11.24 AI Daily ChatGPT triggers a wave of bank innovation, Cryptocurrency regulatory policies follow

1. Headlines

1. ChatGPT sparks 'creativity explosion' within banks, but scalability remains uncertain

A user report from BBVA, the second largest bank in Spain, shows that ChatGPT significantly improves productivity within the bank, causing a "burst of creativity". 80% of users reported saving over two hours of work time per week. However, ChatGPT still faces challenges in expanding its application tools. Integrating it into the bank's complex internal systems and databases may be difficult.

Elena Alvaro, Head of AI Applications at BBVA, pointed out that there are doubts about the scalability and integration capability of ChatGPT. Although ChatGPT has brought productivity improvements to banks, its application in the entire system still faces technical challenges. Banks need to evaluate the long-term feasibility and scope of ChatGPT.

The application of artificial intelligence technology in the financial field is gradually deepening, but it also brings new challenges. Banks need to weigh the advantages and risks of artificial intelligence tools, formulate wise integration strategies, and ensure the effective integration of technology and business needs. In addition, data security and privacy protection are also top priorities. Only after a full evaluation, artificial intelligence can truly unleash its innovative potential in the financial industry.

2. Founder: DOJ Refuses to Bring Financial Charges Against SBF

Co-founder Cameron Winklevoss said on X that the US Department of Justice refused to bring electoral financial charges against SBF because these charges were not included in his extradition. In other words, this technically violates the treaty between the US and the Bahamian government, as the US only agreed to extradite SBF on non-electoral charges.

This decision has sparked doubts about the fairness of the US judicial system. Some people believe that as an important figure in the Crypto Assets industry, SBF should be subject to comprehensive scrutiny and prosecution. However, others believe that it is crucial to adhere to legal procedures, even for controversial figures.

This incident once again highlights the complexity of regulatory oversight over crypto assets. Due to the decentralized nature of crypto assets, their legal status varies from country to country. Countries need to strengthen cooperation, unify regulatory standards, and create a fair and transparent environment for the crypto asset industry. At the same time, it is also necessary to improve relevant laws and regulations, clarify the legal status of crypto assets, and the boundaries of regulation.

3. The first "X" meme coin of the Solana ecosystem, big pump100%, supported by Elon Musk, causing a frenzy

According to GMGN data, the Solana ecosystem meme project X (X Community) has surged 100% in the past 24 hours, with the current Market Cap breaking through 6 million US dollars, reaching a historical high. Previously, Musk posted a picture on the X social platform, expressing his liking for "X MEME", and X Community, as the first "X" on the Solana chain, has reached Consensus among meme players.

The heat of the dogecoin has once again sparked a follow. On the one hand, the price Fluctuation of dogecoin is violent, with high speculation and risk; on the other hand, they represent a new culture of encryption, attracting a large number of young people to participate. The future development of dogecoin is worth following.

From a broader perspective, the rise of the meme economy reflects the diversified development of the Crypto Assets ecosystem. In addition to traditional functions such as payment and investment, Crypto Assets have also given birth to new application scenarios such as gaming, art, and socializing. This innovation helps attract more users and promotes the popularization of Crypto Assets. However, it is also necessary to strengthen regulation, avoid speculative trading, and maintain market order.

4. Executive: Approval of Solana ETF to Become an Important Milestone

Austin Reid, Global Head of Revenue at Cryptocurrency's largest brokerage firm, X, stated that the launch of the Solana ETF will be a significant milestone for the SOL ecosystem, marking a major transformation in the entire Cryptocurrency industry. In addition to the new single asset fund, regulatory clarity will pave the way for actively managed products and new ETFs, both of which will unlock new institutional liquidity channels.

Clear regulations are crucial for the development of the Crypto Assets industry. In the past, the ambiguity of regulations has deterred many institutional investors. Once regulatory policies are clear, it will be conducive to attracting more institutional funds into the Crypto Assets market, improving market Liquidity and maturity.

At the same time, the launch of Crypto Assets ETFs will also provide ordinary investors with more investment channels. Traditional ways of investing in Crypto Assets have many obstacles, while ETFs are more convenient and helpful in popularizing Crypto Assets. Of course, when launching new products, regulatory agencies also need to carefully evaluate potential risks and protect the interests of investors.

Overall, the cryptocurrency industry is undergoing profound changes. Regulatory clarity is increasing, institutional investors are joining, and new investment products continue to emerge, all of which will inject new momentum into the long-term healthy development of the industry.

