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The crypto market has seen a mix of developments, with Bitcoin miners shifting their focus to AI, Morgan Stanley entering the Bitcoin ETF race, and Ripple turning to AI to stress-test the XRP Ledger. Meanwhile, stablecoins are expected to have a significant impact on businesses, with some experts comparing their potential to ChatGPT. Regulatory efforts are also underway, with the CLARITY Act aiming to provide strong protections for developers and California’s governor signing an order to ban prediction market insider trading.

Markets

Bitcoin miners are becoming AI companies and selling their BTC to fund the transition, according to a report by CoinDesk. Morgan Stanley has set a 0.14% Bitcoin ETF fee, the lowest in the market if approved, as reported by CoinTelegraph. The crypto market has also been affected by the Nasdaq entering a correction in a $17 trillion market rout, with crypto stocks being battered, as reported by CoinDesk.

Regulation

The CLARITY Act is expected to deliver strong protections for developers, according to CoinTelegraph. California’s governor has signed an order banning prediction market insider trading, as reported by CoinTelegraph. Detroit is set to enter Michigan’s battle against Coinbase prediction markets, according to CoinTelegraph.

DeFi and Stablecoins

Ripple has turned to AI to stress-test the XRP Ledger as institutional use cases scale, as reported by CoinDesk. Stablecoins are expected to be crypto’s “ChatGPT moment” for businesses, according to CoinTelegraph. Mastercard has paid double for stablecoin infrastructure it could have built, with the credit card giant’s pricey payment to buy stablecoin platform BVNK, as reported by CoinDesk. Sources: CoinDesk, CoinTelegraph

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