🛢️Oil Prices Weekly Decline

☀️Good morning. It's Friday, Nov. 15, and we're covering, Chinese Autonomous Startup Pony AI Targets $224 Million In U.S. IPO, Man Sentenced To 5 Years For $1 Billion Bitcoin Heist And Money Laundering, Trump Names Robert F. Kennedy Jr. As Health And Human Services Head, 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 $2.88 Trillion, a 3.47% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $226.46B, which makes a 24.64% decrease.

• The total volume in Defi is currently $9.33B, 4.12% of the total crypto market 24-hours.

• The volume of all stablecoins is now $210.33B, which is 92.88% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.00%, an increase of 0.44% over the day.

XRP Surges 17%, Outperforms Bitcoin

XRP surged 17% in the past 24 hours, outperforming Bitcoin and other major cryptocurrencies, driven by a shift in the U.S. regulatory climate. This rally was sparked by a lawsuit filed by 18 U.S. states against the SEC, accusing it of overreaching in its regulation of the crypto industry. Speculation is growing that a crypto-friendly Trump administration could benefit tokens linked to U.S.-based companies like Ripple Labs. (Read Deeper)

BUSINESS & FINANCE

Chinese Autonomous Startup Pony AI Targets $224 Million In U.S. IPO

Chinese autonomous driving startup Pony AI is advancing towards its U.S. IPO, now targeting up to $224 million, down from an initial aim of $425 million. The company plans to issue 15 million shares, with an additional 2.25 million available based on demand, priced between $11 and $13 per share. This would give Pony AI a valuation of $4.48 billion at the high end, below its prior peak valuation of $8.5 billion in 2022.

Takeaway: Pony AI, which operates a fleet of autonomous “robotrucks” and robotaxis in major Chinese cities like Beijing, Guangzhou, Shenzhen, and Shanghai, offers fully driverless services in three of these cities. Its IPO follows a recent trend of Chinese tech firms returning to U.S. markets after Beijing lifted restrictions on offshore capital raising. Pony AI will join other Chinese automotive firms like Zeekr and WeRide, which successfully raised hundreds of millions through U.S. listings earlier this year. (Read Deeper)

Oil Prices Continued To Fall, As Chinese Demand Stays Weak

Oil prices are set for a weekly decline as China’s demand remains weak amid its uneven economic recovery. Brent crude and U.S. WTI futures both fell by around 0.9%, with expected weekly declines of 2.7% and 3.3%, respectively. Analysts cite a lack of demand from China and potential supply increases from the U.S. and OPEC+ as contributing factors. China's oil refining slowed in October due to plant closures and lower production by independent refiners.

Takeaway: The International Energy Agency and OPEC both adjusted their forecasts, projecting oversupply through 2025 and lower demand growth, particularly in China and India. U.S. crude inventories rose more than expected, with a significant drop in gasoline and distillate stockpiles. With market fundamentals appearing weak and limited signs of a demand boost, oil prices may continue to face headwinds in the near term. (Read Deeper)

TECHNOLOGY & SCIENCE

China Launches World's Largest Offshore Solar Project With 1 GW Capacity

China has connected its largest offshore solar project, a 1-gigawatt photovoltaic (PV) installation, to the power grid off the coast of Dongying, Shandong Province. Developed by CHN Energy’s Guohua Energy Investment, this world-first project uses innovative steel truss platform piling technology for stability in ocean conditions and spans over 1,200 hectares.

Why It Matters: The project is expected to generate enough electricity to power 2.67 million homes, reducing reliance on coal and cutting carbon emissions by over 1.3 million tons annually. Additionally, it incorporates fish farming with solar power, aligning with China’s renewable energy and sustainability goals. (Read Deeper)

Man Sentenced To 5 Years For $1 Billion Bitcoin Heist And Money Laundering

Ilya Lichtenstein, a computer expert who orchestrated one of the largest cryptocurrency heists in history, was sentenced to five years in prison for stealing around $1 billion in Bitcoin from the Hong Kong-based exchange Bitfinex in 2016. Lichtenstein and his wife, Heather Morgan, later laundered approximately 21% of the stolen funds, using complex techniques and international trips to conceal the transactions.

