😲Bitcoin Hit $122K, For The First Time

☀️Good morning. It's Monday, Jul. 14, and we're covering, Wall Street, EU Futures Slip As Trump’s Tariff Threats Keep Markets On Edge, Elon Musk’s SpaceX Reportedly Set To Invest $2 Billion In AI Startup xAI, Former Nigerian President Muhammadu Buhari Dies At 82, 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 $3.81 Trillion, a 3.43% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $201.57B, which makes a 76.07% increase.

• The total volume in Defi is currently $78.78B, 39.08% of the total crypto market 24-hours.

• The volume of all stablecoins is now $193.85B, which is 95.85% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 63.88%, an increase of 0.21% over the day.

Bitcoin Hits Record High Of $122,000 As Institutional FOMO Returns

Bitcoin surged past $120,000 for the first time ever, buoyed by renewed institutional interest and investor optimism following Donald Trump's re-election. After months of stagnation near the $100K mark, the world’s largest cryptocurrency has gained 30% since December — helped by major inflows into spot ETFs and anticipation of pro-crypto legislation in Washington. Some analysts caution it’s not a macro-driven rally, but others see BTC evolving into a legitimate store of value and risk hedge. (Read Deeper)

BUSINESS & FINANCE

Wall Street, EU Futures Slip As Trump’s Tariff Threats Keep Markets On Edge

Wall Street and European futures dipped Monday in Asia after President Trump threatened 30% tariffs on EU and Mexican imports starting August 1. While the EU has extended a pause on retaliatory measures to continue negotiations, investor sentiment is jittery. Markets remain cautiously optimistic it’s mostly political posturing — but with U.S. earnings season kicking off and inflation data ahead, volatility may be back. Meanwhile, Bitcoin surged past $120K, and gold gained slightly as a hedge.

Takeaways: S&P and Nasdaq futures slipped 0.4%, while EUROSTOXX futures dropped 0.6% on tariff fears. Trump’s trade war expansion targets EU, Mexico; Germany signals potential retaliation. Trump criticizes Fed Chair over HQ costs, calls for rate cuts as inflation and consumer data loom. (Read Deeper)

Nvidia CEO Downplays U.S. Concerns Over China’s Military Use Of Chips

Nvidia CEO Jensen Huang is pushing back on fears that U.S. chip technology will empower China’s military. In a CNN interview aired Sunday, Huang argued that China “can’t rely” on U.S. chips due to ongoing export restrictions, and emphasized that Beijing already has ample computing power. His remarks come as he prepares for a high-stakes visit to China — and just weeks after meeting with President Trump, who warned him against engaging with Chinese military-linked entities.

Why It Matters: Huang is trying to balance access to China’s massive AI market with increasing scrutiny from Washington. U.S. chip curbs have already slashed Nvidia’s market share in China by nearly half. Huang argues that restricting U.S. AI tech abroad undermines long-term leadership — especially when half the world’s AI developers are in China. (Read Deeper)

TECHNOLOGY & SCIENCE

Elon Musk’s SpaceX Reportedly Set To Invest $2 Billion In AI Startup xAI

Elon Musk’s companies are joining forces. SpaceX is preparing to invest $2 billion in Musk’s artificial intelligence startup xAI. The deal would be part of a $10 billion fundraising effort split between equity and debt. It marks the first major inter-company investment by SpaceX and underscores Musk’s strategy of tightly integrating his ventures — from using xAI’s Grok chatbot in Starlink support to embedding it in Tesla vehicles.

Takeaways: xAI is seeking $10B in funding amid growing competition with OpenAI, Anthropic, and Meta. Despite recent backlash, Grok is expanding from X into Tesla and now SpaceX’s Starlink operations. The move comes just weeks after Grok faced criticism for antisemitic posts, raising governance concerns. (Read Deeper)

Google Hires Windsurf CEO Varun Mohan And Top Talent In $2.4B AI Deal

Google is escalating the AI talent war, bringing in Varun Mohan, co-founder and CEO of AI coding startup Windsurf, along with other key team members in a deal worth $2.4 billion. The agreement, focused on licensing and compensation, also grants Google a nonexclusive license to certain Windsurf technologies. The hires will join Google DeepMind to help drive its agentic coding efforts and expand the Gemini ecosystem for developers.

