📈Bitcoin Hit $106,509

☀️Good morning. It's Monday, Dec. 16, and we're covering, China’s Lingerie Industry Faces Uncertainty As U.S. Tariff Changes Loom, Apple Reportedly Developing Foldable Device With A 20-inch Display, Cyclone Chido Hit Mayotte, Death Toll Could Reach Thousands, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $6.69 Trillion, a 1.52% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $159.02B, which makes a 24.18% increase.

• The total volume in Defi is currently $13.47B, 8.47% of the total crypto market 24-hours.

• The volume of all stablecoins is now $145.87B, which is 91.73% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.13%, an increase of 0.39% over the day.

Bitcoin Hit Record High Of $106,509 Ahead Of Federal Reserve Meeting

Bitcoin surged to a new all-time high of $106,509 on Sunday, gaining over 4% as investors anticipated a likely 25-basis-point interest rate cut from the Federal Reserve. Lower interest rates often benefit Bitcoin by weakening the dollar and increasing money supply, factors correlated with the cryptocurrency’s growth. (Read Deeper)

BUSINESS & FINANCE

China’s Lingerie Industry Faces Uncertainty As U.S. Tariff Changes Loom

China's Guanyun county, known for its booming lingerie industry, faces uncertainty as U.S. trade policies threaten its growth. The region, home to an industrial park called "Victoria's Secret Town," has benefited from the U.S. "de minimis" rule, which exempts goods valued at $800 or less from tariffs. This rule has fueled the rise of Chinese e-commerce platforms like Shein and Temu, and local manufacturers like Lei Congrui, whose business heavily relies on U.S. sales.

Takeaway: The U.S. efforts to close the loophole, coupled with potential tariff hikes under future administrations, could significantly impact this industry. While some manufacturers are exploring new markets, the changes could disrupt local economies and workers who rely on this industry for stable employment. (Read Deeper)

ABC News Settles Defamation Lawsuit With Trump For $15 Million

ABC News has agreed to pay $15 million to Donald Trump to settle a defamation lawsuit after anchor George Stephanopoulos falsely claimed during a March 2024 interview that Trump had been found "liable for rape." Stephanopoulos made this incorrect statement multiple times while questioning Rep. Nancy Mace about her support for Trump. A New York civil court had determined in 2023 that Trump was liable for "sexual abuse" of E. Jean Carroll but had not ruled that Trump raped her, as Stephanopoulos suggested.

Takeaway: As part of the settlement, ABC News will make a $15 million charitable contribution to a foundation or museum for Trump's future presidential library and pay $1 million towards his legal fees. Additionally, the network will publish an editor's note expressing regret for the false statements. This follows a series of legal battles for Trump, including defamation lawsuits against other media outlets. Trump is appealing various rulings in these cases. (Read Deeper)

TECHNOLOGY & SCIENCE

Apple Reportedly Developing Foldable Device With A 20-inch Display

Apple is reportedly working on a foldable device with a display that expands to nearly 20 inches, similar to two iPad Pros side by side. The device, which is expected to blend iPad and Mac functionality, could be released in 2028. This would be a significant leap from previous foldable rumors, and Apple aims to create a product without the visible crease seen in other foldable devices.

Takeaway: While foldable devices have been a hot topic for Apple over the years, ranging from clamshell iPhone prototypes to potential foldable iPads, this new report suggests that the company is aiming for something much more substantial. If true, this move would place Apple in direct competition with other companies already developing foldable tech, including Samsung and Microsoft, who have rolled out foldable phones and tablets in recent years. ( Read Deeper)

Meta Challenges OpenAI's Move To For-Profit Status, Citing Risky Precedent

Meta Platforms has asked California's Attorney General Rob Bonta to block OpenAI's plan to convert to a for-profit company. In a letter, Meta argued that allowing OpenAI to make the switch would create a problematic precedent, enabling startups to enjoy nonprofit benefits until they become profitable. Meta claims this could let nonprofit investors gain for-profit advantages while also benefiting from tax breaks.