5. LinkedIn founder: Musk serving as Trump's AI advisor may pose conflicts of interest

LinkedIn co-founder Reid Hoffman warned in an article in the Financial Times that Elon Musk serving as an advisor in Trump's second term may bring conflicts of interest in AI policy. Hoffman pointed out that Musk, as the founder of AI, may use his role to influence policies that favor AI in obtaining government contracts or limiting competition. He emphasized that this will harm American technological innovation and economic security.

The development of artificial intelligence technology is of great importance to national strategic heights. As an emerging technology, the regulatory policies of artificial intelligence will directly affect the development prospects of enterprises. If there are conflicts of interest, it will distort the environment of fair competition and hinder the healthy development of the industry. Therefore, when formulating artificial intelligence policies, it is necessary to adhere to the principles of fairness and transparency and avoid any interest transmission.

At the same time, artificial intelligence technology has brought many ethical and security risks, which require high attention and timely regulation by the government. For example, artificial intelligence has potential risks in privacy protection, algorithm fairness, technical security, etc. Only by establishing sound laws and regulations can we maximize the innovative potential of artificial intelligence and prevent its negative impact.

In conclusion, artificial intelligence is a "double-edged sword", and the government needs to strike a balance between promoting innovation and preventing risks, creating a favorable environment for the long-term development of the industry.

2. Industry Data

1. DOGE

DOGE recent transaction price 0.4615 US dollars, intraday increase +17.80%.

2. XRP

XRP recently traded at $1.5437, with a daily gain of +12.80%.

3. XLM

XLM recently traded at $0.4392, with a daily gain of +57.80%.

4. ETH

ETH recent transaction price is $3340.8500, with a daily decline of -0.70%.

5. GT

GT recent transaction price is $10.8650, with a daily increase of +6.80%.

3. Industry News

1. BTC briefly fell below the $98,000 mark, investors' sentiment is cautious

The price of BTC fell below the $98,000 mark within 24 hours, reaching a low of $97,969. Although it quickly rebounded to $98,037, the 24-hour decline still reached 0.43%. This brief decline has triggered caution among investors as BTC approaches its all-time high.

Analysts believe that BTC may face increased profit-taking and liquidation risks as it approaches the key psychological resistance level of $100,000. In addition, BTC funding on major exchanges has surged by 20%, indicating speculative overheating. However, the BTC perpetual futures market "remains restrained", suggesting that there is still room for the primary cryptocurrency to rise.

Overall, the dominant position of BTC continues to rise, receiving strong volume support. Despite the short-term correction, analysts are optimistic about the bullish momentum of BTC. Some institutional investors consider BTC as a hedge against traditional assets, which may drive BTC to the target price of $180,000 in the next 18 months.

2. Ethereum reappears the "bull horn" pattern of 2017, is the $10,000 target achievable?

The price of Ethereum has formed a key technical pattern, reminiscent of the formation observed during the important Bull Market of Cryptocurrency in 2017. According to cryptocurrency analysts, this pattern is called the "bull horn formation" and may indicate a rise in the price of Ethereum to $10,000.

This pattern often appears before a significant price surge, indicating an increasing enthusiasm from buyers. The current volume and technical indicators of Ethereum support this view, showing a strong bullish momentum. If Ethereum can break through the resistance level at $3,607, its price may pump around 20%.

However, analysts also warn that there may be profit-taking and dumping pressure near historical highs. Therefore, investors need to closely follow market trends and do Risk Management. Nevertheless, as one of the leaders in the Crypto Assets field, Ethereum's long-term prospects are still highly regarded.

3. Avalanche breaks through key resistance, surges 20% in 24 hours

Avalanche(AVAX) has shown strong performance in the past 24 hours, breaking through the key resistance level and soaring by more than 20% in price. This rally has reignited analysts' and investors' bullish sentiment, and they are now closely following Avalanche's trend.

Analysts pointed out that this breakthrough of Avalanche may further pump the price. Some even predict that if Avalanche can maintain its current momentum, it may reach higher target prices in the coming weeks.

Avalanche's strong performance may be attributed to its leading position in the Decentralized Finance and GameFi sectors. As these sectors continue to develop, the demand for Avalanche may further increase. However, analysts also caution that the cryptocurrency market is highly volatile, and investors need to exercise caution and implement Risk Management.

4. The DOGE rally continues, analysts are optimistic about the target of $0.82

Renowned analyst Trader Tardigrade stated that, due to the "highly compressed flag pattern" appearing on the DOGE chart, the target of $1 for DOGE price is "inevitable". This technical pattern often indicates that the price is about to pump significantly.

Another analyst Ali Charts also shared Technical Analysis regarding DOGE's breakout from the symmetrical triangle pattern and significant pump, predicting that DOGE will continue to pump and reach $0.82. The volume data and chart structure indicate genuine market participation and minimal selling pressure.

