Yuga Labs Confirms UV Lights Caused Vision Issues at Hong Kong ApeFest
Yuga Labs has confirmed that UV lights were likely responsible for vision issues suffered by attendees of its ApeFest event in Hong Kong. Multiple guests reported eye pain and vision loss after exposure to stage lighting at the gathering. Yuga said joint investigation with the event producer found UVA-emitting lights in one corner probably caused the symptoms.
The problems detracted from the Bored Ape Yacht Club's ApeFest, which offered a free concert and party for NFT holders. Yuga said around 15 attendees reported issues, while posts on social media indicated dozens were affected.
The situation comes as Yuga co-founder Wylie Aronow went on a $1.5 million NFT spending spree this week. Aronow snapped up rare crypto collectibles from top projects, in an apparent move to revive struggling NFT markets. The high-profile mishap at ApeFest coincided with Yuga's expanded push into the metaverse and NFT space.
Bloomberg Analysts Predict SEC Could Greenlight All Bitcoin ETFs By Nov 17
Analysts have identified a brief 8-day window between November 9 and November 17 in which the SEC could potentially approve all 12 pending spot bitcoin ETF applications. Bloomberg analysts say the SEC issued delay orders for several filings from firms like BlackRock and Bitwise at the same time earlier this year.
This creates an opening starting November 9 where the SEC could accept the entire batch of bitcoin ETF applicants if it wants to allow them all to launch ETFs. However, after November 17th, additional comment periods for other filings would kick in, closing the window for blanket approval.
While not guaranteed, analysts put the odds of SEC approval for a spot bitcoin ETF by January 10th next year at 90%. The perceived likelihood of an SEC greenlight has fueled optimism and lifted bitcoin's price over 30% in recent months. Prominent applications in the running include those from Grayscale and Fidelity. Grayscale is also reportedly in talks with the SEC regarding converting its Grayscale Bitcoin Trust into an ETF.
European Banking Authority Proposes Liquidity Rules for Stablecoin Issuers
The European Banking Authority has released a proposal outlining liquidity requirements for stablecoin issuers under upcoming EU crypto regulations. The draft guidance recommends companies use historical data to assign risk factor weights to their reserve assets. Firms would then stress test the assets under different scenarios to determine necessary liquidity buffers.
The EBA advises adjusting risk policies if reserves can't satisfy redemption requests for stablecoins. The rules aim to ensure firms can resist market-wide liquidity strains. Stablecoin issuers would also tailor their frameworks based on factors like asset volatility.
The consultation follows similar moves by UK regulators to have stablecoin issuers implement resilience against liquidity risks. The EBA's guidelines will inform the EU's Markets in Crypto-Assets legislation taking effect next year. Crypto firms face a 2024 deadline to comply with the new regulations.
With major economies crafting stablecoin policy, regulators are pushing the nascent sector to enact protections against liquidity crises threatening wider financial stability. The EBA's proposed standards align with this growing global regulatory focus on stablecoins.
Marathon Digital Q3 Mining Revenue Surges on Higher Bitcoin Production and Prices
Bitcoin miner Marathon Digital Holdings reported strong third quarter results driven by expanded mining operations and higher bitcoin prices. The company produced 3,490 bitcoins in Q3, a 467% increase versus last year.
Marathon's Q3 revenue surged nearly 8x to $97.8 million on the bitcoin boost. The company also posted a net profit of $64.1 million, versus a $72 million loss last year, aided by an $82 million debt extinguishment gain. Marathon grew its energized hash rate over 8% from last quarter as new mining rigs came online.
Marathon says it is on track to achieve 26 exahash in computing power by year-end 2023 as it scales up its mining capacity. The company continues to strengthen its position among the largest publicly traded bitcoin miners. For the first time in two years, Marathon's cash and bitcoin holdings now exceed its debt following efforts to shore up its balance sheet during the crypto downturn.
YouTube Launches AI Pilot Providing Comment Summaries, Chatbot For Creators
YouTube is introducing two new AI-powered features aimed at helping creators manage their comment sections and engage with viewers. The video platform will test generative AI that summarizes long comment sections into key topics and themes. This allows creators to quickly understand audience feedback without reading thousands of individual comments.
YouTube is also launching a conversational AI chatbot that lets viewers ask questions about videos and gets video recommendations. The experimental tools utilize natural language processing to analyze unstructured comments and have text conversations.
The features will only be available to select popular YouTube accounts during an initial pilot phase. YouTube says the goal is to help creators organize unwieldy comment sections and generate new video ideas based on audience suggestions.
The launches build on parent company Google's expanded investment into AI across its products like search and Pixel. As YouTube faces competition from TikTok, leveraging AI to empower creators provides a key advantage in recommendation algorithms and viewer engagement. The tests indicate AI may increasingly moderate and analyze user-generated content across Google's platforms.
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