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Elon Musk Unveils Grok-1.5 V Preview With Enhanced Multimodal Understanding

According to Foresight News, Elon Musk has released a preview of Grok-1.5 V. As per the document description, Grok is capable of processing a variety of visual information, including documents, charts, screenshots, and photos, in addition to its text functions. The Grok-1.5 V will soon be rolled out to its early testers and existing Grok users. In the coming months, the team anticipates making significant improvements to Grok's multimodal understanding and generation capabilities across various modes such as images, audio, and video. This indicates a strategic move towards enhancing the platform's ability to process and understand different types of data, thereby providing a more comprehensive user experience.

BNB Drops Below 570 USDT with a 6.62% Decrease in 24 Hours

On Apr 13, 2024, 01:52 AM(UTC). According to Binance Market Data, BNB has dropped below 570 USDT and is now trading at 569.799988 USDT, with a 6.62% decrease in 24 hours.

Chainlink Unveils Transporter, A New Evolution In Cross-Chain Bridging

According to CryptoPotato, Chainlink announced the launch of Transporter on April 11, describing it as the next step in cross-chain bridging. The application is powered by Chainlink's Cross Chain Interoperability Protocol (CCIP), which enables smart contracts to securely access data from external systems and facilitates trustless data connectivity between blockchains. Chainlink co-founder Sergey Nazarov stated that the blockchain industry has long needed a secure method to transfer both value and data across chains. Transporter is initially available for Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, and Polygon. The Chainlink team emphasized that bridging assets should not feel like throwing tokens into a void. To this end, Transporter's visual transaction tracker provides users with real-time updates on the status of their cross-chain transfers from start to finish. Nazarov explained that Transporter simplifies the use of Chainlink's CCIP security benefits for transferring large token values and critical messages across chains. On the same day, Chainlink introduced a new 'lock and unlock' token transfer mechanism for CCIP in a separate blog post. This feature allows native tokens like ETH to be securely transferred across different blockchain networks. With this addition, CCIP now supports three token transfer methods: burn and mint, lock and mint, and lock and unlock. Chainlink also introduced an optimized pricing model for CCIP, aiming to make it one of the most cost-efficient solutions for cross-chain token transfers. Dune Analytics reported that CCIP network fees and revenue have recently surged, with a record $258,170 in March, a more than 300% increase from February. In terms of price outlook, like most altcoins, LINK has been correcting since its 2024 high in mid-March. However, the recent product announcements gave the asset a 4.7% boost over the past 12 hours, reaching an intraday high of $18. Despite this, LINK has retreated 18% from its 2024 high of $21.70 on March 11, and is down 66% from its May 2021 peak price of $52.70. Despite these fluctuations, analysts see significant potential in LINK in the upcoming altseason due to its real-world asset tokenization properties.

Bitcoin Market Shows Signs of Nervousness Ahead of Code Adjustment

According to Bloomberg, speculators are showing signs of nervousness ahead of a once-every-four-years Bitcoin code adjustment, which has historically been bullish for the cryptocurrency. The implied volatility for Bitcoin options saw a significant increase last weekend, reversing a downward trend observed in the previous week. Bitcoin's price experienced a more than 8% range swing on Friday, causing a stir among investors. Implied volatility on contracts set to expire in the next two weeks has seen the most significant increase, jumping from 59% to 71% in just two days. This suggests that expectations for near-term volatility are on the rise. Traders, uncertain but willing to pay more for options, are likely seeking protection against price swings. This has led to potentially high premiums for downward protection. Since the approval of US exchange-traded funds to hold Bitcoin in January, the cryptocurrency's price has mostly surged. However, in the past month, the price has fluctuated within a range. Traders are now focusing on the upcoming 'halving' event, scheduled for around April 20. This event will see the rewards that miners receive for verifying transactions on the blockchain cut in half, effectively reducing the supply of additional tokens. Bartosz Lipinski, founder and CEO of Cube Exchange, believes the spike in Bitcoin expiries is related to people betting on the demand for Bitcoin on the day of the halving. He suggests that the reduced supply will make Bitcoin more expensive. This event is unique in Bitcoin's history as it creates pressure on an already inelastic price. Previous halvings have shown mixed short-term impacts, while the long-term effects have been bullish. However, Kaiko, a data analytics firm, cautions that a sample size of three is not necessarily large enough to draw definitive conclusions. They also note that other bullish events in the industry have contributed to the gains.

