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AI Coins Trigger Crypto Market Rebound, What’s Happening?
In an unprecedented turn of events, AI coins have experienced a notable price rebound today, piquing investor interest globally. This follows recent attention-nabbing developments witnessed across the AI sector, encompassing advancements by Apple, Binance, Tether, AMD, and other giants. Intriguingly, following a considerable upside momentum gained by AI coins today, some of the top crypto prices gained in tandem. This sparked a flurry of inferences among crypto market participants over AI’s role in crypto price rebound.
AI Coins Rebound Amid Sluggish Market
It’s worth mentioning that the broader crypto market has been experiencing quite a bearish trend in recent days, with Bitcoin (BTC) & Altcoins witnessing a significant drop in prices. However, the AI sector’s remarkable progress and the growing speculation about the convergence of these two industries have led to a substantial rebound in AI coins’ value.
This is followed by a 3.21% surge in the global crypto market cap today after a bearish movement engulfed most crypto prices in the past 24 hours. Bitcoin, Ethereum, and BNB have gained an upside momentum in tandem with AI coins.
According to CoinMarketCap’s data, top AI coins NEAR Protocol (NEAR), Render (RNDR), and Injective (INJ) have noted a aignificant upside momentum at the time of writing. RNDR leads the pack with a remarkable 11.32% increase to $9.17, while NEAR and INJ experienced gains of nearly 6%-10%.
Simultaneously, Bitcoin gained over 3% to $69,7322, ETH jumped by 2.82% to $3,639, and BNB bumped 2.96% to $626 at press time.
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What’s The Scoop?
Senior crypto research analyst at Bitwise, Juan Leon, spotlighted that “The intersection of artificial intelligence (AI) and crypto is going to be even bigger than people imagine. The two industries could add a collective $20 trillion to global GDP by 2030.”
Aligning with this, the surge in AI coin & altcoins prices comes against the backdrop of attention-nabbing developments. These include:
- Apple appears to have recently unveiled its AI, gearing up for the next stage of developments that taps into this emerging tech.
- Binance Labs recently announced to invest in an AI-enabled zk rollup, Zircuit (L2).
- Tether unveiled plans to invest over $1 billion in AI over the coming year.
- AI chipmakers Nvidia & AMD pioneer the realm, simultaneously.
- BTC miners look into diversifying ventures into AI, per recent reports.
These factors, collectively, underscore a strong relation between the rise in AI coins and crypto prices. The intersection of the two sectors, as seen by the abovementioned ventures, paves an optimistic path for both sectors.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Bittensor team detected suspicious activity on Wednesday morning, prompting an immediate suspension of all network operations. Blockchain explorers confirm that no new blocks have been generated for over six hours, effectively putting the network in “safe mode” and blocking all transactions.
This swift action was taken as a precautionary measure to prevent potential further damage. The market responded quickly to the news, with the Bittensor (TAO) price experiencing a significant 12% drop, reflecting investor concerns about the network’s security.
Network Security Breach, Investigation and Community Response
While official details remain limited, early reports suggest the attack may have involved unauthorized access to user wallets. Security researcher ZachXBT has proposed that a leak of private keys, which function as passwords to crypto wallets, might be the root cause. Bittensor co-founder Ala Shaabana confirmed the network halt and assured users that the situation is under control, stating that the attack has been contained.
The Bittensor community on Discord is actively discussing the situation, with a moderator named “Watchmaker” confirming that the network will remain in “safe mode” for at least 24 hours while the investigation continues. As an additional precaution, regular software updates have been temporarily suspended until the network is fully restored and secured.
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Market Impact and Token Performance
The security breach has had a significant impact on the Bittensor ecosystem, particularly its native token, TAO. In the 24 hours following the incident, TAO’s price fell sharply by more than 12%, dropping from $281.67 to $237.32. This however has continued the 16.50% price decline over the past week. Amidst the chaos the open interest of TAO has surged by 16.38% and a current valuation of $36.4 million.
At the time of reporting, TAO’s price stands at $237.45, with a 24-hour trading volume of $84.8 Million. The circulating supply of TAO is currently 7 Million tokens. These market movements reflect the uncertainty surrounding the network’s security and the potential long-term implications of the breach. As the investigation progresses and more information becomes available, it’s likely that the market will continue to react to developments in this ongoing situation.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In an unprecedented development, a renowned XRP whale has again shifted significant amounts of XRP coins as the Ripple vs SEC lawsuit took a fresh direction. On-chain insights reveal that the whale moved 63M XRP as Ripple Labs took to court filing a Notice of Supplemental Authority.
