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Gate.io Blog Daily News | SEI Saw A Price Difference Across Multiple Platforms, AI Tokens May Face SEC Scrutiny, BASE Appeared Over 500 Fraudulent Tokens in the Past Month

Daily News | SEI Saw A Price Difference Across Multiple Platforms, AI Tokens May Face SEC Scrutiny, BASE Appeared Over 500 Fraudulent Tokens in the Past Month

17 August 11:39

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![](https://gimg2.gateimg.com/image/article/16922508050817.jpg)
## Crypto Daily Digest: SEI Appears Multiple Platform Price Differences, AI Tokens May Face SEC Scrutiny
Recently, the trending project SEI has become a hot topic in the market.

On August 16, according to Coingecko data, SEI's total online trading volume in the past 24 hours reached $1.303 billion, ranking fourth after <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, and <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> (excluding Stablecoins).

In addition, the SEI on Coinbase is currently trading at $0.87, a premium of over 300% compared to other trading platforms. As of the press release, the SEI transaction volume on Coinbase was $34.51 million.

Presently, there is still a price difference in multi-platform SEI, please keep an eye on market fluctuations.

On August 16, SEC Chairman Gary Gensler stated that he had begun to pay attention to artificial intelligence.

Gensler has published a series of tweets, stating that artificial intelligence is "the most revolutionary technology of this era." But he also stated that 'malicious actors' may use it to influence the capital market. The SEC's attitude towards technology is neutral, focusing more on results than the tools. However, securities laws may be affected, depending on how AI technology is used. Within our current authority, the SEC will focus on preventing micro and macro challenges from artificial intelligence.

After launching ChatGPT in November 2022, many crypto companies took advantage of people's interest in artificial intelligence tools, and blockchain technology and artificial intelligence have merged to form a subset called artificial intelligence (AI) cryptocurrency. The top six AI tokens by market cap are <a href="/price/the-graph-grt" target="_blank" class="blog_inner_link">The Graph</a>, Render, Objective, <a href="/price/oasis-network-rose" target="_blank" class="blog_inner_link">Oasis Network</a>, SingularityNET, and <a href="/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a>. Gensler's statement implies that AI tokens may risk double censorship.

Yesterday, the Chicago Mercantile Exchange Group (CME Group) and cryptocurrency benchmark index provider CF Benchmarks announced that they will launch two Bitcoin and Ethereum reference rates for the Asia Pacific region on September 11, namely CME CF Bitcoin Reference Rate APAC (BRRAP) and CME CF Ether Polar Reference Rate APAC (ETHUSD_AP).

These two exchange rates will provide a daily reference exchange rate for the US dollar prices of these two digital assets, published at 4 pm Hong Kong/Singapore time.

The Base chain has become a breeding ground for fraud. Solidus Labs, a blockchain risk monitoring company, stated that from mid-July to August, developers deployed over 500 fraudulent tokens on the Layer 2 blockchain BASE of Coinbase, such as BASEPPE (BPEPE) and Baby Yoda (Yoda). There are approximately 300 tokens that allow their creators to mint coins indefinitely, and another 60 tokens prevent buyers from reselling on exchanges. These fraudulent tokens generated approximately $3.7 million in trading volume on Base based decentralized exchanges, with fraudsters benefiting approximately $2 million.

Solidus also stated that in addition to hundreds of scam coins, other "fraudulent hype and trading" cryptocurrencies have also entered the Base. The creator of the Meme token Bald heavily promoted it on Twitter and raised its price on LeetSwap, earning over $5.2 million in revenue. Solidus reminded, “The hype surrounding the Base network is no exception, so please be cautious with the tokens on that network.”

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1692250848BTC.png)
The overall bearish signals are evident. Conservative short positions should be established at the support of $28,535 and held until the target of $26,636. There might be significant negative news in the market recently, and if the price doesn't recover above the $29.5K level this month, the bullish trend for the year might end.

