Can China’s ChatGPT clones give it an edge over the U.S. in an A.I. arms race?

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="460" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-820x460.jpeg" alt="" class="wp-image-424257" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-820x460.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-300x168.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-768x431.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-1536x861.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



The European Central Bank must “carry on and act consistently” with interest rate hikes as it continues its efforts to tackle high inflation, policymaker Olli Rehn said Friday.



Rehn, who is a member of the ECB’s Governing Council and governor of the Bank of Finland, said that the central bank’s next rate decision will be “data dependent,” particularly as it pertains to stubbornly high core inflation.



Euro zone core inflation — which excludes volatile energy, food, alcohol and tobacco prices — reached an all-time record of 5.7% in March, up from 5.6% in February. Headline inflation, meanwhile, fell significantly to an annual rate of 6.9% last month.



“Inflation is still by far too high, and especially I’m concerned about core inflation, underlying inflation,” Rehn told CNBC’s Joumanna Bercetche at the International Monetary Fund’s spring meeting in Washington, D.C.



The ECB has raised interest rates by 50 basis points at its last six consecutive policy meetings. However, Rehn said the moves have yet to have a significant impact.



“In my view, it is important that we carry on, and act consistently, but we have to calibrate our decision on the basis of an approach based on data dependency,” he added.



“We have been reaching restrictive territory and it’s important that we don’t relax prematurely.”



Asked whether Europe was poised for a period in which interest rates were held higher for longer, Rehn replied, “I would concur with that.”



He added, “Once we reach the peak policy rate, perhaps over the summer … then we have to keep the peak policy rate at a stable level for a sufficient period of time to see that core inflation is genuinely in a sustained decline.”



Rehn’s comments come as a number of ECB policymakers indicated this week that they may be reconsidering the path of interest rate hikes in the wake of last month’s banking turmoil.



The ECB hiked rates by 50 basis points in mid-March at the height of the banking stress, despite some calls for the central bank to pause.



Yet, several ECB Governing Council members this week noted the risk of a knock-on economic impact of continued hikes.



“Quite definitely what we experienced with the bank crisis in the U.S. and with Switzerland, this led to changes in outlook and if the outlook changes, we have to change our views,” said Austrian National Bank Governor Robert Holzmann.



Earlier Friday, Boris Vujčić, governor of the Croatian National Bank, reiterated that the bank’s upcoming decision would be “data dependent.” However, he suggested that a 25 basis point hike could be in the cards at forthcoming meetings.



“It will be, as we say, data-dependent as to what we decide to do in May, whether we stick with the 50 basis points or we move down to the 25 basis points,” Vujčić said.



— CNBC’s Elliot Smith contributed to this report.

107217230-1680111851945-gettyimages-1248376685-AFP_33BF9YC

ECB must ‘carry on and act consistently’ with interest rate hikes, policymaker says

What happened to Virgin Orbit?

Why OSHA Is Cracking Down On Amazon For Warehouse Injuries

How Work Is Changing | CNBC Marathon

Why China’s Billionaires Keep Disappearing

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348-820x461.jpeg" alt="" class="wp-image-424201" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107213501-1679511870376-gettyimages-1249066464-AFP_33BV348.jpeg 1600w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



WASHINGTON – Fallout from the U.S. banking crisis is likely to tilt the economy into recession later this year, according to Federal Reserve documents released Wednesday.



Minutes from the March meeting of the Federal Open Market Committee included a presentation from staff members on potential repercussions from the failure of Silicon Valley Bank and other tumult in the financial sector that began in early March.



Though Vice Chair for Supervision Michael Barr said the banking sector “is sound and resilient,” staff economists said the economy will take a hit.



“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” the meeting summary said.



Projections following the meeting indicated that Fed officials expect gross domestic product growth of just 0.4% for all of 2023. With the Atlanta Fed tracking a first-quarter gain around 2.2%, that would indicate a pullback later in the year.



That crisis had caused some speculation that the Fed might hold the line on rates, but officials stressed that more needed to be done to tame inflation.



FOMC officials ultimately voted to increase the benchmark borrowing rate by 0.25 percentage point, the ninth increase over the past year. That brought the fed funds rate to a target range of 4.75%-5%, its highest level since late 2007.



The rate hike came less than two weeks after Silicon Valley Bank, at the time the 17th largest institution in the U.S., collapsed following a run on deposits. The failure of SVB and two others spurred the Fed to create emergency lending facilities to make sure banks could continue operations.



