•Interest in artificial intelligence (AI) has been on the rise since Microsoft invested billions into Chatgpt and the release of AI-infused art platforms.
•The worldwide Google Trends score for the term “AI” reached its highest score of 100 in the first week of Dec. 2022.
•Projects such as Fetch.ai and Singularitynet have seen their native tokens FET and AGIX rise 212% and 293% respectively in the past month.

The past year has seen a tremendous increase in interest in artificial intelligence (AI) due to the release of various AI-infused art platforms such as Dall-E, Deep AI, Jasper Art, Starry AI, and Nightcafe. This surge in interest is reflected in the worldwide Google Trends score for the search term “AI”, which reached its highest score of 100 in the first week of December 2022. This interest has also been bolstered by Microsoft’s multi-billion dollar investment in the Openai platform Chatgpt or GPT-3, with the search term “Chatgpt” having a worldwide score of 100 during the week of Jan. 22-28, 2023.

In addition to the rise in interest in AI, the demand for AI-focused cryptocurrency projects has also increased. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen its token AGIX increase 293% against the U.S. dollar. This surge in interest in AI-focused cryptocurrencies is a reflection of the growing demand for projects that integrate AI into their protocols.

The rise of AI-focused cryptocurrency projects in 2023 is a trend that is likely to continue, as more projects seek to capitalize on the demand for AI technology. With the world becoming increasingly focused on the development of AI and its potential to revolutionize many sectors, the future of AI-focused cryptocurrency projects looks bright. As data continues to show a surge in interest in AI, these projects are likely to remain popular and continue to rise in value in the coming years.

• Bank of America says that digital currencies appear inevitable, citing central bank digital currencies (CBDCs) and stablecoins as a natural evolution of current monetary and payment systems.
• Bank of America believes that the private sector is critical for CBDC development, as CBDCs have the potential to revolutionize global financial systems.
• Bank of America believes that central bank digital currencies will increase efficiencies for cross-border and domestic payments and transfers, decrease central banks‘ risk of losing monetary control, and increase financial inclusion.

Bank of America recently released a report on the future of digital currencies, digital assets, and central bank digital currencies (CBDCs) that gave insight into the bank’s view on the inevitable future of digital currencies. The report notes that digital currencies appear to be inevitable, as they are a natural evolution of today’s monetary and payment systems. According to the report, there are currently 114 central banks exploring CBDCs, representing 58% of countries globally and over 95% of global GDP.

The report explains that CBDCs do not change the definition of money, but will likely change how and when value is transferred over the next 15 years. Bank of America believes that the private sector is critical for CBDC development and issuance, as CBDCs have the potential to revolutionize global financial systems. The bank believes that CBDCs will increase efficiencies for cross-border and domestic payments and transfers, decrease central banks’ risk of losing monetary control, and increase financial inclusion.

Bank of America’s report also explains that CBDCs are not a new idea, as they have been discussed and studied for many years. However, the technology and infrastructure needed to support these digital currencies has recently been developed, allowing for a more comprehensive exploration of the concept. The report notes that the development of CBDCs is a complex process that involves multiple stakeholders, and that there are still many unanswered questions about the implications of CBDCs.

As the report states, digital currencies appear to be inevitable, and the private sector must remain involved in the development process to ensure that CBDCs are implemented in a way that provides the most benefit to global financial systems. Bank of America’s report is a valuable insight into the future of digital currencies and their potential implications for the global economy.

• Janet Yellen, the U.S. Secretary of the Treasury, sent a letter to Congress on Friday urging an increase in the spending limit.
• She warned that failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.
• Secretary Yellen suggested leveraging a process known as „extraordinary measures“ to buy Congress more time before the nation’s borrowing authority is depleted.

On Friday, January 13, 2023, the United States Treasury published a letter written by Janet Yellen, the 78th U.S. Secretary of the Treasury, to the House of Representatives and the newly appointed 55th Speaker, Kevin McCarthy (R-CA). In the letter, Yellen warned of an impending debt limit, which is set to be reached on January 19, 2023, and urged Congress to act swiftly to increase the nation’s borrowing authority of $31.4 trillion in order to avoid defaulting on the US obligations.

Secretary Yellen stated that failure to meet the government’s obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability. She suggested leveraging a process known as “extraordinary measures” to buy Congress more time before the nation’s borrowing authority is depleted. The same letter was sent to House Democratic leader Hakeem Jeffries, Senate majority leader Charles Schumer, Senate Republican leader Mitch McConnell, chairman of the House Committee on Ways and Means Jason Smith, ranking member of the House Committee on Ways and Means Richard E. Neal, chairman of the Senate Committee on Finance Ron Wyden, and ranking member of the Senate Committee on Finance Mike Crapo.

The Treasury Secretary’s plea to Congress to take swift action comes at a time when the US government is facing the largest budget deficit in its history, projected to reach $3.3 trillion in 2020. The COVID-19 pandemic and the resulting economic recession have further contributed to the deficit, as the government has spent billions of dollars on stimulus packages to help individuals, businesses, and state and local governments.

Increasing the spending limit is likely to be a contentious debate in Congress in the coming weeks. Lawmakers will have to decide whether the increase should be accompanied by spending cuts, revenue increases, or some combination of both. It is also possible that Congress could resort to extraordinary measures in order to buy more time to avoid defaulting on US obligations.

It is clear that Yellen’s letter will put pressure on Congress to take action soon in order to prevent further economic harm. The Secretary of the Treasury has made her stance clear–failure to act swiftly could result in dire consequences for the US economy and the livelihoods of all Americans.

• Solana (SOL) surged by as much as 30% on Saturday, hitting its strongest point since November.
• Shiba Inu (SHIB) was also a notable gainer, rising by over 10% and hitting its highest level since early November.
• Cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing.

The weekend brought positive news for cryptocurrency investors, as the global market cap rose 8.28% as of writing. This was driven by a number of tokens, which enjoyed significant gains over the two-day period.

Solana (SOL) was one of the biggest movers to start the weekend, with prices skyrocketing by as much as 30%. Prices surged to an intraday high of $22.37 following a low of $16.52, resulting in the token hitting its strongest point since November 9, when price was at a top of $24.60. The move appears to have been driven by a break out of a resistance point on the 14-day relative strength (RSI), which moved above a ceiling at the 80.00 level.

Shiba Inu (SHIB) was another token to enjoy significant gains. SHIB/USD climbed to a peak of $0.00001081, after ending the working week at a low of $0.000009462. This resulted in prices hitting its highest level since early November, and was the third consecutive session of gains, with the token now up 24% in the last seven days. However, the rally appears to have cooled off after the RSI failed to break out of its long-term resistance point at the 80.00 mark.

Overall, it was a significantly bullish start to the weekend for cryptocurrency markets, with a number of tokens enjoying significant gains. Solana and Shiba Inu were two of the biggest movers, with both tokens hitting their strongest points since November. As of writing, the global market cap was 8.28% higher, with the bullish sentiment likely to continue into the week ahead.