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Fed Chair Jerome Powell Warns of Crypto ‘Turmoil, Fraud, and Run Risk’ – Monitor Now!

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Federal Reserve Chairman Jerome Powell today said that the crypto space needs to be monitored closely because it is full of turmoil—but innovation in the world’s biggest economy should not be stifled. Testifying on Capitol Hill in front of lawmakers Tuesday, Powell was asked about the cryptocurrency space. He said that the U.S. central bank had been “quite active” in that area, adding that the Fed does not want to stifle innovation. But he added that regulated financial institutions supervised by the Fed need to take “great care” in how they engage with the crypto space.

The crypto space was rocked by a number of high-profile bankruptcies and controversies last year. The most significant was the collapse of Sam Bankman-Fried’s digital asset exchange FTX, which blew up in November because of criminal mismanagement, U.S. prosecutors allege.

The main topic of the policy discussion today was inflation—which is sky high in the U.S. The Fed has been trying to get it down by raising interest rates: Last year, it started raising them by 75 basis points four times, and then slowed down by hiking them by only 50 basis points. This negatively impacted the price of Bitcoin—and the wider crypto market—because, like U.S. equities, it is a risk-on asset. When interest rates are high and there is financial uncertainty, investors tend to look for safer things to park their cash.

Most recently the central bank upped interest rates by 25 basis points. But today, Powell said that the Fed could lift interest rates higher and potentially faster than expected because inflation is still too high. “Core inflation has come down but nowhere near as far as we hoped and it has a long way to go,” he said. Stocks dipped on the news—and so did Bitcoin: the largest digital asset by market cap fell as low as $22,120 following the remarks. It has since climbed back up and stands at $22,250, according to CoinGecko.

This news means that the Federal Reserve is closely monitoring the crypto space due to the fraud, lack of transparency, and other risks that it poses. They are not trying to stifle innovation, but they want regulated financial institutions to be careful when engaging with the space. The news of higher interest rates has had a negative impact on the crypto market, as investors tend to look for safer places to put their money when interest rates are high and there is financial uncertainty. #Crypto #FederalReserve #Inflation #Bitcoin #Economy

You can read more about this topic here: Decrypt: Fed Chair Jerome Powell: Crypto ‘Turmoil, Fraud, Run Risk’ Is Being Monitored

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Deepfake Dilemma: The Alarming Spread of AI-Generated Intimate Content

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Ever felt like we’re skimming across the surface of a digital lake, unaware of the profound depths beneath? Well, it turns out the waters are getting murkier, especially in the realm of deepfakes. A stark report by Graphika has surfaced, revealing a troubling surge in ‘AI undressing’ – the act of stripping away clothing from images with a few clicks and a dash of AI.

This isn’t just a fleeting concern; it’s a full-blown crisis ballooning out of control. The case of Twitch streamer Atrioc, who inadvertently exposed his consumption of deepfake content involving friends, was merely a glimpse of a much darker picture. Graphika’s figures are jaw-dropping: over 32,000 instances of non-consensual intimate imagery (NCII) referenced online this year, a 2,408% increase from 2022.

What used to be hidden in the murky corners of the internet has now become a nefarious cottage industry. These AI tools don’t just threaten to fabricate adult content; they open the floodgates to harassment, extortion, and the unspeakable – child sexual abuse material.

The response? Legal battles by high-profile figures like Scarlett Johansson aim to stem the tide, but for many, particularly in the adult industry, their plight remains unheard. And with AI’s relentless march forward, distinguishing between the real and the artificial becomes a herculean task for law enforcement.

There’s a glimmer of hope, though. Individuals like Atrioc are taking steps to rectify past mistakes, assisting those affected. But it’s a small beacon in the vast, stormy ocean of deepfake content, which threatens to ‘overwhelm’ the internet, as the Internet Watch Foundation warns.

So, as we tread these digital waters, let’s be mindful of the unseen currents beneath, shaping an internet that’s becoming increasingly difficult to navigate with confidence.

#DeepfakeAlert #AIEthics #OnlineSafety #CyberSecurity

The post Deepfake Dilemma: The Alarming Spread of AI-Generated Intimate Content first appeared on Byte Syze Crypto.

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Solana’s Soaring Success: A Tale of NFTs Outshining Ethereum and Meme Coins Breaking Records

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Ever found yourself wondering if the crypto rollercoaster ever slows down? Well, for Solana, it’s full steam ahead, with SOL and BONK leading a charge that’s turning heads and wallets in the crypto realm.

Solana’s native coin, SOL, hit a triumphant 19-month high early Friday, touching $73.85 and marking a substantial recovery from its late 2022 lows. As of the latest check, it’s sitting pretty at just over $73, up 13% in 24 hours, according to CoinGecko.

Not to be outdone, Solana’s meme coin sweetheart BONK is on an astronomical ascent, reaching a new zenith of $0.00001314. The price may have slightly dipped since, but with a 24% increase in a day and a 982% surge in a month, it’s clear that BONK is having its moment.

But there’s more—Solana is also stealing the spotlight in the NFT marketplace. With trading volumes soaring above Ethereum’s, projects like Mad Lads and Tensorians are seeing their prices multiply. In just 24 hours, Solana NFTs notched up $14.8 million in trades, edging out Ethereum’s $13.9 million.

So what’s fuelling this frenzy? A combination of factors, including the Jito airdrop’s $225 million value and a 92% increase in trading volume, are propelling Solana to the forefront of the crypto conversation.

It’s a narrative of resilience, innovation, and perhaps a dash of that old crypto magic—proving again that in this digital Wild West, fortunes can turn on a dime.

#SolanaSurge #CryptoNews #NFTBoom #BONKcoin

The post Solana’s Soaring Success: A Tale of NFTs Outshining Ethereum and Meme Coins Breaking Records first appeared on Byte Syze Crypto.

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AI Hype vs Reality: A Sobering Perspective from Industry Leaders

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Ever felt like you’re watching a rerun in the world of tech trends? The latest episode in this saga is all about artificial intelligence (AI), with 2023 witnessing an explosion in AI chatter and applications that promise to either revolutionise our lives or spell doom for humanity. But as the AI narrative dominates headlines, there’s a voice of moderation cutting through the noise.

OpenAI’s COO, Brad Lightcap, recently expressed a thought-provoking stance in a CNBC interview. His view? The transformative business impact of AI is overhyped. CEOs won’t find a magic AI wand to skyrocket revenues or slash costs overnight. Yann LeCun of Meta concurs, likening present-day AI to a pet’s intelligence. Even regulators, like CFTC’s Christy Goldsmith Romero, urge a balanced approach to AI, warning against overreliance on AI models in financial markets.

While some tout AI as an economic game-changer, others fear its existential threats. The reality, according to industry experts like Lightcap, is more grounded. AI won’t replace real work and creativity; it’s a tool to augment human capabilities, perhaps best seen as a digital sidekick or research assistant. It’s an incremental journey towards artificial general intelligence (AGI), not a business revolution.

For crypto enthusiasts and professionals dipping their toes into AI, it’s a reminder to temper expectations with practical insights. As we navigate the AI narrative, it’s crucial to discern the hype from the helpful and to understand AI’s role in enhancing, not substituting, the human touch in innovation.

#AI #ArtificialIntelligence #TechTrends #Crypto

The post AI Hype vs Reality: A Sobering Perspective from Industry Leaders first appeared on Byte Syze Crypto.

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