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- 🤖 Artifcial Intelligence Index Pushing for the Bullish Reversal
🤖 Artifcial Intelligence Index Pushing for the Bullish Reversal
Let's Dive Into It!
Hi dear subscribers! In today’s Newsletter, Bitcoin’s on the Ramp!
In today's bulletin, we are covering:
The first thing that took my attention it's the AI Index, which after a sharp bounce is facing a key resistance confluence here on the $10 range. The two months downtrend is matching with the horizontal range. A breakout here would trigger the full bullish reversal. Patience for now:
MANA defending the 42 cents range support after a massive drop. Key level to build and defend before attempting a new bull reversal:
US Spot Bitcoin ETFs Witness Net Inflows After Brief Outflow Period
Spot bitcoin exchange-traded funds (ETFs) in the United States experienced a notable day of net inflows following a previous streak of outflows.
Spot bitcoin ETFs in the US saw a day of net inflows following a period of outflows.
Fidelity Wise Origin Bitcoin Fund received the highest single-day net inflow at $34.83 million.
The ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust also saw substantial net inflows of $22.5 million and $19.65 million, respectively.
Grayscale Bitcoin Trust experienced the largest single-day net outflow of nearly $35 million.
Cumulative net inflows for US spot bitcoin ETFs amount to $12.38 billion since their listings.
Cumulative volumes for these ETFs surpassed $226 billion by last week's close.
Notable inflows were recorded by Fidelity Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and iShares Bitcoin Trust, while Grayscale Bitcoin Trust saw significant outflows.
Ripple Challenges SEC's $2 Billion Penalty Request in Ongoing Legal Battle
Ripple Labs has filed a rebuttal against the Securities and Exchange Commission's (SEC) request for nearly $2 billion in penalties, arguing that the figure should be closer to $10 million.
Ripple challenges the SEC's request for nearly $2 billion in penalties, suggesting a figure closer to $10 million.
The ongoing legal battle stems from the SEC's allegation that Ripple raised $1.3 billion through the sale of XRP, which it considers an unregistered security.
Ripple emphasizes changes in its XRP sales process following a court ruling last year, aiming to address identified issues.
The SEC proposed a judgment including $876 million in disgorgement, $198 million in prejudgment interest, and a civil penalty of $876 million.
Ripple argues against the SEC's proposed judgment, claiming that the requested penalties are unwarranted and that its conduct was not egregious.
The dispute reflects the larger legal confrontation between Ripple and the SEC over the classification and sale of XRP.
This follows the SEC's accusation that Ripple raised $1.3 billion through the sale of XRP, deemed an unregistered security.
AETHIR
After the halving and after the runes mania the spotlight is turning into a different breed, let’s analyze AETHIR; “Revolutionizing Cloud Computing with Decentralized GPU Infrastructure”
In today's tech landscape, Graphics Processing Units (GPUs) have emerged as crucial components, driving advancements in artificial intelligence (AI) and gaming. However, the soaring demand for high-performance GPUs has created a significant supply-demand gap, posing a challenge for businesses worldwide.
Aethir steps in as an innovator, aiming to tackle this issue through decentralized cloud infrastructure (DCI) platform. By efficiently redistributing idle GPU resources from various sources, including enterprises and data centers, Aethir aims to enhance GPU availability and reshape the future of cloud computing.
At its core, Aethir's mission revolves around making GPU compute power more accessible to all. The platform integrates decentralized GPU clusters into a unified network, enhancing reliability and scalability while reducing reliance on centralized cloud providers. This approach not only empowers enterprises to handle large-scale AI workloads but also opens up new possibilities in cloud-based gaming experiences.
Key to Aethir's ecosystem is its native token, $ATH, which serves multiple functions. From facilitating transactions to governing the network and incentivizing participants, $ATH plays a pivotal role in driving the growth and development of the ecosystem. It will be an ERC-20 token launched in the Arbitrum network with a total supply of 42 billion tokens.
Through a multifaceted tokenomics model, Aethir fosters network consensus and rendering services, driving growth and innovation. Moreover, Aethir's commitment to decentralization extends beyond resource ownership, laying the groundwork for a more connected and efficient global GPU cloud economy.
