The two companies face antitrust probes in the US and EU over their partnership.
Render investors and traders continue their sell-off, following the broader market’s bearish attitude. After weeks of continuous bullish action, CoinGecko data shows that the market is down a few percent, translating to losses in the altcoin market. Related Reading: Crypto Watch: Why Today’s FOMC Meeting Is The ‘Most Important Of Your Life’ Although the environment brought gains to a number of tokens, it dragged several tokens, like Render, to the ground. The latest market data shows that the latter is down in almost all timeframes, with the biggest loss in the monthly timeframe at nearly 25%. This presents a big question to investors and traders whether Render will continue its downward spiral. Big Things Coming For Render Jensen Huang, CEO and Co-founder of NVIDIA, recently spoke at SIGGRAPH 2024 about the effects of accelerated computing and generative AI on different industries. He also briefly mentioned the company’s jump in computer graphics saying that “it was the best decision” the company made. Almost like NVIDIA, Render’s framework as a provider of decentralized graphics and computing resources places the platform in a unique position in the world of AI. When asked about the AI revolution which started in 2022, Huang said: “[And] this is really the revolutionary time that we’re in. Just about every industry is going to be affected by this just based on some of the examples I’ve already given you.” This just shows how the broader industry is pivoting towards supporting the development of AI, thus providing a bullish signal for investors on Render as the latter’s nature as a provider of computing resources makes them valuable for the AI space. Key moment from today’s #SIGGRAPH2024 fireside with Jensen Huang and Lauren Goode: Q. Where do you draw the line between AI is augmenting and helping [artists] and this is replacing certain things that we do?https://t.co/muYWEq586d A. “These tools help us be more productive.… — The Render Network (@rendernetwork) July 30, 2024 And traditional finance institutions recognize this potential at the crossroads of AI and crypto. Asset management firm Grayscale launched its first decentralized AI fund in the early half of this month, featuring the likes of RENDER, TAO, FIL, LPT, and NEAR. With Render’s providing a valuable resource to anyone who needs computing power, their market position remains secure despite facing substantial downturns this month. More Bearish Pressure In The Offing? As it currently stands, the token’s position is quite shaky as it might push the token to lower lows following the general trend it has had since May. If the downward trend continues, the bears might push the crypto to January 2024 levels, wiping out the token’s year-to-date gains. Thus bulls should consolidate and gain control of the $6 support before any attempt upward. Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So But the token’s volatility might work in the bull’s favor. The current market environment is still mostly bullish, mostly by the fact that the major cryptocurrencies are in a rally, pulling the market upward. This greedy mood counters the bearishness of the current market correction, putting more emphasis on long-term gains rather short or medium-term increases. Investors and traders should then monitor the market for long-term opportunities that will support the movement of the altcoin. Featured image from Pexels, chart from TradingView
Hyperbolic's blockchain-based cloud platform aims to make AI affordable to startups, researchers and builders squeezed by surging GPU prices.
BTC price rallied as an improved regulatory outlook in the US and a series of improvements in the Bitcoin ecosystem altered investor expectations.
The Nigerian government has launched an annual training program for 1,000 citizens in AI and blockchain to position Nigeria ahead of global economies and foster innovation.
A new European Investment Bank report highlights the need for increased innovation financing in the EU to maintain tech leadership and compete globally in key sectors like AI and emerging technologies.
Bitcoin miner IREN (formerly known as Iris Energy) is the latest crypto mining company looking to profit from the artificial intelligence market boom, according to its July 23 Analyst & Investor Day presentation. The planned presentation shows that the firm will launch a GPU pilot at its Childress site in Prince George. This follows the […]
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SingularityNET's investment in modular supercomputing could accelerate AGI and ASI development, challenging Big Tech's dominance in AI.
The post SingularityNET to invest $53 million to advance AGI, ASI with world’s first modular supercomputer appeared first on Crypto Briefing.
As Bitcoin mining firms turn toward the expanding field of artificial intelligence (AI), the terrain of data centers is changing underfoot. These companies are now reallocating their large resources to accommodate AI workloads, therefore ushering a new age in data infrastructure, confronted with declining returns and growing operational issues. Related Reading: Crypto Mining In Russia: […]
What’s behind the correction in the US stock market and how might it continue to negatively impact cryptocurrencies?
Hurting for revenue and profit, bitcoin miners are looking to activities outside mining bitcoin, such as hosting AI computers, to make up the difference. It's paying off, at least in their stock prices.
