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Bitcoin skyrockets after Elon Musk tweets about its “promising potential”

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Elon Musk has confirmed he has spoken with Bitcoin Miners in North America.

In a tweet the Tesla CEO says Miners are committed to publish current and planned renewable usage

The Tesla boss also stated miners in North America would also ask other miners worldwide to do the same.

The Billionaire entrepreneur ended his tweet and stated the future of the crypto is:

“Potentially promising”

Elon Musk stated the future of greener solutions in Bitcoin are promising.
Elon Musk at Tesla / Image: File

Just a few weeks ago, the Tesla boss made a huge move to suspend Bitcoin transactions at Tesla, meaning customers can no longer purchase an EV using the crypto as a payment method.

Elon sited environmental concerns for bitcoin mining as the reason for that suspension.

The price of Bitcoin jumped about 4% following Musk’s tweet, promising hope that he was having active discussions regarding the sustainability of the digital coin.

Hailed as a ‘crypto king’, Elon Musk has been a big supporter of cryptocurrencies, helping rally the prices of digital coins, including Bitcoin, several times in the past year. His tweets and comments around cryptocurrency often send the prices soaring or plunging.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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