Last Week in Review: The Bitcoin white paper celebrated 15 years, and AI development under the radar

by Team Luno
· 3 minute read
Bitcoin dari tahun ke tahun, peristiwa penting dalam sejarah Bitcoin

The highlights from last week’s headline grabbers. All the important news, numbers and events from the world of crypto in one place

News from the block

 The Bitcoin white paper celebrated 15 years 

  • Last week, fifteen years ago, Satoshi Nakamoto published the Bitcoin white paper. Bitcoin has since evolved from an alternative payments network to also become viewed by many as a store of value.
      
  • “The network is robust in its unstructured simplicity,” Nakamoto wrote in the Bitcoin white paper.

  • Fifteen years later, this robust, decentralised network continues to challenge our perceptions of finance. 
  • “Chainlink’s Cross-Chain Interoperability Protocol (CCIP) was used to reduce inefficiencies in the global commerce ecosystem,” according to crypto publication The Defiant.

  • The partnership involves telecoms giant Vodafone, Chainlink Labs, Sumitomo Corporation, and InnoWave,

  • “Onboarding a world-class infrastructure provider like Vodafone DAB to the Chainlink Networks’ node operator ecosystem helps bring more secure off-chain data and computation to the Chainlink Network to support the wider blockchain economy,” Chainlink Labs Head of Capital Markets Thomas Trepanier said.

Biden signed an executive order to steer AI development

  • “To realise the promise of AI and avoid the risk, we need to govern this technology,” US President Joe Biden said last week, before signing an order that seeked to regulate how AI is developed going forward.

  • “The order is an initial step that is meant to ensure that AI is trustworthy and helpful, rather than deceptive and destructive,” AP reported.  

US central bank kept interest rates unchanged

  • Jerome Powell, the Chair of the Federal Reserve, said yesterday the Fed will leave rates unchanged, marking back-to-back meetings where the Fed decided not to raise interest rates. 
  • “Since launching the most aggressive series of rate hikes in four decades in March 2022 to fight inflation, the Fed has pulled back and has now raised rates only once since May,” AP reported. 
  • Bitcoin was up more than 2% the following day, while alt-coins rallied, led by Solana (SOL), which gained roughly 12% overnight. 

Cooling US jobs numbers may spell less rate hikes, said analysts

  • The latest jobs numbers from the US showed an increase in employment growth by the smallest amount since June 2021.

  • It has led many analysts to believe that the Federal Reserve Bank is less likely to raise interest rates in future months. 
  • “Bond yields fell, and traders of contracts tied to the Fed’s policy rate now see only about a 10% chance of a rate hike by January, down from 30% before the employment report,” Reuters reports. 
  • Employment numbers serve as an important indicator of the overall health of the economy. Rising employment rates suggest a robust economy with potential for increased consumer spending and economic growth, which could prompt policymakers to consider raising interest rates to prevent inflation. Conversely, a decline in job numbers can signal economic challenges, prompting policymakers to lower interest rates to encourage borrowing and investment, thus stimulating economic activity. 

TL;DID read

The Economic Calendar: Important events to look out for in November

Crunching the numbers

3.70% – The current inflation rate in the US. 

7.1% – The US inflation rate in November last year. 

32 – The total number of Bitcoin Halvings remaining, which means there are 29 more halvings to go, with the next one estimated to happen in April 2024. 

22.3 billion – The number of ADA coins currently staked. 

Crypto trivia

5 places to keep your money other than a savings account

Protect your crypto 

Ensuring the safety of your investments is not just good practice, it’s essential. While we do all we can to secure your account, you can help by activating these key security features available in the app. 

?️ A guide to essential security features

*This information should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary for information purposes only and is not investment advice or recommendation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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