This week in The Market Report, resident Cointelegraph experts discuss dozens of pump-and-dump tokens purporting to be related to ChatGPT and Bing AI chat.
We’re going to do things a little differently this week as our handsome and charming host, Joe Hall, will be somewhere over the Atlantic during the live stream and won’t be able to join us. But not to worry as our resident experts Marcel Pechman and Sam Bourgi are here as always to break down the latest market news.
Bitcoin bulls ignore recent regulatory FUD aiming to turn the $25,000 level into support
The New York State Department of Financial Services ordered Paxos to “stop minting” the stablecoin Binance USD (BUSD), issued by Paxos and denominated in dollars. On Feb. 16, a Binance.US-controlled bank account moved more than $400 million to trading firm Merit Peak, which is reportedly an independent entity also controlled by Binance CEO Changpeng Zhao. This and other bad news in the cryptocurrency market has not seemed to deter Bitcoin (BTC) from gaining 15% since February 13. In fact, both retail and professional traders are showing signs of confidence. We explain why this is the case and why the odds favor a continuation of the current rally.
BingChatGPT ‘pump-and-dump’ tokens emerging by the dozen: PeckShield
Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens allegedly linked to the AI-powered chatbot ChatGPT. Some of these tokens have already lost most, if not all, of their value in what is often known as a “pump-and-dump” or “rug pull” scheme.. In this type of scam, the creators orchestrate a campaign of misleading claims and hype to persuade investors to buy tokens, then secretly sell their share of the scam when prices rise. You might find it interesting to take a look at a token supposedly related to the recent hype around Bing AI chat and ChatGPT, but we are here to tell you to be careful when getting financially involved with any of them. We also explain some basic ways to keep yourself safe from these scams.
Active Bitcoin Addresses ‘Worry’ Analysts Despite 50% Gains in BTC Price
Bitcoin Still Lacks the On-Chain Volume and Increase in Active Addresses That Characterize Bull Markets, Study Warns. In a candid assessment of BTC’s price rally in 2023, on-chain analytics platform CryptoQuant warned that Bitcoin could be weaker than it appears. Many analysts seem wary of the market’s recent uptrend, and we’re here to explain why.
Our experts cover these and other stories in the making, so be sure to tune in for the latest in the world of cryptocurrency.
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