Why It Matters: The deal follows a failed acquisition attempt by OpenAI and marks another strategic poach in a growing race for AI engineering firepower. Google is prioritizing people over ownership, acquiring talent without acquiring the company. One of the largest AI licensing and hiring packages yet, showing just how high the stakes have become. (Read Deeper)

AROUND DE WORLD & POLITICS

FAA And Boeing Say Fuel Switch Locks Safe Despite Air India Crash Concerns

The U.S. FAA and Boeing have privately notified global aviation authorities that the fuel cutoff switch locks on Boeing aircraft, including the 787 Dreamliner, are safe and do not require corrective action. This comes amid an ongoing probe into last month’s deadly Air India 787 crash that killed 260 people, in which fuel switches inexplicably flipped to cutoff just after takeoff. The FAA said the issue does not warrant an Airworthiness Directive. Boeing echoed this stance in a communication with operators.

Takeaways: Investigators found fuel switches cut off mid-air with no explanation — one pilot said he didn’t activate them. A 2018 FAA advisory recommended inspecting these switches but wasn’t mandatory — Air India hadn’t complied. ALPA India demands to join probe, alleging potential equipment malfunction rather than crew error. (Read Deeper)

Former Nigerian President Muhammadu Buhari Dies At 82

Muhammadu Buhari, Nigeria’s former president and ex-military ruler, has died at age 82 in London following a prolonged illness, the presidential press office confirmed Sunday. A prominent figure in Nigerian politics for decades, Buhari is remembered for his hardline anti-corruption agenda, military leadership, and turbulent civilian presidency. Current President Bola Tinubu praised him as “a patriot, a soldier, a statesman” and dispatched the vice president to accompany Buhari’s body back home.

Takeaways: Buhari was both a former military dictator and democratically elected leader, shaping Nigeria's politics across generations. His 2015 election was fueled by promises to fight corruption and restore accountability in Africa’s most populous nation. (Read Deeper)

ENTERTAINMENT & SPORTS

Cole Palmer Shines As Chelsea Crush PSG To Win Club World Cup

Chelsea stunned European champions PSG 3-0 to win the newly expanded Club World Cup, led by a dazzling performance from Cole Palmer. The 23-year-old midfielder scored twice and assisted Joao Pedro’s classy lob in a dominant first half at MetLife Stadium. PSG never recovered, with frustrations boiling over into an ugly post-match scene where manager Luis Enrique appeared to slap Joao Pedro. Chelsea’s emphatic win cements a promising new era under Enzo Maresca — and shows Todd Boehly’s investments may finally be bearing fruit. (Read Deeper)

Fans Fume As Drake Ends Final Wireless Set After Just 40 Minutes

Drake’s three-day headlining run at London’s Wireless Festival ended on a sour note Sunday, with the Grammy-winning rapper leaving fans stunned after a rushed, 40-minute set. Despite earlier promises to perform until his mic was cut, fans were left disappointed by an unusually short set, fewer special guests, and confusing schedule changes. Unlike Friday and Saturday, which saw over 90 minutes of music and surprise appearances, Sunday’s finale felt undercooked — and fans made their frustration known. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Bitcoin All-Time-High, Is ETH Next? Bitcoin impulsively surged past $120K, with peaks touching $122K+, fueled by institutional inflows, a favorable macro backdrop, and renewed regulatory clarity in the U.S. (Listen)

EXTRA BREVITI

• Vitalik Buterin Blasts ChatGPT & Grok: “AI Can Out-Crazy Crypto”. (Read More)

• Tron’s Justin Sun Bets Another $100M on Trump’s Memecoin. (Read More)

• Trump Pledges to Send Patriot Missiles to Ukraine, Says EU Will Foot the Bill. (Read More)