Chatgpt More Useful Than Crypto, Nvidia Tech Chief Says

According to Nvidia, the world’s largest manufacturer of graphics processing units ( GTS), cryptocurrencies don’t ‘bring anything helpful for society’. This was despite the fact that his company sells large quantities of video cards to this industry.

According to Michael Kagan, Nvidia’s Chief Technology officer, other uses of their processing power are better than mining crypto.

The U.S. tech company is also a major supplier AI hardware and software. However, it hasn’t been very keen on the cryptocurrency market. It tried to limit the use of its GPUs to mine ether ( ETH) two years ago. This second-largest cryptocurrency was very popular at the time among miners.

Kagan argued that the decision to supply Nvidia’s most valued customers, such as gamers and AI researchers, was justified due to the low value of the powerful processors used to extract digital currency.

“All this crypto stuff needed parallel processing, [Nvidia] being the best, so people just programed it for this purpose. It didn’t provide any useful benefits for society, so they bought lots of stuff. AI does,’ Kagan explained.

Chatgpt allows anyone to create their own machine or program. All you have to do is tell it what it should do. According to the newspaper, the chatbot was trained initially on a supercomputer with 10,000 GPUs from Nvidia.

Microsoft recently announced that it had bought tens of thousands A100s from Nvidia, Nvidia’s AI-focused GPUs. This was for Openai which is the developer of Chatgpt, which the software giant owns. Nvidia also sold its H100 successor to Amazon for its cloud service AWS and 16,000 units to Oracle, the British newspaper detailed.

Nvidia also rents access through its DGX cloud services to the chips and is involved with other AI projects. Last week’s annual conference saw CEO Jensen Huang refer to Nvidia as the engine behind “the iPhone moment in AI” and predict that Nvidia’s generative AI would “reinvent almost every industry.”

While the two are competing for Nvidia’s resources, artificial intelligence and cryptocurrencies will likely cross paths more frequently in the future. U.S. crypto-exchange Coinbase revealed that it had used Chatgpt to perform pre-listing risk assessments of tokens. The results were worthy of further investigation.

Robinhood says SEC issued subpoena related to crypto operations

Robinhood Markets Inc (HOOD.O.) stated in a Monday filing that it received an investigative subpoena from the U.S Securities and Exchange Commission in December related to listing of cryptocurrencies.

The collapse at Sam Bankman-Fried’s FTX in 2022 was the largest in a series of major crypto-related failures. This sparked a cryptocurrency rout that left creditors with losses in excess of $1 trillion.

FTX filed bankruptcy in November. This prompted an intervention by regulators around the globe and caused a major blow to investor sentiment.

The SEC maintained the fact that all pre-existing securities laws apply to digital assets, and that many crypto tokens are considered security. This has been previously criticised by the crypto industry.

Robinhood stated that the SEC subpoena was for Robinhood Crypto LLC supported currencies. This brokerage subsidiary is also responsible for its custody of cryptocurrencies.

Robinhood also stated earlier this month that it would repurchase its shares from Sam Bankman Fried’s Emergent Fidelity Technologies. This was because U.S. prosecutors were currently trying to seize its shares linked to the former FTX chief.

Crypto Billionaire Arthur Hayes Says Bitcoin May ‘Crash Back Down’ If This Happens – Here’s What You Need to Know

Arthur Hayes, a crypto billionaire and ex-CEO of BitMex, has warned that Bitcoin could lose all its gains in the future if it doesn’t change its monetary policy.

Hayes discussed inflation in a blog post on January 19. After a peak of 9% in mid-2022 and a slowing down to 2%, the billionaire observed that CPI has continued its downward trend.

Hayes stated that investors expect the Fed’s rate hikes to be slowed down amid falling inflation to avoid a recession. He said that prognosticators would say that Lord Powell, the Fed’s revered chairman, is seeking every opportunity to shift away from his current Quantitative tightening (QT), policies.

Hayes suggested that the reason for the recent rally in crypto markets could be due to the “resumption” of Fed USD money printing. If this is true, Bitcoin will continue to perform well as the Fed slows rate increases as expected.

However, Bitcoin and other crypto markets could lose all of their gains if the central banks resumes its current Quantitative Tightening policies. Hayes said:

“If the Fed fails to follow through on a pivot or multiple Fed governors downplay any expectation of one, Bitcoin will likely crash down towards its previous lows.”

Former BitMex boss stated that he believes that the Fed will “move to print money, and avert another economic collapse.” If this happens, it will mark the local bottom in risk assets like Bitcoin.

It is important to note that Fed Chair Jerome Powell insists that rates will remain high until inflation reaches that goal. This suggests that a pivot is unlikely simply because CPI has trended lower.

reported that December’s annual inflation rate was 6.5%, down from 7.1% in November. Inflation decreased 0.1% month-over-month compared to 0.1% last month. Core CPI, which doesn’t take volatile food or energy prices into consideration, dropped to 5.7% in November from 6%.

