Amid market concerns, the price of Bitcoin dramatically falls according to CoinMarketCap. This is the biggest one-day fall since the collapse of the FTX Exchange. Falling almost about 7 per cent on Friday, and almost 12 per cent in the last week, this has further impacted the market at large. Below is a summary of some of the latest occurrences in the past week.
TL;DR
- FTX Co-Founder Seeks Weekly Jail Release for Defense Preparation
- Checkout.com Ends Partnership with Binance Over Regulatory and Security Concerns
- SUI Coin’s 65% Plunge After Mainnet Launch Sparks Worries
- Google Introduces AI-Powered Upgrades for Search, Taking on Microsoft’s Bing
- Nigeria’s Innovative Approach: Blockchain to Eradicate Diploma Forgery in National Youth Service Corps
FTX Co-Founder Seeks Weekly Jail Release for Defense Preparation
FTX Co-founder, Sam Bankman-Fried, is seeking permission to be released from jail five days a week in order to collaborate with his legal team on preparing his defence. Bankman-Fried’s bail of $250 million was revoked last week after allegations of witness tampering.
His lawyers have communicated to US District Judge Lewis Kaplan that while incarcerated at the Metropolitan Detention Center in Brooklyn, Bankman-Fried struggled to review the substantial volume of case-related documents, including hundreds of thousands of pages of Slack communications.
The legal team argues that granting Bankman-Fried access to his attorneys and an internet-enabled laptop at the federal courthouse in Manhattan would expedite the review process. His defence is crucial as he faces a fraud trial set to commence in October.
Checkout.com Ends Partnership with Binance Over Regulatory and Security Concerns
London-based credit card processing firm, Checkout.com, has severed ties with cryptocurrency exchange Binance, citing concerns regarding regulatory actions and inquiries from partners. The decision, outlined in two letters sent on August 9 and 11, highlighted apprehensions about Binance’s compliance controls and anti-money laundering measures. The termination, effective from August 17, marks a significant setback for Binance, which was once the largest customer of Checkout.com and contributed to its remarkable growth.
Binance, led by CEO Changpeng “CZ” Zhao, expressed disagreement with the grounds for contract termination and is contemplating legal action. Checkout.com had been responsible for processing a substantial volume of Binance transactions, amounting to hundreds of millions.
The move comes as Binance faces growing regulatory scrutiny in various jurisdictions, with two U.S. agencies charging it with fraud and money laundering allegations.
SUI Coin’s 65% Plunge After Mainnet Launch Sparks Worries
SUI Coin’s value has dropped drastically by 65% within three months of its main-net launch. Starting at $1.4, it now stands at just $0.5, prompting worry in the crypto community.
A significant cause driving this unrelenting downward spiral has been identified by Mr Steven Zheng, Director of The Block Research: a forced sell-off from the Community Reserve Fund, which SUI launched with a hefty 50% allocation.
The Community Reserve Fund’s 50% sell-off and subsequent market capitalization decline from $740 million to $343 million by August 18 have raised alarms. Early investor payouts now extend to June 2024, yet potential profits remain.
Token Unlocks data suggests monthly unlocking of 61 million SUI units till October 2023, leading to supply doubling to 1.9 billion SUI by November. Security concerns, ambiguous tokenomics, and blockchain migrations pose further challenges.
Google Introduces AI-Powered Upgrades for Search, Taking on Microsoft’s Bing
Google, in the midst of the AI revolution, has unveiled new enhancements for its Search function. These upgrades, led by AI technology, aim to assist users in grasping complex concepts by tapping or hovering over words.
Powered by generative AI, Google will offer concise summaries for subjects like economics, history, and science. After a successful beta launch in June, the company plans to expand these capabilities. The introduction of “SGE while browsing” lets users creatively engage with long-form content through AI-generated summaries.
These features position Google in competition with Microsoft’s Bing, (NASDAQ: MSFT) which also recently integrated AI for summarization. Google’s relentless AI innovation, including AI for finance, aligns with its commitment to responsible AI development and adherence to AI guidelines.
Nigeria’s Innovative Approach: Blockchain to Eradicate Diploma Forgery in National Youth Service Corps
Nigeria plans to utilize blockchain technology to address the issue of counterfeit diplomas in the National Youth Service Corps (NYSC) program.
Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), believes blockchain can effectively tackle the problem of fraudulent diploma issuance and retrieval. The NYSC program requires university and polytechnic graduates to participate for a year.
The NYSC Director-General collaborated with NITDA to develop a blockchain system that will securely store NYSC certificates, aiming to combat widespread forgery. Despite previous attempts to deter forgery, Nigeria’s high corruption ranking has hindered progress. Blockchain technology, particularly the BSV blockchain, could provide a solution by ensuring authenticity.
Final Thoughts
Reflecting on the past week in the cryptocurrency sector, it’s evident that the market remains as dynamic and unpredictable as ever. As we explore these developments, it’s a reminder that the crypto landscape offers a realm of constant evolution, where the boundaries of innovation and regulation are in perpetual flux.
Every story is like a little world inside a bigger story. It’s about a constant fight between new things and old things, moving forward and facing problems. What can we learn? The future journey is both interesting and unknown, and the crypto world’s story keeps going every week.