DOGE, driven by the community, has seen a 13% pump in its price within just 24 hours. With leverage and Bollinger Band data, DOGE is expected to achieve a new increase. However, analysts also warn that as a "meme" coin, DOGE carries high risks and volatility. Investors need to closely follow indicators to look for breakthrough signs or profits.

5. WIF potential release, analysts bullish on 43% pump space

WIF(Dogwifhat)big pump6.63%, reaching $3.29, volume is $10.2 billion, indicating strong market interest. Its breakout of the symmetrical triangle pattern suggests a potential surge towards $4.822. The technical indicator and increased volume support the view that the price continues to pump.

Analysts believe that the potential 'short squeeze' of WIF may also drive the price pump. The optimistic sentiment for the continuous rise of WIF comes from its technical strength and market enthusiasm, providing important opportunities for investors seeking rise. However, like any Crypto Assets investment, investors need to pay attention to Risk Management and exercise caution when entering the market.

IV. Project News

1. SUI public chain briefly stopped block production, triggering industry follow

Project Background

Sui is a brand new first-layer blockchain developed by Mysten Labs, aiming to provide high-performance, low-cost distributed applications. Sui adopts the Move programming language and introduces a new data model and Consensus Mechanism to achieve high throughput and low latency.

Latest News

On November 23rd, when the SUI Mainnet was executing congestion control code, a vulnerability occurred, causing all validators to crash. The Mainnet was forced to stall for nearly three hours. The SUI team resolved this issue by releasing an updated version and fixing the code. The validators community demonstrated excellent response efficiency.

Market Impact

This event highlights the importance of stability when improving the performance of high-performance public chains. As a new public chain, although the temporary halt of block production this time did not cause significant losses, it still triggered industry follow. In the future, Sui needs to seek a balance between performance and stability to gain more trust from users and developers.

Industry Feedback

Analysts say that as a emerging public chain, it is difficult to completely avoid such issues, and the key lies in the team's quick response and repair capabilities. At the same time, SUI has announced a partnership with Franklin Templeton, which specifically mentioned three projects and infrastructure, reflecting institutional recognition of SUI.

2. AI project ai16z encounters internal turmoil, Token price big dump

Project Background

ai16z is a blockchain project that focuses on artificial intelligence and encryption services, founded by former employees of Anthropic. The project claims to be able to connect over 100,000 AI models, run 20 times faster than competitors, and have strong hardware support.

Latest News

Recently, ai16z has encountered internal turbulence, accused of falsely exaggerating its technical claims and using aggressive means to suppress internal dissent. Sources say ai16z has exaggerated its capabilities, falsely claiming to be able to connect over 100,000 AI models, run at super-fast speeds, and possess powerful hardware that does not actually exist.

Market Impact

After the news was exposed, the price of ai16z Token big dumped over 30% within 24 hours, and the Market Cap fell from $260 million to $146 million. This reflects the market's doubts and lack of trust in the project. As an emerging AI project, ai16z needs to rebuild market confidence, otherwise it will be difficult to establish a foothold in the fiercely competitive AI track.

Industry Feedback

Industry insiders pointed out that ai16z's move has seriously damaged the industry's reputation and exacerbated investors' distrust of AI projects. Analysts say that AI projects need to be highly transparent and should not exaggerate, otherwise they will lose the market. At the same time, internal turmoil also reflects management issues at ai16z.

3. Meme project X suddenly becomes popular in Solana ecosystem

Project Background

X is a Meme project based on the Solana ecosystem, driven by the community. Initially, this project was just a niche Meme and did not receive much follow.

Latest News

On November 24th, X project suddenly caught fire in the Solana ecosystem, with a big pump in price exceeding 100% within 24 hours, and the Market Cap breaking through 6 million USD, reaching a historical high. Prior to this, Musk posted a picture on his X social platform, stating his fondness for X Meme, which sparked a community frenzy.

Market Impact

The sudden big pump of Project X once again confirms the unpredictability of memes. As an initially unknown small project, X, with the power of the community and celebrity effect, achieved a big pump in value in the short term. This phenomenon reflects the speculative nature and high risk of the meme track.

Industry feedback

Analysts point out that the explosive popularity of the Meme project often stems from community hype and celebrity influence, which poses a high level of uncertainty. Investors need to remain highly vigilant about the Meme project, as it lacks practical support and once the bubble bursts, the price will quickly plummet.

