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Fastest Breaking Markets Updates Crypto • Finance • Technology • War
Down Pre-Market:
Apple: 6%
Nvidia: 8%
Microsoft: 4.5%
Google: 4.5%
ICYMI:
> BOJ raised interest rate to 0.25%, highest since Dec. 2008
> Japan's Topix index plunges 6.1% last Friday
> Nvidia's Blackwell AI chips will be delayed by three months or more due to design flaws
> Elliott warns Nvidia in 'bubble', calls AI 'overhyped'. Yet Big Tech AI spending set to double+ by year-end. Meta's Zuckerberg projects $40bn capex in 2024.
> Genesis finished bankruptcy process, begins $4B distribution in crypto and cash
> Real-time recession indicator Sahm Rule triggered last week
> Bybit exits France
> Tether reports $1.3B profit for Q2
> Galaxy Digital posted a 2Q net loss of $177M
> Berkshire Cuts Apple Stake by Almost Half
> The US, UK, Canada and other countries are urging their citizens to leave Beirut. France also told its citizens to get out of Iran.
The Week Ahead: Aug
Macro:
> Israel Braces for Attack From Iran
> Initial Jobless Claims data on 8
Earnings:
> reddit on 6
> Robinhood on 7
Crypto:
> Morgan Stanley to offer Bitcoin ETFs to eligible clients from Aug 7
> Vitalik Buterin [Aug. 8] and SEC's Commissioner Hester M. Peirce [Aug. 6] to speak at the Asia Blockchain Summit 2024
More Charts/Articles 🔻
Morgan Stanley to offer Bitcoin ETFs from Aug 7, firm’s 15K advisors can pitch BlackRock and Fidelity BTC ETFs to eligible clients: CNBC
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NASDAQ 100 DOWN 10% FROM JULY HIGH, SET TO ENTER CORRECTION
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> Harris campaign Raised $310M in July (in 2 weeks actually)—the best fundraising month in presidential history—Cash On Hand: $377M
> Trump campaign Raised $139M in July—Cash On Hand: $327M
MicroStrategy Announces Second Quarter 2024 Financial Results:
> 12,222 bitcoins acquired since the beginning of Q2 for $805.2 million, or $65,882 per bitcoin:
> 226,500 bitcoin holdings at a total cost of $8.3 billion, or $36,821 per bitcoin, as of July 31, 2024
> Subscription Services Revenues of $24.1M, up 21% year-over-year
> Q2 income: -$102.6M (2024) vs +$22.2M (2023)
🚨Iran’s supreme leader, Ayatollah Ali Khamenei, has issued an order for Iran to strike Israel directly, in retaliation for the killing in Tehran of Hamas’s leader, Ismail Haniyeh, according to three Iranian officials briefed on the order: NYT
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FOMC statement ^
> Inflation has been downgraded from “elevated” to “somewhat elevated”
> Job gains changed from "strong" to "moderated"
FED REPEATS WAITING FOR GREATER CONFIDENCE ON INFLATION TO CUT
FOMC in 50 minutes:
> Fed is expected to leave interest rates unchanged.
> Market fully priced in for Sept cut with 100% probability.
> Market looking for lines like “further progress in inflation" or "gained some additional / greater confidence that inflation is moving to 2% target" in FOMC statement or Powell's press conference for a potential rate cut in Sept. confirmation/greater confidence
Microsoft Earnings:
*REV. $64.7B, EST. $64.52B
*CLOUD REV. $36.8B, EST. $36.84B
*INTELLIGENT CLOUD REV. $28.52B, EST. $28.72B
*EPS $2.95
> Microsoft down 7%
> Nvidia down 2%
AMD Earnings 2Q:
*REV. $5.8B, EST. $5.73B
*CAPEX $154M, EST. $127.1M
*SEES 3Q REV. $6.4B TO $7B, EST. $6.62B
> AMD +4%
Russia races to Legalize Crypto and crypto mining as Sanctions Weigh On Companies: BBG
> Putin: Cryptocurrencies “are increasingly used in the world as a means of payment in international settlements".
