FameEX Morning Crypto News Recap | May 17, 2024

JPMorgan Chase Predicts Bitcoin Mining Costs Will Fall to $45,000

JPMorgan Chase reported on Thursday that the estimated cost of Bitcoin mining has decreased to $45,000, as inefficient miners exit the market. The firm had anticipated a significant reduction in computing power post-halving due to unprofitable miners leaving the network. This exit is occurring, albeit with some delays, according to their latest research findings.

U.S. Senate Set to Vote on Reversing SEC's Crypto Accounting Regulations

The U.S. Senate is set to vote on overturning the SEC's controversial crypto asset accounting regulations outlined in Staff Accounting Bulletin 121 (SAB 121), which mandates companies to list crypto assets on their balance sheets. Critics argue that this regulation is overly stringent and discourages major custodians and companies from holding crypto assets for their clients.

Microsoft Executives Claim the Company is Just Beginning to Explore the Potential of Crypto and AI

Microsoft is closely monitoring the crypto industry, focusing on the potential interplay between blockchain technology and artificial intelligence. Yorke Rhodes, Microsoft’s director of digital transformation, blockchain, and cloud supply chain, noted that advancements in encryption and AI could lead to the creation of agents that harness both technologies. He emphasized that the exploration of cryptocurrency and AI is just beginning.

U.S. Jobless Claims Decline, Indicating a Strong Labor Market

Last week, initial unemployment claims in the United States dropped to 222,000, down from the previous week, reflecting strong momentum in the job market. Despite this positive trend, the labor market is gradually adjusting as the Federal Reserve has increased interest rates by 525 basis points since March 2022, indicating ongoing rebalancing within the U.S. economy.

Philippine Central Bank Governor Suggests Possible Rate Cuts Ahead of the Fed

The governor of the Philippine Central Bank stated that the Philippines might reduce interest rates before the Federal Reserve does. He mentioned that if a rate cut occurs in August, it will be minor. Additionally, he anticipates one or two rate cuts might happen within the year.

Elon Musk's AI Initiative Grok to Deliver News with a Humorous Twist

Elon Musk announced on May 16 via Twitter that his AI project, Grok, will report news with humor, emulating the style of past shows like "The Daily Show" and "The Colbert Report." These programs were renowned for their distinctive humorous takes on news events and enjoyed widespread popularity among viewers.

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