1. CoinShares report: After halving, the average production cost of Bitcoin is about $53,000, and miners may turn to artificial intelligence
After the Bitcoin halving, miners face a significant increase in costs, with electricity and overall costs almost doubling, and the average Bitcoin production cost is expected to be about $53,000. Mining companies may turn to the field of artificial intelligence and try to reduce costs by optimizing energy costs and mining efficiency, but the potential benefits of investing obsolete computing equipment in the field of AI may be higher. Mining companies such as BitDigital, Hive and Hut 8 have already earned revenue from the field of AI.
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2. Shiba Inu raised $12 million in token financing to develop Layer 3
Shiba Inu has raised $12 million in TREAT tokens to develop its new privacy-focused Layer 3 blockchain, with participation from Polygon Ventures, Mechanism Capital, Big Brain Holdings, and Shima Capital. TREAT will be the last non-stable token in the Shiba Inu ecosystem, which will launch a new token called Shi later this year.
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3. The number of Base network contract deployers in a single day reached 21,700, setting a record high
Recently, the number of contract deployers on the Base network reached 21,700 per day, setting a new record. Contract deployers refer to the number of EOAs that initiate transactions to create smart contracts. Previously, Jesse Pollak, head of the Base protocol, set a goal for Base to reach 1 million developers.
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4. Thailand SEC decides to block unauthorized cryptocurrency platforms
Thai authorities have decided to block "unauthorized" cryptocurrency platforms to improve law enforcement efficiency in addressing cybercrime issues. The SEC has considered the impact on users and will give users time to manage their accounts before they are unable to use the service. Previously, Thailand has blocked exchanges such as Binance and Bybit, requiring users to withdraw their assets from the platform.
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5. Swiss Bitcoin advocates launch a referendum to include Bitcoin in national asset reserves
Bitcoin advocates in Switzerland have launched a referendum urging the Swiss National Bank (SNB) to include Bitcoin in its national asset reserves. It is reported that the launch of this referendum depends on whether 100,000 valid signatures of Swiss citizens can be obtained. If the required number is reached, Swiss citizens will vote on the proposed amendment. But the whole process may take up to five years.
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6. Wu said this week's macroeconomic indicators and analysis: US first quarter GDP, March PCE
Summary
Last week, the speeches of Fed officials were generally hawkish, with words like postponing rate cuts, inflation stickiness, and restrictive interest rates for a longer period of time. This week, we will focus on the US first quarter GDP and March PCE data. Against the backdrop of March CPI exceeding expectations, PCE, as the Fed's favorite inflation indicator, will be crucial at this point in time.
Last week review
●Fed Vice Chairman Jefferson spoke on monetary policy: If necessary, policy will remain restrictive for longer.
●Federal Reserve Chairman Powell participated in a Q&A session, suggesting that interest rate cuts will be delayed due to the continued stickiness of recent inflation.
●2024 FOMC voting member and Cleveland Fed President Mester delivered a speech: interest rates will be cut at some point, but there is no need to rush.
●2024 FOMC voting member and Atlanta Fed President Bostic delivered a speech on the economy: we can remain patient, interest rate cuts are unlikely before the end of the year, and he reiterated that he expects one interest rate cut this year and is open to raising interest rates.
●The UK CPI annual rate in March was 3.2%, in line with expectations of 3.1% and lower than the previous value of 3.4%.
●The final annual CPI rate for the Eurozone in March was 2.4%, in line with expectations and the previous value of 2.40%.
●Federal Reserve Beige Book: The economy expanded slightly and prices were basically stable.
This week's key events & indicators
April 23
● Manufacturing PMI in the UK, France, Germany, the US and Europe
April 25
●Initial jobless claims in the U.S. for the week ending April 20 (10,000 people) (20:30)
●Preliminary value of the annualized quarterly rate of real GDP in the first quarter of the United States (20:30)
●Preliminary value of the annualized quarterly rate of the U.S. core PCE price index in the first quarter (20:30)
●Bank of Canada releases monetary policy meeting minutes (01:30)
April 26
●Japan's central bank target rate until April 26 (11:00)
●U.S. core PCE price index annual rate in March (20:30)
●Final value of the University of Michigan Consumer Confidence Index in April (22:00)
