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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.

By Lyllah Ledesma, Omkar Godbole|Edited by Stephen Alpher

Updated Jul 14, 2023, 12:31 p.m. Published Jul 13, 2023, 12:43 p.m.

SingularityNET (AGIX) 7-day price chart (Messari)

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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. AGIX$0.1298 rose 11% over the past 24-hours, while Fetch.ai (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 USDT$1.0002, BTC$106,730.76 and TON$2.1255.

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.

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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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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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