Kategorie: Crypto News

• Elon Musk, the richest man on earth, has started a new AI company.

• Nvidia made a $50 million investment in a biotech company using AI.

SingularityNET price jumped sharply on Thursday as investors reacted to the latest investments in artificial intelligence (AI). AGIX, the network’s token, jumped to a high of $0.2640, the highest level since July 3rd. 

AI investments rising 

Artificial Intelligence has been a major theme this year as investors cheer the launch of key projects like OpenAI’s ChatGPT and Google’s Bard. As a result, most companies with an exposure to artificial intelligence like Nvidia and C3.ai have done well this year.

There are two main reasons why AGIX and other AI cryptocurrencies are rising. First, Elon Musk, the richest man in the world, announced that he had launched a new AI company known as X.ai. 

Details about what the company will do and how it will work are still thin. Still, analysts believe that the company will seek to build a better AI model than ChatGPT and Bard. 

Elon Musk has a long history with AI. For one, he was one of the initial funders of OpenAI. Also, a company like Tesla uses some AI features already. Therefore, investors believe that his involvement will lead to more growth in the industry.

Second, AI coins and stocks jumped after Nvidia announced a $50 million investment in Recursion, a biotech company. Recursion will use Nvidia’s cloud platform to handle over 23 petabytes of biological data. This is a sign that there are still more demand for the AI financial assets.

SingularityNET price forecast

The 4H chart shows that the AGIX crypto price has made a strong bullish trend in the past few days. It has moved above the important support level since June 20th. The coin has moved above the 25-period and 50-period moving averages. It is also approaching the important resistance level at $0.2693, the highest point on July 3rd. 

Meanwhile, the token seems like it has formed a head and shoulders indicator while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, a move above the right shoulder level of $0.26 will invalidate the bearish view. A move above the resistance at $0.2693 will lead to more upside, with the target being at $0.30.

The post SingularityNET’s AGIX price outlook as AI investments rise appeared first on CoinJournal.

• The US published weak jobs and inflation data this month.

• The Fed could now hike rates less times than expected.

• A dovish tone could be a good thing for Chancer and other cryptocurrencies.

American stocks jumped to a multi-month high while the US dollar index slipped to the lowest level since April 2022 on Thursday. Similarly, US bond yields and the CBOE VIX index turned red after the US published encouraging inflation data. These numbers, coupled with last week’s soft jobs data, could have an impact on cryptocurrencies, including Chancer.

US inflation and jobs data

The US published mixed jobs numbers last week. A report by ADP showed that the American economy added over 400k jobs in June, the highest figure in years. A separate report by the statistics bureau revealed that the country’s economy added over 209k jobs during the month.  The official report was relatively soft than expected.

The US then published soft consumer inflation data on Wednesday. According to the Bureau of Labor Statistics, the headline consumer price index (CPI) dropped from 4% in May to 3.0% in June. Core inflation also continued falling during the month.

Therefore, inflation is moving near the 2% target rate and this trend could happen faster than expected. For one, global shopping costs have plummeted while China has moved close to deflation. China is a big exporter to the United States.

These numbers will have an impact on all financial assets because of their impact to the Federal Reserve. Most economists now believe that the Fed will deliver another 0.25% rate hike this month and then pause indefinitely. In a note, an analyst at Point72 said:

“What we’re seeing is consistent with the market scaling back tightening expectations for after the July meeting, but it doesn’t seem that it should be pricing in scope for rate cuts this year.

A change of tune by the Fed will be a good thing for assets like stocks and cryptocurrencies. 

Chancer token sale continues

Another big crypto news of the week is that Chancer developers introduced more ways to buy the token. In addition to BUSD, the developers added Ethereum, Tether (USDT), and Binance Coin as options to buy the token. This is an important move because it gives users diverse ways to invest in the token.

🚀💎 The moment you’ve been waiting for is here! 🌟💸

You can now purchase $CHANCER using $ETH, opening up a whole new world of possibilities! 💥🔥

Get in on the action, secure your tokens, and ride the wave to incredible profits! 🌐💰

🤑BUY HERE: https://t.co/iHffMmdhCk pic.twitter.com/ppSxsDQfrQ

— Chancer.com (@ChancerProject) July 12, 2023

Chancer’s token presale is going on well. For one, thousands of people have already bought the token, bringing the total amount raised to over $748k. The total amount of Chancer token sold stands at over 74 million.

For starters, Chancer is a platform that seeks to disrupt the sports betting and prediction market using the blockchain technology. It is a global platform that will make it possible for people to bet on international sports using cryptocurrencies.

At the same time, Chancer will enable any member to create their own markets and livestream them using the platform’s tools. For example, a user can create a market of a local game and then let a global audience bet on it. The user will take a cut of all the amounts placed in that market.

Chancer is now selling tokens as the developers prepare to launch the testnet in the coming months. You can buy the $CHANCER token here. Also, you should read the Chancer white paper to know more about the project, Most importantly, we recommend that you excise caution when investing in Chancer and other token presales.

The post Fed rate hikes to peak as inflation cools: Implications for Chancer appeared first on CoinJournal.

• Atlantic Equities downgraded Coinbase stock to “neutral” on Wednesday.
• Cathie Wood also trimmed her stake in the crypto exchange today.
• Coinbase stock is currently up more than 150% versus the start of 2023.

Investors should pull out of Coinbase Global Inc now that it’s rallied more than 150% since the start of this year, says Simon Clinch – an Atlantic Equities analyst.

Coinbase stock has downside to $80

On Wednesday, Clinch downgraded the crypto exchange to “neutral”. His $80 price target warns of a 10% downside from its previous close.

In his research note, the analyst cited valuation and ongoing regulatory scrutiny as reasons for turning dovish on Coinbase stock.

The risk/reward looks less attractive at this level given continued regulatory challenges ahead and the surprisingly weak volume backdrop.

The Securities and Exchange Commission sued Coinbase Global Inc last month for violating the U.S. securities laws. The Nasdaq-listed firm also added an instant messaging feature to its wallet on Wednesday.

Cathie Wood trims her stake in Coinbase

Clinch recommends moving to the sidelines in Coinbase stock also because the USDC market cap has declined which will affect the company’s interest income.

With these factors in mind, we’re concerned the outlook for rest of FY23 may have deteriorated incrementally despite strength in crypto asset prices over the past month.

Coinbase Global Inc is expected to lose 84 cents a share in its current financial quarter versus $4.95 per share a year ago.

Also on Wednesday, famed investor Cathie Wood trimmed her stake in the crypto exchange. Her flagship Ark Innovation ETF sold 135,152 shares of Coinbase for roughly $12 million.

The post Coinbase stock could see a near-term pullback – analyst says appeared first on CoinJournal.