Since the meeting, inflation data has been mostly cooperative with the Fed’s goals. Officials said at the meeting that they see prices falling further.



“Reflecting the effects of less projected tightness in product and labor markets, core inflation was forecast to slow sharply next year,” the minutes said.



But concern over broader economic conditions remained high, particularly in light of the banking problems. Following the collapse of SVB and the other institutions, Fed officials opened a new borrowing facility for banks and eased conditions for emergency loans at the discount window.



The minutes noted that the programs helped get the industry through its troubles, but officials said they expect lending to tighten and credit conditions to deteriorate. “Even with the actions, participants recognized that there was significant uncertainty as to how those conditions would evolve,” the minutes said.



<h2 class="wp-block-heading" id="h-half-point-hike-if-not-for-crisis"><a></a>Half-point hike if not for crisis?</h2>



Several policymakers questioned whether to hold rates steady as they watched to see how the crisis unfolded. However, they relented and agreed to vote for another rate hike “because of elevated inflation, the strength of the recent economic data, and their commitment to bring inflation down to the Committee’s 2 percent longer-run goal.”



In fact, the minutes noted that some members were leaning toward a half-point rate rise prior to the banking problems. Officials said inflation is “much too high” though they stressed that incoming data and the impact of the hikes will have to be considered when formulating policy ahead. “Several participants emphasized the need to retain flexibility and optionality in determining the appropriate stance of monetary policy given the highly uncertain economic outlook,” the minutes said. Inflation data has been generally cooperative with the Fed’s aims. The personal consumption expenditures price index, which is the inflation gauge policymakers watch the most, increased just 0.3% in February and was up 4.6% on an annual basis. The monthly gain was less than expected. Earlier Wednesday, the consumer price index showed a rise of just 0.1% in March and decelerated to a 5% annual pace, the latter figure down a full percentage point from February. However, that headline CPI reading was held back mostly by tame food and energy prices, and a boost in shelter costs drove core inflation higher by 0.4% for the month and 5.6% from a year ago, slightly above where it was in February. The Fed expects housing inflation to slow through the year. There was some bad news on the inflation front: A monthly survey from the New York Fed showed that inflation expectations over the next year increased half a percentage point to 4.75% in March.



Markets as of Wednesday afternoon were assigning about a 72% chance of one more quarter percentage point rate hike in May before a policy pivot where the Fed cuts before the end of the year, according to CME Group data. Though the FOMC approved an increase in March, it did alter language in the post-meeting statement. Where previous statements referred to the need for “ongoing increases,” the committee changed the phrasing to indicate that more hikes “may be appropriate.”

107213501-1679511870376-gettyimages-1249066464-AFP_33BV348

Fed expects banking crisis to cause a recession this year, minutes show

Iran prepares to reopen its embassy in Riyadh after 7 years

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-820x547.jpeg" alt="" class="wp-image-424188" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-768x513.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The bitcoin halving is an event that happens roughly every four years where rewards to miners are cut in halve, effectively limiting supply of the token. S3studio | Getty Images</figcaption></figure>



Bitcoin is nearly a year away from a key technical event — which might be the catalyst for a prolonged climb in the cryptocurrency’s value.



In April or May 2024, bitcoin is expected to undergo its next so-called “halving,” though the exact date is not yet known.



Bitcoin has been rising in the past few weeks in anticipation of the halving, as a potential U.S. Federal Reserve interest rate cut contends with the prospect of sluggish growth and tightening credit conditions resulting from woes in the banking sector.



One bitcoin was worth roughly $30,000 as of Wednesday morning, according to data from CoinGecko. The world’s largest cryptocurrency is up by more than 80% since the start of the year.



Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, said that the bitcoin jump above $30,000 at a time of bank failures and economic uncertainty suggests the cyclical “bottom” for bitcoin is forming.



“This tends to happen a year or so prior to the Bitcoin’s halving event, which is slated next for around April 2024,” Ayyar told CNBC via email.



<h2 class="wp-block-heading" id="h-what-is-the-bitcoin-halving"><a></a>What is the bitcoin halving?</h2>



Bitcoin halvings take place roughly every four years, or every time another 210,000 “blocks” are added to the blockchain. The event cuts the rewards to bitcoin miners — volunteers running specialized equipment to validate transactions on the network and mint new tokens — by 50%. The aim is to reduce the number of new bitcoin unit released into the market.



Currently, bitcoin miners receive 6.25 bitcoin for each block they successfully mine. This means their computer had the right amount of computing power needed to solve the cryptographic puzzles that secure the bitcoin network and prevent it from being compromised by malicious actors.



