The Graph is an indexing protocol for Web3 applications that organizes blockchain data to make it easily accessible with GraphQL..

This weeks Crypto Biz also explores Geminis fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAIs efforts to stop users from jumping paywalls.

This is an opinion editorial by Heliand, a Bitcoiner with a background in real estate and finance.

In the realm of digital currencies, Bitcoin has emerged as a groundbreaking phenomenon, revolutionizing not only the financial landscape but also the way we perceive and interact with money.

However, beyond its potential for economic empowerment, Bitcoin holds a deeper significance that transcends material gain. It can be viewed as a catalyst for personal growth and spiritual transformation, offering individuals a unique path toward self discovery and enlightenment.

In this essay, I will explore how Bitcoin can serve as a tool for this type of self transformation and become a catalyst for a profound journey of spiritual growth.

Embracing Financial Sovereignty

Bitcoin's core principle lies in decentralization and the elimination of intermediaries, offering individuals full control over their financial assets.

By embracing Bitcoin, we embark on a journey of financial sovereignty, freeing ourselves from the restrictions imposed by traditional financial systems. This newfound autonomy allows us to transcend limiting beliefs and societal expectations regarding money, enabling us to reevaluate our relationship with wealth and abundance.

As we develop a sense of self reliance and take responsibility for our financial well-being, we open the doors to self empowerment and spiritual growth.

Furthermore, financial sovereignty through Bitcoin encourages us to question the existing economic paradigm, in which financial institutions and governments exert significant control over our monetary transactions. As we challenge this centralized authority, we develop a deeper understanding of the importance of individual freedom and the potential for positive change through decentralized systems.

This realization extends beyond financial matters, encouraging us to question other aspects of our lives that may be governed by external authorities, fostering a sense of empowerment and self determination.

Fostering Trust And Collaboration

Bitcoin's underlying technology, its blockchain, relies on a network of participants who collectively validate and verify transactions. This decentralized approach fosters trust and collaboration, as each participant contributes to the overall security and integrity of the network.

Through engagement with the Bitcoin community, we develop a sense of interconnectedness, recognizing the importance of collaboration, transparency and consensus.

This realization extends beyond the realm of finance, teaching us valuable lessons about trust, cooperation and the power of collective action in our personal lives and relationships.

The Bitcoin community, consisting of developers, miners, investors and enthusiasts, demonstrates the power of collaboration and shared goals. It encourages individuals to work together towards common ob...

In the past week, Stellar (XLM) experienced a decline in price, moving from $0.1 to $0.096. This represents a decrease of -13.42% in value. Furthermore, in the past 24 hours, XLM recorded a minor drop of -0.61%. These price movements indicate a slight bearish sentiment prevailing in the crypto market, with XLM being influenced by the broader market conditions. The recent downtrend in XLMs price suggests that bears currently have the upper hand, while the scope for bullish activity appears limited.

What Could Be Responsible For The Recent Price Dip?

The Stellar ecosystem has been rife with developments in recent months, with the biggest being the launch of the Spacewalk bridge that connects the blockchain to Polkadot. The bridge was meant to enable smooth transfer of the USDC stablecoin between the two blockchains fostering increased utility and potential demand within Stellars ecosystem. 

However, this has not gone to plan, as Stellars price has failed to match the positive advancements in its ecosystem. Instead, bearish sentiment has engulfed XLM, which has contributed to the recent downward price movement.

Related Reading: XRP Next Step: Heres Why An Upward Move Could Be Likely

The bearish sentiment indicates that market participants are cautious about XLM, leading to selling pressure and a lack of significant buying interest. It is important to consider the impact of market sentiment on short-term price fluctuations, as it can create challenges for price recovery and limit the potential for bullish momentum in the near term.

Whats Next For Stellar (XLM)?

Although XLM is currently experiencing a bearish sentiment, the long-term prospects for the cryptocurrency remain positive. Stellars roadmap for 2023 focuses on enhancing network utility through strategic initiatives. This includes making innovation easy and scalable through Soroban development, scaling and decentralization endeavors, and improving developer wallet tools. Stellar aims to win over builders by accelerating the growth of widely-used assets, promoting accessibility and user-friendly apps, and leveraging smart contracts for sustainable use cases in the DeFi ecosystem.

