In a recent turn of events, the prominent cryptocurrency, Bitcoin (BTC) slipped to what has been touted as its weakest level since June 21, trading barely above the $28,346 mark. This risk-averse behavior shadows the recent Wall Street slip in this tense August, likely prompted by banking sector apprehensions and interest rate fears.
However, this decline didn’t arrive unannounced. The trend surfaced in the U.S. Commodity and Futures Trading Commission’s (CFTC) recent Commitment of Traders (COT) report, highlighting a surge in bearish bets by hedge funds and commodity trading advisors in CME-listed cash-settled bitcoin futures.
In other noteworthy updates, PayPal, the international payment behemoth, announced a brief suspension of crypto purchases in the United Kingdom. Expected to last till early 2024, this move bucks against PayPal’s recent crypto-push in response to the UK Financial Conduct Authority’s (FCA) new regulations demanding extra steps before customer crypto purchases.
Despite this temporary setback, PayPal continues to stride forth in the crypto realm – its US stablecoin, PayPal USD (PYUSD), stands as a testament to this commitment. Concurrently, blockchain-based AI project, Jada AI, managed to secure $25 million from the alternative investment group, LDA Capital. This investment will augment the project’s developer pool and extend the reach to new organizations.
Interestingly, Jada operates in a blockchain-based environment where AI computations are executed across the network nodes, allowing for an unperturbed, evenly distributed, and verified processing. Diego Torres, Jada AI’s founder, asserts this method ensures efficient computation resource allocation.
Taking a glance at market patterns, recent chart analysis showcased a shrinking liquidity for U.S-based crypto-exchanges against their global competitors. This shift implied that traders can now execute large-scale orders at stable prices via offshore exchanges.
These developments collectively underscore the volatile, yet irresistibly captivating nature of the crypto-market. From the cautiously dipping Bitcoin prices to PayPal’s UK crypto-pause, and emerging platforms like Jada AI – the crypto world is a whirlwind of trends and groundbreaking advancements. Above all, it highlights the evolving dynamics of liquidity in the crypto-markets, as international exchanges gain an upper hand over their US counterparts.
Source: Coindesk
