BeInCrypto FI

In brief
South Africa’s crypto economy grew 52% to $39.3 billion despite the bear market
One asset now rivals Bitcoin in the region’s peer-to-peer transfers.
South Africa’s central bank is rewriting draft restrictions on cross-border crypto transfers.
Read the original story “South Africa’s Crypto Economy Grew 52% in a Bear Market. Then Came the Licensing Paperwork” by Kamina Bashir on fi.beincrypto.com

In brief
CZ says Binance is about $2 billion short after the $6.3 billion hack
He is referring to SpaceX shares worth over $1 billion from a 2022 Twitter bet.
Lockup rules and the fluctuating SPCX price determine whether the stake can be sold
Read the original story “Elon Musk Trolls Binance Hack, and CZ Reminds Him of SpaceX Investment” by Lockridge Okoth on fi.beincrypto.com

In brief
Shiba Inu Team Urges Caution After $20 Million Liquidation Wave
Long positions suffered losses of $12.9 million, but there are still 2.71 times as many of them as short positions.
92 billion SHIB coins flowed net into exchanges
Read the original story, “Shiba Inu Team Urges Traders to Exercise Caution After $20 Million Liquidation Wave,” by Phil Haunhorst on fi.beincrypto.com

In Brief
WTI crude oil hit $106.20 after Iran reported that mines had struck four tankers near Hormuz
CENTCOM chief Admiral Brad Cooper briefs Trump on military options against Iran
Polymarket gives the US-Iran ceasefire an 83% chance of lasting until the midterms
Read the original story, “Oil Price Hits 1-Month High as Next Week’s Midterms Set Up Iran Test,” by Kamina Bashir on fi.beincrypto.com

In brief
The Bank of Japan held its key interest rate at 1.25% in an 8–1 vote.
The lone dissenter wanted rates to move to a neutral level more quickly.
The Fed also held rates this week, while the Bank of Canada raised them.
Read the original story, “Bank of Japan Holds Rates Steady as Week Ends with Every Dissenter Calling for a Hike,” by Kamina Bashir on fi.beincrypto.com

In brief
Fidelity’s Jurrien Timmer says rising rates could hurt stocks if earnings lag behind.
He says the market is not in a bubble as long as margins and spreads hold up.
High-yield bond spreads rose about 70 basis points from their recent low and then fell.
Read the original story, “Fidelity’s Timmer Warns Rising Rates Could Hurt Stocks Unless Earnings Keep Up,” by Darryn Pollock on fi.beincrypto.com

In brief
Amazon shares fell 7.3% after the market closed, dropping below Wall Street’s lowest price target
Free cash flow over the last 12 months fell to an outflow of $42.4 billion due to AI spending.
The average analyst price target of $332.26 is still about 47% higher than the stock price.
Read the original story Amazon’s after-hours drop takes it below Wall Street’s lowest price target by Kamina Bashir on fi.beincrypto.com

In brief
James Check says bitcoin becoming a normal asset is its strongest bull case.
Glassnode data shows that 1-month realized volatility is 25.2%, near summer 2023 levels.
JPMorgan links bitcoin allocation to lower volatility. Is this condition being met?
Read the original story: Bitcoin Is Getting Boring, and That’s the Bull Case, Says Market Analyst James Check, written by Jakub Dziadkowiec on fi.beincrypto.com

In Brief
Hyperliquid rose as crypto traders lost $1.49 billion to liquidations
Binance halted withdrawals as billions left its hot wallets, shaking the markets.
ICE, Druckenmiller, and Musk all weighed in, but U.S. approval is still pending
Read the original story “Every Crypto Is Down Except HyperLiquid. Why?” by Darryn Pollock on fi.beincrypto.com

In brief
Amazon's AWS backlog rose to $578 billion, with triple-digit growth, while sales grew 39.3 percent
AWS added $3.8 billion in quarterly sales after previously adding $4.6 billion
Can Amazon turn orders into revenue before cost pressures mount?
Read the original story: Amazon's $578 billion AWS backlog is growing faster than its revenue, by Darryn Pollock, on fi.beincrypto.com

