During the hearing on SEC oversight, Gary Gensler stumbled when Patrick McHenry, Chairman of the US House Financial Services Committee, asked whether Ethereum (ETH) should be considered a security or a commodity.McHenry seized the opportunity for a “gotcha” moment by mentioning XRP, further intensifying the debate…Continue Reading on DailyCoin More
The crypto market analysis and research platform, CryptoRank, recently shared the top 10 blockchains by monthly revenue, which refers to the fees generated for stakeholders. The blockchains included on this list are Ethereum, Tron, Filecoin, Arbitrum, Polygon, BNB Coin, Optimism, Solana, and Helium.
Top 10 blockchains by monthly revenue (Source: CryptoRank)Ethereum (ETH) currently occupies the top spot on CryptoRank’s list after making $144 million in revenue. At press time, ETH is worth about $2,066.95 after a 1.62% price drop over the last day. However, this has not made much of a dent in ETH’s weekly performance as the altcoin is up by +10% over the last seven days.Taking up the second position on the list of the top blockchains by monthly revenue is TRON (TRX). TRON made $79.6 million in revenue over the last month, according to CryptoRank.Currently, TRX is one of the few cryptocurrencies trading in the green. According to CoinMarketCap, TRX is trading hands at $0.06648 after a 0.32% price increase over the last 24 hours. TRX is also still up by more than 3% over the last week.The crypto that made the third highest revenue over the last month was Filecoin (FIL), with a revenue of $4.7 million. Like ETH, FIL also suffered a loss over the last day, and is now trading at $6.03 after a +2% price decrease.The last two positions in the top 5 blockchains by monthly revenue are occupied by Arbitrum (ARB) and Polygon (MATIC). These two blockchains’ monthly revenue stands at $3.3 million and $2.1 million respectively. CoinMarketCap indicates that both of these altcoins experienced a price drop of +3% over the last day.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Analysis Platform Reveals The Top Blockchains By Monthly Revenue appeared first on Coin Edition.See original on CoinEdition More
Securities and Exchange Commission (SEC) Chair Gary Gensler faced tough questioning from Republican lawmakers during a recent oversight hearing of the SEC. Republicans have accused Gensler of overstepping his bounds and failing to effectively regulate the crypto market, which Gensler has defended, arguing that the industry is rife with securities law violations.During the hearing, Rep. Patrick McHenry, who chairs the House Financial Services Committee, challenged Gensler’s approach, arguing that many crypto firms don’t know which laws apply to them and that the SEC’s enforcement efforts have been “nonsensical.”Gensler responded by insisting that the law is clear but that many crypto firms simply don’t want to comply. He pointed out, “I’ve never seen a field that is so non-compliant with laws written by Congress.”The SEC Chair’s focus on regulating the trading platforms of unregistered securities has drawn criticism from the crypto industry, which argues that it’s unclear how these laws apply to cryptocurrencies. The industry is particularly frustrated with the SEC’s lack of clarity on which cryptocurrencies are considered securities.During the hearing, McHenry raised the question of whether Ethereum ($ETH) is a commodity or a security, which Gensler tried to answer indirectly. The SEC chair instead claimed that if the public anticipates profits from an asset based on the efforts of a group of individuals, then those assets were security. This lack of clarity has been a major point of contention between the SEC and the crypto industry.Meanwhile, other Republican lawmakers have taken a harder line against Gensler, accusing him of failing to protect investors and allowing fraud to occur under his watch. Rep. Tom Emmer referred to Gensler as an “incompetent cop on the beat” for failing to stop fraud in the crypto industry.Rep. Warren Davidson went even further, introducing legislation to remove Gensler from his position as SEC Chair. Davidson criticized Gensler for his overreach and argued that the SEC needs to be restructured.The post SEC Chair Gary Gensler Grilled During Oversight Hearing appeared first on Coin Edition.See original on CoinEdition More
Artificial Intelligence (AI) researchers and economists have highlighted the risks posed by the use of AI in our daily lives. According to the experts, policymakers need to address the “alignment problem,” which arises when we depend on artificial intelligence without aligning it with our values and goals.According to a report by Forbes, the alignment problem is arguably the largest challenge in the artificial intelligence space. AI algorithms operate on a set of rules which direct them to their goal. This may sometimes lead to an outcome that was not initially desired, but the input to the AI algorithm made it appear so.Economist James Broughel presented the AI problem in the context of monetary policies. He cited the example of a rules-based regime where the central bank follows a defined set of rules. Such a regime helps with consistency and predictability in the market but isn’t very adaptive to changing circumstances.On the other hand, a discretionary regime has a central committee that exercises a considerable level of flexibility to adjust its monetary policy based on the economic landscape and changing circumstances. In this case, the central bank is usually able to address unexpected activity and enforce an appropriate policy based on the situation.Broughel believes that a goal-oriented artificial intelligence algorithm may lead to unintended consequences in the process of achieving its goal. He argued that such AI facilities should have a killswitch-like mechanism to shut them down in case of an emergency. Twitter CEO Elon Musk has shared earlier his concerns and anxieties about AI’s “great danger,” pointing out that “AI stresses me [him] out.”Another solution would be to appoint a manager or committee to oversee the operations of AI systems. This group would be responsible for suspending the AI system if it strays from its objective. The economist added that an emergency switch would have to be programmed into the AI algorithm to make sure that it adheres to said committee.The post Economists Discuss AI Alignment Problem in Monetary Policy appeared first on Coin Edition.See original on CoinEdition More