The whale’s transaction as Ripple further strengthened its case has stirred a whirlpool of speculations on XRP’s future price movements. Let’s delve more profoundly as to why.
Whale Dumps Coins Despite Ripple’s Optimistic Mover
Notably, on-chain insights by Whale Alert reveal that 63 million coins, worth $30.63 million, were offloaded to exchanges despite Ripple solidifying its arguments for meager fines. The well-known whale address …Rzn was noted to have been dumping the abovementioned amount in two transactions to Bitstamp and Bitso.
These transactions have ignited a storm of mixed market sentiments. While Ripple’s legal battle seemed to be progressing positively, offering a glimmer of hope for the future, the whale’s decision to offload the asset has introduced a new level of uncertainty for future movements.
Meanwhile, legal expert Jeremy Hogan took to X, drawing attention to what Ripple’s filing of a Notice of Supplemental Authority highlighting the Binance vs SEC lawsuit meant. He highlights that the mover by Ripple Labs is relevant to two things: the possible injunction against Ripple and the potential fine.
In context, Ripple filed the notice highlighting the Memorandum Opinion and Order issued by the U.S. District Court for the District of Columbia in the SEC v. Binance Holdings case. Ripple strongly argues that the SEC’s classification of cryptocurrencies as securities is ambiguous and unclear, hinting that both injunction and fine should be light.
It’s worth noting that Ripple also filed a Notice of Supplemental Authority the previous month, citing way lower fines in the Terraform Labs lawsuit.
Collectively, these developments appear to have tilted the odds in Ripple’s favor. However, a final judgment by Judge Analisa Torres still looms.
Simultaneously, amid the lawsuit’s uncertainty, XRP price continues to fight turbulence.
Also Read: Mantra Chain Announces $500M Real Estate Tokenization Deal With Dubai’s MAG Group
XRP Price Performance
At press time, the XRP price noted a 0.40% dip in value to trade at $0.4824. Its 24-hour lows and peaks were recorded to be $0.4784 and $0.4877, respectively.
XRP’s RSI moved along 46, hinting at broader neutrality for the asset. Crypto market enthusiasts continue to eye the token as new developments unfold in the lawsuit. Further, a recent report by CoinGape Media cracks down on whether a $10 price target for XRP is scalable or not.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Gala Games and Animoca Brands on Wednesday announced a major collaboration to boost GALA token experience for users. Game software company and venture capital firm Animoca Brands will facilitate orderly trading of the GALA token, one of the best gaming tokens, and plans to become a GalaChain validator in the future. Traders reacted immediately to the announcement bringing a rebound in GALA price.
Animoca Brands Plans Major Developments with Gala Games
Two big companies in crypto Animoca Brands and Gala Games have joined hands to work on many developments for GALA token, as per the announcement on the X platform on July 3. This includes providing liquidity provisioning services and fostering stable trading of GALA tokens in the crypto market.
Gala Games said Animoca Brands will receive GALA tokens from Gala’s Treasury to offer liquidity provisioning services to Gala Games, which will help enable trading in an orderly way. The announcement has sparked curiosity in the community of gamers and NFT enthusiasts.
In addition, Animoca Brands also plans to become a GalaChain validator, with the exact timeline still unclear. The company is already an operator of nine Gala Founder’s Nodes. Gala Games is entirely dedicated to decentralizing the multi-billion dollar gaming industry by various means including decentralized video games and giving players access to their in-game items.
Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
GALA Token To Rally?
Traders responded immediately to the announcement, bringing a rebound in GALA price. The tokens fell over 4% in the last 24 hours amid a broader crypto market selloff.
At press time, GALA price is trading at $0.02625. The 24-hour low and high are $0.02596 and $0.02796, respectively. Moreover, the trading volume has increased by 38% in the past 24 hours, indicating a rise in interest among traders.
In the derivatives market, traders are buying GALA futures again after a 5% fall in open interest in the last 24 hours. As per CoinGlass data, the total GALA futures open interest has increased to 2.35 billion after the recent interest.
Also Read: Bybit Exchange Unveils Support For ASI Alliance, Will FET Rebound?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Security Breach Triggers Network Shutdown, TAO Token In Freefall
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