> Under the new legislation, crypto will be regulated in the same way as foreign currency in Russia.
> El Salvador has reportedly suggested using digital assets like Bitcoin for trade with Russia to circumvent the extensive economic sanctions imposed on Russia: cryptoslate
> Russian Central Bank Governor: first international payments in crypto possible before year-end.
BlackRock CIO of ETF, Samara cohen on ETHA and Solana ETF
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Breaking Market: 🚨
*Japan’s Topix Index of equities has fallen as much as 11%
*Japan's Nikkei crashes 13%
*Taiwan’s Taiex Closes Down 8.4%, Worst Day on Record
*S&P 500 Futures Fall 3.1%, *NASDAQ Futures Down 6%
*BTC down 11%
*$900M liquidated in crypto market over past 24hours—largest single liquidation was $27M
Gold down 2%
BTC down 3.5%
S&P 500 down 2.5%
Nasdaq down 3%
Microsoft down 2.5%
Nvidia down 3.5%
Apple up 2%
*VIX at $29.3 (+57%)
*U.S. Unemployment Rate 4.3%, Exp. 4.1%, Prev. 4.1% ⚠️
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CZ is back ?
Using Twitter from Jail ?
Account hacked ?
CZ out of jail ?
APPLE Earnings:
*REV. $85.78B, EST. $84.46B
*IPHONE REVENUE $39.30B, EST. $38.95B
*SERVICE REV. $24.21B, EST. $23.96B
*EPS $1.4, EST. $1.35
Coinbase earnings Q2, 2024
COINBASE 2Q REV. $1.45B, EST. $1.39B
COINBASE 2Q TRANSACTION REV. $780.9M, EST. $745.1M
🚨 U.S. prepares to counter Iranian attack on Israel within days: AXIOS
The Biden administration is convinced Iran is going to attack Israel.
U.S. officials say they expect any Iranian retaliation to be from the same playbook as their Apr. 13 attack on Israel — but potentially larger in scope — and it could also involve the Lebanese Hezbollah.
*Earlier CNN reported that "Hezbollah says response to Beirut strike will go beyond border skirmishes, but stops short of declaring war"
POWELL: 2Q INFLATION READINGS HAVE ADDED TO OUR CONFIDENCE
POWELL: IF ECONOMY REMAINS SOLID, WILL HOLD RATES AS NEEDED
POWELL: IF SEE INFLATION MOVING DOWN QUICKLY OR IN LINE WITH EXPECTATIONS, GROWTH REASONABLY STRONG AND LABOR MARKET REMAINS CONSISTENT WITH CURRENT CONDITIONS, A RATE CUT COULD BE ON TABLE IN SEPT
POWELL: WE GET A LOT OF DATA BETWEEN NOW AND SEPTEMBER
POWELL: THERE WAS A REAL DISCUSSION ABOUT THE CASE FOR REDUCING RATES AT THIS MEETING
POWELL: RATE CUT TIME IS APPROACHING AND IF WE DO GET THE DATA THAT WE HOPE WE GET THEN RATE CUT COULD BE ON TABLE AT THE SEPTEMBER MEETING
POWELL: 50 BPS CUT NOT SOMETHING WE'RE THINKING ABOUT NOW
MtGox moving 47k BTC
> 33k BTC to MtGox cold Wallet
> 13k BTC to new address
🚨 LOUD BLAST HEARD IN LEBANON’S CAPITAL BEIRUT: REUTERS WITNESS || BBC
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SEC vs Binance
Acc. to court documents:
The SEC intends to seek leave to amend its complaint, particularly regarding "Third Party Crypto Asset Securities." (doc doesn't not explicitly say SEC seeks to no longer prove tokens securities)
> Doc says that the amendment would "obviate the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time."
U.S Gov moving again these 30k BTC to other addresses
> 10k BTC to bc1ql
> 19.8k BTC to bc1qn
Arkham believe this represents a 10k BTC deposit to an institutional custody/service.
> These txns maybe related to U.S. Marshals and Coinbase partnership: James Seyffart and other ct folks