TRANSCRIPT 🔗
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Welcome to another episode of Bitcoin & AI Data
Centers, the podcast where we dive deep into
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all things data centers, artificial
intelligence, and, of course, Bitcoin and
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cryptocurrency.
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I’m your host, Roni, and today we have an
exciting episode lined up for you.
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We’re broadcasting from a secret location in
Wakanda, and who knows, maybe Satoshi Nakamoto
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is listening in!
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Today, we’re kicking things off with a look at
Bitcoin as it braces for a key speech by
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Federal Reserve Chair Jerome Powell.
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Bitcoin has been circling around intraday highs
as markets prepare for this week’s crucial
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macroeconomic event—the United States Federal
Reserve’s Jackson Hole annual symposium.
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Scheduled for 10 AM Eastern Time, Powell’s
address is highly anticipated by traders who
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are searching for signals on financial policy
easing.
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Data from Cointelegraph Markets Pro and
TradingView shows that Bitcoin has returned to
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the $61,000 level in the hours leading up to
Powell’s speech.
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The market is currently pricing in a 100
percent chance of interest rate cuts, which is
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a bullish event for both the crypto market and
other risk assets.
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The big question right now seems to be not
whether the Federal Reserve will cut rates, but
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by how much.
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Will it be 25 or 50 basis points in September?
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The latest data from CME Group’s FedWatch Tool
suggests that the odds are in favor of a
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smaller 0.25 percent rate cut.
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However, some analysts believe that Powell may
not reveal anything surprising.
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Lou Crandall, a former Federal Reserve
official, mentioned that while the base case
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for a quarter-point rate cut is likely, he does
not think the Federal Reserve will feel the
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need to provide guidance this far out.
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It is important to note that while rate cuts
can be a catalyst for risk-asset liquidity,
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they do not guarantee an immediate Bitcoin
price reaction.
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Historical data shows that during the Federal
Reserve’s last rate-cutting cycle in 2019,
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Bitcoin’s price actually saw a slight decline.
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It took the COVID-19 pandemic and the
subsequent cross-market crash to spark a bull
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market fueled by zero interest rates and money
printing.
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Currently, Bitcoin is still ranging within an
increasingly narrow zone, with $62,000 acting
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as key resistance.
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Monitoring resource CoinGlass shows that there
is an additional block of ask liquidity at
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$61,435, which is keeping the price relatively
flat.
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According to the pseudonymous creator of
onchain analytics resource Checkonchain, known
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as Checkmate, this is not what an
over-leveraged, long-biased, degenerate Bitcoin
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market looks like.
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On four-hour timeframes, traders have noted
that Bitcoin is trying to overcome resistance
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in the form of the 200-period simple moving
average.
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Popular trader Elja has forecasted that a close
above this level could push Bitcoin to $64,000
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to $65,000.
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However, if it gets rejected, we might see some
consolidation instead.
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That wraps up the first segment of today’s
episode.
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We’ve got a lot more to cover, including rising
Bitcoin transaction fees, decentralized naming,
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and even some news from El Salvador and China.
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So, stay tuned!
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In a staggering turn of events, Bitcoin
transaction fees surged by nearly 940 percent
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on August 22, reflecting heightened network
demand and increased pressure on users.
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The average Bitcoin transaction fee skyrocketed
from $0.74 to $7.679 per transaction, primarily
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driven by this increased demand.
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Since July, average Bitcoin transaction fees
have remained relatively stable, comfortably
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trending under the $2 mark.
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Just a few days earlier, on August 18, the fees
reached historic lows of $0.558.
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While low fees are beneficial for the general
public looking to transfer Bitcoin, they can
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negatively impact miner revenue.
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The Bitcoin network charges a fee on every
Bitcoin transfer to pay miners for
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authenticating transactions.
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However, the demand for network bandwidth
directly impacts the fees required to send or
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receive Bitcoin.
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According to data from Blockchain.com and
YCharts, Bitcoin transaction fees
Load full transcript
shot up by
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937.7 percent to $7.679 on August 22, adding
significant pressure on investors.
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Many members of the crypto community ended up
paying excessive fees as a result.
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The pseudonymous Bitcoin developer Mononaut
reported one particularly egregious example:
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During a period of peak demand, a user had to
pay 0.5 Bitcoin in fees to consolidate 0.55
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Bitcoin.