Chainbase's aim is to provide unbiased and transparent data that is not controlled by a small number of dominant companies.
A bipartisan group of US senators has proposed the Content Origin Protection and Integrity from Edited and Deepfake Media Act (COPIED), in a historic action to counteract the growing use of artificial intelligence (AI) deepfakes. Related Reading: Crypto Craze: Republicans See Digital Currency Shaping 2024 Elections — Survey Under direction by Senators Maria Cantwell (D-WA), […]
AI's utility is more obvious to everyday people than crypto's, and AI's risks are so much greater that power consumption fears seem beside the point.
SingularityNET and Filecoin collaborate to integrate decentralized AI and DePIN, emphasizing ethical AI development and decentralized infrastructure.
John Wingate of BankSocial and Azeem Khan of Morph tell The Agenda podcast how crypto and blockchain can make the world a better, more equitable place.
Valdi allows customers to use available GPU compute cycles in data centers across the world.
CleanSpark’s CEO Zach Bradford said his firm has set its sights on increasing future hash rate instead of branching out to alternative revenue streams.
Apple will receive an observer role on OpenAI’s board as part of an earlier agreement with the firm, Bloomberg said on July 2. Apple Fellow Phil Schiller, who heads the company’s App Store, manages product launch events, and formerly headed company marketing, will take the board position. Schiller’s role as observer means that he can […]
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Cardano founder Charles Hoskinson has raised the alarm over the implications of artificial intelligence (AI) censorship, coinciding with crypto exchange Robinhood’s recent acquisition of AI-powered investment advice platform Pluto. According to Bloomberg, the move aims to bring tailored investment strategies and analytics to Robinhood’s retail brokerage users. Still, Hoskinson’s concerns shed light on the potential […]
Other terms that went unmentioned were cryptocurrency, blockchain, central bank digital currency, deepfake and election security.
Criminals are using deep fakes more than ever, causing $79.1 billion in losses since 2022.
The Bank for International Settlements (BIS) has called on central banks to embrace artificial intelligence (AI) in anticipation of its significant impact on the economy and financial system. In a pre-released chapter of its upcoming Annual Economic Report for 2024, the BIS emphasized that the widespread adoption of AI could affect inflation trends and urged […]
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The AI-linked token sector has risen 14% in the past 24 hours, data shows, outperforming other sectors.
Amid an overall market downtrend, crypto assets based on artificial intelligence (AI) have exhibited substantial gains, fueled by the AI frenzy permeating the traditional finance and crypto markets. This surge has been further augmented by the continuous rally of tech company Nvidia, which recently claimed the world’s most valuable company title, with its soaring share price reaching an all-time high. Fetch.ai Rides Nvidia’s Success Nvidia’s stock, now valued at $3.34 trillion, has nearly doubled in price since the beginning of the year, surpassing the likes of tech giants Microsoft and Apple. This rise has been attributed to Nvidia’s dominance in providing the essential chips required for artificial intelligence, often called the “new gold or oil in the tech sector” by analysts. Amidst these developments, AI-based crypto tokens have emerged as outperformers, overshadowing major cryptocurrencies that have experienced a sharp price correction led by Bitcoin (BTC). According to data from CoinGecko, notable gainers among AI tokens include Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN), with gains of 24%, 23.5%, and 22%, respectively, within the past 24 hours alone. Related Reading: Ethereum Price To Hit $10,000, ‘Just The Way The Chips Have Fallen,’ Analyst Says On the one hand, FET experienced a significant recovery and broke its downtrend following a substantial price correction that brought it down to $1.10. Despite being down over 58% from its all-time high of $3.45 in March, blockchain research firm House of Chimera highlights potential real-world use cases for Fetch.ai. For instance, FET’s autonomous agents can optimize logistics by analyzing and predicting optimal routes, thereby reducing costs and improving delivery times. With the growing interest in AI applications in the industry and traditional finance, FET’s AI algorithms analyzing large datasets may lead to further price increases in the coming months. Currently, FET is trading at $1.44 with a market capitalization of $3.6 billion. Long-Term Potential For AI-Based Crypto Tokens Similarly, Singularity Net’s native token AGIX has followed a similar trajectory to FET, reaching a high of $1.46 in March but currently trading 58% lower at $0.6018. However, the underlying uses of the protocol, centered around the creation and monetization of AI services through its AI marketplace, suggest the potential for significant gains and investor interest in the long term. The native token of Ocean Protocol, OCEAN, also displays price actions comparable to those of AGIX and FET. Currently trading at $0.6094, OCEAN has witnessed a trading volume increase of over 20% in the last 24 hours. The protocol’s open-source model aims to facilitate the exchange and monetization of data and data-based services, with notable applications such as running AI-powered prediction bots or trading bots on crypto price feeds. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? Ultimately, Chris Penrose, the global head of business development for telco at Nvidia, firmly believes in future price gains for the entire AI sector, which will further adoption of crypto AI-based tokens. Penrose expressed utmost confidence in the transformative power of generative AI, emphasizing that investors have barely scratched the surface of its impact on businesses worldwide. Wedbush Securities, a renowned financial firm, echoed this sentiment by predicting an intense race in the tech sector. Nvidia, Apple, and Microsoft vied for a significant $4 trillion market cap in the upcoming year. Featured image from DALL-E, chart from TradingView.com
TiTok AI, a new method for efficient onchain image compression, could be a useful tool for blockchain applications.
