TikTok Faces Free Speech Concerns😶 Tesla Slashes Prices Globally 🤑

Good morning. It's Monday, Apr 22, and we're covering, Bitcoin Miners Adapt to Post-Halving Reality, Embrace AI for Diversification, TikTok Faces Free Speech Concerns Amidst U.S. Ban Bill Debate, US House Passes $95 Billion Foreign Aid Package, Ukraine and Israel Express Gratitude, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.44 Trillion, a 1.61% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $62.98B, which makes a 2.63% decrease.

• The total volume in Defi is currently $5.12B, 8.13% of the total crypto market 24-hours.

• The volume of all stablecoins is now $58.02B, which is 92.12% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.53%, a decrease of 0.10% over the day.

Bitcoin's price has surged past the $66,000 mark after a battle between bulls and bears, signaling potential for a bullish continuation. Despite initial expectations of a sideways trend following the halving event, a weekend breakout has reignited hopes for further upward momentum. ( Read Deeper )

BUSINESS & FINANCE

Bitcoin Miners Adapt to Post-Halving Reality, Embrace AI for Diversification

The recent Bitcoin halving event, which occurred late Friday night, has prompted miners to reassess their strategies as they anticipate slashed revenues. With the issuance of new Bitcoin cut in half, miners are bracing for the impact on their bottom line, prompting them to explore innovative solutions to maintain profitability. Adam Sullivan, CEO of Core Scientific, reflects on the challenges posed by the halving, noting the historical correlation between the event and significant price rallies for Bitcoin.

Why it matters: Miners are facing increased competition and rising operational costs, necessitating a strategic approach to navigate the post-halving. Miners have spent years diversifying their business models and upgrading their facilities to mitigate the effects of revenue cuts. Companies like Bitdeer Technologies Group have invested in new data centers and focused on research and development to increase operational efficiency. ( Read Deeper )

Tesla Slashes Prices Globally Amidst Declining Sales and Intensifying Competition

Tesla, has announced price cuts in several key markets worldwide, including China, Germany, and the United States. This move comes in the wake of falling sales and increasing competition in the EV market, particularly from Chinese manufacturers. Tesla's aggressive price reductions have sparked an EV price war, with the company prioritizing market share over profit margins. The price adjustments extend beyond China and Germany, with reductions observed in various countries across Europe, the Middle East, and Africa. In the United States, Tesla trimmed prices of the Model Y, Model X, and Model S vehicles by $2,000, while also reducing the price of its Full Self-Driving driver assistant software from $12,000 to $8,000.

Takeaway: The decision to reduce prices follows Tesla's recent report of a decline in global vehicle deliveries for the first quarter, marking the first such decrease in nearly four years. In response, Tesla CEO Elon Musk emphasized the necessity of adjusting prices frequently to align with demand and production dynamics. ( Read Deeper )  

TECHNOLOGY & SCIENCE

TikTok Faces Free Speech Concerns Amidst U.S. Ban Bill Debate

In a heated debate over national security and free speech rights, TikTok finds itself at the center of controversy as the U.S. House of Representatives passes a bill that could lead to the app's ban within a year if its Chinese owner, ByteDance, fails to divest its stake. The legislation, passed by a margin of 360 to 58, now awaits consideration in the Senate, sparking concerns from both lawmakers and privacy advocates. At the heart of the issue lies the tension between safeguarding national security and upholding free speech principles. TikTok, with its 170 million American users, asserts that the bill poses a threat to the fundamental right to free expression.

Why it matters: Lawmakers, however, cite national security risks stemming from TikTok's ties to China as the primary motivation behind the proposed ban. Concerns have been raised about the potential for Chinese government influence and data exploitation, fueling bipartisan support for the bill's passage. ( Read Deeper )

Commerce Secretary Raises Alarm on China's Microchip Threat

In an interview with CBS' "60 Minutes" airing Sunday, Commerce Secretary Gina Raimondo stated the urgent need to prevent China and Russia from acquiring advanced microchips designed in the U.S. due to national security concerns. The Commerce Secretary disclosed that the department had implemented measures to halt the sale of semiconductor chips to Russia in response to its invasion of Ukraine. Highlighting the ubiquity of semiconductor chips in military hardware like drones, missiles, and tanks, Raimondo emphasized the strategic importance of controlling their distribution.

