A shallower Bitcoin drawdown than previous cycles "indicates a maturing market with reduced volatility and stronger institutional confidence," said Nick Ruck, director of LVRG Research. Bitcoin (BTC) has declined by about 50% this market cycle, far less than in previous cycles, Fidelity Digital Assets said, adding this trend could continue over time. Bitcoin’s post-all-time-high drawdowns have historically been steep, at about 80% to 90%, but this cycle has been about 50%, Fidelity Digital Assets research analyst Zack Wainwright said Tuesday. One can see the “diminishing returns” that have developed from cycle to cycle when looking at Bitcoin’s price performance from the perspective of the previous all-time high, he said. Read more
Block cut 4,000 of its staff in February as part of its AI-driven pivot. A new post by Block's Jack Dorsey has shed light on how the company and others might operate in the future. Block co-founder Jack Dorsey has shared his vision of a future workplace where artificial intelligence could take the role of middle managers, weeks after the company cut around 4,000 employees because of AI. In a blog post on Tuesday, Dorsey and Block’s lead independent director, Roelof Botha, said AI can track projects, identify issues, assign work and share critical information faster than humans, adding that Block is in the “early stages” of transitioning toward a model where the technology performs these tasks. “We're questioning the underlying assumption: that organizations have to be hierarchically organized with humans as the coordination mechanism,” they said. Read more
“There’s a myth in mainstream media and social media that insider trading doesn’t apply in the prediction markets … That is wrong,” said CFTC enforcement director David Miller. The US commodities regulator’s chief enforcement director sent a cautionary message to prediction market insider traders on Tuesday, vowing that violators will face enforcement action. “We are aware of the speculation about insider trading,” CFTC enforcement director David Miller said at a panel at New York University on Tuesday. “We are watching.” Miller, a former federal prosecutor who was appointed to the position on March 2, said the Commission will use its prosecutorial discretion and will not dedicate resources to “trivial” cases. Read more