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Why Tesla has suspended vehicle purchasing using Bitcoin

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Tesla has suspended payments using Bitcoin, due to environmental concerns.

The world’s second-richest man announced on Twitter that Tesla will now suspend vehicle purchases using Bitcoin due to concerns over the increasing use of fossil fuels to mine Bitcoin transactions.

Bitcoin has been known to use more electricity than the entire country of Argentina, long becoming a target of environmental groups.

Bitcoin, the world’s biggest digital currency, fell more than 7% after the tweet and was trading at $52,669 .

Musk said Tesla would not sell any bitcoin and intends to use bitcoin for transactions as soon as mining transitions to more sustainable energy.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

“We are also looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction,” Musk said.

Bitcoin’s annual energy consumption is comparable to some entire countries, such as Argentina and Ukraine. 

Bitcoin produces 36 megatons of carbon dioxide annually – which is comparable to New Zealand and it is estimated that in 30 years Bitcoin could alone increase global temperatures 2 degrees Celsius.

Many investors saw Tesla’s decision to accept Bitcoin as payment for vehicles as the first step towards legitimising the cryptocurrency.

Bitcoin has long been the target of environmental groups

Bitcoin’s annual energy consumption is comparable to some entire countries, like Argentina and Ukraine.

The crypto-currency produces 36 megatons of carbon dioxide annually – which is comparable to New Zealand.

ticker’s crypto expert Stephan Livera joined us a little earlier and says the decision by Tesla is contradictory.

It is estimated that in 30 years Bitcoin could increase global temperatures by 2 degrees Celsius.

China leads the world for the most bitcoin mining.

Microsoft founder Bill Gates, has also weighed in on the debate… he says bitcoin uses more electricity per transaction than any other method known to humanity.

https://twitter.com/tickerNEWSco/status/1392658549881196545

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Money

Markets surge as Fed hints at July cut

Fed’s Waller hints at July rate cut, boosting investor sentiment; Trump imposes 50% tariff on Brazil, provoking minimal market response.

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Fed’s Waller hints at July rate cut, boosting investor sentiment; Trump imposes 50% tariff on Brazil, provoking minimal market response.


Fed Governor Christopher Waller, tipped as a possible next Chair, signalled a July rate cut is on the table, calling current policy “too tight.” That’s been enough to supercharge investor sentiment.

Meanwhile, Trump has slapped a surprise 50% tariff on Brazil, sparking political tension. Brazil’s President responded with tough talk on “sovereignty,” but markets barely blinked, the Brazilian real dropped just 1%.

#StockMarket #FederalReserve #Bitcoin #AUD #TrumpTariffs #TickerNews

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Trump’s copper tariff shakes global markets

Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.

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Trump’s 50% copper import tariff aims to strengthen U.S. manufacturing, impacting global supply chains and Chile significantly.


President Donald Trump has unveiled plans to impose a 50% tariff on copper imports, a move set to rattle global supply chains and redraw the industrial map.

The tariff will hit within weeks, with Chile, the world’s largest copper exporter, expected to bear the brunt.

While Australia’s direct copper trade with the US is limited, analysts say the real message is strategic: the US is reinforcing its domestic manufacturing power.

#CopperTariff #DonaldTrump #TradeWar #GlobalMarkets #TickerNews

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RBA unexpectedly keeps interest rates steady at 3.85%

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

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RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

In Short:
The Reserve Bank of Australia has kept its cash rate at 3.85% despite concerns from the Housing Industry Association about its impact on new home construction. Although inflation is within target and there’s some market confidence, households are under financial strain amidst economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.85% following a split vote of six to three. This unexpected decision comes as the Housing Industry Association warns that these rates remain restrictive, potentially hindering new home building.

Senior economist Tom Devitt stated that the rates will delay necessary building activity but noted improved market confidence following previous rate cuts.

Current inflation data shows the RBA’s preferred measure has been declining and remains within the target range. However, household spending is under strain, with Australia experiencing a per capita recession since mid-2022.

Labour costs

The RBA’s decision was influenced by concerns over productivity growth and high unit labour costs, affecting its inflation outlook. While some economists anticipated a rate cut, the RBA opted for caution due to economic uncertainties, both domestically and internationally.

The bank acknowledged gradual recovery in private demand and household incomes but highlighted ongoing challenges in passing cost increases to final prices.

Despite the hold on rates, price rises in essentials like petrol continue to impact Australian households. The RBA emphasized the need for ongoing assessment before making future rate changes, suggesting a careful approach in response to evolving economic conditions.

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