Meta said it will delay the launch and training of its AI assistant in Europe following a request from the Irish Data Protection Commission (DPC). According to a June 10 statement, the regulator asked Meta to postpone large language model (LLM) training involving public content adults share on Facebook and Instagram. The Irish DPC acts […]
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XYO co-founder Markus Levin argues that DePINs can make AI more trustworthy, empower users and businesses alike, and usher in blockchain mass adoption.
The fusion of artificial intelligence (AI) and blockchain technology has captivated the crypto market, propelling the introduction of new tokens and their subsequent listings on prominent exchanges like Binance. Interestingly, Binance recently published an updated article exploring the synergy between blockchain and AI, underscoring the potential of combining these two technologies. Crypto analysts known as “Crypto Symbiote” confidently predict that this emerging trend and increased acceptance of AI will result in 10 AI-related tokens experiencing significant price surges, with the potential for gains ranging from 10x to an astonishing 100x. After analyzing approximately 500 similar projects, “Crypto Symbiote” handpicked the top 10 AI tokens poised for exponential growth. Related Reading: Bitcoin Price Crashes Below $67,000: Key Reasons AI-Related Tokens Poised For Major Growth Omni Network (OMNI): OMNI is an Ethereum-native protocol that facilitates rapid communication between Ethereum rollups. According to the analyst, unifying Ethereum as a single operating system provides a comprehensive learning, development, and operations environment. Given its use cases, this could increase its prospects for further price growth. OMNI is currently trading at $15, with a market cap of $163 million. Numerai (NMR): Numerai presents a data science competition where participants build machine learning models to predict the stock market using obfuscated financial data. Stakeholders can earn or lose based on the performance of their models. With a current price of $24, NMR commands a market cap of $168 million. SSV Network (SSV): SSV is a decentralized Ethereum staking network using Secret Shared Validator (SSV) technology. This approach splits validator keys into multiple KeyShares, allowing for fault-tolerant and non-custodial staking across multiple nodes. With a price of $36, SSV is one of the most popular AI tokens, and it has a market cap of $278 million. From Crypto Web3 Domains To AI Monetization Space ID Protocol (ID): SPACE ID serves as a universal name service network, providing a comprehensive platform for discovering, registering, trading, and managing web3 domains. Its offerings include a multi-chain name service, software development kit (SDK), and application programming interface (API) for developers. ID is currently valued at $0.6, with a market cap of $279 million. Golem Project (GLM): Golem is a decentralized platform that facilitates the sharing and access of computational resources. Users can share their unused computing power or utilize additional resources, with the GLM token facilitating transactions between providers and requestors. Priced at $0.44, GLM boasts a market cap of $445 million. AltLayer (ALT): AltLayer is a decentralized protocol designed to enhance rollups’ security, decentralization, and interoperability. With a current price of $0.29, ALT’s market cap stands at $449 million. NFPrompt (NFP): NFPrompt introduces a Web3 tool that enables users to monetize AI-generated content. Leveraging blockchain technology provides verifiable ownership of AI art, empowering users to express their creativity and profit from it. Priced at $0.43, NFP holds a market cap of $110 million. Related Reading: Ethereum Buying Pressure Reaches Critical Level Amid Massive Whale Buying Ultimately, the crypto analyst firmly believes that these selected AI tokens possess tremendous growth potential due to their underlying technology, potential for widespread adoption, and current undervaluation. However, investors must conduct thorough research and exercise caution when making investment decisions. Featured image from DALL-E, chart from TradingView.com