Oil Prices Dip 🛢️

Good morning. It's Monday, Aug. 19, and we're covering, Rocket Lab CEO Peter Beck Poised To Challenge SpaceX, X Closes Operations In Brazil Over Judge's Content Orders, US Pushes For Gaza Ceasefire As Israel And Hamas Trade Accusations, 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 $2.07 Trillion, a 0.76% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $49.52B, which makes a 32.94% increase.

• The total volume in Defi is currently $2.88B, 5.82% of the total crypto market 24-hours.

• The volume of all stablecoins is now $45.47B, which is 91.81% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.78%, an decrease of 0.49% over the day.

• Bitcoin, the leading cryptocurrency, has seen a decline from its previous highs. After briefly surpassing the $60,000 mark, BTC has struggled to maintain stability in this region.

BUSINESS & FINANCE

Rocket Lab CEO Peter Beck Poised To Challenge SpaceX With New Neutron Rocket

Rocket Lab CEO Peter Beck is positioning his company as a major challenger to SpaceX's dominance in the space industry. With the development of their Neutron rocket, a fully reusable medium-lift vehicle set for launch in mid-2025, Beck believes Rocket Lab has the right expertise and execution to break what he calls a "technical monopoly" held by Elon Musk's SpaceX. Neutron aims to diversify Rocket Lab's offerings and directly compete with SpaceX's Falcon 9, which has dominated the medium-lift market.

Takeaway: The competition in the space industry is heating up, with other players like United Launch Alliance, Blue Origin, and China’s burgeoning space program also seeking to carve out market share. Nevertheless, Beck emphasizes that the industry is still in its infancy, with ample opportunities for companies that can develop comprehensive space systems. (Read Deeper)

Oil Prices Dip on China Demand Concerns Amid Middle East Tensions

Oil prices dipped slightly in early Asian trading on Monday due to concerns over weaker demand from China, the world's largest oil importer. Brent crude and U.S. West Texas Intermediate both fell by 0.2%. The decline follows a nearly 2% drop last Friday, driven by worries about China's slowing economy and reduced crude processing by Chinese refineries. However, geopolitical tensions in the Middle East, particularly ongoing ceasefire talks between Israel and Hamas, continue to support oil prices by posing potential supply risks.

Takeaway: Recent data from China indicated that the country’s economy is losing momentum, with July seeing the fastest decline in new home prices in nine years, slowing industrial output, and rising unemployment. This has raised concerns about a potential slump in oil demand, especially as Chinese refineries reduced crude processing rates last month due to weak fuel demand. (Read Deeper)

TECHNOLOGY & SCIENCE

X Closes Operations In Brazil Over Judge's Content Orders

Social media platform X, owned by Elon Musk, announced it is closing its operations in Brazil due to "censorship orders" issued by Brazilian Supreme Court Judge Alexandre de Moraes. The decision follows alleged threats by the judge to arrest X's legal representative in Brazil if the company did not comply with orders to remove certain content. X shared documents supposedly signed by Moraes that included fines and an arrest decree. While X is shutting down its operations in Brazil, the service will remain available to users in the country. The Brazilian Supreme Court has not commented on the matter.

Takeaway: This development follows earlier tensions between Musk and Moraes, who had ordered X to block certain accounts linked to so-called "digital militias" accused of spreading misinformation and hate speech during the presidency of Jair Bolsonaro. Musk has been vocal in his criticism of Moraes, calling the judge's actions "unconstitutional" and a "disgrace to justice." (Read Deeper)

The World's Largest Iceberg, A23a, Trapped In Endless Ocean Vortex

The world's largest iceberg, A23a, is currently trapped in a rare ocean vortex in the Southern Ocean, spinning in place at about 15 degrees per day. This colossal iceberg, which measures approximately 3,672 square kilometers, making it slightly larger than Rhode Island, has been caught in this vortex for months, and experts believe it could remain there for a considerable time. The iceberg, which calved from Antarctica's Filchner-Ronne ice shelf in 1986, became lodged over an underwater mountain called Pirie Bank Seamount.

Takeaway: The iceberg's rotation was first noticed by the British Antarctic Survey through satellite imagery, and it has become a fascinating study subject for oceanographers. While the iceberg's presence in the Taylor column does not pose a direct threat, it highlights the complex interactions between ocean currents and icebergs. (Read Deeper)

AROUND DE WORLD & POLITICS

US Pushes For Gaza Ceasefire As Israel And Hamas Trade Accusations

The U.S. Secretary of State, Antony Blinken, has arrived in Israel to push for a ceasefire and hostage-release deal in Gaza amid the ongoing conflict that has killed thousands. This visit, his ninth since the war began in October, follows recent negotiations in Doha. Despite U.S. optimism, Hamas dismisses claims of progress, with major disagreements persisting, especially regarding the withdrawal of Israeli troops from Gaza. Both Israel and Hamas accuse each other of blocking a deal. Blinken is expected to pressure Israeli Prime Minister Benjamin Netanyahu to finalize an agreement,

Why It Matters: Key sticking points remain, particularly around the withdrawal of Israeli forces from Gaza. Hamas insists on a complete pullout, while Israeli officials are exploring alternative security measures along the Gaza-Egypt border that could allow for a phased withdrawal. A senior U.S. official described the situation as a "critical moment," with hopes that a deal could be reached as soon as next week. Both Israeli leadership and Hamas remain skeptical, with each side accusing the other of obstructing negotiations. (Read Deeper)

Ukrainian Forces Target Bridges In Russia's Kursk Region

Ukrainian forces have launched a military operation into Russia's Kursk region, aiming to create a buffer zone to prevent future attacks from Moscow, according to Ukrainian President Volodymyr Zelenskyy. The operation, which began on August 6, has seen Ukrainian troops destroy two key bridges in the Kursk area, disrupting Russian supply lines. The strikes have raised concerns about Ukraine's potential to establish a foothold in the region.

Why It Matters: Ukraine's incursion into Kursk marks the largest attack on Russia since World War II, and it has already caused widespread panic and the flight of tens of thousands of civilians. Despite limited resources, Ukraine's operation has demonstrated its ability to seize the initiative and boost morale following previous setbacks. (Read Deeper)

ENTERTAINMENT & SPORTS

Manchester City Defeats Chelsea 2-0 In Enzo Maresca's First Match As Manager

Manchester City's Premier League title defense began with a 2-0 victory over Chelsea at Stamford Bridge, marking Enzo Maresca's debut as the new Chelsea manager. The match saw both sides fielding altered lineups, and despite a competitive start, City’s clinical finishing made the difference. (Read Deeper)

Pitbull Addresses Speculation Over Removal Of Kesha's Name from 'Timber' Music Video Title

Pitbull has responded to growing fan speculation regarding the removal of Kesha's name from the title of their 2013 hit music video "Timber" on YouTube. On Sunday, the rapper took to X (formerly Twitter) to clarify the situation and express his continued support for Kesha amid the controversy. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Lessons from 10 Years Investing: Laela Sturdy is Managing Partner of CapitalG, Alphabet’s $7 billion independent growth fund, where she has invested in Stripe, and Duolingo. (Listen)

EXTRA BREVITI

• Instagram is experimenting with a new profile grid layout that replaces its traditional square images with rectangular ones. (Read More)

• The number of Fortune 500 companies highlighting potential risks associated with artificial intelligence (AI) has surged by 473.5%. (Read More)

• Former President Donald Trump owns between $1 million and $5 million worth of Ethereum. ( Read More )