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Markets

Thursday saw a turbulent performance in the stock market, with the S&P 500 resembling that elusive coworker who dodges meeting invites, declining for the fifth consecutive day. Concerns among investors linger regarding the potential impact of ongoing inflation, possibly delaying anticipated interest rate cuts by the Fed. Tesla experienced a particularly challenging day, hitting a 52-week low following a downgrade from Deutsche Bank.

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Finance

The Bitcoin Halving Is here

Happy "halving" to those who've had the joy of explaining crypto to their grandparents. This quadrennial event, slated for today or tomorrow, is an integral part of bitcoin's original coding, reducing the influx of new coins into circulation by half every four years. Its aim is to combat inflation and enhance the currency's value.

Crafted by the enigmatic Satoshi Nakamoto, bitcoin was designed to cap at 21 million coins, a milestone expected to be reached in approximately a century. As this limit draws nearer, the crypto faucet gradually tightens.

The future remains uncertain. Historically, halvings have coincided with substantial price surges. For instance, the first halving in 2012 witnessed a leap in price from $12.35 to $127 within five months, as reported by Time. However, skeptics argue that the hype surrounding halving surpasses its actual impact.

The crypto market resembles a group chat planning a weekend getaway: initial enthusiasm abounds, but some grow apprehensive upon discovering that half of the "beds" are pullout sofas.

Even experts in bitcoin are uncertain about the volatile asset's trajectory. Despite reaching a record high of over $73,750 in March, fueled by the approval of a spot bitcoin ETF, recent developments like the FTX saga add further complexity.

One demographic poised to feel the pinch is bitcoin miners. These individuals employ computers to solve intricate puzzles and "mine" bitcoin. While currently earning around 6.3 bitcoins per transaction, the halving will slash this to just over 3 bitcoins, a substantial decline equating to roughly $200k. While larger enterprises may weather the storm, smaller operations may struggle to adapt.

Tech

Will Congress Ban TikTok?

House Republicans have linked their proposal to ban or compel the sale of TikTok to an aid package for Ukraine, Israel, and Taiwan, potentially expediting the bill's approval process. The measure mandates that ByteDance, TikTok's Chinese parent company, divest its US operations within nine months or risk a ban. This coupling with emergency assistance for allies, such as humanitarian aid for Gaza, increases the likelihood of bipartisan backing for the proposal. Anticipated to be voted on by the House this weekend, it sets the stage for a critical Senate vote next week.

Politics

Trump’s criminal hush money trial has its jury

After encountering difficulties in selecting impartial individuals, the court has now seated twelve jurors and one alternate. Two previously selected jurors were dismissed yesterday: one due to feeling intimidated following the public disclosure of personal information, and the other after prosecutors raised concerns about the accuracy of his disclosure regarding past arrests. Once five additional alternate jurors are chosen, the stage will be set for opening arguments. The former president is confronting 34 felony charges related to allegedly falsifying business records to conceal an alleged affair with adult film star Stormy Daniels.

Meme of the Day