Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights š§µ:
1/ Chinese AI startup DeepSeek dethroned OpenAIās ChatGPT as the most-downloaded free app on Appleās U.S. App Store, triggering a major sell-off in global tech stocks, with Nvidia falling 17% and the Nasdaq dropping over 3%. Investors were shocked by DeepSeekās ability to develop a highly competitive AI model at a fraction of the cost of U.S. rivals, raising concerns about Chinaās growing AI dominance despite U.S. chip export restrictions.
2/ Czech National Bank governor AleÅ” Michl proposed investing up to 5% of the country's ā¬140B foreign reserves into Bitcoin, potentially making Czechia the first Western central bank to hold crypto assets. Michl acknowledged Bitcoin's volatility but highlighted growing investor interest and political support, particularly in the U.S., where major financial firms have launched Bitcoin ETFs. While the Czech cryptocurrency market is rapidly expanding, Michl cautioned that any large-scale central bank investment in Bitcoin could significantly impact its price.
3/ Igloo Inc., the team behind Pudgy Penguins, has launched Abstract Chain, a layer-2 blockchain on Ethereum built with ZKsyncās ZK Stack to enhance Web3 accessibility. Through The Portal, users can access over 100 apps with just an email, blending Web2 ease with Web3 technology via features like account abstraction and social logins. Focused on āconsumer crypto,ā Abstract aims to integrate blockchain into daily life, beginning with gaming and entertainment and expanding into broader financial applications.
Check out our latest publications from this week š: From Challenges to Opportunities: How DeSci Reimagines Science