Recently, the project announced its Node Sale, marking a significant step towards decentralization. Through this sale, individuals and organizations participate in running nodes and earn rewards for their contributions. These nodes, such as Checkers, play a crucial role in verifying data and service provision within the network.
Backed by leading global investors and having raised over $9 million in seed rounds, the company is well-positioned to scale its decentralized cloud infrastructure globally and already has a valuation of $150 million.
Leveraging blockchain technology and decentralized settlement layers, Aethir aims to enhance user experience and scalability, ushering in a new era of GPU-powered cloud computing aiming directly at the AI and gaming industries, unlocking opportunities for enterprises and developers worldwide.
Definitely one to have in the scope, for information have a look at their twitter and website. I hope you liked it and wish you a great post-halving week!
See you next monday!!
Debt Ceiling
One of the most controversial topics in US monetary policy is the debt ceiling. Let's see what it means and what implications it has.
The debt ceiling is the maximum amount that the US government can borrow to meet its existing legal obligations. This is achieved by issuing bonds, which involves raising money by selling bonds to investors.
It was introduced in 1917, during World War I to make the federal government fiscally responsible.
So, the debt ceiling acts as a limit on debt, up to which the government can issue bonds to raise money. But what happens if the amount of debt hits that ceiling?
On one hand, what can happen is that the US government defaults and cannot pay its debts, but as you may already realize, this never happens, otherwise we would see a massive crash in the markets.
To counteract this, what they usually do is raise that ceiling (it has been done countless times already) or simply suspend that limit for a certain period, as is currently the case where the debt ceiling has been suspended from 2023 to 2025.
Currently, the US national debt is $34.39 trillion. Crazy number, huh?
The debt ceiling is modified through Congress, it is not a unilateral decision of the White House.
While it is not a short-term concern, it is true that rumors and fears occasionally resurface about how the US debt is being managed.
Pros:
Holds the nation’s finances in check
Can be used to fund federal operations
Improves efficiency in the government’s ability to fund obligations
Cons:
Can be easily raised, encouraging fiscal irresponsibility
Lowers the U.S. credit rating and increases its cost of debt
Controversy over whether the debt ceiling is constitutional
Summarizing:
The debt ceiling is the maximum amount that the U.S government can borrow to meet its legal obligations by issuing bonds
If the Treasury Department can't pay expenses when the debt ceiling is reached, there is a risk that the U.S. will default on its debt
The debt ceiling has been raised or suspended several times to avoid the risk of default
There have been many showdowns over the debt ceiling, some of which have led to government shutdowns
Shutdowns are the result of conflict between the White House and Congress, with the debt ceiling used as leverage to push budgetary agendas
This has been a brief summary of what the US debt ceiling means, what it's for, why it's important, and what we should consider when discussing the topic.
A unique Token Model
🐻⛓️ @berachain, a Cosmos-based L1 with a unique EVM and token model, has secured substantial funding and is positioning itself to compete through innovative tokenomics and a focus on capturing market attention + liquidity.
✍️ by @Saypien_ + @kunalgoel
🔗 messari.io/article/berach…— Messari (@MessariCrypto)
5:38 PM • Apr 19, 2024
Welcome to the peaqosystem!
Welcome to the peaqosystem, @xmaquinanetwork 🦾
XMAQUINA is the world’s first autonomous robot #DePIN, empowering people to earn as tokenized autonomous robots provide services to people and other machines.
800 million people are projected to lose their jobs to automation by… twitter.com/i/web/status/1…
— peaq (@peaqnetwork)
3:04 PM • Apr 22, 2024
Are NFTs making a comeback?
⚡️ #Solana#NFT landscape recorded the highest amount of unique wallets with 1.2M+ transactions in the last 7D to lead all other top blockchains!
Are NFTs making a comeback? I read you 👇
— Crypto Rand (@crypto_rand)
8:10 PM • Apr 21, 2024
Don’t sleep on this market, lots of opportunities to come, see you next week!