société Générale, has launched a euro-pegged stablecoin for qualified institutional clients. Dubbed EUR CoinVertible, the stablecoin was designed in response to growing demand for a new settlement asset for on-chain transactions, Societe Generale-Forge said. The stablecoin will offer new solutions for corporate treasury; cash management and cash pooling; On-chain liquidity financing and refinancing solutions.
Intel will stop making chips for Bitcoin miners
Intel has reportedly announced plans to discontinue its line of Blockscale Bitcoin mining chips in an effort to reduce costs. The decision comes nearly a year after the company announced the hardware lineup. The chipmaking company will stop taking orders for the Blockscale 1000 series ASICs in October and is estimated to finish shipping in April 2024. Mining companies Argo Blockchain, Block, Hive Blockchain Technologies, and Griid Infrastructure were some of the first companies to integrate technology into their operations.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $27,331Ether (ETH) in $1,845 and XRP in $0.44. Total market capitalization is $1.15 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Casper (CSPR) at 3.51%, OKB (UNITED NATIONS) at 3.33% and ONE BUT LEO (LION) at 2.06%.
The top three altcoin losers of the week are SingularityNET (AGIX) to -23.73%, unchanged (IMX) to -23.28% and stacks (STX) at -22.94%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
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most memorable quotes
"Crypto is not a new financial product, but rather an evolution or fundamental change in the way people and organizations exchange value."
gabby kuszCEO of the Global Association for Digital Assets and Cryptocurrencies
"When they ask me to consult or advise for [stablecoin] Projects […]my first piece of advice now is to avoid US operations and a US domicile. Jobs go elsewhere.”
austin campbelladjunct professor at Columbia Business School
“I think we're at the end of the era where these are going to be these, like, giant, giant models. We will improve them in other ways.”
sam altmanOpen AI CEO
"I'm going to start something I call TruthGPT, or an AI that seeks the most truth and tries to understand the nature of the universe."
Elon Musktech entrepreneur
“I think we are going to have to end up going to court [against the SEC] to get the clarity we need and create the jurisprudence.”
brayan armstrongCoinbase CEO
"To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the position with an Executive Director who reports to the Board (where authority resides)."
warren davidsonUnited States representative
prediction of the week
Bitcoin pulls back from recent highs and loses support
Bitcoin and a number of altcoins have dropped below their respective support levels, in a worrying sign that the bulls could be losing control. On April 21, Bitcoin and most major cryptocurrencies retraced from their recent local highs, indicating that traders posted profits.
Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had broken down from the upper Bollinger Band and reached the middle bank, close to its breakout level. He said it was a "logical place" and advised traders to "pay attention."
The BTC/USDT pair may slide next to $26,500 and subsequently to the neckline of the inverse head and shoulders pattern at $25,250. If the price bounces off $25,250, it indicates that the neckline is acting as a bottom higher, according to Cointelegraph's price analysis.
FUD of the week
MetaMask denies claims of wallet exploitation in 'massive' $10 million hack
MetaMask has denied claims that a wallet exploit is the cause of a "massive wallet drain operation" that claimed over $10.5 million worth of NFTs and coins as of December 2022, including 5,000 Ether. According to MetaMask, the digital assets were stolen "from various addresses on 11 blockchains." like the attack happened is not clear. Experts speculate that there was "some kind of private key or seed phrase leak."
Alex Pertsev, developer of Tornado Cash, will be released from prison under surveillance
After almost nine months in prison, Tornado Cash developer Alex Pertsev is out of jail. Dutch authorities arrested Pertsev in August last year on suspicion of money laundering through the Tornado Cash cryptocurrency mixing service. Pertsev should be back home on April 26, which is also his birthday. His suspended release under surveillance means the developer can await trial from his house.
SafeMoon hacker agrees to return 80% of stolen funds, says dev team
The attacker who drained $8.9 million SafeMoon's Binance Coin has agreed to return 80% of the funds. According to the agreement between the DeFi protocol and the hacker, the remaining 20% will be kept as a reward. SafeMoon also agreed not to file any legal action against them, claiming that the decision is in the best interest of SafeMoon and its community. According to some Web3 developers, increasing bug bounties and paying them more diligently could motivate hackers to report bugs instead of exploiting them.
Best Cointelegraph Features
Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Say?
The SEC Chairman recently said that almost all cryptocurrencies will be regulated as securities. Questions remain as to whether that is an accurate statement and whether the agency is regulating tokens through the app.
This is how Ethereum ZK-rollups can become interoperable
A single ZK-rollup cannot scale Ethereum. But by working together in an interoperable ecosystem, ZK-rollups and ETH can take the world by storm.
From SNL and The Tonight Show to Sotheby's: NFT creator Bryan Brinkman
Bryan Brinkman took a trip from working on SNL and The Tonight Show to becoming a full-time NFT animation artist.
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