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However, there is some good news.
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As of August 23, mempool data suggests that
average Bitcoin transaction fees have come down
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to $0.34, providing some relief to users.
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This rapid fluctuation in transaction fees
highlights the volatile nature of the Bitcoin
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network, especially during periods of high
demand.
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A recent report from data analytics firm
CryptoQuant suggests that Bitcoin demand has
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dropped from a 30-day growth of 496,000 Bitcoin
in April to a current negative growth of 25,000
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Bitcoin.
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The slowdown in demand appears to have been
pushed by a decline in purchases by spot
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Bitcoin exchange-traded funds in the United
States, which fell from 12,000 Bitcoin in March
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to an average of 1,300 Bitcoin between August
11 and 17.
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On a related note, investment firm VanEck
believes that Bitcoin miners could generate
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around $13.9 billion in additional yearly
revenue if they partially transition to
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providing energy to the artificial intelligence
and high-performance computing sector by 2027.
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This could offer a new revenue stream for
miners, especially during periods of low
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transaction fees.
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That wraps up this segment on the recent surge
in Bitcoin transaction fees.
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Next, we’ll dive into how decentralized naming
could potentially bring the next billion users
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to Bitcoin.
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Stay tuned!
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El Salvador, the first nation to adopt Bitcoin
as legal tender, has continued to aggressively
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accumulate the cryptocurrency.
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According to recent data from blockchain
analytics platform Arkham Intelligence, the
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Salvadoran government has been steadily adding
to its Bitcoin reserves, purchasing one Bitcoin
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every day since March 16.
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The ongoing acquisition has added 162 Bitcoin
to the country’s holdings, bringing its total
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to 5,851 Bitcoin valued at roughly $356.4
million at current market prices.
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President Nayib Bukele, the architect of El
Salvador’s Bitcoin adoption, has consistently
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advocated for cryptocurrency as a means to
economic independence and innovation.
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His strategy for the government to make daily
purchases of one Bitcoin highlights his
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long-term commitment to integrating Bitcoin
into the nation’s financial framework.
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Bukele’s government began the series of
purchases by transferring 5,689 Bitcoin into a
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cold storage wallet on March 16, 2024, a move
Bukele referred to as creating the country’s
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first “Bitcoin piggy bank.” The purchases have
received both admiration and concern within the
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international community.
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Supporters hail Bukele’s bold approach as a
visionary step toward financial sovereignty,
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particularly in a country historically plagued
by economic instability.
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According to crypto analyst EmberCN, the
Salvadoran government’s current floating profit
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of approximately $93.45 million, with an
average purchase price of around $44,835 per
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Bitcoin, seems to validate Bukele’s strategy in
the short term.
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In an effort to address concerns about
transparency, the government has implemented a
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mempool space, enabling public auditing of its
Bitcoin holdings.
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The initiative is designed to foster trust and
demonstrate accountability in the handling of
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public funds tied to cryptocurrency
investments.
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In addition to its direct purchases, El
Salvador has also invested in Bitcoin mining
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using the country’s abundant volcanic
geothermal energy.
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Since 2021, the nation has mined 474 Bitcoin,
worth around $29 million.
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This environmentally friendly approach to
Bitcoin mining aligns with Bukele’s vision of
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integrating technology and natural resources,
yet it remains a relatively small part of the
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country’s broader Bitcoin strategy.
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Bukele was sworn in for another five-year
presidential term after a landslide election
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victory in February.
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Fetch.ai is opening an Innovation Lab
in San
Francisco for early-stage startups working with
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artificial intelligence agents.
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The new hub, aptly named the Innovation Lab,
will onboard startups that are developing AI
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agent solutions — software that uses artificial
intelligence to perform specific tasks or make
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decisions for users or other systems.
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According to Fetch.ai, it will allocate $10
million in annual funding for projects using
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the platform to build AI agents.
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Funding will be milestone-based, with a $1
million cap per project.
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The autonomous AI agents market is expected to
reach $88.1 billion by 2032, making this
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initiative a timely and potentially lucrative
endeavor.
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To participate, startups should be in the
initial stages of development, ranging from
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ideation to initial product launch, and must be
willing to integrate the platform’s agent
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technology.
