Coinbase’s Rob Witoff said the company is leaning more on AI to help with execution, but still needs high-agency humans for judgment and strategy. Artificial intelligence now helps write more than 95% of Coinbase’s code, offering new insight into the crypto exchange’s AI strategy following its decision to cut 14% of its workforce earlier this year. Coinbase cut 700 staff in May. In an email to employees, Coinbase CEO Brian Armstrong said AI has “dramatically” changed the pace of work and there was a need to “return to the speed and focus of our startup founding, with AI at our core.” “Effectively, 100% of our employees are using AI on a daily basis here,” Coinbase’s head of platform, Rob Witoff, told Cointelegraph. “And close to 100% of our code, probably somewhere between 95% and 100%, is written by or with LLMs today.” Read more
Crypto lobby groups representing hundreds of organizations urged Senate leaders in a letter to schedule a vote on a key crypto bill ahead of the midterms. More than 200 crypto companies and organizations have urged the US Senate to pass the CLARITY Act, amid concerns that continued stalling could see it miss an important legislative window. In a letter on Monday shared by crypto lobby group Stand With Crypto, the group called on Senate Majority Leader John Thune and Minority Leader Chuck Schumer “to bring the Clarity Act to the Senate floor without delay.” It said the Senate Banking Committee's vote last month to pass the bill took “months of serious, bipartisan work” and the Senate should “build on that momentum and give members the opportunity to advance durable market structure legislation.” Read more
Many traders expect Bitcoin to stage a short-term relief bounce toward $70,000, but the broader technical setup remains bearish for BTC. Bitcoin’s (BTC) brief plunge toward the $60,000 area triggered more than $600 million in long liquidations, raising doubts over whether the latest rebound marks a real bottom or only a relief bounce after a leverage flush. BTC fell to roughly $61,300 on Thursday before recovering 5.52% to around $64,690, with the rebound coinciding with reports that Israel and Lebanon had agreed to implement a ceasefire. BTC/USD four-hour chart. Source: TradingView Read more
The number of traders expecting a rate cut at the March Federal Open Market Committee meeting rose following fears of a hawkish Fed nominee. The number of traders expecting an interest rate cut at the March Federal Open Market Committee (FOMC) meeting has risen to 23%, following investor fears of a hawkish stance from Kevin Warsh, US President Donald Trump’s Federal Reserve chair nominee. Investors and traders forecasting a rate cut surged by nearly 5% from Friday, when only 18.4% signaled they were expecting an interest rate cut, according to data from the Chicago Mercantile Exchange (CME) Group. Those anticipating a rate cut in March forecast a 25 basis point (BPS) cut, with no investors expecting a rate cut of 50 BPS or more. Read more
Bitcoin saw one of its largest supply migrations ever as traders braced for the US Federal Reserve’s December rate decision and shifting expectations toward a rate cut. A historic shift in Bitcoin ownership unfolded during the latest market downturn, while the broader crypto market remained tied to uncertainty over a possible US Federal Reserve rate cut in December. Over 8% of the total Bitcoin (BTC) supply changed hands in the past seven days, making the current market decline “one of the most significant onchain events” in Bitcoin history, according to Joe Burnett, analyst and director of Bitcoin Strategy at Semler Scientific. During previous significant Bitcoin supply movements, Bitcoin traded at about $5,000 in March 2020 and around $3,500 in December 2018, said Burnett in a Tuesday X post. Read more