5 MINUTE BREAKTHROUGH: A PROFITABLE STARTING STRATEGY
Dear clients,
What can you do in a mere 5 minutes? Hit the restroom, have a smoke or... make a profit. This time, we'll be looking at a simple trading strategy fit for both newcomers and experienced traders.
Join us on May 24 at 12:00 GMT.
During webinars, FreshForex analyst will answer your questions regarding the market situation and comment on the latest news.
If you missed the previous webinars, you can always find them
here.
NEW TRICKS OF THE OLD CRYPTO
Dear clients,
According to Glassnode, daily transactions hit an all-time high of 682,000 this month, up almost 40% from the previous peak in 2017. Bitcoin's dominance, or share of the total $1.16 trillion cryptocurrency market, has risen to 44% from 38% at the start of the year.
This is due to BRC-20, the first class of cryptocurrency tokens created on the bitcoin blockchain apart from bitcoin itself. Nearly 25,000 experimental coins have already been minted this year, leading to a surge in transactions.
Mostly due to the creation of these tokens, the average daily transaction volume in seven days was more than 531,000, almost double what it was a month ago, according to Blockchain.com.
This new class of cryptocurrency has no specific use beyond speculation, much like memecoins. However, its nascent popularity points to interest in bitcoin not just as a store of value or a payment method, but also as a basis for developing new coins and applications - previously considered the domain of more modern blockchains such as Ethereum and Solana.
Some investors and developers see bitcoin blockchain as a safer long-term basis for creating tokens and applications amid the cryptocurrency carnage that has followed the collapse of high-profile companies such as FTX and a general flight away from risky assets, market participants say.
Nevertheless, the excitement around BRC-20 has been volatile. The total value of these tokens, which are typically traded on secondary markets, especially on decentralised exchanges, surpassed $1bn in early May, but has since fallen to $446m, according to tracker BRC-20.io.
Because the bitcoin blockchain was not originally designed to support the crypto ecosystem, unlike Ethereum and Solana, BRC-20 tokens are created using ordinar theory, which allows data to be written on each satoshi - the smallest bitcoin denomination, or hundred-millionth of a bitcoin.
The race to create these new coins has had little impact on the price of bitcoin, which has been trading below $30,000 since mid-April. However, experts see this trend as "promising" in terms of interest in creating products on the bitcoin blockchain.
ONE STEP BEHIND. THE AI LEGISLATION
Dear clients,
As the race to develop more powerful artificial intelligence services such as ChatGPT accelerates, some regulators are still relying on old laws to control a technology that could change the way society and business operate.
The European Union is at the forefront of developing new rules for AI that could become a global benchmark to address the privacy and security concerns raised by the rapid development of generative AI technology underpinning OpenAI's ChatGPT. However, it will take several years for the legislation to take effect.
"In the absence of regulations, the only thing governments can do is to apply existing rules," experts say. "If it's about protecting personal data, they apply data protection laws, if it's about threatening people's security, there are rules that have not been specifically defined for AI, but they still apply."
In April, European national privacy regulators set up a task force to tackle ChatGPT after Italian regulator Garante pulled the service offline, accusing OpenAI of violating the EU's GDPR, a wide-ranging privacy regime adopted in 2018. ChatGPT was reinstated after the US company agreed to install age verification features and allowed European users to block their information from being used to train AI models.
Generative AI models have become well known for making mistakes, or 'hallucinations', providing misinformation with supernatural certainty.
Such errors can have serious consequences. If a bank or government department uses AI to speed up decision-making, people could be unfairly denied credit or benefits. Major technology companies, including Google and Microsoft Corp, have stopped using AI products considered ethically questionable, such as financial products.
US and European experts say regulators intend to apply existing rules covering everything from copyright and data privacy to two key aspects: the data entering models and the content they produce.
While regulators adapt to the pace of technological advances, some in the industry are calling for more engagement with corporate leaders. Dialogue between regulators and companies has so far been "limited", they say.
"This does not bode well for the future," they say. "Regulators seem either slow or unwilling to adopt approaches that strike the right balance between consumer protection and business growth."