Bitcoin breaks $30,000 for the first time since last June and inflation continues to dampen small business optimism. Here’s what investors need to know today.
1. Bitcoin Tops $30,000 for First Time Since June
Major cryptocurrency prices are on the rise, with the price of Bitcoin topping $30,000 for the first time since June. The price of Bitcoin is up 6.6% at $30,147, while the price of Ether is up 3.4% at $1,918.
2. Inflation Pushing Down Small Business Optimism
Small businesses owners' sentiment about businesses conditions declined last month as higher costs weighed on operations, according to the National Federation of Independent Business (NFIB). The NFIB's Small Business Optimism Index fell 0.8 points in March at 90.1, slightly above the consensus estimate for an 89.9 reading but well below its historical average as small business owners struggle with inflation and labor shortages.
3. White House Looking at Rules for AI Tools
The Biden administration is considering possible rules for AI tools like ChatGPT. The move comes amid concerns that the technology could be used to discriminate or spread harmful information.
4. Micron, Western Digital Shares Up on Samsung Production Cuts
Shares of Micron (MU) and Western Digital (WDC) jumped over 8% yesterday and are rising in pre-market trading after rival chip maker Samsung said it is cutting chip production. Samsung said it would cut production to a “meaningful level” after reporting its smallest profit in more than a decade.
5. Newmont Raises Takeover Bid for Newcrest Mining
Newmont raised its takeover offer for Newcrest Mining to around $19.5 billion, in what would be the largest deal ever in the gold mining industry. Newmont’s decision comes at a time when gold prices are approaching a record high.