Related Reading: Circle Intervenes, Freezes $63 Million From Multichain Hack

Furthermore, Stellars focus on utility and building trust involves engaging in public policy, raising platform awareness, and maintaining high-quality wallet products. These initiatives are designed to strengthen Stellars position in the market and drive future growth. While short-term price movements may be influenced by market sentiment, the long-term success of Stellar relies on the...

Although the tools accuracy may not match current genetic tests, it can swiftly predict a tumors profile.

PEPE, once riding the waves of a bullish surge, finds itself in a precarious position as the price correction of Bitcoin (BTC)] reverberates across the market.

Over the past 24 hours, the signs of exhaustion have become increasingly apparent, casting a shadow of doubt on PEPEs recent gains. 

The critical resistance hurdle at $0.00000172 looms large, presenting an insurmountable challenge for the bullish forces that once propelled PEPEs ascent. 

As the crypto realm holds its breath, all eyes are fixed on the fate of this whimsical digital asset, wondering if it can break free from the grip of resistance and soar to new heights.

PEPE Faces Bearish Pressure As Prices Experience A Slump

PEPEs price on CoinGecko currently stands at $0.00000157. Over the course of the past seven days, PEPE has experienced a slight decline of 2.5%. These recent figures have raised concerns among investors and analysts alike, as PEPEs bullish momentum appears to be waning.

For the past three weeks, PEPE had been enjoying a bullish fervor, displaying impressive price surges. The trend even persisted through the first week of July, as PEPE managed to break past the critical resistance level at $0.00000172.

However, this triumph proved to be short-lived as declining trading volumes paved the way for bearish forces to seize control, putting a halt to the buying pressure.

A PEPE price report further confirmed t...

An innovative pilot program aims to enable users to tokenize real estate assets and utilize them as collateral for loans, leveraging Ripples CBDC platform.

According to court documents, the Boneheads team has been accused of breach of contract, misappropriating funds and misleading investors.

XRPs price performance has been underwhelming recently, with a notable decline from its previous highs. Regulatory uncertainties surrounding Ripple Labs, the company behind XRP, have played a significant role in dampening investor sentiment. 

The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding the classification of XRP as a security has raised concerns about the assets long-term viability.

However, despite these challenges, there are reasons to remain cautiously optimistic about XRPs future.

XRP Shows Potential For A Reversal Despite Recent Declines

XRP, currently priced at $0.467053 according to CoinGecko, has experienced a marginal decline of 0.5% over the past 24 hours and a slight drop of 0.3% over the past seven days.

However, despite dropping toward the $0.46 level, which serves as the lower border of a descending price channel, there are indications that a likely upward shift may be on the horizon.

Up until a breakout to the upper border, which denotes a potential trend reversal, descending price channels are often bearish patterns. In line with this downward trend, XRP has been trading at regularly lower highs and lows.

The currency is currently experiencing a significant decline in its value, and it is approaching the lower limit of a trading channel. This decline has created an environment that holds the potential for a potential recovery to take place.

When a currency approaches the bottom border of a trading channel, it suggests that it has reached a support level, a point at which there is increased demand for the currency, which could lead to a reversal in its downward trend.

According to an XRP price report, when a cryptocurrency reaches the lower border of a descending channel, it often signifies a critical juncture where buying pressure may overcome selling pressure, leading to a reversal in the price direction.

While past performance is not indicative of future results, this development suggests that XRP may be poised for an upward movement in the foreseeable future.

Ripple Labs UBRI Thrives With Global Expansion

Meanwhile, Ripple has achieved significant milestones in its University Blockchain Research Initiative (UBRI), a key operational initiative. With a philanthropic commitment of $50 million, the program has successfully onboarded 50 partners from various sectors, Rippl...

Circle, the official issuer of USDC, the second largest stablecoin by circulating supply, has frozen $63 million from the Multichain hack. Compiled Etherscan data on July 7 shows that the stablecoin issuer froze $27.65 million, $30.1 million, and $5.5 million in three transactions, hampering the hackers cash-out efforts.

