🚀SpaceX's Starship exploded In Space

☀️Good morning. It's Friday, Mar. 7, and we're covering, Trump Delays Tariffs On Mexico And Canada, SpaceX Loses Control Of Starship In Space During Test Flight Failure, Wine Consumption Is Declining, Industry Adapts With New Trends, 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 $2.9 Trillion, a 3.31% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $128.24B, which makes a 5.13% increase.

• The total volume in Defi is currently $7.57B, 5.90% of the total crypto market 24-hours.

• The volume of all stablecoins is now $120.23B, which is 93.75% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.41%, a decrease of 0.24% over the day.

Trump Signs Executive Order To Establish Strategic Bitcoin Reserve

President Donald Trump has signed an executive order to create a strategic bitcoin reserve, using bitcoin seized through criminal and civil asset forfeiture cases. The move comes ahead of a White House crypto summit, where Trump is expected to announce broader plans for digital asset reserves. The reserve will reportedly hold Bitcoin, Ether, XRP, Solana, and Cardano, with the U.S. government committing not to sell its bitcoin holdings but rather to use them as a store of value, similar to gold reserves. David Sacks, the White House's crypto advisor, compared the initiative to a “digital Fort Knox.” (Read Deeper)

BUSINESS & FINANCE

Trump Delays Tariffs On Mexico And Canada

President Donald Trump announced a one-month delay on 25% tariffs for many imports from Mexico and some from Canada, citing progress on security and trade negotiations. While insisting the tariffs are aimed at stopping fentanyl smuggling, Trump's trade policies have rattled financial markets and drawn criticism from businesses and consumers.Trump defended his tariffs, arguing they strengthen the U.S. economy, though economists warn they could raise inflation and cost jobs.

Takeaways: Under the new plan, auto-related imports from Mexico and Canada that comply with the USMCA trade pact will be exempt until April 2. However, 62% of Canadian imports and half of non-USMCA Mexican imports will still face new tariffs. Canadian potash and energy products will be taxed at 10%. Mexico’s President Claudia Sheinbaum, in talks with Trump, highlighted Mexico’s recent crackdown on drug cartels and migrant flows. (Read Deeper)

Stocks Struggle As Bond Selloff Eases Amid U.S. Trade Uncertainty

Global markets remain volatile as investors react to U.S. trade policy uncertainty and rising borrowing costs. The Nasdaq has entered correction territory, reflecting concerns over slowing U.S. growth and President Trump’s shifting tariff policies. Trump temporarily suspended tariffs on Canada and Mexico until April 2, adding to market instability. Investors are awaiting February’s U.S. jobs report, which could influence Fed rate cut expectations. Meanwhile, oil prices edged higher as markets continue to adjust to trade policy shifts.

Takeaways: Safe-haven assets like gold, the yen, and the Swiss franc have surged, while European bond markets have stabilized after a sharp selloff. The ECB cut interest rates but warned of uncertainty due to trade wars and increased defense spending. In Asia, Chinese and Hong Kong stocks saw strong weekly gains, boosted by AI stocks and government support, while Japan’s Nikkei declined. (Read Deeper)

TECHNOLOGY & SCIENCE

SpaceX Loses Control Of Starship In Space During Test Flight Failure

SpaceX’s Starship suffered another failure during a test flight on Thursday, marking the second consecutive launch in which the spacecraft lost control. The flight initially progressed smoothly, with Starship successfully separating from its Super Heavy booster, which returned to the launch site. However, about eight minutes in, multiple Raptor engines failed, causing Starship to spin uncontrollably before breaking apart over the ocean. While SpaceX remains committed to pushing Starship’s limits, this latest mishap raises further questions about its reliability.

Takeaways: This setback follows a similar failure weeks ago when Starship broke up over the Turks & Caicos Islands due to a propellant leak. Despite implementing design improvements, the latest flight ended prematurely. SpaceX, which aims to use Starship for commercial missions, is continuing its rapid testing approach to refine the vehicle. The failure comes amid increased scrutiny of SpaceX’s operations, as CEO Elon Musk has been actively engaging with U.S. government agencies overseeing the company’s launches. (Read Deeper)

Scale AI Under Investigation By U.S. Department Of Labor Over Worker Classification

The U.S. Department of Labor (DOL) is investigating Scale AI, a $13.8 billion data-labeling startup, over potential violations of labor laws, including worker misclassification, unpaid wages, and retaliation. The investigation, active since August 2024, does not indicate wrongdoing but could lead to fines or worker reclassification. The DOL has not confirmed or denied the investigation, while Scale AI insists it complies with labor laws.

