Daily Brief - 6 Mar 2024

Bitcoin hit new all- time high over $69,000

Bitcoin recently hit a new all-time high of over $69,000, exciting many investors. However, this joy was short-lived as its price quickly fell, showing the unpredictable nature of the cryptocurrency market. The surge was partly due to the launch of new US exchange-traded funds (ETFs) and anticipation of a decrease in Bitcoin's supply. Despite a tough 2022, Bitcoin has made a strong comeback this year, with a lot of help from big investments in ETFs. The ups and downs show just how wild the ride can be with Bitcoin, from record-breaking highs to sudden falls, highlighting the ever-changing world of digital currency.

OpenAI claps back at Musk with a blast from the past

OpenAI has responded to Elon Musk's lawsuit by sharing his old emails, showing his initial support for their funding and for-profit transition. Musk sued the AI company, alleging it had strayed from its mission and become too close to Microsoft. OpenAI's blog post highlights Musk's earlier insistence on raising "billions" to compete with Google, contrasting his current accusations. The company expressed disappointment, noting Musk's shift from supporter to competitor. Through emails, OpenAI aimed to prove that Musk was once on board with their strategies, including non-open-source approaches to AI. The dispute underscores a dramatic turn in the relationship between Musk and OpenAI, with legal battles now overshadowing past collaborations.

EU sets sights on tech giants with new digital law

The European Union is rolling out a major law aimed at curbing market abuses by big tech companies, starting with app stores. EU Competition Chief Margrethe Vestager highlighted the need for fair access to operating systems for smaller app stores, challenging the dominance of big names like Apple, Google, and Microsoft. The Digital Markets Act introduces strict penalties for violations, with companies like Apple already adjusting their fee structures in response. Apple recently faced a €2 billion fine over competition issues, which it plans to appeal. The EU insists this crackdown isn't targeting US firms specifically but aims to foster an open and dynamic market for all.