Multichain Hacked, Circle Intervenes

Multichain, a cross-chain protocol router, was hacked on July 7, resulting in the loss of over $126 million worth of various tokens. The exploit came after the attacker illegally accessed Multichains Multi-Party Computation (MPC) address, which stores funds locked between blockchains.

Subsequently, the hacker withdrew funds from the address and moved them to an externally controlled wallet. The Fantom Bridge was adversely affected by this outflow as the hacker withdrew various tokens, including wBTC, USDC, and USDT. There were a handful of other altcoins that the hacker stole. 

Funds were also stripped from the Moonriver Bridge, with observers noting that at least $6.8 million worth of various coins, including USDC, were moved to an external address. It is also reported that an address associated with Multichain connecting with Dogecoin also lost over $600,000.

The stolen USDC has now been frozen and cannot be moved, a relief for the community. However, it is not clear whether Circle will reverse funds to Multichain. In the past, Tether Holdings and Circle, the centralized issuers of the worlds most liquid stablecoins, have intervened to prevent bad actors from cashing out.

Hack Compounding Multichains Woes, Bitcoin Firm

Peckshield, a blockchain security firm, was the first to pick out the unusual transfers of over $118 million worth of assets from Multichains Fantom and Moonriver bridges. The firm went on to tag the team behind the cross-chain protocol, who immediately acted.

In response to the hack, Multichain said the outflow was abnormal and halted all activity while recommending users pause their protocol and revoke all contracts approval. 

Although the Multichain team had assured the community that the private keys controlling asset movements through the bridge are secure and stored on-chain, their technology appears to have flaws, resulting in the hack. The hack marks what has also been a tumultuous past few weeks. Besides delayed transactions and what the team described as multiple issues, the founder is miss...

The bad actors used a fake Gutter Cat Gang airdrop scam to drain peoples wallets, with at least $700,000 worth of NFTs stolen from a single address.

<p>Polygon Labs, the company behind the Polygon blockchain, has announced management changes as it undergoes a rebrand to the next chapter of its corporate development, known as Polygon 2.0. </p> <p>The company has promoted its chief legal officer, Marc Boiron, to the position of CEO, while President Ryan Wyatt will step down at the end of July and serve in an advisory role.</p> <h2>Major Leadership Shake-Up</h2> <p>According to a press release shared with <a href= "https://www.coindesk.com/tech/2023/07/07/polygon-labs-promotes-boiron-to-ceo-president-wyatt-to-depart/#:~:text=Polygon%20Labs%2C%20the%20company%20behind,serve%20in%20an%20advisory%20role." rel="noopener nofollow" target="_blank">CoinDesk</a>, Boirons appointment signals the companys commitment to nurture and expand the global Polygon community of developers, builders, and users.</p> <p>Boiron, who has been with the firm since 2020, has extensive experience in the blockchain and cryptocurrency space, having worked in various legal and regulatory roles.</p> <p>Furthermore, Rebecca Rettig, who joined the company in February as chief policy officer, will assume Boirons former role as chief legal officer. Co-founder Sandeep Nailwal will serve as executive chairman, overseeing the companys strategic direction and partnerships.</p> <p>In a <a href= "https://twitter.com/Fwiz/status/1677322803563864065?s=20" rel= "noopener nofollow" target="_blank">tweet</a> announcing his departure, CEO Ryan Wyatt stated: </p> <blockquote> <p>Its bittersweet to share that I am leaving Polygon Labs at the end of the month! Marc Boiron, our Chief Legal Officer, will be stepping up & leading working closely with Sandeep Nailwal! For me, Ill be advising Polygon, investing, & staying in the industry! More to come later.

Polygon runs two of the most closely watched networks for scaling Ethereum transactions, and its rebrand to Polygon 2.0 signals a new phase of growth and development for the company. </p> <p>The management changes are part of a broader restructuring effort at the blockchain firm, aimed at positioning the company for long-term success in the rapidly evolving blockchain and cryptocurrency space.</p> <p>The expected focus of the rebrand to Polygon 2.0 is to expand the companys user base and developer community and enhance the platforms features and capabilities. This will involve a renewed focus on community-building and innovation as the company seeks to position itself for long-term success.</p> <p>The rebrand is expected to signal a new phase of growth and development for Polygon as it continues to run two of the most closely watched networks for scaling Ethereum transactions. </p> Polygon 2.0 Architecture Revealed <p>On the 29th of June, the firm already gave a hint of what to expect from Polygon...