Once the next bitcoin halving occurs, this reward will be reduced to 3.125 bitcoin.



Backers of the cryptocurrency say this can help push up the price by enhancing bitcoin scarcity.



The maximum number of bitcoins that will ever exist in circulation is capped at 21 million. This is ensured by the halving mechanism, whereby rewards for mining bitcoin will eventually be slashed to $0.



Before the last halving, which took place on May 11, 2020, the price of bitcoin increased by 19% in the preceding 12 months, from $7,191.36 to $8,568.88, according to figures from CCData.



During the halving before that — which occurred on Jul. 9, 2016 — bitcoin rallied 142% compared with the 12 months prior, moving from $269.14 to $651.83.



The first ever halving of Nov. 28, 2012 saw the price of bitcoin balloon by 384% to $12.35 from $2.55, CCData’s figures show.



“Analysing historical Bitcoin halving patterns, it appears that investors often accumulate Bitcoin in the run-up to the halving event, although the exact timing and extent of returns post-halving can differ,” Jamie Sly, analyst at CryptoCompare, told CNBC.



“The accumulation period from the market bottom after the breakout to the halving date has historically spanned at least 500 days.”



Sly added: “This would mean, if we were to assume that the market bottom for this cycle was in November last year (when Bitcoin hit a yearly low of $15,760), then we are only 142 days into the current cycle. This would correlate with the next expected Bitcoin halving date, which is another 378 days ahead.”



<h2 class="wp-block-heading"><a></a>Bitcoin’s post-halving gains</h2>



The bitcoin price tends to spike even higher, in the months that follow halving.



After the halving of May 11, 2020, the cryptocurrency rallied 688.31% in the following 546 days, reaching a then record high of $67,549.14 on Nov. 8, 2021, according to CCData.



The halving before that, which took place on Jul. 9, 2016, saw bitcoin skyrocket 2,824% to a then all-time high of $19,065.71 by mid-December 2017.



Bitcoin had a torrid 2022, defined by the collapses of major companies and projects, from stablecoin terraUSD to crypto exchange FTX.



Rising inflation led to higher interest rates in the U.S. and in other major economies, which in turn caused investors to flee bitcoin and other risky assets.



That has seen prices of several top digital currencies slump sharply from their all-time highs.



Despite its recent ascent to $30,000, bitcoin is still down more than 50% from the highs of November 2021.

107223050-1681209527842-gettyimages-911964384-set04375-29january2018kw0061

Bitcoin is one year away from a major technical event. History suggests the start of another bull run

How Silicon Anode Batteries Will Bring Better Range To EVs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-820x547.jpeg" alt="" class="wp-image-424180" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



Inflation cooled in March as the Federal Reserve’s interest rate increases showed more impact, the Labor Department reported Wednesday.



The consumer price index, a widely followed measure of the costs for goods and services in the U.S. economy, rose 0.1% for the month against a Dow Jones estimate for 0.2%, and 5% from a year ago vs. the estimate of 5.1%.



Excluding food and energy, core CPI increased 0.4% and 5.6% on an annual basis, both as expected.



The data showed that while inflation is still well above where the Fed feels comfortable, it is at least showing continuing signs of decelerating. Policymakers target inflation around 2% as a healthy and sustainable growth level.



A 3.5% drop in energy costs and an unchanged food index helped keep headline inflation in check.



A 0.6% increase in shelter costs was the smallest gain since November, but still resulted in prices rising 8.2% on an annual basis. Shelter makes up about one-third of the weighting in the CPI and is being watched closely by Fed officials.



Used vehicle prices, a major contributor to the initial inflation surge in 2021, declined another 0.9% in March and are now down 11.2% year over year.



Over the past year or so, the Fed has raised its benchmark interest rate nine times for a total of 4.75 percentage points, the fastest pace of tightening since the early 1980s. Officials initially dismissed inflation as transitory, expecting it to fall as pandemic-related factors dissipated, but were forced to play catch-up as price increases proved more durable.



One key area the central bank has targeted is the labor market. A shortage of workers had helped push up wages and prices, a situation that has eased somewhat in recent months.



In March, nonfarm payrolls increased by 236,000, the smallest gain since December 2020, and average hourly earnings rose at a 4.2% annual pace, the lowest level since June 2021.



