Bitcoin’s price has crashed dramatically, amid what seems to be a broader worry in the financial markets. The world’s biggest cryptocurrency has fallen more than 7 per cent over the last 24 hours, and almost 12 per cent in the last week. Other large digital currencies saw similar falls, though not as stark. Ethereum, the second biggest cryptocurrency by market cap, has lost around 10 per cent of its value in the last week. The troubles mean that the crypto market as a whole is down 5.7 per cent over the last 24 hours, according to tracking website Coinmarketcap. Trading volumes increased sharply, too, and were up almost 80 per cent over the last 24 hours. Thursday’s drop in the price of the cryptocurrency was the biggest one day fall since November 2022. That happened when large exchange FTX collapsed, sending shockwaves through the crypto markets and leading to widespread fears. This time around, there was no obvious connection to events in the cryptocurrency market. Instead, investors seemed concern about the economy more generally, and more traditional assets were also hit by falls in recent days. Wall Street’s main indexes fell on Friday, extending declines to the fourth session on a drag from megacap growth stocks, as evidence of a resilient U.S. economy fanned fears of interest rates staying higher for longer. The three main US stock indexes are on track for sharp weekly losses as a spate of strong economic data, including a fall in weekly jobless claims, caused investors to dial back expectations of rate cuts and drove up government bond yields. The yield on the 10-year Treasury note hit a ten-month high of 4.328 per cent in the previous session and came within a whisker of its highest level since 2007. “The drivers really have been of late the rising Treasury yields and that is signaling a more risk-off investor sentiment,” said Art Hogan, chief market strategist at B Riley Wealth. “Investors are looking at (better-than-expected economic data) and saying the Fed likely isn’t restrictive enough yet.” Traders see a nearly 91% chance of the Fed holding rates at current levels at its September meeting, according to the CME Group’s FedWatch tool. On Friday, rate-sensitive big technology and growth stocks such as Apple, Microsoft, Tesla and Nvidia slipped between 0.7% and 2.8% even as Treasury yields took a breather. The communication services and technology sectors housing major growth stocks fell 1.6% and 1.0% respectively. The tech-heavy Nasdaq hit an over two-month low and is set to post the biggest weekly declines of the three major indices, down 3 per cent so far. The CBOE volatility index hit its highest in nearly three months, reflecting rising investor anxiety. Additional reporting by Reuters

Neuralink Corp., Elon Musk’s brain-implant company, has raised $280 million in new funding from investors to develop its

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The S&P Semiconductors Select Industry Index has topped both price-wise and on a relative basis. That bodes poorly for the sector.

LAUSANNE, Switzerland & NEWARK, Calif.--(BUSINESS WIRE)--May 16, 2023--

Threads, developed by Meta's Instagram team, is a platform that allows users to publish short posts or updates of up to 500 characters

MILPITAS, Calif.--(BUSINESS WIRE)--Jun 12, 2023--

LG Energy Solution Ltd., a battery supplier for General Motors Co. and Tesla Inc., is testing investor demand

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Officials in Iran are reportedly looking to use artificial intelligence to issue fatwas to speed up the process of Islamic law rulings. Clerics in the city of Qom – Iran’s main hub of Islamic learning – are mulling over the use of AI assistants to help them with religious seminaries, the Financial Times reported. “Robots can’t replace senior clerics, but they can be a trusted assistant that can help them issue a fatwa faster,” Mohammad Ghotbi, who heads a state-linked tech group in Qom, told FT. Iran is home to over 200,000 Shia clergy, of whom nearly half are based in Qom. These officials have been the country’s leading force in protecting its religious values amid growing clashes between tradition and modernity as AI use sees growing interest across the world. Iran particularly sees a growing need to modernise following last year’s nationwide uprising triggered by the death of 22-year-old Mahsa Amini in the custody of the country’s morality police after her arrest for allegedly violating the regime’s mandatory Islamic dress code. Violence launched by the regime against the protest movement also sparked condemnation from international rights groups, including the UN. “It pains me to see what is happening in the country – images of children killed, of women being beaten in the streets,” Volker Turk, UN high commissioner for human rights, said last year. “The old methods and the fortress mentality of those who wield power simply don’t work. In fact, they only aggravate the situation. We are now in a full-fledged human rights crisis,” Mr Turk said. Now, the regime’s clerical establishment seems to view technology – especially the use of AI – as an attempt to modernise. While still in infancy, the move to trial the use of AI to issue fatwas is underway in cities like Qom, whose first AI conference was held in 2020, according to FT. The head of the city’s seminary reportedly shared his views on how AI could advance Islamic studies of senior clergy and speed up their communication with the public. Interest shown by the clerics also appears to be in line with the views of the country’s supreme leader Ayatollah Ali Khamenei, who said in June that he wants the country to be “at least among the top-10 countries in the world in terms of artificial intelligence”. Read More Iran will keep taking hostages – because no one is willing to stand up to them ChatGPT now has power to ‘see, hear, and speak’ Can a chatbot preach a good sermon? Hundreds attend experimental Lutheran church service to find out Spotify clarifies position on whether it will ban AI-powered music ChatGPT now has power to ‘see, hear, and speak’ ChatGPT can now generate images and create illustrated books

Omni-Man will be released in Mortal Kombat 1 in October 2023 as the first DLC character coming to the new title.

DUBAI, United Arab Emirates--(BUSINESS WIRE)--Aug 24, 2023--