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5 MINUTE BREAKTHROUGH: A PROFITABLE STARTING STRATEGY
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Dear clients,

What can you do in a mere 5 minutes? Hit the restroom, have a smoke or... make a profit. This time, we'll be looking at a simple trading strategy fit for both newcomers and experienced traders.

Join us on May 24 at 12:00 GMT.

During webinars, FreshForex analyst will answer your questions regarding the market situation and comment on the latest news.

If you missed the previous webinars, you can always find them here.

NEW TRICKS OF THE OLD CRYPTO
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Dear clients,

According to Glassnode, daily transactions hit an all-time high of 682,000 this month, up almost 40% from the previous peak in 2017. Bitcoin's dominance, or share of the total $1.16 trillion cryptocurrency market, has risen to 44% from 38% at the start of the year.

This is due to BRC-20, the first class of cryptocurrency tokens created on the bitcoin blockchain apart from bitcoin itself. Nearly 25,000 experimental coins have already been minted this year, leading to a surge in transactions.

Mostly due to the creation of these tokens, the average daily transaction volume in seven days was more than 531,000, almost double what it was a month ago, according to Blockchain.com.

This new class of cryptocurrency has no specific use beyond speculation, much like memecoins. However, its nascent popularity points to interest in bitcoin not just as a store of value or a payment method, but also as a basis for developing new coins and applications - previously considered the domain of more modern blockchains such as Ethereum and Solana.

Some investors and developers see bitcoin blockchain as a safer long-term basis for creating tokens and applications amid the cryptocurrency carnage that has followed the collapse of high-profile companies such as FTX and a general flight away from risky assets, market participants say.

Nevertheless, the excitement around BRC-20 has been volatile. The total value of these tokens, which are typically traded on secondary markets, especially on decentralised exchanges, surpassed $1bn in early May, but has since fallen to $446m, according to tracker BRC-20.io.

Because the bitcoin blockchain was not originally designed to support the crypto ecosystem, unlike Ethereum and Solana, BRC-20 tokens are created using ordinar theory, which allows data to be written on each satoshi - the smallest bitcoin denomination, or hundred-millionth of a bitcoin.

The race to create these new coins has had little impact on the price of bitcoin, which has been trading below $30,000 since mid-April. However, experts see this trend as "promising" in terms of interest in creating products on the bitcoin blockchain.

ONE STEP BEHIND. THE AI LEGISLATION
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Dear clients,

As the race to develop more powerful artificial intelligence services such as ChatGPT accelerates, some regulators are still relying on old laws to control a technology that could change the way society and business operate.

The European Union is at the forefront of developing new rules for AI that could become a global benchmark to address the privacy and security concerns raised by the rapid development of generative AI technology underpinning OpenAI's ChatGPT. However, it will take several years for the legislation to take effect.

"In the absence of regulations, the only thing governments can do is to apply existing rules," experts say. "If it's about protecting personal data, they apply data protection laws, if it's about threatening people's security, there are rules that have not been specifically defined for AI, but they still apply."

In April, European national privacy regulators set up a task force to tackle ChatGPT after Italian regulator Garante pulled the service offline, accusing OpenAI of violating the EU's GDPR, a wide-ranging privacy regime adopted in 2018. ChatGPT was reinstated after the US company agreed to install age verification features and allowed European users to block their information from being used to train AI models.

Generative AI models have become well known for making mistakes, or 'hallucinations', providing misinformation with supernatural certainty.

Such errors can have serious consequences. If a bank or government department uses AI to speed up decision-making, people could be unfairly denied credit or benefits. Major technology companies, including Google and Microsoft Corp, have stopped using AI products considered ethically questionable, such as financial products.

US and European experts say regulators intend to apply existing rules covering everything from copyright and data privacy to two key aspects: the data entering models and the content they produce.

While regulators adapt to the pace of technological advances, some in the industry are calling for more engagement with corporate leaders. Dialogue between regulators and companies has so far been "limited", they say.

"This does not bode well for the future," they say. "Regulators seem either slow or unwilling to adopt approaches that strike the right balance between consumer protection and business growth."

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CHIPPIN' IN: NVIDIA'S POWER BOOST
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Dear clients,

Nvidia Corp on Wednesday forecast second-quarter revenue more than 50 percent above Wall Street forecasts and said it was increasing shipments to meet growing demand for its artificial intelligence chips, which are used to run ChatGPT and many similar services.

Shares in Nvidia, the world's most expensive semiconductor company, soared 28 per cent after the signal to a record high of $391.50. That boosted the market value of Nvidia stock by about $200 billion to more than $950 billion, extending the Silicon Valley-based company's lead as the world's most expensive chip maker and the fifth most valuable company on Wall Street.

Nvidia is forecasting revenue of $11bn for the current quarter, with analysts polled by Refinitiv citing a figure of $7.15bn. They note that amid a gold rush of generative artificial intelligence, demand for Nvidia chips is secure for the rest of the year.

Adjusted revenue for the quarter ended April 30 was $7.19bn on revenue expectations of $6.52bn. The company's data centre chip sales were $4.28bn, beating analysts' forecasts of $3.89bn, according to FactSet.

Nvidia faces competition in AI chips from traditional rivals such as Advanced Micron Devices Inc and Intel Corp, as well as from startups such as Cerebras Systems and its own AI chip efforts at companies such as Google and Amazon.

According to FactSet, revenue from gaming chip sales exceeded Wall Street expectations, coming in at $2.24 billion against forecasts of $1.97 billion. Net income rose to $2.04 billion, or 82 cents per share, from $1.62 billion, or 64 cents per share, a year earlier. Excluding items, the company earned $1.09 per share in the first quarter, beating estimates of 92 cents.

THE STRUGGLE FOR DEPENDENCY. OPENAI AND EU CONFLICT
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Dear clients,

Sam Altman, CEO of OpenAI, has spent the last week travelling around Europe, meeting leading politicians in France, Spain, Poland, Germany and the UK to discuss the future of AI and the progress of ChatGPT. On Wednesday, he warned that the company could leave the EU if the bloc becomes "over-regulated".

By February, ChatGPT had set a record for the fastest user base growth of any consumer app in history. More than six months after OpenAI unveiled its AI-powered chatbot to the world, concerns about its potential sparked excitement and anxiety - and led to conflict with regulators.

"The current EU bill on artificial intelligence would be over-regulatory, but we have heard that it is going to be pushed back," Altman said on Wednesday. EU lawmakers responsible for drafting the AI law have disputed Altman's claims. EU industry chief Thierry Breton also criticised the threat, saying the draft rules were non-negotiable. Dutch MEP Kim van Sparrentak, who also worked on the EU bill, said she and her colleagues "should not allow themselves to be blackmailed by US companies".

"If OpenAI cannot meet the basic requirements of data management, transparency, security and protection, then their systems are not suitable for the European market," she said.

OpenAI first clashed with regulators in March, when Italian data regulator Garante shut down the app domestically, accusing OpenAI of breaching European privacy rules. ChatGPT returned to the web after the company introduced new privacy protections for users.

Meanwhile, EU lawmakers have made new proposals to the Artificial Intelligence Act, which would oblige companies using generative tools such as ChatGPT to disclose all copyrighted material used to train systems. EU parliamentarians agreed a draft law earlier this month. Member states, the European Commission and Parliament will finalise the final details of the bill.

The departure of OpenAI is seen as an unlikely outcome as the European market is too valuable economically. Experts note that some legislative relieves are still possible, but the overall trajectory has already been set.

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