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Ideally, participants should have a working
prototype or minimum viable product tested or
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validated in the market.
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In addition, startups must be legally
registered entities in the United States and
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have a scalable business model or a clear
vision that needs support to refine either the
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product or the business model.
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In a statement, Humayun Sheikh, CEO of
Fetch.ai, said, “We aim to fund and support
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projects that bridge the gap between research
and market, delivering tangible advancements
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that revolutionize industries through the power
of AI agents.”
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Along with the Innovation Hub, Fetch.ai is
announcing two additional initiatives targeting
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the AI community: an internship incubator and
an ambassador program.
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The internship seeks candidates with a “strong
interest and basic understanding” of
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decentralized technologies, artificial
intelligence, and machine learning.
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Proficiency in programming languages such as
Python, Java, or C++ is also desirable.
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On another front, ambassadors will be
responsible for cultivating an innovative
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environment for new hub projects.
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The Ambassador’s Club is expected to host
hackathons, code nights, and workshops on AI
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agents.
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“Applicants should have experience in community
engagement.
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This includes participation in AI-related
forums, meetups, or organizations,” according
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to a spokesperson.
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The blockchain space has witnessed a surge in
decentralized protocols intersecting with
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artificial intelligence technology over the
past few months, with several startups,
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including Sahara AI and Story Protocol, raising
millions of dollars to advance projects in this
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emerging field.
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Bitcoin on-chain and derivatives data are
signaling a wave of market optimism, according
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to recent analysis.
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Data from CryptoQuant and Deribit reveal
several bullish indicators, suggesting that
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traders are positioning themselves for a
continued price increase.
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Let's start with on-chain metrics.
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Bitcoin exchange reserves on centralized
exchanges have dropped to multi-year lows.
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Since the end of July, the amount of Bitcoin
held on these exchanges has fallen from over
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2.75 million to around 2.67 million, a three
percent decline in just the past 30 days.
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This significant drop in exchange reserves
indicates a weakening of supply-side pressures,
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which could support further price appreciation.
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CryptoQuant charts also highlight an eleven
percent decrease in Bitcoin supply on
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centralized exchanges since the beginning of
the year.
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This reduction has occurred alongside a nearly
43 percent increase in Bitcoin's price since
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January.
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Fewer coins on exchanges generally suggest that
investors are holding onto their Bitcoin,
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expecting higher prices in the future.
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Now, let's turn to the derivatives market.
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SynFutures co-founder Rachel Lin has outlined
several optimistic indicators from the options
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market.
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For Bitcoin, the highest open interest is on
the $100,000 December expiry call option.
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00:14:59,570 --> 00:15:03,970
Deribit metrics show that the largest
concentration of options for all upcoming
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00:15:03,970 --> 00:15:09,815
expiries are calls at $100,000 and $105,000.
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00:15:09,815 --> 00:15:16,054
Additionally, the top options contract by
trading volume in the past 24 hours is for
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00:15:16,054 -->
00:15:19,675
end-of-month expiry calls at a strike price of
$75,000.
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Rachel Lin also pointed out that Ethereum's
derivatives market is showing similar optimism.
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The highest open interest is on the $4,000
strike price September expiry call option,
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followed by the $6,000 strike price December
call.
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Notably, the top ten open interest for both
Bitcoin and Ethereum are all call options, with
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no significant put options in sight.
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This lack of put options further underscores
the bullish sentiment among traders.
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To sum it up, both on-chain and derivatives
data are painting a picture of market optimism
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for Bitcoin and Ethereum.
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The drop in exchange reserves, coupled with the
bullish sentiment in the options market,
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suggests that traders are gearing up for
potential price increases.
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As always, it's important to stay informed and
make well-considered decisions in this highly
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volatile market.
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In a concerning development for Mac users, the
AMOS malware, also known as Atomic MacOS, has
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00:16:32,615 --> 00:16:38,154
gained a new capability that allows it to clone
wallet applications and steal cryptocurrency
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from users.
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According to an August 5th report from
cybersecurity firm Moonlock Lab, the program
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has been experiencing a resurgence, as it was
spotted being advertised through Google
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Adsense.