Five. Economic Dynamics

1. US third quarter GDP data exceeds expectations

Economic Background

The U.S. economy showed encouraging signs of recovery in the third quarter of 2022. According to the latest data, the actual GDP annualized quarter-on-quarter revision for the third quarter of the United States was 2.9%, higher than the previous expectation of 2.7%, also ending the economic contraction of the previous two quarters. Although the inflation rate has fallen somewhat, it remains above the Federal Reserve's target level of 2%. The unemployment rate is maintained at a low level of 3.7%, and the job market remains stable.

Important Events

The Fed raised its federal fund Intrerest Rate target range by 75 basis points to 3.75%-4% in November, the highest level since the 1980s. Fed Chairman Powell reiterated that interest rates will continue to rise until inflation significantly declines. Meanwhile, the U.S. government is advancing the "Slimming Act" to alleviate inflationary pressure by reducing the deficit.

Market Reaction

Investors are cautiously optimistic about GDP data. The three major U.S. stock indexes pumped slightly, with the Dow Jones up 0.28% and the Nasdaq up 0.63%. Analysts believe that despite economic uncertainties, strong GDP data suggests that the U.S. economy is expected to achieve moderate growth in 2023.

Expert Opinion

Goldman Sachs chief economist Jan Hatzius said:"Despite the persistently high inflation rate, the US economy is still expected to avoid a recession." He predicts that the Federal Reserve will end its tightening cycle in the first half of next year, at which time the federal funds Interest Rate will reach around 5%. Citigroup, however, warns that if inflation continues to remain high, the Federal Reserve may have to raise the Interest Rate to above 6%.

2. Eurozone inflation rate hits record high, intensifying concerns about economic slowdown

Economic Background

The eurozone economy is facing severe inflation pressure and a dual challenge of economic slowdown. Eurostat data shows that the inflation rate in the eurozone soared to 10.6% in October, hitting a new high and far exceeding the European Central Bank's target of 2%. At the same time, the annualized quarterly GDP growth rate in the eurozone for the third quarter was only 0.2%, indicating a significant slowdown in economic activity.

Important Events

To curb inflation, the European Central Bank raised interest rates by 75 basis points in October, the largest single rate hike since the establishment of the euro area in 1999. ECB President Lagarde hinted that there will be further substantial rate hikes in the coming months. On the other hand, the ongoing escalation of the Russia-Ukraine conflict has worsened Europe's economic woes due to energy supply shortages.

Market Reaction

European stocks fell after inflation data was released, with the STOXX 600 index falling by 0.4%. Investors are concerned that, in order to combat high inflation, the European Central Bank will have to continue to raise interest rates significantly, further dragging down economic growth. The euro fell slightly against the US dollar, by 0.2%, to 1.0335 dollars.

Expert Opinion

Francis Yared, Deutsche Bank's Head of Macro Strategy, said, "The Eurozone economy is facing the risk of stagflation, which means the economy is weak but inflation remains high." Goldman Sachs expects the Eurozone economy to experience mild recession in 2023. Citigroup believes that the European Central Bank will raise the Interest Rate to 3% in March next year to combat entrenched inflation expectations.

Six. Regulation & Policy

1. The U.S. SEC may introduce new encryption regulatory policies, which could become an important catalyst for Bitcoin.

Policy Background: The Securities and Exchange Commission (SEC) in the United States has been working on regulating the cryptocurrency market for a long time. With the continuous development and growing influence of cryptocurrency, it has become urgent to establish clear regulatory policies. SEC Chairman Gary Gensler has taken a tough regulatory stance during his tenure, but with his term coming to an end, the new leadership is expected to bring policy changes.

Policy Content: According to Eric Jackson, the founder and portfolio manager of EMJ Capital, the SEC may introduce new cryptocurrency regulatory policies. The specific details of this policy have not been disclosed, but it is expected to provide a clearer regulatory framework for the cryptocurrency industry. At the same time, the global adoption of cryptocurrencies and the possibility of the United States including BTC in its strategic reserves will also inject new momentum into the development of BTC.

Market Reaction: Market participants generally expect that new regulatory policies will clear barriers for institutional investors to enter the cryptocurrency market and promote industry development. As the flagship asset of the cryptocurrency, BTC is expected to break through the important psychological barrier of $100,000 under the promotion of new policies, attracting more investors to follow. However, analysts also remind that regulatory changes may bring short-term fluctuations, and investors need to remain cautious.

Expert Opinion: Cryptocurrency analyst Michaël van de Poppe said that BTC breaking $100,000 will mark the start of the Bull Market cycle, potentially leading to a massive influx of capital. He believes new regulatory policies will provide the certainty needed for institutional investors, thereby driving the pump in BTC price. Meanwhile, former Goldman Sachs partner Raoul Pal is also optimistic about the future of BTC, forecasting a price level of $1.2 million for BTC in 2025.