Matrixport, a crypto financial services platform, has always been bullish on Bitcoin, especially in 2023. So its latest prediction for the digital asset comes as no surprise to investors. This time around, Matrixport analysts have predicted that the price of BTC will push forward to as high as $125,000 by the end of 2024.

A 310% Increase For Bitcoin?

The current forecast by Matrixport analysts for Bitcoin will see the cryptocurrency rally as high as 310% if it does come to pass. This prediction, however, was not just thrown around without expected catalysts that would trigger such a rally, which is outlined in the report.

For BTC to reach as high as $125,000 by the end of 2024, Matrixport expects that the potential approval of the Bitcoin Spot ETFs filed by investing giants such as BlackRock and Fidelity Investments, among others, could be the push it needs.

2024 is important for these Bitcoin Spot ETF filings because the final date for a decision from the United States Securities and Exchanges Commission (SEC) is in 2024. This is because the SEC gets three opportunities to postpone its decision, which it likely will. So a decision on whether or not investors will be able to trade a Spot BTC ETF is expected in February 2024 at the latest, as outlined in this Bitcoinist report.

With the potential approval of the BlackRock Bitcoin ETF and other institutional providers, the demand for Bitcoin could continue to support prices into our $45,000 year-end target, Matrixport says in the report. There is no obvious indication of what will drive the next bull market, but the data indicates that Bitcoin could continue to rally into the 2024 halving.

BTC

Multiple Bullish Catalysts For BTC In 2024

As Matrixport mentions in its report, the Bitcoin Spot ETF filings are not the only bullish events that could drive a bull market in 2024. Another important event is the BTC halving event which is less than a year away now. This event will see the block rewards for the blockchain cut down in half from 6.25 BTC per mined block to 3.125 BTC per mined block.

...

In an interview with the Digital Pound Foundation, Ripple Head of Policy Susan Friedman shared her positive outlook on Londons potential as a crypto hub, highlighting its dedication to developing ecosystems for crypto assets and Central Bank Digital Currencies (CBDCs). 

Ripple Advocates For Encouraging CBDC Ecosystem Development

Friedman noted that Ripples goal is to advocate for global policy frameworks that encourage ecosystem development for crypto assets, including CBDCs. 

She expressed excitement for what is happening in the UK, as London and the government have taken a proactive approach to fintech and CBDCs. She cited the work of the Bank of England with the digital pound and the governments consideration of all viewpoints when implementing a CBDC.

According to Friedman, digital currencies and CBDCs are a natural evolution of how individuals and countries exchange value, given that current currencies were created in a less globalized world. 

She also believes CBDCs can offer the same protection as fiat and that most countries looking to implement CBDCs are exploring CBDs to solve specific domestic challenges. Ultimately, she believes all countries must develop a strategy to implement CBDCs to efficiently interact with the global market.

Ripples head of policy also sees CBDCs and cryptocurrencies as encouraging financial inclusion, increasing access to financial services for under and unbanked populations, and increasing the speed and efficiency of payments. She believes that digital currencies can also help reduce energy use and environmental resources by reducing the printing of paper money and minting coins.

However, Friedman acknowledged that central banks globally are struggling to encourage this technology while maintaining financial stability and control of their monetary systems. She believes that there can be interoperability between these currencies in a way that maintains financial stability for all countries.

In conclusion, Friedmans positive outlook on Londons potential as a crypto hub reflects Ripples dedication to advocating for global policy frameworks that encourage ecosystem development for crypto assets and CBDCs. 

Her insights into the comparable security and protections of CBDCs and their potential to encourage financial inclusion and reduce energy use highlight the benefits of this technology. 

As countries worldwide explore the implementation of CBDCs, interoperability and maintaining financial stability will be critical factors to consider.

Market analyst Egrag Crypto has shared his insights on the next 100 days for XRP, highli...

Twitter users have been sharing security incidents surrounding the crypto exchange, including claims that scammers are using Coinbases domain name for attacks.

