Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Binance Integrates Amazon AI Services for User Verification and Support
Binance has integrated generative AI technology into its platform through a collaboration with Amazon Web Services (AWS), aiming to enhance onboarding and customer support processes.
In an official announcement, Binance said it will utilize AWS's generative AI services, including Amazon Bedrock and Amazon Elastic Container Service. This partnership aligns with Binance's goal of merging blockchain innovation with advanced cloud computing.
Amazon Bedrock will act as the core AI infrastructure, allowing Binance to access foundational AI models and deploy applications to improve various processes, such as user verification.
The initiative focuses on streamlining the onboarding process, which can often be cumbersome. Binance’s new AI-powered Know Your Customer (KYC) system will automatically populate user information, verify proof of address, and reduce the need for manual World-Check case reviews.
Rohit Wad, Binance’s Chief Technology Officer, commented on the collaboration: “AWS’s comprehensive cloud services enable Binance to further its commitment to delivering user-focused services supported by operational excellence and customer satisfaction.”
He added, “By integrating AWS’s suite of cloud technologies, including advanced generative AI, we are not only optimizing our operations but also setting new benchmarks for efficiency and reliability in the blockchain and cryptocurrency industry.”
XRP Struggles to Hold $0.51 Support, Sparking Concern Among Long-Term Investors
XRP’s price recently dropped below the critical support level of $0.51, signaling short-term bearish momentum, though leaving open the possibility of recovery as market conditions improve. The asset has shown resilience around this level, suggesting it may soon reclaim it if investor support strengthens.
XRP's Mean Coin Age (MCA) ratio has experienced periodic declines since August, indicating a wavering commitment among long-term holders (LTHs). These holders often play a key role in stabilizing an asset’s price. The recent dips in MCA reflect caution among LTHs, suggesting they may be reconsidering their positions. A prolonged decline in long-term conviction could weaken XRP's price foundation, creating a potentially concerning trend. However, renewed interest from other market participants may help support the asset’s recovery.
XRP’s Network Value to Transactions (NVT) ratio has also been declining, suggesting a healthier balance between network value and transaction activity. A lower NVT ratio generally indicates stronger network fundamentals, as it reflects that XRP’s value aligns well with its transaction volume. A high NVT ratio, on the other hand, may indicate overvaluation, increasing the likelihood of price corrections.
XRP’s transaction activity is closely aligned with its value, a positive signal for potential growth. The declining NVT ratio suggests that XRP is better positioned for stability and growth than during previous price surges. With network fundamentals supporting its valuation, XRP appears to have a favourable setup for a gradual recovery.
U.K. Pension Schemes Are Likely to Stay Cautious on Bitcoin
According to Laith Khalaf of AJ Bell, the first U.K. pension scheme has incorporated Bitcoin into its portfolio, though others in the sector may remain cautious about investing in cryptocurrency. On Monday, pension advisory firm Cartwright announced it had advised an unnamed pension scheme to allocate some of its investments into Bitcoin.
However, Khalaf believes this move is unlikely to trigger widespread cryptocurrency adoption within the pension sector. He notes that Bitcoin is highly volatile, and pension scheme trustees are typically risk-averse. The Financial Conduct Authority (FCA) has also warned that investors should only purchase Bitcoin if they are prepared to lose their entire investment. Khalaf points out that such volatility and risk tolerance are not easily compatible with pension schemes managed on behalf of members.
Binance and Changpeng Zhao Seek Dismissal of SEC’s Amended Complaint
On November 4, attorneys representing Binance and its former CEO, Changpeng Zhao (CZ), submitted a motion to dismiss the amended complaint filed by the Securities and Exchange Commission (SEC).
This action reflects Binance's ongoing efforts to push back against regulatory pressure amidst a series of legal challenges, which underscore the increasingly stringent U.S. regulatory stance on cryptocurrency.
In their filing, Binance’s legal team argued that the SEC’s amended complaint fails to establish a clear standard for determining when crypto asset transactions qualify as investment contracts under U.S. securities law.
According to Binance’s attorneys, this lack of clarity leaves market participants uncertain about which transactions are subject to securities regulations, placing the entire cryptocurrency industry in a state of regulatory uncertainty.
US Bitcoin ETFs notch second-largest daily outflow on election eve
U.S.-based Bitcoin exchange-traded funds (ETFs) saw their second-largest day of outflows on record, occurring just one day before a closely contested election.
On Monday, November 4, the 11 spot Bitcoin ETFs collectively recorded net outflows totaling $541.1 million, according to data from CoinGlass. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the sole fund to experience inflows, receiving $38.4 million.
This marks the largest outflow day for these ETFs since May 1, when they saw $563.7 million in outflows after Bitcoin declined by 10.7% over a week to reach $60,000.
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