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The U.S. Senate will begin its final vote on Milans nomination to the Federal Reserve Board in ten minutes.Integrated Circuits (Chips): 1. Nvidia is fully shifting its technological development focus to its next-generation product, the SOCAMM2. 2. Micron Technology has suspended NAND flash memory and DRAM pricing for a week, with the market predicting price increases. 3. Nvidia is considering being the first to adopt TSMCs most advanced process, the A16 process, which will enter mass production in the second half of next year. Others: 1. OpenAI released GPT-5-CODEX. 2. Version 2.0 of the "AI Security Governance Framework" has been released. 3. Lei Jun: The Xiaomi 17 series is a comprehensive competitor to the iPhone. 4. The US Secretary of Energy stated that nuclear fusion power generation could be possible within eight years. 5. Nvidia is requiring suppliers to develop MLCP technology, with a unit price 3-5 times that of existing cooling solutions. 6. Xiaomis Lu Weibing: R&D investment will increase to 200 billion RMB over the next five years. 7. Elon Musk: The Samsung factory in Texas will produce AI6 chips, not AI5 chips, and a decision on whether to use high-bandwidth memory (HBM) has not yet been made. Nuanwa Insight, an AI technology company in the insurance industry, has applied for an IPO in Hong Kong.1. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.11%, the S&P 500 up 0.47%, and the Nasdaq up 0.94%. Both the S&P 500 and Nasdaq reached new all-time highs. Amazon and Apple rose over 1%, leading the Dow. The Wind S7 Index rose 1.53%, with Google up over 4% and Tesla up over 3%. Most Chinese concept stocks rose, with Pony.ai rising nearly 11% and Li Auto up nearly 7%. 2. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 2.30 basis points to 3.526%, the 3-year Treasury yield down 3.32 basis points to 3.494%, the 5-year Treasury yield down 3.30 basis points to 3.600%, the 10-year Treasury yield down 3.64 basis points to 4.034%, and the 30-year Treasury yield down 2.80 basis points to 4.653%. 3. International precious metal futures generally closed higher, with COMEX gold futures up 0.90% at $3,719.50/oz and COMEX silver futures up 0.84% at $43.19/oz. US President Trumps pressure on the Federal Reserve to cut interest rates has sparked market concerns, and deteriorating US employment data has reinforced expectations of a rate cut. 4. International oil prices rose slightly, with the main US crude oil contract up 0.94% at $63.28/barrel; the main Brent crude oil contract rose 0.69% to $67.45/barrel. 5. Most base metals closed higher in London, with LME copper futures up 1.21% at $10,189/ton, a 15-month high; LME zinc futures up 0.85% at $2,982/ton; LME nickel futures up 0.22% at $15,425/ton; and LME aluminum futures up 0.56% at $2,704.5/ton.September 16th news, in the procedural vote held by the Senate on Monday, the senators cleared the procedural obstacles of Milans confirmation vote with a majority of 50 votes in favor and 44 votes against. The economic adviser of Trump is just one step away from joining the Federal Reserve as a governor. The final vote will be held later on Monday. If confirmed, Milan will be able to walk into the Federal Reserves office in Washington on Tuesday morning and participate in the Federal Open Market Committee (FOMC) interest rate policy meeting scheduled for Tuesday and Wednesday in time.

The Elon Musk Effect Has Come to an End

Jimmy Khan

Jul 25, 2022 15:06

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The CEO of Tesla Inc. (TSLA) and SpaceX, Elon Musk, has long been a supporter of Bitcoin (BTC) and meme currencies like Dogecoin and Shiba Inu Coin (SHIB).


The price changes of BTC, DOGE, and SHIB, in particular, have been referenced regularly on the Musk Twitter account, with both Tesla and SpaceX serving as pawns.


In the end, encouraging tweets, Tesla and SpaceX corporate announcements, and interviews have sparked concern and prompted inquiries about whether Elon Musk's comments resemble market manipulation.


More importantly, the most recent corporate news raises the possibility that there has been a change in attitude toward cryptocurrencies or perhaps that the crypto industry has been targeted.

Without prior notice, Tesla Inc. sells its bitcoin holdings

The revelation that Tesla was selling off 75% of its cryptocurrency holdings broke on Wednesday. Elon Musk mentioned worries about his company's overall liquidity as the reason for the sale, according to Reuters.


One year after investing $1.5 billion at or around the peak of the market, Tesla sold $936 million equivalent of BTC in Q2.


Elon Musk explained the issues with liquidity by saying, "It was crucial for us to optimize our financial position. This should not be interpreted as a judgment on bitcoin since we are very open to growing our holdings in the future. Simply put, we have some concerns about the company's overall liquidity.


Musk did affirm, however, that the business did not sell its Dogecoin (DOGE) holdings.


The news of Tesla's $1.5 billion bitcoin acquisition broke on February 8, 2021. Tesla flooded the market with a significant chunk of the 2021 investment, in contrast to other long-term BTC hodlers, often known as Bitcoin Whales, which contributed to the decline in BTC and the wider crypto market.


Although Musk emphasized that DOGE did not have the same outcome as SHIB, DOGE and SHIB currently face comparable possibilities. Both DOGE and SHIB have failed to show pricing consistency to support preferential treatment.


The crypto market responded to the news, demonstrating The Musk Effect.


From a day high of $24,276 the price of bitcoin dropped by 5.45 percent before finding support and finishing the day down 0.76 percent. In contrast, DOGE performed well, increasing by 1.59 percent to defy the day's general market trend.


The mentions of DOGE holdings might be seen as price manipulation. Speaking to Bloomberg TV in June 2022, Musk mentioned his support for DOGE. Musk responded to requests from DOGE investors to reaffirm his support for the meme currencies.


Regarding Tesla and SpaceX, Musk said in the interview that the BTC holdings were negligible in comparison to the cash assets.


The fact that Musk offered his support despite a $258 billion lawsuit being filed against him, SpaceX, and Tesla Inc. for saying that "Dogecoin is a legitimate investment when it has no value at all" is more noteworthy.

The Major Mistakes by Elon Musk Before Tesla and SpaceX

With sales revenues of more than $18 billion, Tesla Inc. has shown itself to be a successful automaker after a rocky start. Although SpaceX is more secure, Musk has a murky background. A succession of failures dulls the cv's appeal.


A failed job application at Netscape, being fired as CEO of Zip2, being fired from PayPal, and a spate of disastrous rocket launches are some well-known Musk events to forget.


The decision to sell off 75% of Tesla's BTC holdings serves as a caution to holders of DOGE and SHIB for investors hoping to profit from Musk's popularity.


Elon Musk said in June that the BTC holdings paled in comparison to cash assets. Should Musk sell his DOGE shares, Dogecoin may have a similar outcome. Musk may even stop accepting DOGE for Tesla and SpaceX purchases.


On January 29, 2021, Dogecoin had its defining moment when DOGE surged by 166 percent on reports that Elon Musk had bought DOGE. Musk made no mention of his acquisition of DOGE. Despite this, DOGE rose to an all-time high of 0.7398 on August 5, 2021 before plummeting to a year-to-date low of $0.0491 on June 18, 2022.


Despite Musk's repeated attempts to provide DOGE bounces, buyers who bought at roughly August 2021 prices will be disappointed. It is easy to see Musk's price increases while looking at the DOGE daily price chart. Since August 2021, they haven't managed to stop the decreasing trend.


In a June interview with Bloomberg TV, Elon Musk said something that should be remembered by cryptocurrency investors.


"I have never advocated for cryptocurrency investments"