Crypto Market Overview February 7th | Dex-Trade
Justin Sun Develops an AI Based Payment Method
The founder of Tron, Justin Sun, announced his intention to develop a decentralized payment system that integrates the Tron blockchain with Artificial Intelligence (AI) technologies and, in particular, the ChatGPT neural network by OpenAI. According to Sun, the AI payment gateway and platform for working with it will have a single smart contract architecture. He believes that the structure of the Tron blockchain will facilitate the development of a reliable, tamper-proof and decentralized payment system. Such a technological base should be resistant to censorship, and AI will allow users to create a new decentralized smart financial ecosystem. When it comes to countering AI's analytical and computational prowess, Sun wants to use a combination of DeFi JST and SUN applications. In particular, AI Investment develops services for investment management in relation to assets in the chain, optimal positioning of assets and achieving more diversified returns. The crypto engineer is also considering integrating with AI Investment, which is already developing investment management services in the blockchain asset niche. The matter remains with the organization of optimal positioning for such assets and the achievement of the most diversified profitability.
No More Secrets: SBF Agreed Not to Use Encrypting Messengers
Lawyers for FTX founder Sam Bankman-Fried (SBF) have reached an agreement with federal prosecutors over the defendant's use of text-encrypted messengers. On Monday, the SBF agreed to stop using the Signal messenger and other cryptographic apps to exchange information. However, he will still have access to FaceTime, Zoom, iMessage, SMS, email, and Facebook Messenger. Sam will also be able to use WhatsApp, but only if his smartphone has monitoring technology installed that automatically logs and saves all WhatsApp messages. Recall that just last week, the US Federal Attorney's Office reported on SBF's attempts to contact potential witnesses in his criminal case and demanded that the list of conditions for his release on bail be supplemented with restrictions on the use of encryption messengers. In addition, it was alleged that on January 30, SBF spoke with FTX CEO, John Ray. They reportedly discussed ways for Sam to gain access to company funds held in Alameda wallets. And let's not forget that in mid-November 2022, when FTX filed for bankruptcy protection and founder Sam Bankman-Fried stepped down as CEO, there was an inexplicable outflow of hundreds of millions of dollars. For now, Ray says the company has been working with tech experts to manage this outflow for a long time, but there aren't even preliminary results from the investigation yet.
Jim Cramer "Mumbles" About a Massive Recession Again
CNBC Mad Money host and former hedge fund manager Jim Cramer believes that the crypto market is already braced for a massive economic recession in the US and prices for key crypto assets will begin to move “south” in the near future: “It does not take too long for this market to go negative. It’s already re-digested Friday’s news and decided that the Fed will tighten and create a recession no matter what.” After a series of 75 basis point hikes since the start of the year, the Federal Reserve raised its benchmark interest rate by another 25 basis points last week. After that, shares of key indices rose in price. In addition, new data released on Friday by the Bureau of Labor Statistics showed that 517,000 new jobs were added in January and the unemployment rate fell from 3.5% to 3.4%, reaching levels not seen since May 1969. However, Kramer noticed that the S&P 500 fell slightly on Monday morning and this, in fact, became his only argument in favor of an “irreversible crisis” in the crypto market. As a result, the financial expert added: “Even if it doesn’t reverse today, well then, there’s always tomorrow, so don’t think of betting against it.” Well, if the market doesn’t “deflate” tomorrow, we still have quite a few days left…