Over the past few weeks, major cryptocurrencies have seen significant gains. Bitcoin soared to more than $23,000 Saturday, an unprecedented level in five months. Ethereum, the second largest cryptocurrency, saw significant gains and also hit a local peak of $1,674 that day. Both coins have increased by more than 30% in the last month.

Hayes stated that the next crypto bull market would begin when China relaxes its stance towards the crypto market. Hayes argued that there are already signs it is happening. One of these is the Hong Kong government’s announcement regarding a bill to regulate cryptocurrency.


Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices – Says Stock Market Crash Will Send Them Higher

Robert Kiyosaki is the author of Rich Dad Poor Dad. He says that silver and gold prices are on the rise. Rich Dad Poor Dad was co-authored in 1997 by Kiyosaki, Sharon Lechter and is available as a PDF. For six years, it has been on The New York Times Best Sellers List. The book has been translated into more than 51 languages in over 109 countries.

Kiyosaki tweeted Monday, “The price of gold has now surpassed $1,800 and silver is above $24, adding:

Inflation rising. Interest rates rising. Stock market crash, sending silver and gold higher. This may be your last chance to purchase silver and gold at such low prices.

For a long time, Rich Dad Poor Dad has advised investors to invest in gold, silver, or bitcoin. He stated that he only invested in physical gold and Silver, not silver exchange-traded funds or ETFs.

Twitter users reminded Kiyosaki of his warnings for many years. Others disagreed with the famed author and expected the gold price to fall from its current level.

“Gold and silver prices plunge as Fed keeps raising interest rates,” Kiyosaki stated in October.

The economy will die if interest rates are raised. Stocks, bonds, and real estate will all crash. Fed will pivot. Buy gold, silver & bitcoin before Fed pivot.

He warned that ‘gold, silver, and bitcoin may protect your wealth…but not your income. He said that ‘As the economy collapses, stock markets crash, pensions crash, and unemployment rises, a side hustle might provide you with income. Your side hustle could grow to be the next Amazon or Bitcoin.

The famous author stated earlier this month that he expected people who have gold, silver and bitcoin to become rich when Fed pivots and print trillions of dollars. He called silver the most valuable investment value at the time that silver prices fell to $20 in July.

Kiyosaki also recommends purchasing bitcoin along with gold and silver. He recently clarified his position as a bitcoin investor and not a trader. This is why he loves when BTC reaches a new bottom. He urged investors to invest in crypto now before the worst economic crash.

The FTX fiasco doesn’t make bitcoin untouchable and crypto doomsayers are just ‘people throwing gasoline,’ Fundstrat’s Tom Lee says

Despite the implosion of FTX, there is still hope for crypto. Fundstrat’s Tom Lee says Bitcoin continues making sense for some investors.

CNBC interviewed Lee in a Friday interview. He compared this year’s bear market in virtual currencies to 2017-2018, which saw them rebound in the years that followed. Two reasons he remained bullish on a wobbly cryptocurrency sector are that the FTX blowout can be beneficial in that it flushes out bad actors and history has shown bitcoin to have delivered good returns.

“It’s a crucial moment for the industry. It is removing a lot and purging a lot bad players, I believe. But does that mean crypto is dead? Lee stated that crypto is not dead.

He said that the strong crypto companies that emerge after FTX’s fall will be like the ones that survived 2008’s financial crisis, such as JP Morgan. Lee stated that the mistake was to believe that crypto could not be touched.

FTX filed recently for Chapter 11 bankruptcy, claiming that its CEO Sam BankmanFried had resigned. It was triggered by a severe liquidity crisis and rocked crypto markets.

Lee says that there are still many cryptocurrency companies with strong balance sheets, particularly those who have built their businesses around bitcoin.

He acknowledged that the crypto industry is under pressure and said it has been a “terrible year”. The Federal Reserve is aggressively raising interest rates to combat inflation, causing such damage to the digital-asset sector. This led to a crypto crash in early 2018, as investors lost interest in high-risk assets.

“It’s been an awful year for crypto. Lee stated that no one has made any money in crypto by 2022. He said that this is no reason to lose faith in bitcoin and that he still recommends clients to purchase the token.

“We read about bitcoin for the first time in 2017. We recommended that people invest 1% of their money into bitcoin at that time. Bitcoin was less than $1,000. Lee stated that this holding would represent 40% of their portfolio today, without rebalancing.

Bitcoin dropped 2.11% Monday at the last check, to trade at around $16,200, according to CoinMarketCap.

“So, bitcoin still makes sense for someone who wants some kind of ballast?” He agreed.

This Is How Bitcoin (BTC) Derivatives Market Is Responding Prior To FOMC Decision

The important Fed FOMC meeting in November 2022, which decides the interest rate, is fast approaching. Bitcoin derivatives offer some valuable insights. The meeting is expected to result in a 0.75% increase in interest rates, followed by a 0.50% increase in December. It remains to be seen what Bitcoin’s (BTC) prices will do in this setting. BTC traded in sideways on Wednesday as a sign of potential bullish momentum.

