🪙½ Bitcoin Completes 4th Halving!

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Apr 21, 2024

Happy Sunday,

As mentioned in the last newsletter, I was at the New Orleans Pelicans play-in game on Friday and the atmosphere was so fun! I was able to get really good seats and got to meet a bunch of basketball creators like Jesser and Tristian Jass if you know them!

I also got this new plant for my room that I had to walk back home, much needed because my fiddle leaf fig has been dying slowly lately - I really need to work on my plant care. Especially, for fiddle leafs.

Hope you’re having a good Sunday!

- Humphrey, Tim, & Rickie

Market Report

The Bitcoin network completes the fourth ‘halving’ of rewards to miners

The Bitcoin network recently underwent its fourth "halving," reducing the mining reward from 6.25 to 3.125 bitcoins, an event that has historically influenced the cryptocurrency's value significantly.
Despite this, analysts predict a limited immediate impact on Bitcoin's price, which currently hovers around $64,000, down approximately 13% from its all-time high in March.
- The halving could lead to industry consolidation as reduced mining rewards may force smaller operators out, potentially benefiting larger, more efficient miners.
Analysts from JPMorgan and Deutsche Bank suggest that the halving's effects might already be priced into the market, with expectations of high future prices driven by other factors such as potential central bank rate cuts and regulatory developments, rather than the halving event itself.

House Passes Aid Package for Ukraine, Israel, and Taiwan

The US House of Representatives passed a $61 billion aid package for Ukraine, marking the end of a six-month deadlock and addressing the depletion of Kyiv's military resources amidst its ongoing conflict with Russia.
This package forms part of a larger $95 billion foreign assistance allocation that also includes support for Israel and Taiwan. The bill passed with a bipartisan majority, despite internal resistance from some Republicans.
- Additionally, the House approved an $8 billion aid package directed at Taiwan to deter Chinese aggression, and a separate bill mandating ByteDance to divest its ownership of TikTok or face a U.S. ban.
- The comprehensive package also includes $4 billion for Israel’s missile defenses and $9 billion in global humanitarian aid.

Tesla Cuts Prices of Cars and FSD Software

Tesla implemented significant price reductions across its vehicle range in China, Europe, and the US, in response to slumping sales and rising inventories.
The cuts include a major reduction in the price of its Full Self-Driving (FSD) software in the US, from $12,000 to $8,000, amidst ongoing challenges including a recent recall of nearly 3,900 Cybertruck pickups, executive departures, and a planned reduction of its global workforce by more than 10%.
These issues come at a time when Tesla faces increasing competition, particularly in China where its market share has decreased significantly. The company's stock has also suffered, dropping over 40% this year due to concerns over sales performance.