The Crypto Market is on Fire: The Role of AI and DEX's in Driving Growth
Unpacking the Impact of AI-based trading indicators and DEX's in the crypto market
The first three weeks of 2023 in the crypto markets have been magnificent for short term swing traders. Some of my technical analysis friends have made hundreds of thousands of dollars trading. They could stop now and be set for the year. But still, there’s much room for more growth!
My friend at EngineeringRobo trading indicator made $80,000 USD with his indicator as altcoins rose rapidly when Bitcoin made its comeback to $22,000. Here’s a sneak peak at his trading allocation right now.
If you want to try the EngineeringRobo indicator on your TradingView account, you can sign up for a 7 day trial at no cost. Highly Recommended!
The AI narrative remains strong leading with the news of ChatGPT leading the way for AI based Web3 projects. Last newsletter I called #GRT, #FET, and #Peaq which is still unreleased.
But how quickly will AI grow this year beyond the significant improvements we have seen with the release of ChatGPT?
Well, ChatGPT is now available on the Azure OpenAI Service, to help their partners apply advanced AI models to their development scenarios. Azure is the “AWS of Microsoft for hosting servers and development, which hosts a significant chunk of applications across the entire internet. This could actually be one of the smartest moves Satya Nadella has made as the CEO of Microsoft.
As AI continues to get smarter, so do the functionalities of Decentralized exchanges. No longer can we only trade spot markets on Uniswap with no option of limit orders or stop losses, and assets like traditional options & derivatives.
Web3 is taking the next step to tokenizing the traditional financial markets. This week I spoke with a DEX focused on options and derivatives, Vega Protocol, who are launching their mainnet very soon.
Once Options and Derivatives go mainstream in blockchain, billions of dollars of assets can be created onchain, and multiply the size of the cryptocurrency markets exponentially.
I am also excited about decentralized cross-chain swaps platform that will help trade coins across different blockchains with self-custody. Ferrum Network is planning on launching their mainnet soon. Here's my recent interview with Nick Odio of Ferrum Network on the launch of their network and how it will work with multiple blockchain connections.
Ferrum Networks asset swap will be a revolutionary product for Blockchain. fundamentally comes down to speed ( 1 min swaps), low fees due to optimized routing, security and also the ability to make money by being a liquidity provider.
Both of these projects have upcoming launches that I will be following, however it is good to note that both projects tokens are already in the market. #FRM is sitting at a $4M market cap, and Vega token is $47M market cap currently.
Other Crypto News:
Goldman Sachs missed earnings expectations badly this morning: They reported $3.32 earnings per share vs. $5.48 estimate.
Federal Reserve launches an investigation into Goldman Sachs $GS.
Microsoft CEO Confirms 10,000 Job Cuts As Tech Layoffs Intensify
Google $GOOGL to fire 12,000 employees, 6% of their workforce.
Genesis Trading prepares Ch. 11 bankruptcy filing. Expect an announcement no later than early next week
Ethereum development company and MetaMask creator, ‘ConsenSys’ to lay off 11% of its staff.
Bitzlato crypto founder charged with $700m financial crimes.
Binance now fully compliant in Poland
Bank of Thailand to allow first virtual banks by 2025
The Australian CBDC stablecoin will launch on the Ethereum network and be backed one-to-one with Australian fiat held by the bank
Bankers and Regulators at WEF Davos express concerns about Bitcoin adoption and call for "urgent" regulation
The US government gets to its debt limit: $31.4 trillion
The Central Bank of Iran (CBI) is collaborating with the government of Russia to launch a stablecoin backed by gold.
OpenAI is also releasing an ChatGPT iOS app for answers using an iMessage like interface.
That’s all that we have this week! Keep your mind on the market as it continues to rise and
Ashton Addison
CEO, Crypto Coin Show
Hah of course the WEF leaders are against crypto. They hate anything that benefits We the People.