Takeaway: The push coincides with a legal battle between Elon Musk and OpenAI. Musk has sued the company, alleging its profit-driven shift violates its original nonprofit commitments to prioritize public benefit. Musk has also sought a court injunction to halt OpenAI's conversion. OpenAI has stated its nonprofit status will continue alongside the for-profit restructuring. (Read Deeper)

AROUND DE WORLD & POLITICS

Cyclone Chido Hit Mayotte, Death Toll Could Reach Thousands

Cyclone Chido, the strongest storm to hit Mayotte in nearly a century, has caused widespread devastation, with officials estimating that hundreds, possibly thousands, may have been killed. The cyclone, with winds over 200 km/h, damaged homes, government buildings, and a hospital. The island's capital, Mamoudzou, has been severely impacted, with makeshift homes destroyed and infrastructure compromised.

Takeaway: The storm has raised concerns about food, water, and sanitation access. Mayotte, which struggles with poverty and social unrest, is also home to many undocumented migrants from Comoros. French authorities are providing emergency aid, and the cyclone has also affected nearby regions like northern Mozambique and Comoros. (Read Deeper)

South Korea’s Court Begins Impeachment Trial For President Yoon Suk Yeol

South Korea's constitutional court has begun the impeachment trial process for President Yoon Suk Yeol, who was suspended following his declaration of martial law, which led to political turmoil and widespread protests. The impeachment vote was passed by MPs last Saturday, and the court now has six months to decide whether to remove Yoon or reinstate him. Protesters continue to demand Yoon's removal, while the ruling People Power Party (PPP) faces internal turmoil, with party leader Han Dong-hoon resigning amid pressure.

Why It Matters: The court's decision is complicated by having only six justices, as three positions remain vacant. If the impeachment is upheld, new presidential elections must be held within 60 days, and Prime Minister Han Duck-soo is acting president. Yoon has defended his actions and has been summoned for questioning by prosecutors, facing potential arrest if he does not comply. (Read Deeper)

ENTERTAINMENT & SPORTS

Manchester United Beat Man City With Last-Minute 2-1 Win In Manchester Derby

Manchester United staged a dramatic comeback to defeat Manchester City 2-1 in the latest Manchester Derby, snapping a two-game losing streak. City took the lead in the 36th minute with a header from Joško Gvardiol. However, United responded in the final minutes. Bruno Fernandes scored an 88th-minute penalty after City’s Matheus Nunes made two errors. In the 90th minute, Amad Diallo sealed the victory with a brilliant goal, sending the ball over goalkeeper Ederson's head. (Read Deeper)

Jamie Foxx Recovering After Birthday Dinner Incident In Beverly Hills

Actor Jamie Foxx is recovering after being injured during a physical altercation at his birthday dinner at Mr. Chow in Beverly Hills. A glass thrown by another diner hit Foxx in the mouth, requiring stitches. The Beverly Hills Police Department confirmed the incident, initially reported as an assault with a deadly weapon, but later classified it as a battery. No arrests were made. The incident occurred just days after Foxx released a Netflix special, What Had Happened Was, where he detailed his recovery from a brain bleed and stroke suffered last year. (Read Deeper)

Interesting Read(WHAT WE ARE Reading)

• What Is An AI Agent? AI agents are being hailed as the next big leap in artificial intelligence, but there is still no clear consensus on what they really are. (Read More)

EXTRA BREVITI

• Three Dogs Fatally Attack Owner in San Diego Park; Second Person Injured. (Read More)

• How to Use Genmoji to Create Custom Emojis on iPhone and iPad. (Read More)

• Kalshi CEO Admits to Using Influencers to Discredit Rival Polymarket. (Read More)

• The 51 Most Disruptive Startups of 2024. (Read More)

• China is ramping up its efforts to compete with Elon Musk’s SpaceX Starlink, which already has nearly 7,000 satellites in orbit, providing internet access to 5 million customers in over 100 countries. (Read More)