BTC Tumbles Below $63K; BVM Brings AI to the Bitcoin Network

The price of Bitcoin pulls back and A I makes its way to the Bitcoin network. You're watching Coindesk Daily, I'm your host, Jen Sani Bitcoin drops under $63,000 leading to a market wide correction that saw the overall capitalization drop 8% in the past 24 hours. The losses came after a day of large outflows from the gray scale Bitcoin ETF and lower than usual inflows on other ETF products. On Monday on chain analysis firm Crypto quant said on X Bitcoin short term holders or users that hold tokens for less than five months took profits in the past week which may have contributed to the selling pressure. Bitcoin virtual machine or BV MA Bitcoin layer two project will soon let users create A I models on the Bitcoin network. The platform called Truly Open A I will allow users to deploy A I models for use in crypto apps, lead developer punk 30 700. So we figured out a way to put A I on chain adding it's the same but with a much bigger impact than putting J PGS on chain like ordinals. The developer said that file coin near avail of polygon and CIS coin will provide the storage layers for the A I models. And the Nigerian Court has ordered Binance to provide comprehensive information on all persons from the nation trading on the platform to the country's Economic and Financial Crimes Commission. That's according to a local news outlet. The interim order comes after an earlier report that Nigeria asked the exchange to hand over information regarding its top 100 users in the country. Nigeria has taken action against the crypto industry for allegedly facilitating illegal capital outflows which purportedly led to the Nigerian naira weakening to record lows against the dollar two Binance executives were also recently detained in the country. That's it for Coindesk Daily. Get more updates on coindesk.com and we'll see you next time.