PARIS (Reuters) -The biggest threat to the economic outlook is a credit squeeze that has not finished filtering through the financial system, a senior official at Fidelity Investments told a European equities conference on Wednesday.For asset managers, hedge funds and traders gathered in Paris for the Tradetech equity trading conference, recession risks were a key talking point. The failure of two U.S. lenders and the forced takeover of Credit Suisse roiled financial markets in March, and a sharp selloff in bank stocks tightened lending conditions further, raising concerns about a global downturn.The “biggest threat” to the economy is a “true and visible credit crunch”, Romain Boscher, chairman of the board at Fidelity Investments, which has about $4.5 trillion of assets under management, told the conference.The International Monetary Fund last week trimmed its 2023 global growth outlook as higher interest rates cool activity but warned a severe flare-up of financial system turmoil could slash output to near recessionary levels.Major central banks such as the U.S. Federal Reserve and European Central Bank have ramped up borrowing costs over the past year to curb an inflation surge not seen in decades.Between them, central banks in the developed world have hiked rates by over 3,000 basis points in this tightening cycle.”The economy has been assailed by lots of things at the same time. We have seen credit conditions tighten dramatically in the past month or so,” said Shamik Dhar, chief economist at BNY Mellon (NYSE:BK) Investment Management and a former Bank of England (BoE) official. An added danger, said Dhar, was any remaining question, particularly in Britain, that inflation might be transitory. Higher rates should be a permanent expectation, he said. Britain was the only country in western Europe with double-digit inflation in March, data showed on Wednesday, bolstering bets the BoE will raise rates again in May.The Fed too is expected by traders to lift rates by 25 basis points (bps) to a range of 5.00%-5.25% when it unveils its next rate decision on May 3.”The Fed was too slow to move. The transitory story went on for way to long. What the Fed has done since is to catch up – and catch up pretty effectively,” said Dhar. Dhar said if credit conditions tightened enough, the U.S. would slip into a recession in the second half of the year. Fidelity’s Boscher said there would be a visible slowdown in the United States and Europe, with a soft landing for the economy possible if growth in emerging markets and China holds up.Harsher economic conditions and higher rates have changed priorities for asset manager portfolios, both said. Fixed income has become the asset class of choice, said Dhar. Having surged over 200 bps last year as inflation and rates rose, the U.S. 10-year Treasury yield has slipped 20 bps this year as traders position for a weaker outlook.Equities are still an effective hedge, said Boscher, at least compared with government bonds. More
The global payments technology company Nuvei Corp. recovered from its fall that resulted from the allegations raised by the New York-based investment management firm Spruce Point Capital Management. According to the latest reports, the sudden recovery has been rooted in the announcement of the Hollywood star Ryan Reynolds who has revealed that he is an active investor in Nuvei.Spruce Point Capital Management’s allegation against the payment technology company was that it has been witnessing a long-term downside risk of almost 35% to 50%. Following this, Nuvei’s shares fell roughly by 2%.However, yesterday, Nuvei updated its official page with the celebrity’s investment in the firm, by posting: “Hollywood actor, producer, and entrepreneur Ryan Reynolds has today announced that he has invested in Canadian fintech company Nuvei Corporation”.Notably, Reynolds commented that Nuvei was impressive, adding:Interestingly, the Nuvei shares that stood at a decline of almost 6% rose almost by 1% immediately after the revelations of Reynolds that he is taking a stake in the company.Responding to the celebrity’s proclamations, Phil Fayer, the CEO of Nuvei, shared his enthusiasm for including Reynolds in the Nuvei family. He stated:Though it’s the second time that Spruce Point Capital has pushed Nuvei into certain losses, the company has managed to present a significant rise from the fall.The post Nuvei’s Shares Rise with Hollywood Star’s Investment Proclamation appeared first on Coin Edition.See original on CoinEdition More
Santiment stated in a recent blog that during the last 5 weeks, traders’ optimism toward the leading assets in the crypto market had decreased gradually. The blog stated that the social data is showing a trend that is likely to witness a crypto bull run.The market intelligence platform, details the social metrics and funding rates, highlighting the increased social FUD. The blog also talks about the current stance on the social prediction of traders and also the funding rate side.Santiment claims to have conducted a backtest of several years’ worth of data and observed that prices tend to follow the least expected direction by the majority. As traders’ doubt increases, the chances of sustained price increases also go up.The market intelligence platform noted a decrease in the number of bullish and bearish signals from market participants. Additionally, there has been a decline in the number of people participating in discussions on social media platforms such as Twitter, Discord, Telegram, and Reddit compared to earlier in the year.According to Santiment, there is a small inclination towards long positions. They also observed that none of the top market capitalization assets they are monitoring exhibit indications of a negative funding rate when factoring in average rates across various platforms such as Binance, Bitmex, DyDx, and Deribit.Santiment mentioned that this data is interesting considering what they see on social media, which has been more bearish in the last month. They also mentioned that the loudest voices in crypto have quieted down and have refrained from putting out bullish narratives.The post Data Shows Traders’ Optimism Toward Leading Crypto Has Dropped appeared first on Coin Edition.See original on CoinEdition More
The latest data shows that Bitcoin network fundamentals — difficulty and hash rate — will hit new records this week.Continue Reading on Coin Telegraph More
