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On August 23, Rezaei, Secretary of Irans Supreme National Security Council, warned Gulf states against joining the US-imposed economic sanctions against Iran, stating that Tehran would retaliate against these countries interests. "If Irans neighbors join the US economic war, the Persian Gulf and the Strait of Hormuz will be completely depleted of oil, and we will also target other oil export routes in the Persian Gulf," he said. Rezaei also claimed that Trump launched the economic war against Iran at the urging of Israeli Prime Minister Netanyahu. He said Trump was initially skeptical of the idea, but Netanyahu persuaded him to test it for two to three months before assessing whether to continue for another six months. "What the enemy hopes for is division and discord," he reiterated, emphasizing Irans unity.According to Al Jazeera, sources familiar with the matter said that Pakistan’s first Chief of Defence Forces, Asim Munir, is expected to return to Tehran in the coming days.A 5.9-magnitude earthquake struck southern Ibaraki Prefecture, Japan, early on the 23rd. No abnormalities have been detected at several nuclear facilities near the epicenter. NHK, citing power company sources, reported that no abnormalities have been detected at the Fukushima Daiichi, Tokai, and Tokai Daini nuclear power plants, all located near the epicenter, and radiation monitoring readings around the plants have not shown significant changes.On August 23, it was reported that price competition for large-scale AI models has intensified recently, with several US AI companies lowering prices for their models. OpenAI, the US-based Open AI Research Center, announced on the 21st that it would reduce the base price of its cutting-edge GPT-5.6 Sol model for developers by over 20%, effective immediately. This discounted price will be valid for three months. At the end of last month, OpenAI also lowered the prices of other models, with mid-range models reduced by 20% and low-cost models by 80%. Furthermore, Google, a subsidiary of Alphabet, recently released Gemini 3.7 Flash and simultaneously lowered its price, making it approximately half the price of the previous version. Some US media analysts believe that the increasingly fierce price competition for large-scale AI models, particularly the open-source and pricing strategies of some Chinese AI companies, has put pressure on US companies.Irans Supreme National Security Council Secretary Rezaei: Iran will strike at the interests of countries that assist the United States in waging economic war against Iran.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.