AI Tokens are stealing the show in First Mover Americas.

The Latest Cryptocurrency Market Movements in Context on March 7th, 2024.

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Artificial Intelligence (AI)-related Tokens on the Rise

Artificial Intelligence (AI) is making waves in the crypto market, with AI-related tokens experiencing significant growth. Fetch.ai (FET) skyrocketed by 35% in just 24 hours, followed closely by SinglarityNET (AGIX) with a 30% jump. This surge is closely tied to the upcoming global AI Nvidia conference, which will bring together developers and engineers on March 18.

Crypto analyst Miles Deutscher predicts that the AI-run will continue and expects further growth in AI-related tokens. Another token, Render (RNDR), which is a GPU marketplace for 3D rendering projects, also saw a notable rally, gaining 31%. However, it’s important to question the effectiveness of exposure to AI through these tokens, as most do not have a direct connection to the adoption being driven by industry giants like OpenAI or Google’s Gemini.

🔍 Q: What is the significance of the AI Nvidia conference for the crypto market?

A: The AI Nvidia conference serves as a catalyst for the growth of AI-related tokens. It brings together experts in the field and introduces new developments and technologies, creating hype and excitement among investors.

• Hong Kong Central Bank Launches Project Ensemble to Explore Tokenization Use Cases
• Nigeria Updates Guidelines for Crypto Service Providers: Blocking Criminality
• El Salvador’s Bitcoin holdings reach a record $164 million with profits from BTC exceeding $50 million.

🔍 Q: Are AI-related tokens a good investment opportunity?

A: While AI-related tokens have seen significant growth recently, it’s important to do thorough research and consider the actual connection these tokens have with AI adoption. Look for tokens that have genuine partnerships or collaborations with reputable AI companies.

BlockFi Reaches Agreement with FTX and Alameda Research

Bankrupt crypto lender BlockFi, which was caught up in the fallout from the collapse of FTX, has reached an “in principle” agreement with the estates of FTX and Alameda Research. This agreement could potentially lead to the recovery of nearly $1 billion for BlockFi’s customers.

Under the settlement, BlockFi will receive a total of $874.5 million in claims against the two companies, with $250 million being treated as a secured claim. Once FTX’s plan to end bankruptcy is approved, BlockFi will be prioritized for payment. In return, FTX will drop its claims against BlockFi, allowing the remaining claims to be paid out according to the settlement’s terms.

🔍 Q: How does this agreement impact BlockFi’s customers?

A: If approved by a judge, this agreement will potentially lead to a full recovery of value for BlockFi’s customers, ensuring that they receive the funds they are owed.

🔍 Q: What caused FTX’s collapse and how did it affect BlockFi?

A: FTX’s collapse was the result of various factors, including financial mismanagement and regulatory scrutiny. BlockFi, as a partner of FTX, was caught in the contagion and suffered financial losses.

Figment Europe and Apex Group to Launch ETPs for Ethereum and Solana

Figment Europe, an institutional staking services provider, and Apex Group, a global financial services provider, have announced their plans to introduce exchange-traded products (ETPs) that give investors exposure to the prices of Ethereum (ETH) and Solana (SOL), along with additional rewards from staking.

The two ETPs, Figment Ethereum Plus Staking Rewards (ETHF) and Figment Solana Plus Staking Rewards (SOLF), will be fully backed at all times and will debut on the SIX Swiss Exchange on March 12. These ETPs provide investors with a convenient way to gain exposure to the prices of Ethereum and Solana, as well as the additional rewards from staking, without the complexities of staking as individuals. Staking yields will be reinvested into the ETPs to enhance their performance.

🔍 Q: What are the additional rewards from staking?

A: Staking involves locking up cryptocurrency as collateral to support the operations of a blockchain network. In return, participants earn staking rewards, which can be additional tokens or other benefits tied to the network’s activities.

🔍 Q: Is investing in ETPs a good alternative to staking as an individual?

A: Investing in ETPs provides a more accessible and convenient way for investors to gain exposure to staking rewards without the complexities and technical requirements of individual staking. However, it’s important to carefully consider the associated risks and potential returns before investing.

📈 Chart of the Day

The chart depicts the notional open interest of active futures contracts tied to Solana (SOL), which has reached a new record high of over $2 billion. SOL token has also gained 37% year-to-date. Additionally, Pantera Capital is reportedly raising funds to purchase a large chunk of SOL tokens from the FTX estate, further indicating the growing interest and potential value of SOL.

🔥 Trending Posts

• Pantera Looks to Purchase Discounted Solana Tokens With New Fund: Bloomberg
• Hong Kong’s Central Bank Announces New Wholesale CBDC Project to Support Tokenization Market
• Ethereum’s Dencun Upgrade Could Mean Near-Zero Fees for Layer-2 Blockchains: Fidelity Digital Assets

Edited by Sheldon Reback.

🌐 References

• Subscribe to get it in your inbox every day
• Miles Deutscher
• Render
• FRNT Financial
• Nvidia
• OpenAI
• Google’s Gemini
• FTX
• Alameda Research
• Figment Europe
• Apex Group
• SIX Swiss Exchange
• MEV

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