Spot Bitcoin (BTC) exchange-traded fund (ETF) flows are expected to remain strong until Bitcoin's halving, according to analysts.
Bitcoin halving means that the reward for mining Bitcoin will be halved. Halvings reduce the rate of new coin creation, which reduces the amount of new coins available. Bitcoin was last halved on May 11, 2020, resulting in a block reward of 6.25 BTC. At the next halving, expected around April 20th, the block reward will be lowered to 3.125 BTC.
On-chain analytics firm Santiment said Bitcoin ETF volume has not slowed since its all-time high in mid-March.
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“While it is a foregone conclusion that high activity will continue leading up to the April halving, it will be interesting to see whether a decline in ETF volume and on-chain volume occurs immediately thereafter.”
Shares of Elon Musk's electric vehicle maker rose about 4% in premarket trading as the company cut prices to clear its largest inventory ever.
Tesla is cutting the price of its rear-wheel drive Model Y by $4,600 (£3,643). According to Bloomberg, the Model Y Long Range and Model Y Performance will receive a $5,000 price cut.
Tesla is proposing the deal after it produced 46,561 more vehicles than it delivered in the first quarter and added more vehicles to its inventory than ever before.
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Last quarter, Tesla posted its first annual revenue decline since the pandemic, but the drop was much larger than expected. The company blamed the slowdown on the Chinese economy, an arson attack at a factory in Germany, and supply constraints due to the escalating conflict in the Middle East.
The stock has fallen 31% this year, making it the second-worst performer in the S&P 500 Index (^GSPC).
Microsoft (MSFT)
Microsoft is establishing an Artificial Intelligence Institute in London in its latest effort to strengthen the city as an AI hub.
The company said Microsoft AI London will help advance its work in pre-developing “state-of-the-art language models” and creating “world-class tools for foundational models.”
The new AI hub, based in the company's Paddington office, will work on consumer AI projects and will be led by Jordan Hoffman, a former scientist at Google's (GOOG) DeepMind Institute.
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Companies such as OpenAI and Anthropic have also opened offices in London in recent months amid the race for AI talent.
Microsoft said it would “aggressively hire” employees to work on “the most challenging AI problems of our time” in the coming weeks and months, but it was unclear how many jobs it would create. I didn't.
Boeing (BA)
Boeing shares fell in pre-market trading as the company was once again in the spotlight over safety concerns after an engine cover fell off during takeoff in Denver.
U.S. aviation regulators launched an investigation after a part came loose and struck a wing flap. Flight 3695, carrying 135 passengers and six crew members, climbed to approximately 10,300 feet (3,140 meters) and safely returned to Denver 25 minutes later.
Southwest Airlines (LUV) announced that its maintenance team will examine the Boeing 737-800 after the cowling covering its engine fell off. The airline acknowledged that it is responsible for maintaining such parts.
“We apologize for any inconvenience this delay may cause, but the ultimate safety of our customers and employees is our top priority,” the statement said.
Boeing is overhauling its leadership amid the most serious safety crisis in years, announcing major changes including CEO Dave Calhoun stepping down at the end of the year.
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