This week on The Market Report, the resident experts at Cointelegraph discuss dozens of pump-and-dump tokens purporting to be related to ChatGPT and Bing AI chat.
We will be doing things a little differently this week since our handsome and charming host, Joe Hall, will be somewhere over the Atlantic during the livestream and will not be able to join us. Not to worry, though, as our resident experts Marcel Pechman and Sam Bourgi are here, as always, to break down the latest news in the markets.
The New York State Department of Financial Services ordered Paxos to “cease minting” the Paxos-issued Binance USD (BUSD) dollar-pegged stablecoin. On Feb. 16, a bank account controlled by Binance.US moved over $400 million to the trading firm Merit Peak, which is supposedly an independent entity also controlled by Binance CEO Changpeng Zhao. This and other bad news in the crypto market have not seemed to deter Bitcoin (BTC) from gaining 15% since Feb. 13. In fact, both retail and pro traders are showing signs of confidence. We explain why that is the case and why the odds favor a continuation of the current rally.
Blockchain security firm PeckShield has raised the alarm after finding dozens of tokens purporting to be related to artificial intelligence (AI) powered chatbot ChatGPT. Some of these tokens have already lost most of their value, if not all, in what is often referred to as a “pump-and-dump” scheme or a “rug pull.” A pump-and-dump scheme typically involves the creators orchestrating a campaign of misleading statements and hype to persuade investors into purchasing tokens, then secretly selling their stake in the scheme when prices go up. You might think it interesting to check out a token supposedly related to the recent hype involving Bing AI chat and ChatGPT, but we’re here to tell you to be cautious when getting financially involved with any of them. We also explain some basic ways you can keep yourself safe from such scams.
Bitcoin still lacks the on-chain volume and active address increases that characterize bull markets, research warns. In a frank appraisal of the 2023 BTC price rebound, on-chain analytics platform CryptoQuant warned that Bitcoin might be weaker than it seems. Many analysts seem to be very suspicious about the recent bullish trend in the market, and we’re here to explain why.
Our experts cover these and other developing stories, so make sure you tune in to stay up-to-date on the latest in the world of crypto.
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