In this edition of This Week in Crypto, we’re looking at three of the top crypto news stories from the industry. First, we’ll explore the exhilarating surge of Bitcoin as it reaches a milestone of $30,000, driven by the growing number of ETF applications and increasing institutional interest in the cryptocurrency market. Next, we’ll delve into Polygon’s exciting launch of Polygon Copilot, an AI assistant designed to elevate the user experience within the Web3 ecosystem, providing seamless interactions and unlocking a new level of convenience. Lastly, we’ll dive into the world of non-fungible tokens (NFTs) and the tumultuous journey of Bored Ape Yacht Club NFT prices, which have experienced significant volatility due to major trades.
Bitcoin Surges to $30,000 Amid ETF Applications and Institutional Interest
Bitcoin’s price surged to $30,000 in just a few days amid a flurry of exchange-traded fund (ETF) applications in the United States and growing institutional interest in cryptocurrency trading. The upward momentum began on June 15 after investment management firm BlackRock filed an ETF application with the U.S. Securities and Exchange Commission. Since then, Bitcoin has continued its upward trend, rising by 14.8% over the week, reaching the $30,000 mark. Following BlackRock’s application, asset managers WisdomTree and Invesco also filed for spot Bitcoin ETFs. Additionally, the launch of EDX markets, a cryptocurrency exchange backed by Fidelity, Charles Schwab, and Citadel Securities, further strengthened the institutional involvement. Altcoin prices also followed Bitcoin’s surge, with Ethereum reclaiming the $1,800 level. The total market capitalization of all cryptocurrencies saw a 6.2% increase, reaching $1.18 trillion.
Polygon Launches AI Assistant, Polygon Copilot, to Enhance User Experience in the Web3 Ecosystem
Polygon, a blockchain scaling solution, has unveiled its AI assistant called Polygon Copilot, joining the expanding group of Web3 companies integrating artificial intelligence (AI) into their platforms. Copilot, developed in partnership with LayerE, incorporates OpenAI’s GPT-3.5 and GPT-4 models and aims to enhance the user experience of navigating the Polygon ecosystem. The chatbot offers three tiers of assistance—Beginner, Advanced, and Degen—to cater to users with different levels of expertise. To use Copilot, users must connect a wallet as their user account and are provided with credits to ask questions, with additional credits added every 24 hours. However, Polygon advises users to exercise caution as the AI technology employed may sometimes provide inaccurate information.
Polygon’s Copilot is the latest addition to the growing number of Web3 companies combining AI and blockchain technologies. By integrating OpenAI’s language models, Copilot aims to provide insights, analytics, and guidance to users exploring the Polygon ecosystem. Polygon emphasizes the transparency and accuracy of Copilot’s responses by sharing the sources of the information included. However, the company acknowledges that the nascent AI technology used in Copilot may occasionally generate incorrect information, cautioning users not to blindly rely on its answers. With various Web3 companies like Alchemy, Solana Labs, and Etherscan also adopting AI, the integration of artificial intelligence into blockchain platforms is becoming increasingly prevalent.
Bored Ape Yacht Club NFT Prices Experience Volatility Amid Major Trades
Bored Ape Yacht Club (BAYC) NFTs experienced volatility in their prices as Jeffrey Huang, known as Machi Big Brother, engaged in a series of sales and purchases within the collection. Over the weekend, Huang sold more than 50 Bored Apes, with one transaction alone involving the sale of 19 Apes for 651 Ethereum, equivalent to around $1.2 million. These actions contributed to a decline in the floor price of Bored Ape NFTs, which hit its lowest point since November 2021. The collection, valued at over $737 million, is considered one of the leading NFT collections in terms of market capitalization.
Despite the initial decline, the Bored Ape Yacht Club collection saw a partial rebound as Huang purchased 14 Bored Apes, with one NFT being bought for approximately 41 Ethereum (over $77,000). The cheapest Bored Ape NFT currently carries a price tag of around $74,000, indicating a 14% increase in value over the past day.
