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Top Cryptocurrency News of the Day - 9/10/2024

Writer's picture: PatriciaPatricia


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.


Satoshi Nakamoto Identity Remains A Mystery After HBO Documentary: Bronze Statue Celebrates Bitcoin Founder's Anonymity – 'We Are All Satoshi'


Cryptocurrency enthusiasts who remain unconvinced by the recent claims about the identity of Bitcoin’s pseudonymous founder, Satoshi Nakamoto, as revealed in an HBO documentary, may find interest in visiting Budapest, Hungary.



On September 16, 2021, a statue was unveiled in Budapest to honour the anonymous creator of the world's leading cryptocurrency.


In a new documentary by investigative filmmaker Cullen Hoback, Bitcoin developer Peter Todd is allegedly behind the Satoshi Nakamoto alias. However, Todd has denied these claims, leaving the cryptocurrency community grappling with this possibility.


The HBO documentary, produced by Warner Bros. Discovery, is not the first attempt to uncover Nakamoto’s true identity and is unlikely to be the last. Despite such efforts, a statue unveiled in 2021 serves as a reminder that the real identity of Satoshi Nakamoto may never be confirmed.


The Satoshi Nakamoto Statue: Hungary, a country with a population of less than 10 million, became home to the world’s first statue dedicated to Nakamoto in 2021. The statue was revealed in Graphisoft Park, Budapest, on September 16 of that year.


The bronze statue has a face crafted from a special bronze-aluminum composite. The official website says the statue’s message is "We are all Satoshi." The sculpture features Nakamoto wearing a hoodie with the Bitcoin logo on the chest.


The idea for the statue came from Andras Gyorfi, editor of Kripto Akademia, a Hungarian cryptocurrency news site. Gyorfi emphasized that Bitcoin introduced more than just a decentralized peer-to-peer payment network; the blockchain technology Nakamoto brought to the world holds the potential to improve our lives significantly.


OpenAI accuses Elon Musk of harassment in legal filing


On October 8, OpenAI submitted a motion to dismiss the lawsuit filed against it by Elon Musk. The artificial intelligence company argues that Musk is using the legal system to "harass" OpenAI while seeking to advance the interests of his rival firm, xAI.


Musk initially filed the lawsuit in February, claiming that OpenAI had deviated from its original "not-for-profit" mission. The lawsuit raised concerns within the AI community about OpenAI’s potential shift toward a "for-profit" model, leading to debates regarding the legality of its business approach.



However, Musk withdrew the initial suit in June before filing a new lawsuit in August.


In the August lawsuit, Musk’s legal team accused OpenAI and its CEO, Sam Altman, of deliberately misleading Musk. They alleged that the company exploited Musk’s concerns over the existential risks of artificial intelligence, manipulating him into co-founding OpenAI under the pretences of a non-profit organization.


In its October 9 response, OpenAI requested the court to dismiss the case entirely, arguing that Musk’s allegations are without legal foundation and that his actions constitute harassment against the company.


AI startups draw record $11.8B funding in Q3.


Despite a general slowdown in venture capital funding, artificial intelligence (AI) startups continued to attract significant investment during the third quarter of 2024.


Data from analytics firm Stocklytics reveals that AI startups secured $11.8 billion over the past 90 days, representing 30% of all venture capital funding. This surge in funding occurred despite several challenges, including tighter U.S. export restrictions on AI chips, valuation uncertainties, and previous disappointing earnings reports from some startups, contributing to a complex environment for investors.



The analysis indicates that while investors are becoming more selective about which AI startups they support, their overall interest in the sector remains robust.


Stocklytics analyst Neil Roarty highlighted that "the $11.8 billion in fresh capital is comparable to quarterly figures seen throughout 2023 and 2024, excluding the record-breaking $29.6 billion raised in the second quarter of 2024."


Although the total deal count decreased by 28% year-over-year, with only 79 transactions in the third quarter compared to 110 in the same period in 2023, Roarty noted that "larger deals have helped maintain positive sentiment in the sector." Overall, venture capital activity declined by 13% year-over-year.


LatAm Bank Littio Ditches Ethereum for Avalanche as Demand for RWA Vaults Grows


Access to U.S. Treasury bills is becoming more accessible for Latin Americans.


Colombian neobank Littio is transitioning from the Ethereum blockchain (ETH) to the Avalanche network (AVAX) for its products known as Yield Pots, which allow users to earn interest on U.S. dollar deposits.



The growing demand for Yield Pots has necessitated the need for scalability. Littio cited Avalanche's low transaction fees and reliability as key reasons for choosing this blockchain.


In 2023, the Avalanche Foundation launched a $50 million initiative to encourage the development of real-world assets (RWAs) on its network, and Littio's decision marks a positive development for the platform.


Littio's Yield Pots are available through its partnership with OpenTrade, a London-based firm that creates yield-bearing products using stablecoins and real-world assets like U.S. Treasury bills.


Stablecoins are cryptocurrencies designed to maintain parity with a government-issued currency, typically the U.S. dollar. "Real-world assets" refer to assets like real estate outside the crypto space but are tokenized and represented on the blockchain.


Jeff Handler, Chief Commercial Officer at OpenTrade, told CoinDesk, "Currently, Littio is the only Latin American neobank using our vaults, but we have more clients set to launch this year, offering various USDC-based fintech services."


Massive 13,406 Ethereum Transfer Stuns Top U.S. Crypto Exchange


As the broader digital currency ecosystem faces capitulation and mild volatility, Ethereum's recovery may encounter a setback due to recent activities highlighted by the crypto transaction tracker Whale Alert. According to the data, a whale has transferred 13,406 Ethereum to Coinbase, the largest cryptocurrency exchange in the United States.


Large whale transactions are more common with established digital currencies. While Ethereum holders may move funds for various reasons not always apparent on-chain, transferring assets to an exchange typically signals an impending sell-off.


The 13,406 ETH moved to Coinbase, valued at approximately $32.6 million. Although this single transaction may not significantly affect the overall Ethereum market, it can negatively impact market sentiment, potentially triggering further sell-offs in the short term.

In recent weeks, Ethereum has experienced a steady sell-off. While most retail sell-offs remain untracked, whale activity is more transparent. One notable seller appears to be the Ethereum Foundation (EF). Earlier reports from U.Today indicated that the EF transferred 2,500 Ether to Bitstamp on Tuesday, interpreted by many as a liquidation attempt.


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