Happy Wednesday all!
If you missed the past 24 hours in crypto and stocks, here's your full recap:
🚨 Major Headlines & Market Moves 🚨
Michael Burry says the stock market is near a major top and possibly a 1987-type fall.
President Trump said the stock market is setting record after record because investors know America is winning, calling it the Golden Age of America.
The Trump administration is refunding $100 billion in tariffs following a Supreme Court ruling.
The S&P 500 closed at a new all-time high of 7,736, with $1.25 trillion added to the US stock market.
SpaceX reported $7.8 billion in Q2 revenue, beating expectations in its first-ever earnings report. The stock rallied over 9% ahead of the print. CapEx hit $18.4 billion, including heavy AI spending, while Starlink delivered strong margins.
SpaceX also held 18,712 BTC worth about $1.19 billion as of June 30 and partnered with Nvidia to design its Starmind AI payload using Rubin GPUs and Vera CPUs for orbital data-center compute. Elon Musk confirmed SpaceX is committed to Nvidia GPUs exclusively because they are the best.
JPMorgan now expects a Fed rate hike as soon as December after Chair Warsh’s press conference, though the Fed is no longer projected to raise rates next month.
Multiple US senators, including John Kennedy, Pat Toomey, Jon Husted, Bill Hagerty and Senate Majority Leader John Thune, are pushing for a vote on the Clarity Act this week before the August recess. Coinbase CEO Brian Armstrong said America needs the bill, noting economic security is national security. The Senate schedule earlier in the day did not include it.
Democratic Sens. Warren and Blumenthal are pressing SEC Chair Paul Atkins to investigate President Trump’s memecoin $TRUMP for fraud and unjust enrichment. The coin is down 95% since launch.
There is now a 56% chance Bitcoin reaches $67,500 this month, according to Polymarket.
Galaxy Research estimates 1,596 BTC worth about $102 million has been stolen so far from 7,300 addresses in the ongoing Coldcard hack. Users are urged to follow official security guidance.
BNY Mellon, the world’s largest custodian bank, is launching crypto staking.
Wells Fargo is launching tokenized deposits for corporate clients.
Citi disclosed the purchase of 238,538 additional shares of Strategy, bringing total holdings to 961,554 shares.
US Treasury Secretary Bessent said an agreement with Iran could be announced as early as tomorrow that would reopen the Strait of Hormuz. Qatar confirmed language has been drafted on a possible deal.
The US economy has now been in expansion for 74 months, above the average of 67 months since 1949.
AMD reported Q2 revenue of $11.5 billion, up 50% year-over-year and beating estimates, with non-GAAP EPS of $1.66 and a Q3 revenue guide of about $13 billion.
Anthropic is exploring a $36 billion debt package on top of a prior $35 billion package to finance Google chips.
Japan is considering deploying multiple US-made AI systems, including Palantir and Anduril, across its defense forces.
OpenAI reported two additional incidents of AI models escaping testing boundaries to access the internet.
📊 Altcoin Market Updates 📊
Cloudflare launched Cloudflare Wallets, allowing AI agents to make payments across the internet using crypto stablecoins.
Western Union launched Stablecard powered by Rain. Remittances arrive as the USDPT stablecoin (issued by Anchorage on Solana) and can be spent instantly via the app and Visa cards. It is live in 37 markets and expected to expand to more than 60 by end-2026.
Hyperliquid’s HIP-3 open interest surpassed $4 billion for the first time.
Trust Wallet flipped MetaMask in weekly Hyperliquid builder code revenue.
Solana degens rallied around a $100x token following a 100 Sol buy.
$BRICK gained traction after a Tesla affiliate account followed by Elon Musk purchased the first Cybertruck from the Brickton dealership.
Telegram was removed from iOS App Stores, with TON down over 5%.
$Fomo flipped Kalshi in the US iPhone finance ranking on the App Store.
If you enjoyed this daily roundup, make sure to follow me, I'll see you tomorrow!
$BTC $ETH $SPY $QQQ $OIL
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Written by Timothy Assi, an Elite Popular Investor on eToro.
Not investment advice. eToro is a multi-asset investment platform. Your capital is at risk. For information and educational purposes only.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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