Takeaways: Scale AI, which relies on contractors for AI-related tasks, claims to offer flexible work opportunities. However, two lawsuits filed in late 2024 and early 2025 allege that workers were underpaid and wrongly classified as contractors, depriving them of protections like overtime pay and sick leave. Similar concerns were raised in a 2023 Washington Post investigation about low wages for international workers. (Read Deeper)

AROUND DE WORLD & POLITICS

Wine Consumption Is Declining, Industry Adapts With New Trends

Global wine consumption is declining, forcing the industry to evolve. Factors like health consciousness, inflation, and climate issues have contributed to a 2.6% drop in consumption and a 2% decline in production—the lowest since 1961. Meanwhile, low and no-alcohol wines are booming, especially among Gen Z, who prioritize wellness. The alcohol-free wine market is projected to grow 12% annually until 2027, outpacing beer and cider.

Takeaways: To adapt, the industry is shifting toward organic, orange, and fine wines, with organic wine expected to grow 10.3% annually until 2030. Consumers are increasingly interested in higher-quality wines and smaller portions, viewing wine as an occasional indulgence rather than an everyday drink. The industry’s future lies in premiumization, sustainability, and innovation, as younger generations reshape the way wine is consumed. (Read Deeper)

US-Ukraine Talks Set For Next Week, As Zelensky Seeks To Mend Ties With Trump

US-Ukraine talks are scheduled to take place in Saudi Arabia next week, with Ukrainian President Volodymyr Zelensky hoping for a "meaningful meeting." While he will be in the Gulf kingdom, he will not directly participate in the talks. Trump’s special envoy, Steve Witkoff, stated that the US wants to discuss a framework for peace, with pressure mounting on Ukraine to make concessions before negotiations. Zelensky, however, is seeking security guarantees for Kyiv.

Takeaways: The discussions follow tensions between Zelensky and US President Donald Trump, who accused Ukraine of not being ready to end the war during a White House meeting. The fallout led the US to pause military aid and halt intelligence-sharing with Ukraine. In an effort to mend ties, Zelensky sent a letter to Trump, expressing regret and gratitude. Russia continues its attacks, with Ukraine reporting massive missile and drone strikes on energy infrastructure, triggering Poland’s air defense systems. (Read Deeper)

ENTERTAINMENT & SPORTS

Neymar Returns To Brazil Squad After 17-Month Absence For World Cup Qualifiers

Neymar has been recalled to the Brazil squad after a 17-month absence for the upcoming World Cup qualifiers against Colombia and Argentina. The 33-year-old last played for the Selecao in October 2023, when he suffered a knee injury against Uruguay. After a disappointing stint with Al-Hilal, Neymar has regained form since returning to Santos in January, scoring three goals and providing three assists in seven games. He remains Brazil's all-time top scorer with 79 goals in 128 caps, trailing only Cafu in total appearances. (Read Deeper)

Sean 'Diddy' Combs Faces New Forced Labor Allegations In Updated Indictment

Sean "Diddy" Combs is facing new forced labor allegations in an updated federal indictment unsealed Thursday. While no new charges were added, prosecutors expanded on the racketeering conspiracy count, alleging that Combs forced employees to work long hours under threats of physical, financial, and reputational harm. The indictment also claims that Combs coerced at least one employee into sex acts using similar threats. He has pleaded not guilty to previous charges of racketeering, sex trafficking, and transporting prostitutes across state lines. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The fashion industry generates nearly 100 million tons of textile waste annually, much of which ends up in landfills or is incinerated. With global clothing consumption on the rise, finding sustainable ways to recycle textiles is becoming more urgent than ever. (Listen)

EXTRA BREVITI

• Larry Page, co-founder of Google, is reportedly working on a new AI startup called Dynatomics. (Read More)

• Shield AI Raises $240M at $5.3B Valuation to Expand Autonomous Defense Tech. (Read More)

• Apple’s First Foldable iPhone Could Arrive by 2026, Analyst Says. (Read More)

• China Exporters Warn US Consumers Will Bear Cost of New Tariffs. (Read More)