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AI & Enterprise

OpenAI to shut short-form video app Sora in cost-cutting ahead of IPO

OpenAI will shut its short-form video app Sora six months after its launch, CNBC reported on March 24. The company is streamlining non-core businesses to cut costs and prepare for an IPO, CNBC said. Sora surged in popularity after its release, reaching 1 million downloads in five days, but OpenAI opted to focus on core businesses rather than absorb cloud costs. Plans to integrate web, ChatGPT and Codex apps will continue.

Crypto

Bitcoin fails to reclaim 200-week EMA, adding to risk of drop to $40,000s

Warnings of further declines in bitcoin are growing after it failed to recover the 200-week exponential moving average, a key technical gauge. Bitcoin trades near $71,000 but could not break above the 200-week EMA around $68,300 over the weekend, limiting any rebound and raising the possibility that a rise to $76,000 was a short-term bull trap. Analysts cite repeated selling at key levels and weakening technical signals, with downside ranges spanning $65,500 to $46,000. Prediction markets also reflect rising odds of a drop below $55,000 by 2026.

Crypto

U.S. Treasury yields may top 5 percent; what it means for bitcoin

Bitcoin has shown strength during the U.S.-Iran war, but investors are growing uneasy as U.S. Treasury yields surge. The 10-year yield hit 4.42 percent, a nine-month high, and other maturities also rose as oil-driven inflation reduces the likelihood of Federal Reserve rate cuts. Some analysts see the 10-year yield rising as high as 6.4 percent, which could weigh on risk assets including bitcoin and equities.