Bitcoin FOMC Decision – The Derivatives

Bitcoin whales are involved in the inflow of assets to exchanges as the market prepares for Fed announcement. According to on Chain Data from Crypto Quant the open interest in the derivatives market has declined in recent years. This pattern coincided with Bitcoin hitting a monthly high of approximately $21,000. Both Bitcoin and Ethereum are under high selling pressure ahead of the FOMC meeting.

“As bitcoin prices rise, open interest in the derivatives market has fallen, signaling that traders are closing their long bets.”

In the meantime, large volumes of stablecoins flow into exchanges. This could indicate that BTC’s long-term prospects are good. According to price tracking platform CoinMarketCap, BTC’s price is currently at $20,481, an increase of 0.31% over the past 24 hours. The Ethereum price is at $1,567. This is a drop of 0.29% over the past 24 hours.

U.S.-based traders continue to accumulate BTC

In recent years, it has been found that U.S. crypto traders have continued to buy Bitcoin. Despite many headwinds, traders in the U.S. have accumulated Bitcoin more than any other country since July 2018. The main interest in Bitcoin has been from U.S. traders since July 28, 2022.

This means that BTC prices could move in any direction after the Fed rate announcement. There have been instances in the past when BTC prices dropped a little before an announcement was made. This was followed by sharp increases in all cryptocurrencies.

Southeast Asia’s Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand

DBS, the biggest bank in Southeast Asia, announced that self-directed cryptocurrency trading has been launched via DBS digibank. Details:

Clients who are eligible can trade cryptocurrencies via DBS Digital Exchange (Ddex), DBS digibank, or at their own convenience.

DBS’s digital asset exchange supports trading in four cryptocurrencies: bitcoin, bitcoin cash and ether. The exchange previously allowed only institutional and corporate investors to trade crypto, as well as family offices and clients of the bank’s private wealth management.

DBS explained Friday’s launch:

This means that approximately 100,000 Singapore investors meet the criteria and can access DBS’ digital assets ecosystem.

Sim S. Lim is an executive from the bank’s Consumer Banking and Wealth Management. He stated: “Broadening Access to Ddex represents yet another step in our efforts in providing sophisticated investors who want to dip their toes into cryptocurrencies with a seamless and safe way to do so.

DBS reported that trading volumes on its digital asset platform had soared in August. According to the bank, “Investors who are confident in the long-term prospects for digital assets gravitate towards trusted and regulated platforms to gain access to the digital asset market.” The bank also recently joined the metaverse through a partnership with The Sandbox.

Piyush Gupta , CEO of DBS Bank Group, stated in March he doesn’t believe cryptocurrency will become money but said that it could be an alternative to gold or its value.

Bitcoin back down below US$20,000 on post-Jackson Hole caution

Bitcoin extended its drop below US$20,000 (RM89,758) on Monday (Aug 29), as part of a wider cryptocurrency-market retreat, amid concern about the US Federal Reserve’s rate-hike path.

On Monday, the largest token dropped as much as 2.3% to US$19.527. This is the fifth consecutive day of declines. It comes after US stocks plunged last Friday in response to Jerome Powell’s speech at Jackson Hole. On Monday, the wider crypto market fell with the MVIS CryptoCompare Digital Assets 100 Index falling as high as 2.5%.

“Money is flowing from risky assets. Cici Lu, chief executive officer at Venn Link Partners, stated that Crypto followed Powell’s sharp adjustment to the US stock markets’. “Markets didn’t like his comments and bitcoin is resuming its role as a high beta asset.

Bitcoin was supported by the US$20,000 level when it reached its lowest point in recent months. However, bitcoin had been climbing higher in recent weeks. It had not been below US$20,000 from July 14th, and even surpassed US$25,000 in August before Saturday.

Uncertainty about Fed rate hikes’ path and impact on riskier assets has led to gyrations.

Many strategists have identified US$20,000 as the key point for Bitcoin, but levels of support could be lower.

Katie Stockton, Fairlead Strategies, sees long-term support around the US$18.300 to US$19.500 range. Mark Newton, Fundstrat strategist, has identified key areas within the US$19,000 area. He said that a “real area of significance” is around US$17,000. This would allow for a 100% alternative wave projection of the latest decline since mid-August.

Antoni Trenchev, cofounder and managing partner at Nexo, wrote a Sunday note that stated, “If bitcoin doesn’t hold US$20,000 then US$18900 comes into play prior to a date with June intraday low US$17,600,”. It doesn’t look very pretty if it’s close to that.

According to Coinglass data, the last two Fridays in crypto have been difficult. US$288 Million worth of longs were liquidated on the latest one. August 19 saw the largest liquidation of longs since June 13 at US$562 millions.

The second-largest crypto Ether fell as much as 4.1% to US$1,422.67 on Monday, continuing its decline of around US$2,000 a few weeks ago. It has been fluctuating ahead its highly-anticipated Merge upgrade which is due in mid September.

Analysts at Bitfinex stated that Ethereum’s drop in anticipation of the impending Merge was also noteworthy. Bearish sentiment seems to be spreading across all risk assets. “The volatility that has become so common in the digital token space shows no sign of abating.”