• Fri. Jul 12th, 2024

Tether Boss Demands Localized AI Models, HIVE Digital Stock Rallies 9%+

Maria Bartiromo

ByMaria Bartiromo

Jul 9, 2024

The Tether CEO Paolo Ardoino made a daring strategic announcement to shift the company’s focus to localized artificial intelligence (AI) models, which has caused a significant stir in the market. Hive Digital has released a formal press statement stating that as of July 7, its cryptocurrency holding on the balance sheet has reached 2,503 BTC, an over 2% growth compared to what’s applicable the last month.

The record shows that HIVE Digital mined 119 BTC in June and maintained the same positive performance in May. During a press conference today, Ardoino said, “This customized approach can result in more effective solutions and better user experiences.”

HIVE Digital is ideally positioned to profit from the increasing convergence of artificial intelligence and blockchain technology as a firm with a strong background in both areas. Last week, the PEPE coin dropped by 30%, the highest it has experienced in the month. At press time, PEPE recorded a trading volume of over $768 million, with a market capitalization dropping to  $3.47 billion. 

HIVE Digital Ready to Leverage Growing AI Industry, Memecoins Responds

Tether’s emphasis on localized AI is consistent with its overarching plan to boost customer interaction and diversify its product line. Through localized AI in its ecosystem, Tether hopes to provide its user base worldwide with more efficient and customized services.

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Analysis from CryptoQuant, a prominent market price analysis platform, said that considering the present market conditions, investors should leverage a more conservative approach. The analysis recommended that interested investors should  control their greed and remain cautious during this time.

The analysis also suggested that the investment strategy in use is important when it comes to navigating through the present cryptocurrency market condition. As evidence of the latest development, PEPE, an Ethereum-based meme coin, ranked among the top losers on Monday, losing 12% after a brief market turbulence yesterday.

Shares of HIVE Digital Rise By  9.5% After Positive Report Release

According to analysts, localized AI models have the potential to improve the functionality of blockchain-based platforms greatly. Combining blockchain technology with artificial intelligence (AI) can create more secure and efficient systems, opening new avenues for user interactions, transaction processing, and data management.

After the positive report was released, the company’s shares, HIVE Digital, rose by 9.5% on the Nasdaq section. According to Google Finance data released yesterday, the share price jumped to $3.34. The company’s reserves had a boost amid huge capitulation among its competitors.

Last week, Wallet Import Format (WIF), a Solana-based memecoin experienced a 27% drop in price after dropping by 11% a day before. WIF daily trading volume, as of press time, rose by 14%, revolving around $468 million, with a declining market capitalization of  $1.6 billion.

CEO of HIVE Digital Briefs Management About Its Operational Expansion

A QCP analyst, in the released report, noted that Bitcoin miners are displaying signs of capitulation as the global cryptocurrency market price drops below $56,000 during the late hours of July 5. Amid the dropping market price, the cryptocurrency community started an agitating campaign with an “its all-time low” hashtag complaining of a price decline last seen in the previous bear run.

HIVE has appeared unshaken in a market turbulence that plunged the BTC below the $56,000 price. $56,000 price mark. The CEO of HIVE Digital Technologies Ltd, Aydin Kilic, in his address to the company’s management on the operational expansion plan, noted that the the rest of the batch of Bitmain S21 (which has already been ordered) is ready for shipment.

He also mentioned that they have been augmented to S21 Pro., representing 1,150 S21 Pro miners gotten from HIVE’s previous request in December. Kilic said the earliest acquisition, 1,000 S21 Pro Miners, disclosed that May orders are ready for shipment. According to the HIVE boss, a complete fleet of new rigs are expected to be installed before July runs out.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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