FameEX Morning Crypto News Recap | May 17, 2024

JPMorgan Chase Forecasts a Drop in Bitcoin Mining Costs to $45,000

JPMorgan Chase revealed that the estimated cost of Bitcoin mining has fallen to $45,000 due to inefficient miners leaving the market. The firm had previously predicted a notable drop in computing power post-halving as unprofitable miners exited. This process is underway, though it is occurring with some delays, according to their recent research.

U.S. Senate Scheduled to Vote on Overturning SEC's Cryptocurrency Accounting Rules

The U.S. Senate plans to vote on reversing the SEC’s stringent crypto asset accounting regulations, specifically Staff Accounting Bulletin 121 (SAB 121), which requires companies to include crypto assets on their balance sheets. Critics claim this rule is too restrictive and deters major custodians and businesses from managing crypto assets for clients.

Microsoft Executives Say the Company is Only Starting to Uncover Crypto and AI Possibilities

Microsoft is keenly observing the crypto sector, particularly the potential synergy between blockchain technology and artificial intelligence. Yorke Rhodes, Microsoft’s director in blockchain and digital transformation, pointed out that advances in encryption and AI might enable the development of agents leveraging both fields. He stressed that the exploration of cryptocurrency and AI is still in its early stages.

U.S. Jobless Claims Drop, Signaling Labor Market Strength

Last week, U.S. initial unemployment claims decreased to 222,000 from the previous week, indicating strong job market momentum. However, the labor market is still adjusting, as evidenced by the Federal Reserve's 525 basis point rate increase since March 2022, signifying ongoing economic rebalancing.

Philippine Central Bank Governor Indicates Potential Rate Cuts Before the Fed

The Philippine Central Bank's governor stated that the Philippines may cut interest rates before the Federal Reserve. He suggested that any rate cut in August would be minor and projected that there could be one or two rate cuts over the course of the year.

Elon Musk's AI Project Grok to Present News with Humor

On May 16, Elon Musk revealed on Twitter that his AI project Grok will deliver news humorously, mimicking the style of shows like "The Daily Show" and "The Colbert Report." These shows, known for their unique comedic interpretations of news events, were highly popular with audiences.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​