Takeaway: Prosecutors described Lichtenstein as one of the most sophisticated money launderers in the cryptocurrency realm, while Lichtenstein expressed remorse, hoping to use his skills for good in the future. Despite the crime, over 96% of the stolen assets were ultimately recovered, with Lichtenstein cooperating with authorities post-arrest. Morgan’s sentencing is scheduled for Monday, and prosecutors have recommended an 18-month sentence for her. ( Read Deeper )

AROUND DE WORLD & POLITICS

Trump Names Robert F. Kennedy Jr. As Health And Human Services Head

President-elect Donald Trump has appointed Robert F. Kennedy Jr., a prominent vaccine skeptic, as the head of the Department of Health and Human Services (HHS). Known for his controversial views on public health, Kennedy has pledged to restore “evidence-based science” and focus on reducing chronic disease and government “overreach.” Trump expressed confidence in Kennedy’s ability to bring fresh ideas to HHS, although he noted potential differences over environmental policies.

Takeaway: Kennedy’s views have generated concern among health experts who worry his leadership could hinder established public health practices. some of Kennedy’s environmental policies have put him at odds with Trump’s pro-drilling stance. Kennedy’s appointment is subject to Senate confirmation, where his public health philosophy and past statements will likely face scrutiny. (Read Deeper)

APEC Summit Kicks Off In Lima As Global Leaders Discuss Economic Challenges

Leaders from 21 Pacific Rim nations are gathering in Lima, Peru, for the APEC summit, marking the first global forum since U.S. President-elect Donald Trump’s win. Attendees include U.S. President Joe Biden, China’s President Xi Jinping, Japan’s Prime Minister Shigeru Ishiba, and Canada’s Prime Minister Justin Trudeau. Key topics will focus on boosting inclusive growth, supporting small businesses, and addressing economic disparities. Xi arrived in Lima early and inaugurated a major $1.3 billion port project, the Chancay megaport, located 60 kilometers north of the city.

Takeaway: Biden’s agenda includes discussions on climate change, infrastructure, anti-narcotics efforts, and sustaining support for Ukraine. He’s set to meet with Xi, South Korea’s Yoon Suk Yeol, Japan’s Ishiba, and Peru’s Dina Boluarte, while Xi’s inauguration of a $1.3 billion port north of Lima highlights China’s growing influence in Latin America. Local unrest looms over the event as anti-government protests in Lima, fueled by concerns over violence and economic challenges, continue with clashes between demonstrators and police. (Read Deeper)

ENTERTAINMENT & SPORTS

Tensions Flare As French Football Fans Boo Israeli Anthem At France-Israel Match

Thursday's European Nations League football match between France and Israel in Paris saw tense moments and protests as fans whistled and booed Israel's national anthem. The event was heavily policed following recent violence at an Amsterdam match between Israeli fans and pro-Palestinian demonstrators. Although security measures prevented major incidents, minor clashes broke out in the stands during the first half of the match, which ended in a 0-0 draw. French President Emmanuel Macron attended the game, joined by Prime Minister Michel Barnier and former French presidents, as a show of solidarity with European Jewish communities. (Read Deeper)

Jack White Announces ‘No Name’ World Tour With 51 Dates Across The Globe

Jack White has announced an extensive "No Name" world tour to promote his July album of the same name. The tour includes 51 dates spanning six months, starting in Mexico City on November 17 and covering Hong Kong, Vietnam, Australia, New Zealand, Canada, Japan, and various U.S. cities. White's announcement comes after a series of low-profile "pop-up" shows earlier this year. Alongside the tour news, he released a new track, "You Got Me Searching," which has received positive reception and earned him a solo Billboard Alternative Airplay chart-topping spot. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Will Crypto AI Agent Take Over The World: Is AI x Crypto the next big wave or just hype? (Listen)

EXTRA BREVITI

• Blue Origin has secured a multi-launch agreement with AST Spacemobile to use its New Glenn rocket for deploying AST’s direct-to-cellular satellites over several years. (Read More)

• Bluesky, a decentralized social network, saw over 1 million new sign-ups in a single day, raising its user base to 16 million. ( Read More )

• TikTok has rolled out its generative AI-powered video creation platform, Symphony Creative Studios, to advertisers worldwide. (Read More)