In brief
DraftKings CEO Jason Robins sees prediction markets as an exceptional opportunity
Robins estimates customer overlap with Kalshi at about 3% in states where sports betting is legal.
Can a Nasdaq-listed betting company beat crypto-based Polymarket on distribution?
Read the original story, “Polymarket and Kalshi Get a Competitor as DraftKings CEO Sees Exceptional Upside Potential,” by Darryn Pollock on fi.beincrypto.com

In Brief
Kospi fell 4.77% on Friday as South Korea's chip giants were hit by declining AI revenue
Japan's Nikkei 225 fell 2.81 percent, while Taiwan's TAIEX lost 2.80 percent.
Seoul halted program trading for five minutes, the first sell-side halt in 11 sessions.
Read the original story, “Kospi Falls Much More Than Nikkei as AI Earnings Warning Hits Chipmakers,” by Kamina Bashir on fi.beincrypto.com

In Brief
Schwab says AI use among advisors has moved from experimentation to practice.
Schwab is offering businesses that adopt Claude’s enterprise plan $4,800 in credits.
Schwab’s 1996 online trading launch offers both a precedent and a warning.
Read the original story “Schwab Says AI Is Past Experimentation: Is the Dot-Com Boom Repeating?” by Darryn Pollock on fi.beincrypto.com

In brief
Jim Cramer recommends buying Microsoft and says Alphabet has too much baggage
Alphabet's free cash flow was negative for the second consecutive quarter.
Could Amazon's record margins hide an earnings disappointment?
Read the original story, “Cramer Urges Buying Microsoft, Says Alphabet Has Too Much Baggage,” written by Darryn Pollock on fi.beincrypto.com

In Brief
Crypto loan liquidations surged to $1.49 billion in 24 hours, led by Bitcoin longs
Bitcoin fell 4.67% in 24 hours to $77,111 as Binance investigated a suspected hack.
One major token rallied in price, leaving short sellers at a loss.
Read the original story, “Bitcoin Bulls Suffer Biggest Blow on $1.49 Billion Crypto Liquidation Day,” by Kamina Bashir on fi.beincrypto.com

In Brief
Musk, Druckenmiller and Bitwise’s Hougan React to a Hyperliquid Trade
NYSE owner ICE plans a regulated U.S. version of Hyperliquid’s 24/7 markets.
Two out of three already own investments tied to the HYPE token.
Read the original story Musk and Wall Street Billionaire Watch a Market That Bitwise Says 99.9 Percent of Americans Don’t Know About by Lockridge Okoth on fi.beincrypto.com

In Brief
Bitcoin is now outperforming the S&P 500 on more trading days, after doing so on only one out of five days in June
The BTC price has closed above the $84,000–$85,000 range on only five days since January, according to on-chain firm Glassnode.
Weak consumer confidence, a stagnant Leading Economic Index, and shrinking altcoin breadth are adding pressure to Bitcoin’s short-term price outlook
Read the original story Bitcoin Beats the S&P 500, but Why Is $85,000 Still Out of Reach? by Luis Blanco on fi.beincrypto.com

In brief
Strategy reports record $21 billion in operating income, but Bitcoin per share falls 3.7%
Strategy sold $431.8 million worth of Bitcoin to fund dividends and STRC buybacks
Shares closed down 2.4% at $141.62 and are trading below the value of its Bitcoin holdings.
Read the original story: MicroStrategy Reports Record $21 Billion in Operating Income Thanks to Bitcoin Gains, but BTC per Share Falls, by Lockridge Okoth on fi.beincrypto.com

In Brief
Crypto liquidations surged to $627.7 million in one hour, 97% of which were long positions.
Bitcoin fell about 3 percent and ETH more than 4 percent within an hour after Binance's net outflow.
Binance still hasn't said whether the $2,000,000,000.00 transfer was a theft.
Read the original story Crypto Liquidations Top $628.00 Million in an Hour as Binance Hacking Fears Push Bitcoin Price Down by Lockridge Okoth on fi.beincrypto.com