The cryptocurrency market witnessed a mixed bag of performance this week, with some notable movers and shakers. Popcat, a Cat-themed meme coin, saw a sharp decline of over 8%, while other prominent cryptocurrencies like Dogecoin and Shiba Inu remained relatively stable. Meanwhile, Bitcoin and Ethereum continued to exhibit volatility, prompting traders to remain cautious.
Elon Musk, the tech entrepreneur and CEO of Tesla and SpaceX, has boldly announced his ambition to make the United States the ‘Crypto Capital’ of the world. He plans to unveil a detailed strategy for achieving this goal by the afternoon. The crypto community awaits further developments with anticipation.
In a significant political development, Kamala Harris, the Democratic presidential nominee, pledged to implement tougher border security measures in her first major interview since securing the nomination. She also voiced her unwavering support for Israel’s military capabilities, solidifying her stance on foreign policy.
The economic implications of Harris’s policy agenda have not gone unnoticed. Peter Schiff, a renowned economist and outspoken critic of fiat currencies, strongly condemned her economic plans. He argued that her emphasis on inflation as a solution would only exacerbate existing problems.
Meanwhile, the crypto world has been abuzz with news of Kraken, a prominent cryptocurrency exchange, adding Shiba Inu as collateral for its trading platform. This move signifies a growing recognition of Shiba Inu as a legitimate cryptocurrency.
In the realm of US politics, JD Vance, a Republican candidate for the US Senate, has faced criticism from former Obama advisor David Axelrod. Axelrod accused Vance of disseminating misleading information about tariffs, emphasizing the need for fact-based policymaking.
The US markets are bracing for a volatile fall, with Wall Street poised for a strong start, but the prospect of a soft landing remains uncertain. The Dow Jones Industrial Average reached a new record high, while the Nasdaq Composite dipped due to a decline in Nvidia shares. The fear index, a measure of market sentiment, entered the ‘greed’ zone.
Mohamed El-Erian, a prominent economist and investor, advised investors to recognize the dual influence of both Nvidia and the Federal Reserve on market dynamics. He urged caution against opposing either force.
On a global scale, Asian and European markets advanced, while the US dollar ticked higher. Gold prices held above $2,540.
In the tech sector, Nvidia’s shares rebounded in premarket trading after a significant drop on Thursday. The company’s stock price has surged by over 144% this year. Intel, a leading semiconductor manufacturer, is reportedly considering a major business split and factory delays amidst a strategic review.
Google has announced plans to invest over $850 million in a second Latin American data center as part of its global expansion efforts. Apple is gearing up for the release of the iPhone 16, with analysts predicting a ‘starring role’ for the company’s intelligence capabilities. Despite the anticipation, no price hike is expected for the new model.
Intel CEO Pat Gelsinger acknowledged the market’s skepticism surrounding the company’s performance, especially in light of Nvidia’s impressive gains. However, he expressed confidence in Intel’s ability to compete effectively.
In the electric vehicle (EV) space, Rivian, a rising EV company, has launched a referral program to reward customers who refer other buyers, mirroring Tesla’s successful scheme. Zeekr, Tesla’s Chinese rival, is making inroads with a more affordable electric SUV in China than Tesla’s Model Y.
Tesla has issued a recall for 870 Model X vehicles in China due to safety concerns regarding roof trim panels. The Chinese market has become a crucial battleground for Tesla, with its rival XPeng’s Model 3 rival receiving over 30,000 orders in just 48 hours after its launch.
GM, a leading automotive manufacturer, is moving its BrightDrop electric vans under the Chevrolet brand. The competition for robotaxi supremacy is intensifying, with Tesla, Waymo, and BYD all vying for market dominance.
Amidst the flurry of activity in the tech and EV sectors, concerns about employment levels have emerged in China, with experts warning of potential job losses.
In other business news, Ford has revamped its Diversity, Equity, and Inclusion (DEI) policies to align with evolving legal and political landscapes. CEO Jim Farley stressed the company’s commitment to employees and customers holding diverse viewpoints. Tyson Foods has appointed Curt Calaway as its permanent CFO after the previous CFO was ousted following a suspension.
Dollar General, a discount retailer, has reported that a majority of its customers feel worse off financially compared to six months ago, citing rising prices and softer employment levels.
Elon Musk’s recent pronouncements and actions have continued to generate headlines. On a peculiar date, Friday the 13th, he announced the closure of X’s San Francisco headquarters. In a surprising move, he questioned the legality of OpenAI’s transition from a non-profit to a for-profit entity, citing concerns over investments from Apple and Nvidia.
SpaceX, Musk’s space exploration company, has faced a setback in Brazil, where the Supreme Court has blocked its bank accounts. This action has resulted in a suspension of Starlink services in the country, with Musk voicing his frustration over the ruling.
Meanwhile, Polaris Dawn’s all-civilian crew continues to remain in quarantine as SpaceX delays the launch of their mission.
In the energy sector, JinkoSolar, a solar module manufacturer, has reported a 22% drop in revenue for the second quarter, citing lower average selling prices. South Australia has initiated a review of BHP’s plans for a major copper expansion.