The Fed is hoping it can calibrate policy so that the slowdown it is trying to engineer in the labor market doesn’t tip the economy into recession. Gross domestic product growth is tracking at a 2.2% annualized pace in the first quarter, according to Atlanta Fed data, though many economists expect a contraction to come later in the year.

107178051-1673549930994-gettyimages-1456025275-dsc00016_176a4086-9135-46a3-884d-f5d89f65d7cb

U.S. Inflation rises 0.1% in March, less than expected

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-820x461.jpeg" alt="" class="wp-image-424173" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-1536x863.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Solar was the fastest-growing source of electricity for the 18th consecutive year, the report said, rising by 24% year-on-year and adding enough power to meet the annual electricity demand of South Africa. Future Publishing | Future Publishing | Getty Images</figcaption></figure>



Record growth in wind and solar last year pushed worldwide electricity generation to its cleanest-ever level, a report found, reflecting a renewable energy boom that researchers say could herald the “beginning of the end of the fossil age.”



The analysis published Wednesday by independent climate think tank Ember found that 12% of the world’s power came from solar and wind in 2022, up from 10% of global electricity generation in 2021.



Solar was the fastest-growing source of electricity for the 18th consecutive year, the report said, rising by 24% year-on-year and adding enough power to meet the annual electricity demand of South Africa.



The report found that the increase in wind generation, which added 17% in 2022, could have powered almost all of the U.K.



“We are entering the clean power era,” said Małgorzata Wiatros-Motyka, senior electricity analyst at Ember and lead author of the research. “The stage is set for wind and solar to achieve a meteoric rise to the top. Clean electricity will reshape the global economy, from transport to industry and beyond.”



Wiatros-Motyka added, “A new era of falling fossil emissions means the coal power phasedown will happen, and the end of gas power growth is now within sight.”



<h2 class="wp-block-heading" id="h-much-more-needs-to-be-done"><a></a>‘Much more needs to be done’</h2>



Researchers said that the analysis — which was based on electricity data from 78 countries last year and represents 93% of global power demand — provides the first accurate picture of the electricity transition in 2022.



It shows that more than 60 countries now generate over 10% of their electricity from wind and solar.



Renewables and nuclear sources were collectively found to have accounted for 39% of global electricity generation in 2022 — in a new record high.



Despite this progress, researchers said that the dramatic build-out of wind and solar was still not fast enough to fulfil all of the world’s increasing electricity needs. Consequently, the report noted that coal and other fossil fuels met the remaining gap, driving up emissions to a new record high.



Coal, the world’s dirtiest fossil fuel, was found to be the single largest source of electricity worldwide last year, producing 36% of global power.



Burning fossil fuels, such as coal, oil and gas, is the chief driver of the climate emergency.



“Much more needs to be done to ensure that developing countries are not left behind and locked into high carbon futures,” said Damilola Ogunbiyi, CEO and special representative of the U.N. Secretary-General for Sustainable Energy for All.



Ogunbiyi said the fact that coal power remained the single largest source of electricity worldwide last year reaffirmed the point that the power sector is off track to meet net-zero targets. “The deployment of wind and solar needs to be massively and urgently accelerated.”



<h2 class="wp-block-heading"><a></a>Have power sector emissions peaked?</h2>



The Ember report said that 2022 may come to mark the peak of electricity emissions and the final year of fossil power growth, with clean power set to meet all demand growth in 2023.



Analysts projected a 0.3% dip in fossil generation this year, with steeper falls expected in subsequent years, as wind and solar deployment accelerate.



The International Energy Agency said last year that the electricity sector needs to move from being the highest-emitting sector to being the first sector to reach net zero by 2040 — if the global economy is to decarbonize by the middle of the century.



For this to happen, analysts at Ember said, wind and solar must account for 41% of the global power mix by 2030 — a sharp rise from the 12% observed in 2022.



Li Shuo, senior policy advisor at Greenpeace East Asia, described China as “the 800-pound gorilla when it comes to the global power sector.”



“This is not only because of China’s sheer scale, but also a concerning trend of its electricity sector development. China has no doubt been leading global renewable energy expansion. But at the same time, the country is accelerating coal project approval,” Li said.



“This won’t carry the country far to truly decarbonize. Rapid power sector reforms are needed to put the country back to the carbon neutrality vision it has set for itself.”