### ETH
![](https://gimg2.gateimg.com/image/article/1692250880ETH.png)
Yesterday, the conservative short strategy suggested entering short positions if the price falls below $1,815. The target remains at the lower level of $1,755. Short-term gains can be captured using Fibonacci retracement levels from the lower positions, and profits should be taken if there's a rebound at the upper resistance level. The expectation is for the price to gradually decline and test support levels.

### SEI
![](https://gimg2.gateimg.com/image/article/1692250900SEI.png)
Yesterday's strategy was positioned just below the resistance at $0.1970. Subsequently, upward movement began, reaching the target levels of $0.2222 and $0.2630. For the short term, it's advised to watch and wait. Support levels are at $0.1979, $0.1818, and $0.1668, with attention on whether a bottom will be broken.
 
## Macro: The minutes of the Federal Reserve meeting tend to be hawkish, and the market falls in response
At 6:00 pm (UTC), the Federal Reserve released the minutes of its July meeting. As the name suggests, the minutes are a record of the July meeting (containing important information discussed during the meeting), usually released three weeks after the meeting. The market reaction triggered by the release of the minutes of this meeting was even more intense than when the Federal Reserve announced its interest rate resolution in July.

After the release of the minutes of the meeting, the key 200-day moving average of the US dollar index stood. The offshore RMB once fell below 7.34, the gold price fell below $1,900, and the Bitcoin intraday fell below $29,000. The yield of two-year US Treasury bonds rose to 5.00%, and the yield of 10-year US treasury bonds closed at 4.258%, the highest closing level since June 2008. At the same time, the three major US stock indices fell again across the board, with the Dow Jones Index falling 0.5%, the S&P 500 Index falling 0.8%, and the Nasdaq Index falling 1.1%.

This is a hawkish meeting minutes (the most hawkish since January this year), and the market's expectations for the Federal Reserve's interest rate cut next year have further declined. Let's look at what these meeting minutes mainly say to <a href="/price/render-rndr" target="_blank" class="blog_inner_link">Render</a> the market so afraid.

1.Most Federal Reserve officials believe that inflation faces a "significant" upward risk, which may prompt them to raise interest rates again this year ("inflation risk" has become a keyword in the meeting minutes). These risks include stronger economic growth and a reversal of recent supply chain improvements or commodity price declines, which have helped mainly to slow inflation.
 
2.Researchers within the Federal Reserve have withdrawn their predictions of an economic recession, predicting a slight increase in unemployment (which means the Federal Reserve still has the conditions to raise interest rates).

3.Officials believe that the policy lag brings high uncertainty (it is unclear to what extent the current cumulative interest rate hikes will reduce future inflation).

4.The meeting minutes show that internal divisions within the Federal Reserve have intensified, exacerbating uncertainty about the policy outlook (which typically triggers market volatility). Although the decision to raise interest rates by 25 basis points in July was unanimously approved by 11 voting members, two of the seven non-voting members this year supported maintaining interest rates unchanged, and the solid consensus within the Federal Reserve began to unravel. It should be evident from recent speeches by Federal Reserve officials that one official had just stated his support for further interest rate hikes. Still, before the words could be heard, another official supported no further interest rate hikes.

The global market has entered a pattern of everything falling, with A-shares falling during the day and US stocks continuing to fall at night. The US led the crypto market to continue falling as if entering a downward spiral. The main uncertainty in the current market still comes from the Federal Reserve's views on inflation and expectations for future interest rate cuts. These uncertainties will lead to the market's early digestion, which is why the current market trend has emerged.

Nick Timiraos, a Wall Street Journal journalist known as the 'Federal Reserve mouthpiece,' wrote that most Fed officials support raising interest rates last month. Still, some believe that the risk of excessive rate hikes is on the rise, highlighting the growing caution of officials towards further rate hikes.

According to CME's "Federal Reserve Observation" data, the market expects a probability of 87.5% for the Federal Reserve to maintain interest rates unchanged at 5.25% -5.50% in September, and a probability of 12.5% for a 25 basis point rate hike to the 5.50% -5.75% range.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT -1.96%

ETH/USDT -1.43%

GT/USDT -1.36%

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