❌ No Credit Suisse
🤖 ChatGPT level up
Quick Market Update 👀
As I'm sure you are aware, the financial sector for the last week has been full of emotions, and the market has gone from fear and dread, to total euphoria in a 7 day period!
So let's do a quick rundown of what the numbers for the market has looked like during these times. As always, Bitcoin is the royalty of the market so is the focus as almost everything is positively correlated to Bitcoin, so it makes the most sense, right?
So how has Bitcoin been doing?
Great question! Well, we have seen Bitcoin have a move to its lowest point since the start of the year at around $19.6k and also over $25k all within the same week.
Absolutely crazy if you ask us...
There have been many events contributing to this, but the uncertainty and complete mess revolving around banks, not just in the US but around the world, we hit a bit of turmoil and it crushed the markets as a result.
The chart ranges from below $20k to around $26k in a 7 day period. And again, as much as the drop was contributed to fear and uncertainty, the push up was as a result of shorts becoming too greedy and eventually liquidating which in turn helped propel Bitcoin back into the upwards trajectory, and then FOMO, and many other factors then helped it further up to around $26k.
What is likely to happen next?
Well, no one can predict the future, and that includes us. However, with there seemingly being more reassurance, protection and bail outs for the banks, things are not looking as bad as they were, so perhaps some relief on the markets like we are seeing.
Although there could potentially be more uncertainty around future events, so as usual, make sure to be cautious and have a plan.
❌ No Credit Suisse
Credit Suisse is a Swiss multinational investment bank, famous for its private banking and wealth management services AND is in the top 50 banks in the world. Unfortunately, the bank has been making headlines recently for all the wrong reasons.
Now although the headlines are shining on them now, albeit for the wrong reasons, this is not the first time they’ve seen this negative limelight. It all started when they lost billions due to the collapse of the US hedge fund, Archegos Capital. Then, it came to light that they had lent billions to Greensill Capital, a finance company that collapsed in March 2021.
Credit Suisse also had a hand in the Wirecard scandal, which was one of Europe's biggest corporate fraud. They acted as a custodian for Wirecard's funds, and many questioned how they didn't spot the fraudulent activity.
Over the past few years, things haven't looked as great for Credit Suisse, but recently things turn an even bigger turn with Credit Suisse posting a loss of $1.5 billion in Q4 and now the stock is down 97% in 5 years.
Let's just say that Credit Suisse have had their fair share of headlines.
What does this mean for the financial markets?
Well, the fact they are a top 50 bank in the world with over $750B worth of assets, if they were to collapse, it would be felt BIG time throughout all financial sectors, let’s not forget how badly the SVB and Signature bank collapses impacted the sector, now imagine a bank with more than three times the assets collapsing?
So yes, this would not be good at all. However, there is some light at the end of the tunnel as the Swiss government has seemingly agreed to help the bank out and prevent a complete collapse.
With a new bank seemingly collapsing every week at this rate, can these banks be saved?
Meta, formerly known as Facebook, is once again undergoing a major restructuring as it seeks to become leaner and more efficient, but this time NFTs are the sacrifice...
This move by Meta is just the latest in a series of shifts and adjustments the company has made in recent years as it seeks to stay ahead of the curve in the rapidly evolving world of technology and social media, however, this seems like a step backwards, not forwards.
In November of last year, the company laid off around 10,000 employees, representing 13% of its workforce. Now, the company has announced that it will be abandoning support for NFTs across Instagram and Facebook. The decision was announced by Stephane Kasriel, Meta's commerce and fintech lead, via Twitter on Monday.
Could it get worse? Well, the image below seems to allude so...
According to Kasriel, the company will be redirecting its resources to other products, including Meta Pay. "We're winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses," Kasriel tweeted. However, he didn't stop there, he went on to add that Meta is proud of the relationships it has built in the non-fungible sector and looks forward to supporting NFT creators who use Instagram and Facebook to showcase their work.
It's okay Meta, we understand your view on NFTs.
Now, the reason this is interesting is because the move comes less than a year after Meta first announced that a select group of U.S.-based Instagram creators could share Ethereum and Polygon-based NFT collections on the platform. In September of last year, the feature was made available to all Instagram and Facebook users in 100 supported countries.
Although this move does not seem correct to many, the decision to abandon NFTs is not entirely surprising given the financial struggles of Meta's Reality Labs division, which is responsible for augmented and virtual reality products. The division reported a loss of $13.7 billion last year, now that is an ouch is we've ever seen one, let's hope they can use that on their tax relief 🤑
If you want to know more about Meta and their NFT situation, check out this thread 👇
🤖 ChatGPT level up
ChatGPT has made great strides since its inception, and it's about to get even better with the release of ChatGPT-4.
I'm sure you have heard of ChatGPT, the fastest growing AI user base in the world. And now it is getting even better. Welcome the new ChatGPT-4, which will now be able to handle different types of input, including video, speech, images, and text, making it a multimodal language model!
Insane, right? AI truly is taking over…
What does this mean for AI chatbots?
Well, it means that they will now be able to handle both text and visual content. With ChatGPT-4's enhanced capabilities, chatbots will be able to produce not just text but also video and audio content, providing a massive boost to their power and capabilities.
Moreover, ChatGPT-4 will be an improvement on its predecessor, GPT-3.5. It will have better chat abilities, be more fine-tuned for natural chat, and have the capability to process and output code. Its strength lies in the vast amount of text data it's trained on, sourced from across the internet.
So, what's new with ChatGPT-4?
Well, for starters, it's trained on a wider range of multimodal information, which means it can understand and produce language that's more accurate and relevant to your needs. It's also better at handling multiple tasks at once, which is great news for those of us who like to multitask.
But the best news is that ChatGPT-4 is 40% more likely to provide factual responses, making it a valuable tool for search engines and other information-based services. And with safety being a top priority, OpenAI has been working tirelessly to ensure that ChatGPT-4 is safe and accurate, collaborating with experts in various sensitive fields to ensure its responses are reliable and trustworthy. As good as ChatGPT is, there are still some limitations to ChatGPT-4. It can still reflect harmful social biases and produce "hallucinations," or made-up information that sounds plausible but isn't actually true. However, with its many exciting new features and capabilities, ChatGPT-4 is sure to make waves in the world of AI and beyond.
Let's not forget that Microsoft acquired a base of OpenAI, the creators of ChatGPT and currently use it in their search engine, Bing. So this is HUGE news for the industry and it seems AI is not only not going away, but is evolving at ridiculous rates.
Could we see an even bigger resurgence in AI? Here's a deeper look 👇
Starting a company with a modest budget and letting GPT-4 make all the decisions, that quickly escalated into a $ 25K valuation..