Federal Reserve Chair Jerome Powell's commentary during the May 3, 2023, Federal Open Markets Committee (FOMC) press conference seems to have bolstered Bitcoin’s price with the cryptocurrency moving up over 2% after his comments to now trade at $29,000.

Bitdeer Technologies Group, a prominent cryptocurrency mining technology company, and Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan, have formed a strategic partnership to develop eco-friendly, carbon-free digital asset mining operations in Bhutan.

Popular cryptocurrency Exchange Crypto.com has announced the launch of a new assistant using artificial intelligence. Dubbed “Amy,” the exchange’s AI companion was created to inform users about the industry, including real-time token prices, projects, and historical events.

Top stories in the Crypto Roundup today:

• Bitcoin Rises After Powell’s FOMC Remarks
• Kingdom of Bhutan and Bitdeer Partner to Launch Carbon-Free Crypto Mining Operations
• Crypto.com Launches Pilot Phase of AI Chatbot Amy
• Bitcoin Dominance Continues Despite Boost in AUM for ETH-Based Investment Products

Bitcoin Rises After Powell’s FOMC Remarks

Federal Reserve Chair Jerome Powell's commentary during the May 3, 2023, Federal Open Markets Committee (FOMC) press conference seems to have bolstered Bitcoin’s price with the cryptocurrency moving up over 2% after his comments to now trade at $29,000.

The conference provided a platform for Powell to address various topics, including recent developments within the United States banking sector, the Federal Reserve's dual mandate, and the current state of the U.S. economy.

Powell underscored the Federal Reserve's devotion to fostering maximum employment and maintaining stable prices while expressing concern over the difficulties high inflation presents.

The Chair of the Federal Reserve assured the public of the Fed's commitment to restoring inflation to the 2% goal, emphasizing the significance of price stability for both the economy and the labor market.

The FOMC elected to raise its policy interest rate by a quarter percentage point, resulting in a total increase of five percentage points since early 2022. The Fed plans to keep reducing its securities holdings while adopting a data-driven approach to guide future policy.

Powell concluded his comments by reiterating the Fed's commitment to achieving its goals and adapting to incoming data and economic developments, at a time in which the US economy experienced a slowdown with rising inflation and a tight labor market.

Kingdom of Bhutan and Bitdeer Partner to Launch Carbon-Free Crypto Mining Operations

Bitdeer Technologies Group, a prominent cryptocurrency mining technology company, and Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan, have formed a strategic partnership to develop eco-friendly, carbon-free digital asset mining operations in Bhutan.

The two companies plan to establish a closed-end fund, estimated at up to $500 million, to raise capital for greenfield operations in Bhutan, with fundraising set to commence at the end of May.

The funds will be allocated to constructing data centers, acquiring cutting-edge technology, and investing in strategic areas such as renewable energy assets, green ammonia, hydrogen fuel economy, and emerging technologies like blockchain, artificial intelligence, and machine learning systems.

The carbon-free digital asset mining operations are a significant expansion for Bitdeer in Asia, supplementing the company's existing data centers in Northern Europe and North America, and align with the kingdom of Bhutan’s ambitious plans to expedite its digital transformation.

Crypto.com Launches Pilot Phase of AI Chatbot Amy

Popular cryptocurrency exchange Crypto.com has announced the launch of a new assistant using artificial intelligence. Dubbed “Amy,” the exchange’s AI companion was created to inform users about the industry, including real-time token prices, projects, and historical events.

According to the exchange, Amy uses OpenAI’s ChatGPT as its base, and is currently in a pilot phase to “gather learnings” before expanding further.

Abhi Bisarya, Executive Vice President of Product at Crypto.com, expressed optimism about the integration of AI in the crypto industry, stating that it holds "incredible potential and opportunity" for their platform and the sector at large.

The move sees Crypto.com join other cryptocurrency exchanges and wallets that have been integrating AI into their platforms. OKX has, for example, recently launched an AI algorithm to capture crypto market volatility, while Binance has launched a ChatGPT-based assistant for general crypto knowledge.

Bitcoin Dominance Continues Despite Boost in AUM for ETH-Based Investment Products

Even though Ethereum-based products have seen significant growth in assets under management (AUM) after the Shapella Upgrade, they still lag behind the AUM of digital assets predominantly controlled by BTC-based products.

BTC-based products have expanded their market share from 69.9% in January 2023 to 72.0% in April. Meanwhile, ETH-based products have maintained relative stability, experiencing only a minor decline from 24.8% to 23.4%.

Find out more via CCData’s latest Digital Asset Management Review report.

State of the Crypto by Top Tier Exchange Volume

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