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In these advertisements, the malware
masqueraded as popular MacOS programs,
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including screen-sharing app Loom, user
interface design tool Figma, VPN TunnelBlick,
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and instant messaging app Callzy.
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None of the developers of these apps authorized
the fake AMOS malware versions.
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Moonlock researchers discovered the malware
when they encountered a version that pretended
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00:17:20,019 --> 00:17:20,920
to be Loom.
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Clicking the advertisement redirected them to
smokecoffeeshop.com, which then redirected them
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again to a fake version of the Loom website.
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The fake version looked exactly like the real
one.
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However, when a user clicked the “Get Loom for
free” button, instead of downloading the
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00:17:40,390 --> 00:17:46,090
legitimate Loom program, it downloaded a
complex version of the AMOS stealer.
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AMOS is not a new program.
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Cybersecurity firm Cyble reported its existence
as early as April 2023.
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According to Cyble, the program was being sold
to cyber criminals on Telegram as a
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subscription service for $1,000 per month.
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At the time, it was capable of targeting over
50 different crypto wallets, including
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00:18:13,079 --> 00:18:20,940
Electrum, MetaMask, Coinbase, Binance, Exodus,
Atomic, Coinomi, and others.
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When the program found any of these wallets on
a user’s computer, it stole the wallet’s data,
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implying that the user’s encrypted keyvault
file was likely snatched by AMOS.
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00:18:33,805 --> 00:18:39,650
Moonlock claimed that the software has now been
upgraded, as they found a version that has a
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novel capability.
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AMOS can now replace a specific crypto wallet
application with a clone and easily wipe out
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victims’ e-wallets.
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Specifically, it can clone the Ledger Live
software used by Ledger hardware wallet owners.
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Moonlock emphasized that this capability has
never been reported in a version of AMOS before
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and represents a significant leap forward for
the malicious program.
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Ledger devices store their private keys on
hardware devices, out of the reach of malware
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installed on a personal computer, and users
have to confirm each transaction on the device.
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This makes it difficult for malware to steal
crypto from Ledger users.
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However, the attacker's intention in cloning
Ledger Live may be to display deceptive
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information on the user’s screen, causing them
to mistakenly send their crypto to the
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attacker.
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Even more troubling than the ability to clone
Ledger Live, the report notes that future
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versions of the software may be able to clone
other applications.
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This could potentially include software wallets
like MetaMask and Trust Wallet.
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If this new version of AMOS can replace Ledger
Live with a fake malicious clone, Moonlock
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suggests it could do the same with other apps.
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Software wallets display all their information
directly on the personal computer monitor,
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making deceptive displays even more dangerous.
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Moonlock claimed to have traced the software to
a developer called “Crazy Evil,” which
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advertises itself on Telegram.
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The group allegedly posted a recruitment ad
boasting of the AMOS software’s ability to
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clone Ledger Live.
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Users who run crypto wallet software on a Mac
should be aware that AMOS is specifically
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targeting people like them.
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This malware is generally distributed through
Google Adsense ads, so they may want to be
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extremely careful when considering whether to
download software from a website they found
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through a banner or display ad.
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It may appear to be Loom, Callzy, or another
popular program, but in fact is a copy of AMOS.
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If in doubt about the authenticity of a
website, typing the name of the program into a
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search engine and scrolling down to the organic
results is sometimes an effective way of
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finding the official website for an app, as
scammers usually do not have the domain
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authority to rank at the top of organic results
for an app’s name.
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Google uses filters in an attempt to prevent
malware programs from being advertised through
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their program, but these filters are not 100
percent effective.
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Malware continues to be a serious threat to
crypto users.
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On August 16th, cybersecurity firm Check Point
Research discovered a similar “stealer” program
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that drained crypto through a method called
“clipping.” On May 13th, Kaspersky Labs
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discovered malware called “Durian” that was
used to attack crypto exchanges.
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With that, we wrap up today’s episode of
Bitcoin & AI Data Centers.
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We’ve covered a range of topics today, from
Bitcoin's market movements to the latest in
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00:22:22,059 --> 00:22:25,039
cybersecurity threats targeting the crypto
community.
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00:22:25,900 --> 00:22:28,559
As always, stay vigilant and informed.
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This is Roni, signing off from our secret
location in Wakanda.
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Until next time, stay safe and keep your crypto
secure.