Takeaway: Concerns arise regarding the potential consequences of such measures, particularly in relation to China. Chinese officials have cautioned against a ban prohibiting any company worldwide from selling products containing U.S.-designed chips to Russia, warning of a potential trade war escalation. Raimondo acknowledged the trade with China but asserted that certain technologies with implications for national security must be exempt from trade relations. ( Read Deeper )

AROUND DE WORLD & POLITICS

US House Passes $95 Billion Foreign Aid Package, Ukraine and Israel Express Gratitude

The US House of Representatives has approved a $95 billion foreign aid package, encompassing assistance for Ukraine, Israel, and the Indo-Pacific region. Ukrainian President Volodymyr Zelensky and Israeli Prime Minister Benjamin Netanyahu conveyed their appreciation for the aid package. Zelensky expressed heartfelt gratitude to America, emphasizing the crucial role of US support in maintaining peace and security. Netanyahu echoed similar sentiments, lauding the bipartisan support for Israel and its defense. Despite the expressions of gratitude from Ukraine and Israel, Palestinian Authority President Mahmoud Abbas condemned the aid package for Israel, denouncing it as a dangerous escalation of aggression.

Takeaway: The aid package includes nearly $61 billion to bolster Ukraine and other regional actors in their efforts against Russian aggression. Additionally, Israel is slated to receive $26.4 billion in funding, while $8.1 billion is allocated to counter China's actions in the Indo-Pacific region. ( Read Deeper )

Netanyahu Vows to Reject Potential US Sanctions on Israeli Military Unit

Israeli Prime Minister Benjamin Netanyahu has pledged to oppose any proposed sanctions on Israel's military, particularly targeting the Netzah Yehuda battalion, amid allegations of human rights violations in the occupied West Bank. This development comes as the United States weighs potential aid cuts to units implicated in such abuses under the Leahy Law. The Leahy Law, enacted in 1997, prohibits US funding or training for foreign military units credibly implicated in gross human rights violations. Netanyahu, in response to these reports, vehemently rejected any sanctions on the Israeli military unit, stating, "I will fight it with all my strength."

Why it matters: The longstanding tensions between the US and Israel over human rights concerns and military aid. The Biden administration has faced pressure to hold Israel accountable for alleged abuses, especially amid international scrutiny of its actions in the occupied territories. ( Read Deeper )

ENTERTAINMENT & SPORTS

Manchester United's Dramatic Journey to FA Cup Final Against City

In a heart-stopping semifinal clash on Sunday, Manchester United narrowly escaped humiliation after blowing a three-goal lead against second-tier Coventry City. Saved by a VAR decision in stoppage time of extra time, United eventually prevailed in a penalty shootout, securing their place in the FA Cup final against local rivals Manchester City on May 25 at Wembley Stadium. The match saw United squander a commanding lead, only to be rescued by a contentious offside call that kept the score at 3-3. ( Read Deeper )

Spice Girls Reunite to Perform 'Stop' Dance at Victoria Beckham's 50th Birthday Party

The Spice Girls brought back the '90s nostalgia as they reunited to perform their hit song "Stop" at Victoria Beckham's 50th birthday party. The former bandmates Geri Halliwell-Turner, Emma Bunton, Melanie "Mel C" Chisholm, and Melanie “Mel B” Brown, joined Victoria Beckham herself for an impromptu dance routine to their 1997 single. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Why AirBnB is Failing & How to Avoid the Same Downfall ( Listen )

EXTRA BREVITI

• As the AI hype cycle reaches its zenith, vector databases are emerging as a crucial technology, offering efficient storage and retrieval solutions for high-dimensional data. ( Read More )

• Salesforce has decided to abandon its pursuit of acquiring Informatica, a leader in cloud data management and integration software. ( Read More )