This week on Market reportresident Cryptooshala experts discuss dozens of pump and reset tokens allegedly associated with ChatGPT chat and Bing AI.
This week we’re going to be doing things a little differently as our handsome and charming host Joe Hall will be out across the Atlantic during the live stream and won’t be able to join us. Don’t worry, though, as our resident experts Marcel Pechman and Sam Burgey are here as always to bring you the latest market news.
Bitcoin Bulls Ignore Recent Regulatory FUD, Seeking to Throw $25k in Support
The New York State Department of Financial Services has ordered Paxos to “stop issuing” the Paxos-issued Binance USD (BUSD) dollar-pegged stablecoin. On February 16, over $400 million was transferred from a bank account controlled by Binance.US to trading firm Merit Peak, which is allegedly an independent entity also controlled by Binance CEO Changpeng Zhao. This and other bad news in the crypto market does not seem to have stopped Bitcoin (BTC) from gaining 15% since February 13th. In fact, both retail and professional traders are showing signs of confidence. We explain why this is the case and why the current rally is more likely to continue.
BingChatGPT “pump-and-dump” tokens appear by the dozen: PeckShield
Blockchain security firm PeckShield has sounded the alarm after discovering dozens of tokens believed to be linked to ChatGPT’s artificial intelligence (AI) 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 “mat pull” scheme. The pump and dump scheme typically involves the creators orchestrating a campaign of misleading claims and hype to convince investors to buy tokens and then covertly sell their stake in the scheme when prices rise. You might be interested in checking out a token allegedly related to the recent Bing AI chat and ChatGPT hype, but we’re here to advise you to be careful about financially participating in either. We also explain some basic ways to protect against such scammers.
Bitcoin active despite 50% rise in BTC price
Research warns that bitcoin still lacks the on-chain volume and active address growth that is characteristic of bull markets. In a candid assessment of the BTC price bounce in 2023, analytics platform CryptoQuant warned that Bitcoin could be weaker than it looks. 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 evolving stories, so be sure to tune in to keep up to date with the latest happenings in the world of crypto.
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Credit : cointelegraph.com
