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Irans Foreign Ministry: The United States attacked an Iranian merchant ship and demanded that the US release all crew members.On April 21st, RoboSense (02498.HK) officially launched its new "Genesis" digital architecture and two flagship chips based on it. The "Genesis" architecture is a rapidly iterative SPAD-SoC chip-level solution platform designed to provide core support for the large-scale and high-performance iteration of LiDAR. The Phoenix chip, based on this architecture, is the worlds first monolithically integrated automotive-grade SPAD-SoC with native 2160 lines, achieving over 4 megapixel resolution and a 600-meter ultra-long-range detection capability. It is scheduled for mass production and deployment in vehicles by 2026. The other chip, the Peacock chip, is planned for mass production in the third quarter of 2026, primarily targeting the automotive blind spot filling, robotics, and spatial intelligence markets.On April 21, Zhang Yunming, Vice Minister of Industry and Information Technology, stated at a press conference held by the State Council Information Office that in the first quarter, the Ministry of Industry and Information Technology implemented the new round of work plans for stabilizing growth in ten key industries, focusing on optimizing and upgrading the production capacity structure. The raw materials industry achieved a good start, with a more robust transformation and a stronger industrial base. Going forward, the Ministry of Industry and Information Technology will thoroughly implement the deployment of the 15th Five-Year Plan, adhering to a combination of "strengthening the foundation" and "cultivating new growth," and strengthening overall planning and policy supply. On the one hand, it will focus on consolidating the foundation for upgrading traditional industries, promoting the optimization of existing production capacity and green and safe transformation; on the other hand, it will fully activate the innovation engine, accelerate the layout of cutting-edge materials and breakthroughs in key materials, providing more solid and reliable material support for developing new productive forces and promoting new industrialization.On April 21st, Futures News reported that as of April 20th, the mainstream closing price of benzene in East China was 8700 yuan/ton, a decrease of 160 yuan/ton from the previous trading day. Lower crude oil prices, coupled with lower international prices and better-than-expected March import figures, dampened market enthusiasm for price increases, leading to a lower price center. As prices fell to around 8650 yuan/ton, market buying interest picked up again. Looking ahead, as benzene prices rise, downstream price transmission resistance is increasing, but the lower prices are still expected to boost market buying interest, with downstream factories continuing to buy on dips. Renewed tensions in the Strait of Hormuz and a strong rebound in European and American crude oil futures suggest that market prices will remain relatively strong in the short term.On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, said that in the next step, the Ministry of Industry and Information Technology will focus on creating an upgraded version of 5G+Industrial Internet, strengthen factor guarantees, accelerate the introduction of implementation opinions on promoting the high-quality development of industrial internet, coordinate the construction of network identification, platform data security and other projects, and strive to improve the development of the five major systems of policy, infrastructure, technology, application and ecosystem.

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.