Nick Jones, co-founder and CEO of Zumo (Zumo)

Tyler and Cameron Winklevoss at TechCrunch Disrupt NY 2015 (TechCrunch/Wikimedia)

The Public Goods Network from Gitcoin promises to redirect most net sequencer fees into public goods instead of giving them to tokenholders or developers.

Bitcoins price has been showing weakness near the $30,000 level, but multiple data points highlight the fact that bears remain at a disadvantage.

The exchange said it erroneously deposited $50,000 into a users account in June 2022, receiving no response to requests to return the funds.

The top 100 DeFi tokens had a mixed week. Most tokens traded in the same range as the previous week, with a minor bearish correction.

The strongly worded legal filing comes in response to an attempt to have Teslas lawyers sanctioned over supposed conflicts of interest and alleged misconduct.

Due to the anonymity cryptocurrencies provide, the crypto industry is known to be targeted by hackers and other malicious players. This has left many wondering just how much digital currency has been pilfered from right under the nose of the industry over the years.

 Now, the latest report by blockchain security firm SlowMist seems to have the answer. According to the recently released report, hackers and scammers have made off with a staggering $30 billion in cryptocurrency since 2012. 

Details Of The Report

The SlowMist team analyzed 1,101 hacking incidents to determine how much crypto has been stolen to date and how they were stolen. Their findings show that hackers and scammers employ a variety of methods, with the top ones being contract vulnerability attacks, rug pulls, flash loan attacks, scams, leaking of private keys, and good old phishing attacks to gain access to peoples crypto accounts and wallets. 

The most lucrative year for malicious players came in 2021 during the extended crypto hype, with over $9.7 billion stolen in 236 attacks. 

In total, the amount stolen in the last decade came up to a little over $30 billion. And given that the overall market cap of all cryptocurrencies is now at $1.14 trillion, the amount reported stolen is over 2.5% of the total market cap.

Exchanges And Ethereum Ecosystem Hit The Most

Exchanges have always long been a prime target for hackers looking to steal crypto due to their large holdings and the SlowMist report reflects that. 

In total, over 118 attacks were carried out on exchanges, resulting in over $10.9 billion being lost. The biggest of these could be traced back to the $534 million lost in the 2018 Japanese exchange Coincheck hack and the 2014 Mt. Gov hack resulting in a loss of over $473 million.

...

BlackRock CEO Larry Fink appears on Fox Business this week to discuss the firm's application for a bitcoin ETF. (Fox Business)

(Nikhilesh De/CoinDesk)

A still from the SHIB: The Metaverse. (Shiba Inu)

ETH price still struggles to conquer the $2,000 level, but growth in LSDFi could prevent a sharper sell-off.

Cross-chain router Multichain developers confirm $130M exploit (Clint Patterson/Unsplash)

Kraken CEO Jesse Powell. (Kraken)

The institution cited rising exploits against DeFi as a need for more secure CBDCs.

Arbitrum DAO recently took a step toward addressing an obstacle. The DAO has committed to locking 700 million ARB tokens, valued at an estimated $770 million, into a vesting contract to foster transparent governance and accountability, per a community proposal. 

The approval for this commitment came from an improvement proposal introduced during a contentious period within the Arbitrum ecosystem. The specifics of this commitment involve gradually releasing these funds to the Arbitrum Foundation over four years.

Details Of The Vesting Contract

The new initiative, aptly termed AIP 1.1, solves recent disagreements concerning Arbitrums internal governance. Earlier this year, the project was embroiled in controversy due to a proposal for a special grants program.

This controversial program was originally designed to assign more than 700 million ARB tokens directly to the Arbitrum Foundation. These funds, representing $1 billion at the time, were proposed to be directed toward backing projects utilizing Arbitrums advanced technology.

The sheer magnitude of the allocation sparked concerns about the transparency of a project whose ethos is grounded in collective decision-making. This resulted in an alternate proposal to redirect the funds from the Foundation back to the DAO, which was subsequently rejected.

To satisfy the concerns of the community, the proposal AIP-1.1 was introduced. This strategic proposal aimed to impose stricter controls on the allocation of the DAOs treasury. This plan empowers the DAO with the authority to modify the vesting period, allowing them to lengthen, shorten, or even halt the vesting process entirely.

Th...

The change in leadership came as the platform has been preparing a set of upgrades branded Polygon 2.0.