107222994-1681198621846-gettyimages-1242239375-Coastal_Tidal_Flat_Energy_Industry_In_China

‘Entering the clean power era’: Wind and solar generated a record amount of global power in 2022

How rent control policies affect housing affordability #Shorts

IMF cuts GDP forecasts

IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1-820x461.jpg" alt="" class="wp-image-424146" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/04/105964618-1560376221bitcoin-1170x463-1.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via CNBC</figcaption></figure>



<a href="https://www.cnbcafrica.com/quotes/btc=x/">Bitcoin</a> climbed on Monday evening, topping the key psychological level of $30,000 as investors awaited key inflation data later in the week that could steer crypto prices.



The largest cryptocurrency by market cap rose 7% to $30,193.25 for the first time since June, according to Coin Metrics. <a href="https://www.cnbcafrica.com/quotes/eth=x/">Ether</a> advanced more than 3.5% to $1,925.11 for the first time since August as investors awaited the Ethereum network’s latest tech upgrade, scheduled for Wednesday.



Now that bitcoin has touched $30,000, a move into the mid- to high-30s will be “likely” if it pushes through with conviction and would “force short speculators to cover and buy instead,” said James Lavish, managing partner at the Bitcoin Opportunity Fund. “Some investors are trying to get positioned ahead of that,” he said.



Traders are likely speculating that Wednesday’s consumer price index number “could come in at a level that gives the Fed reason to think about pausing raising rates in the next meeting, thereby giving a boost to assets like bitcoin,” Lavish added.



Investors are also watching the latest reading on the producer price index, due out Thursday.



Cryptocurrencies have been rallying this year. Monday night’s action brings bitcoin’s year-to-date gains to more than 80%, while ether has now added 60% for the year so far. Price moves for the two crypto assets have historically tracked relatively in line on a percentage basis, but the top two crypto assets “decoupled” in March, thanks to a “flight to quality” in bitcoin following bank closures.



Nevertheless, the two cryptocurrencies remain somewhat correlated for the time being and macro drivers continue to influence both assets. The upcoming inflation data will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.



Meanwhile, ether has been climbing ahead of its planned “Shanghai” tech upgrade, which is expected to bring a wave of negative sell pressure on the market as previously locked funds on Ethereum are released over the next few weeks.

105964618-1560376221bitcoin-1170×463-1

Bitcoin tops $30,000 for the first time since June ahead of key inflation data; ether nears $2,000

Can India help the UK create the next Silicon Valley and be a tech superpower?

CNBC

Can China’s ChatGPT clones give it an edge over the U.S. in an A.I. arms race?

ECB must ‘carry on and act consistently’ with interest rate hikes, policymaker says

What happened to Virgin Orbit?

Why OSHA Is Cracking Down On Amazon For Warehouse Injuries

How Work Is Changing | CNBC Marathon

Why China’s Billionaires Keep Disappearing

Fed expects banking crisis to cause a recession this year, minutes show

Iran prepares to reopen its embassy in Riyadh after 7 years

Bitcoin is one year away from a major technical event. History suggests the start of another bull run

How Silicon Anode Batteries Will Bring Better Range To EVs

U.S. Inflation rises 0.1% in March, less than expected

‘Entering the clean power era’: Wind and solar generated a record amount of global power in 2022

How rent control policies affect housing affordability #Shorts

IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990

Bitcoin tops $30,000 for the first time since June ahead of key inflation data; ether nears $2,000

Can India help the UK create the next Silicon Valley and be a tech superpower?

Former Time Warner Chief Jeff Bewkes: How HBO Revolutionized Television

News Tips

Advertise With Us

CNBC

Can China’s ChatGPT clones give it an edge over the U.S. in an A.I. arms race?

ECB must ‘carry on and act consistently’ with interest rate hikes, policymaker says

What happened to Virgin Orbit?

Why OSHA Is Cracking Down On Amazon For Warehouse Injuries

How Work Is Changing | CNBC Marathon

Why China’s Billionaires Keep Disappearing

Fed expects banking crisis to cause a recession this year, minutes show

Iran prepares to reopen its embassy in Riyadh after 7 years

Bitcoin is one year away from a major technical event. History suggests the start of another bull run

How Silicon Anode Batteries Will Bring Better Range To EVs

U.S. Inflation rises 0.1% in March, less than expected

‘Entering the clean power era’: Wind and solar generated a record amount of global power in 2022

How rent control policies affect housing affordability #Shorts

IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990

Bitcoin tops $30,000 for the first time since June ahead of key inflation data; ether nears $2,000

Can India help the UK create the next Silicon Valley and be a tech superpower?

Former Time Warner Chief Jeff Bewkes: How HBO Revolutionized Television

News Tips

Advertise With Us

Newsletters