Total Solar Eclipse 2024 🌗

Good morning. It's Tuesday, Apr. 2, and we're covering, Nigerian Fintech Startup Thepeer Closes Shop After Struggling to Scale, OpenAI Makes ChatGPT Accessible Without An Account But With Caveats, Israel Accused of Killing Iranian Generals in Syria, 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 $2.52 Trillion, a 4.04% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $113.42B, which makes a 48.30% increase.

• The total volume in Defi is currently $9.95B, 8.77% of the total crypto market 24 hours.

• The volume of all stablecoins is now $103.56B, which is 91.30% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.17%, an increase of 0.21% over the day.

Bitcoin Faces Volatility as Prices Fluctuate

Bitcoin has experienced a notable decrease in value, dropping over 5% and slipping below the $67,500 mark. The downturn gained momentum after facing resistance at the $70,000 level. Currently, Bitcoin is trading below $67,500 and has fallen beneath the 100-hour moving average, indicating a potential further decline towards the $64,000 support area. ( Read More )

BUSINESS & FINANCE

Nigerian Fintech Startup Thepeer Closes Shop After Struggling to Scale

Thepeer, a Nigerian API startup that raised $2.1 million in seed funding in June 2022, has announced the closure of its operations due to challenges in scaling its business. In a statement released on Monday, the company cited compliance issues and the slow adoption of wallet-based payments as key factors contributing to its decision to shutter the business.

Why it matters: Despite reporting significant transaction volumes and monthly growth rates in 2022, Thepeer acknowledged its failure to align its product with market demands. Consequently, the founders have decided to place the platform in maintenance mode while exploring options for its future. ( Read Deeper )

Sam Altman Transfers Control of OpenAI Startup Fund, Resolving Corporate Venture Structure

The OpenAI Startup Fund was established in 2021, initially under Altman's control. However, the arrangement posed potential complications for the company, especially considering Altman's brief removal as OpenAI's CEO in November. Altman's reinstatement to the CEO position led to the decision to transfer control of the fund to Hathaway. Ian Hathaway, who joined OpenAI in 2021, has been instrumental in managing the Startup Fund and overseeing investments in various AI-driven startups.

Takeaway: It's worth noting that Altman did not personally invest in the fund, nor did he hold any financial interest in it. Initially backed by $175 million in commitments last year, the OpenAI Startup Fund has now grown to hold $325 million in gross net asset value, as per an SEC filing. The fund focuses on early-stage AI-driven companies in sectors such as healthcare, law, and education. ( Read Deeper )

TECHNOLOGY & SCIENCE

OpenAI Makes ChatGPT Accessible Without An Account But With Caveats

OpenAI has announced that its flagship conversational AI, ChatGPT, will now be accessible to everyone without requiring an account. However, there are some limitations to this new offering, and users should be aware of certain considerations. While this opens up accessibility, users will not have access to certain features available to logged-in users, such as saving or sharing chats or using custom instructions.

Takeaway: Despite the rollout of this new offering, concerns remain about potential misuse and abuse of the platform. OpenAI acknowledges the need to detect and prevent misuse but provides little concrete information on how it plans to address this issue. ( Read Deeper )

Total Solar Eclipse 2024 - What to Expect and How to Watch Safely

Millions of people in North America are anticipating a rare celestial event - a total solar eclipse set to occur on Monday, April 8. During a total solar eclipse, the moon moves between the sun and Earth, completely blocking the sun's face along a narrow path known as the "path of totality." This creates a temporary darkness similar to dusk or dawn, allowing observers to witness the sun's corona, the outer atmosphere typically obscured by solar brightness.

Takeaway: The path of totality for the 2024 eclipse will range from about 108 to 122 miles wide, covering more ground than the 2017 eclipse. The duration of totality varies along the path, with the longest duration expected to be over 4 minutes. The eclipse's path begins over the South Pacific before crossing Mexico, the United States, and Canada. ( Read Deeper )

AROUND DE WORLD & POLITICS

Israel Accused of Killing Iranian Generals in Syria

The Iranian consulate in Syria's capital, Damascus, was rocked by a deadly air strike, resulting in the deaths of several high-ranking Iranian officers, including Brig-Gen Mohammad Reza Zahedi and Brig-Gen Mohammad Hadi Haji-Rahimi, both senior commanders of the elite Quds Force. While the Israeli military has not officially commented on the incident, it has been linked to Israel's ongoing efforts to counter Iranian influence in the region.

Takeaway: Israel has previously acknowledged conducting hundreds of strikes on targets in Syria associated with Iran and allied armed groups. The aftermath of the strike has left the international community on edge, with calls for a serious response to the escalating violence. ( Read Deeper )

Erdogan Vows Reform After Election Setback in Turkey

Following a humbling defeat in Turkey's local elections, President Tayyip Erdogan has pledged to address the shortcomings that led to his party's loss. The elections, held on Sunday, marked a setback for Erdogan and his ruling AK Party, with the opposition making gains. In a speech delivered early Monday, Erdogan acknowledged the setback and promised to rectify any mistakes. However, he did not provide specifics on the changes he intends to implement within his party or in policy.

Why it matters:  The election results show widespread dissatisfaction with Erdogan's economic policies, including an abrupt U-turn on economic strategy last year. While Erdogan has promised relief later this year, voters punished the AKP in key industrial regions where inflation has outpaced wage growth. ( Read Deeper )

ENTERTAINMENT & SPORTS

Beyoncé's "Cowboy Carter" Album Takes a Stand Against AI Music

Beyoncé's latest album, "Cowboy Carter," is not just a musical masterpiece breaking records; it's also a bold statement against the growing influence of artificial intelligence (AI) in music production. Beyoncé expressed her desire to return to the purity of real instruments, highlighting her concerns about the encroachment of AI in the creative process. The rise of AI-generated art has sparked controversy due to its ability to quickly produce tracks and emulate artists' vocals with uncanny accuracy. ( Read Deeper )

Manchester City's Struggles and Guardiola's Transfer Missteps

Manchester City, once the epitome of Premier League dominance under Pep Guardiola, finds themselves in an unfamiliar position this season, with their grip on the league title slipping. Despite their usual possession-based style and dominance, City's performances have faltered, raising questions about Guardiola's transfer decisions and the team's attacking prowess. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• SBF gets 25 years, Trump's meme stock, RFK Jr picks VP, Biden's 2025 budget. ( Listen )

EXTRA BREVITI

• Building the Coinbase of Africa is an ambitious goal, and a two-year-old crypto startup is on its way to achieving it. ( Read More )

• The shares of Donald Trump's social media company experienced a significant drop, falling by more than 20% on Monday. ( Read More )

• Microsoft has announced plans to separate its Teams communication platform from its Office suite of productivity tools globally. ( Read More )