Taylor Swift performs onstage during at Paycor Stadium on June 30, 2023 in Cincinnati, Ohio. (Getty Images)

Tom Brady (Photo by Tom Pennington/Getty Images)

Bitcoin and select altcoins are finding buyers at lower levels, indicating a pick-up in positive sentiment.

Cointelegraph analyst and writer Marcel Pechman explains how Argentinas 150% inflation is actually helping the altcoin market by luring more investors.

According to a JPMorgan report, spot Bitcoin ETFs have been available in Canada and Europe without drawing large investor interest.

The Cardano Foundation has recently announced a technical partnership with Epoch Sports and Merchandise. Epoch Sports is a prominent US-based sports brand, and Merchandise, a comprehensive full-stack apparel ecosystem. This alliance aims to introduce a limited edition jersey that will be authenticated using blockchain technology.

During the 2023 World Lacrosse Mens Championship, 6000 Limited Edition Commemorative Jerseys had already been distributed.

The limited run of commemorative lacrosse jerseys showcases a near-field communication (NFC) Epoch branded patch. This patch (NFT).

By leveraging this technology, the physical garment becomes intrinsically connected to a secure blockchain, providing proof of the jerseys authenticity.

Epoch Sports and Merchandise have outlined their plans to release the remaining NFC-enabled Commemorative Jerseys, accompanied by connected NFTs, on the official web store of the 2023 World Lacrosse Championship.

The NFC patches incorporated into the jerseys serve a dual purpose. They also grant the consumers access to a range of exclusive rewards and special offers.

Cardanos Collaboration Aims To Enhance IP Protection And Tackle Counterfeiting

The technical collaboration between the Cardano Foundation, Epoch Sports, and Merchandise aims to promote blockchain adoption within the licensed merchandise industry while bolstering the protection of licensed intellectual property (IP).

By securely linking NFC chips to a blockchain record in the form of non-fungible tokens (NFTs), traditional licensed IP hologram tags on sports apparel will be replaced. According to the press release, this guarantees authenticity for purchasers and empowers license owners to combat counterfeiting effectively.

For real-time visualization of all on-chain records on the Cardano blockchain, Pool.pm serves as a reference tool. Pool.pm provides an overview of the blockchain, allowing users to access the on-chain records.

Frederik Gregaard, the CEO of the Cardano Foundation, said:

Our work with Merchandise and Epoch Sports showcases the utility and accessibility of Cardanos blockchain: any merchant can adopt blockchain solutions to give reassurance and confidence to customers that they are buying genuine articles. Diversifying blockchain adoption is a core part of the Cardano Foundation mission, and its fantastic to see more and more companies putting blockchain solutions into practice.

Merchandises CEO, Alex Phelan, expressed enthusiasm about collaborating with the Cardano Foundation, highlighting it as a milestone in the licensed apparel industry. He emphasized that the partnership sets new intellectual property protection benchmarks and fosters fan engagemen...

Crypto storage tokens were the biggest gainers for the week. (Shutterstock)

Binance CEO Changpeng CZ Zhao (CoinDesk, modified by PhotoMosh)

Three Arrows (QuinceCreative/Pixabay)

The crypto market is up today, reflecting market participants expectations that the Federal Reserve will not raise interest rates in July after a weak jobs report.

(Ryan Quintal/Unsplash, Modified by CoinDesk)

The stolen amount represents nearly 3% of the current market cap of listed cryptocurrencies.

Changpeng Zhao Speaking at Davos (CoinDesk)

Bitcoin Ordinals unique non-fungible token (NFT) inscriptions on the Bitcoin blockchain have recently registered over $210 million in trading volume in the first half of 2023 alone. This new wave of innovation, coupled with the volume recorded so far, demonstrates the potential that lies within the intersection of blockchain technology and digital artistry.

Bitcoin Ordinals Q2 Performance Defies Expectations

In a recent quarterly report from DappRadar, a rise in trading volume was documented for Bitcoin in the second quarter of 2023. The data, characterized by notable fluctuations, attributes this heightened trading activity to an increased interest in Ordinals, suggesting a marked shift in trader preferences and investment strategies.

