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Google CEO Sundar Pichai: It is a great honor for me to speak at the India AI Action Summit today. Artificial intelligence has the potential to improve the lives of billions of people and solve some of the most challenging problems in science. The best outcomes that AI can deliver are not guaranteed. We must explore AI boldly, treat it responsibly, and work together to navigate this moment.February 19th, Futures News: Economies.com analysts latest view: Spot gold prices fell in the latest intraday trading, after hitting the EMA50 resistance level, subsequently encountering new selling pressure that limited any rebound attempts. Meanwhile, the Relative Strength Index (RSI) showed negative divergence, indicating a discrepancy between price action and the indicator, and the indicator has reached severely overbought levels, further releasing negative signals.February 19th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices closed near their intraday highs, maintaining a strong upward trend after stabilizing at the key resistance level of $65.35. Currently, prices are attempting a temporary correction to accumulate the necessary bullish momentum to break through and hold above this key resistance, opening up space for a new round of upward movement.February 19th, Futures News: Economies.com analysts latest view: Brent crude oil futures prices rose sharply in the previous trading session, returning to a major bullish trend in the short term and trading along the support line of this trend. Benefiting from dynamic support and resistance above the EMA50 moving average, it is preparing to test the key resistance level of $70.30. On the other hand, we note that the Relative Strength Index (RSI) has shown a negative overlap signal after reaching overbought levels, which may limit the gains of Brent crude oil futures in the coming period.February 19th - Reserve Bank of New Zealand Assistant Governor Silk stated that the central bank is in a unique position this year: a strong economic recovery is expected, but without triggering inflationary pressures. The Reserve Bank of New Zealand kept interest rates at 2.25% yesterday, indicating that policy will remain accommodative as inflation is expected to slow to the 2% target level. However, the bank also predicts that economic growth will accelerate to 2.8% by March 2027. Silk stated, "The core issue discussed at this meeting was: why do we believe that economic growth and a decline in inflation can occur simultaneously?" She added, "This may seem contradictory, but the existence of an output gap means that strong economic growth is possible. During this period, economic growth may eventually exceed potential growth levels." Investors have already fully priced in the expectation of a 25 basis point rate hike by the bank in December.

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.

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