Bitcoin's Scarcity Debunked: A Look at the Cryptocurrency's Divisibility

According to Blockworks, despite the common belief that Bitcoin is scarce due to its supply limit of 21 million BTC, the reality is different. The scarcity notion is challenged by the fact that each Bitcoin is highly divisible, up to eight decimal places, resulting in 100 million satoshis (sats) per Bitcoin. This divisibility makes Bitcoin far from scarce. The current circulating supply of Bitcoin, which is 19.68 million, translates to 1.968 quadrillion sats. By 2140, there will be 2.1 quadrillion sats. To put this into perspective, the base money supply of the US dollar is currently less than $5.9 trillion, and the broader M3 is under $20.8 trillion. If Bitcoin is considered scarce, then so should the US dollar. While it's true that only 21 million people can ever own one Bitcoin each, the number of Bitcoin addresses with at least one Bitcoin is slowly growing. Currently, around 1 million addresses have at least 1 BTC. However, it's not clear how many of these addresses are owned by the same person or how many exchange accounts have million-dollar Bitcoin balances. There are also 53 million Bitcoin addresses that have one satoshi or more. If the current supply were suddenly distributed to these addresses, each would receive more than 37 million sats, equivalent to $25,500. This further challenges the notion of Bitcoin's scarcity. The perception of scarcity is attributed to the 'fiat brain', which automatically considers the largest unit when thinking about Bitcoin as a currency. However, sats are incredibly cheap right now, priced at $0.00069 each, and are often overlooked. If every sat were worth the current price of a whole Bitcoin, an even distribution would give every human alive $16.7 billion BTC. In light of the upcoming Bitcoin halving, there is a renewed interest in the idea of pricing Bitcoin in sats, rather than whole coins. This could potentially shift the perception of Bitcoin's scarcity and provide a more accurate representation of the cryptocurrency's supply.

Bitcoin Faces Risk Of Deeper Price Correction, Warns CryptoQuant Analyst

According to CryptoPotato, a CryptoQuant analyst has warned that Bitcoin (BTC) may be at risk of a significant price correction, despite the upcoming halving event. The analyst, known as Gaah, stated that the cryptocurrency market remains in a precarious position, particularly for leveraged traders. He suggested that substantial pressure could lead to a correction that would disrupt Bitcoin's current price structure. At the time of the report, open interest for Bitcoin was in the middle range, indicating a neutral sentiment among investors towards new positions. However, the price of Bitcoin remains in the region of the last top-created positions in March. The open interest range is also volatile in the upper region, suggesting potential for more liquidations from leveraged traders seeking liquidity. Gaah warned that this region is risky for traders, and any significant pressure could lead to a correction that would alter the price structure, causing Bitcoin to drop before reaching a new all-time high. Furthermore, the overall market sentiment is currently euphoric, as evidenced by the high funding rates in the Bitcoin futures market. This indicates a period of extreme greed and creates potential for a significant decline. Gaah's analysis comes as Bitcoin recovers from a drop over the past three weeks, where it fell from an all-time high of $73,700 on March 14 to less than $62,000. Earlier this week, the cryptocurrency rebounded to the $70,000 range, but has since dropped to $69,300. CryptoQuant also revealed that high demand from large Bitcoin investors is expected to drive the asset's post-halving rally, as the effects of the quadrennial event have been diminishing.

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