Related Reading: Bitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90%

Bitcoin Ordinals, once an emerging player in the crypto market, has now gained significant traction, establishing itself as a potential innovator in the industry.

The trading volume of Ordinals has demonstrated a growth trajectory, as detailed in DappRadars report. The trading volume for Ordinals started the year modestly, registering a mere $7.18 million in the first quarter. However, as the innovation gained increased visibility and trader confidence, there was an upturn in trading activity.

The second quarter of 2023 saw Bitcoin Ordinals trading volume skyrocket to $210.7 million, a figure that represents a 2,834% increase from the preceding quarter. This upswing in trading activity underscores its growth in the digital asset market and indicates the potential for continued extension in the quarters to come.

It is worth noting that Bitcoin Ordinals performance is not a passing trend; instead, it signals a shift in how investors and enthusiasts approach NFTs in the digital assets space....

Facebook CEO Mark Zuckerberg testifies about the Libra (Diem) project before the House Financial Services Committee on October 23, 2019. The hearings helped expose just how shallow Facebook's first claims of "decentralization" were. Now, with Threads, they're trying again. (Getty Images)

Marat Tambiev, Russian officer allegedly turned crypto criminal (YouTube)

AI and Bitcoin companies are teaming up to host the Ai4ALL Hackathon, a month-long event aimed at democratizing artificial intelligence with the help of Bitcoin, Lightning and Fedimint. Organized by Fedi and Stak, the hackathon will take place remotely on the BOLT.FUN and Replit platforms from July 1 to July 31, 2023. Participants will have the opportunity to engage in workshops, coding sessions, tutorials and mentorships led by industry experts from both the AI and Bitcoin ecosystems.

The focus of the hackathon is to explore the integration of decentralized technologies with generative AI to promote access and adoption on a global scale. The organizers believe that this combination can empower individuals and communities, bridging the gap between different regions and creating opportunities for those in challenging environments.

"Were at a critical moment in the development of generative AI that will help determine whether it is controlled by centralisers, censors, and legacy institutions, or by free and empowered people and communities," said the organizers in a press release sent to Bitcoin Magazine.

The event is presented in collaboration with Replit and has garnered sponsorship from companies such as Hivemind Ventures, Spirit of Satoshi, Zebedee and Prem. Additional support comes from Voltage, Lightning Labs, Blockstream, Alby, Bolt.Fun, Lightspark and Base58.

Companies interested in sponsoring projects and prizes can still participate, and those who wish to compete or collaborate can find registration information and updates on the Ai4ALL Hackathon website.

With the collaborative efforts of AI and Bitcoin communities, the hackathon aims to foster innovation and promote the accessibility of AI technology and Bitcoin worldwide.

Bored Ape Yacht Club #3001 (OpenSea, modified by CoinDesk)

Yesterday, Olaoluwa Osuntokun and Michael Levin of Lightning Labs announced the release of a new set of developer tools aimed at empowering the Lightning and AI developer communities to create inclusive and cost-effective Large Language Model (LLM) tooling. These tools leverage the Lightning Network and bitcoin to seamlessly integrate with LLMs. They are built on the L402 protocol, a Lightning native authentication mechanism and Langchain, a library that simplifies working with AI agents by incorporating external data for advanced functionality.

One of the tools included in the release is LangChainBitcoin, which enables Langchain agents to interact directly with Bitcoin and the Lightning Network. It includes features such as LLM Agent Bitcoin Tools, which utilize OpenAI GPT function calls to enable developers to create agents capable of holding a bitcoin balance, sending/receiving bitcoin on Lightning and driving with a LND node. Another tool, the L402 HTTP API Traversal, is a Python wrapper for a LangChain LLM chain (APIChain) that allows agents to access L402 payment-metered APIs seamlessly.

Aperture, a drop-in reverse proxy server, is also part of the release. It implements the L402 protocol and transforms any API into a pay-per-use resource gated via L402 functionality on the Lightning Node Connect protocol, enabling compatibility with various Lightning Nodes, such as Voltage, Umbrel, Start9, Raspiblitz and BTCPayServer.

