First Mover Americas: Crypto AI Tokens Rally After Musk Unveils New Company

The latest price moves in crypto markets in context for July 13, 2023.

AccessTimeIconJul 13, 2023 at 12:43 p.m. UTC
Updated Jul 14, 2023 at 12:31 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Artificial intelligence (AI) related crypto tokens posted gains after Tesla and SpaceX CEO Elon Musk on Wednesday unveiled a new AI company called xAI as an alternative to popular chatbot ChatGPT. SingularityNET (AGIX) rose 11% over the past 24-hours, while (FET) climbed about 7% over the same time period. The team will be led by Musk and includes members that have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto, according to the company website. The newly formed company will be a separate entity from Musk's X Corp., but xAI said it will work closely with his other companies. xAI will host Twitter Spaces chat on Friday, July 14th.

Merchants on messaging app Telegram are now able to accept payments in cryptocurrency as services provider Wallet expands beyond its chat-centric payments mechanism. Wallet, which is built on The Open Network (TON) blockchain, already allows crypto transfers between users in chats. Now it's letting merchants integrate cryptocurrency into the bots they use to accept payments, it said in an emailed announcement on Thursday. The system allows for payment for goods and services using tether (USDT), bitcoin (BTC) and toncoin (TON).

A group of Polygon founders and researchers proposed a token upgrade that would replace the network's MATIC token with POL. The move would allow POL to function as a single token for all Polygon-based networks, including the main Polygon blockchain, the Polygon zkEVM network, and various supernets – application-specific blockchains that run atop the main Polygon network. The proposal lifted MATIC as much as 2.6% to $0.747 in the first three minutes after the announcement. If the proposal is accepted, network validators will be able to support the operation of multiple chains using a single token.

Chart of the Day

  • The litecoin-bitcoin ratio looks to be recovering from its recent drubbing as focus shifts to Litecoin's mining reward halving due on Aug. 2.
  • The programmed code will reduce the per-block LTC emission from 12.5 to 6.25.

- Omkar Godbole

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Edited by Stephen Alpher.


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.