The L402 protocol, introduced in 2020, is a standard for payment-metered APIs designed to utilize the existing HTTP 402 Payment Required status response code. It combines bitcoin and the Lightning Network to enable global micropayments for paid APIs. The protocol allows for authenticating and charging per use of internet-native services, addressing challenges faced by the AI developer community, such as the high cost of GPU training and limited accessibility to advanced LLM models.

By providing these developer tools, the creators aim to build more accessible AI infrastructure for both humans and AI agents. They are particularly excited about the AI4ALL hackathon, taking place this month, where developers can leverage these tools to unleash their creativity and innovation. The Lightning and AI communities are encouraged to explore the potential of these new tools and contribute to the development of the machine-payable web powered by Lightning.

(David McNew/Getty Images)

Bitcoin price. (CoinDesk/Highcharts.com)

Bitcoin weekly chart. (CoinDesk Indices)

Changpeng Zhao

Polygon Labs' new CEO, Marc Boiron. (Polygon Labs)

On-chain data shows that Bitcoin short-term holders have continued to make exchange inflows, but the assets price has held on so far.

Bitcoin Short-Term Holders Make High Deposits For 20 Straight Days

According to data from the on-chain analytics firm Glassnode, the short-term holders have sent 617,000 BTC to exchanges during the past 20 days. The short-term holders (STHs) here refer to Bitcoin investors who have been holding onto their coins since less than 155 days ago.

The STHs are generally the less experienced hands of the market, who may easily sell during periods of widespread FUD in the market, or during sharp surges in the cryptocurrencys price.

Usually, these investors make use of exchanges for participating in such selloffs, so the data for their exchange inflows can provide hints about their current behavior.

The exchange inflow here naturally refers to the total amount of Bitcoin that the STHs are depositing to the wallets of centralized exchanges. When the value of this metric is high, it can be a sign that these holders are selling a large number of coins currently. Naturally, such a trend may have bearish consequences for the assets price.

Now, here is a chart that shows the trend in the Bitcoin exchange inflow for these STHs over the past year or so:

Here, the Bitcoin STH exchange inflows are represented in terms of the percentage of their supply. As the supply of these investors can change, it makes more sense to consider the percentage of it as it would make comparisons with history easier (the pure figures, on the other hand, may be incompatible).

From the graph, its visible that the Bitcoin STH exchange inflows have been elevated recently. During the last 20 days, these investors inflows have measured above 1% of their supply.

In this period, the cohort has deposited a total of about 617,000 BTC ($18.6 billion at the current exchange rate) to these platforms, which is quite a significant amount.

In the chart, Glassnode has also highlighted the previous instances during the last year or so where the indicator crossed the same threshold of 1%. It looks like in terms of the magnitude of the inflow spikes, the three...

Gemini co-founder Cameron Winklevoss alleged Barry Silbert committed fraud by knowing Genesis was massively insolvent when attempting to continue the Earn program.

On-chain data shows that the Ethereum network has been observing high address creation recently, a sign that adoption could be going up.

Ethereum Network Growth Has Registered High Values Recently

According to data from the on-chain analytics firm Santiment, ETHs network growth has now hit its highest level in around four months. The network growth here refers to a metric that keeps track of the total amount of new addresses that are being created on the Ethereum blockchain.

When the value of this metric is high, it means that a large amount of new addresses are coming online on the network. New addresses may be considered analogous to new users joining the chain, so this kind of trend can be a sign that the cryptocurrency is observing high adoption at the moment.

On the other hand, low values of the indicator can imply not many new investors are coming to the network as there arent many new ETH addresses being created. Such a trend can be a sign that the asset isnt looking very attractive to the general public currently.

Now, here is a chart that shows the trend in the Ethereum network growth over the last few months:

As displayed in the above graph, the Ethereum network growth has been observing a rise recently. This would suggest that addresses are being created at increasingly faster rates right now.

Generally, adoption picks up during periods of high price volatility as the investors usually find such price action exciting, and so, the network growth indicator can register a spike.

Recently, however, the assets price has been mostly moving sideways below the $1,900 level, making it interesting that the indicator has been going up nonetheless. Perhaps the general investors saw the rally that lead up to this period of consolidation and now think that it may pick up again eventually.

During the past week alone, the metric has seen a combined value of 550,800, meaning that 550,800 new addresses have just been created on the Ethereum network in this period.

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