Author: NBTC
Malaysia’s largest national electric utility company, Tenaga Nasional Berhad (TNB), is helping authorities crack down on electricity theft tied to illegal crypto mining operations in the country, which it claims has jumped nearly 300% over the last six years. The surge in complaints “reflects increasing public awareness of reporting on illicit crypto mining activities,” according to a statement provided by TNB to local media on Monday. Of the 610 cases it first discovered in 2018, the number has risen to 2,397 cases by 2024, TNB said. The increase is attributed to unauthorized miners siphoning subsidized electricity through tampered or bypassed…
A new war just broke out on Wall Street, and this one doesn’t involve banks or bailouts—it’s a brutal face-off between Bitcoin maxis and gold bugs, and it’s being fought through exchange-traded funds. This week, Tidal Financial Group filed with the US Securities and Exchange Commission to launch two aggressive long-short ETFs. One will back Bitcoin while betting against gold, and the other will do the opposite. The firm is pushing these under its Battleshares brand, turning the never-ending pissing contest between crypto and metal into a market product. According to Bloomberg, the funds would give investors a loud, one-click…
U.S. stocks opened lower on Monday, with the Dow Jones Industrial Average slipping more than 200 points, signalling the broader risk assets market was largely constrained after last week’s gains. As the Dow fell 200 points, the S&P 500 lost 0.6% and the tech heavy Nasdaq opened 0.8% down. This outlook for U.S. stocks came as Wall Street braced for a big week in terms of tariffs developments and crucially, the U.S. Federal Reserve’s two day meeting. Over the past week, stocks edged higher amid notable remarks on the U.S.-China trade war front. However, with reports that there’s no imminent…
Valour, a subsidiary of DeFi Technologies and issuer of exchange-traded funds, has announced the launch of two new ETPs for Litecoin and Curve DAO Token. Valour launched the Valour Curve DAO (CRV) and Valour Litecoin (LTC) exchange-traded funds on the Spotlight Stock Market in Sweden. Following the announcement, prices for both assets rose, with LTC surging more than 12% to outpace most top-100 altcoins by market cap. The rally comes even as the U.S. Securities and Exchange Commission recently delayed a decision on a proposed spot Litecoin ETF. Litecoin, often dubbed “digital silver” in relation to Bitcoin, rose above $92,…
American Bitcoin, Hut 8’s majority-owned unit backed by the Trump family, will go public via a merger with Gryphon Digital Mining (GRYP). Shares of Hut 8 Corp. (HUT) jumped 12% in pre-market trading, while Gryphon Digital Mining (GRYP) soared more than 200%, following the news. American Data Center, which was owned by Eric Trump and Donald Trump Jr, merged their firm with American Bitcoin in March. The Trump brothers own 20% of American Bitcoin, while Hut 8 holds the remaining 80%. The stock-for-stock transaction will result in Gryphon acquiring American Bitcoin, with the combined company adopting the American Bitcoin name…
This is a segment from the Supply Shock newsletter. To read full editions, subscribe. Who is Bitcoin for? That depends on who you ask. A BlackRock analyst would say that Bitcoin is a key portfolio differentiator. The volatility is the use case, best utilized by those who want to capitalize on it. Someone living in countries suffering from rampant inflation would share a different view. Bitcoin would be a potential route toward capital preservation, shielding them from sudden currency devaluation due to central bank policy, and so on. For activists living under totalitarian regimes, like Farida Nabourema, the robust decentralization…
Markets are not anticipating much from the Federal Reserve’s meeting this week, but good news may be on the horizon for June. Stock indices saw mixed performance on Monday as traders awaited a major Federal Reserve announcement. The Dow Jones was trading at 41,414, up 96.64 points or 0.23%. Meanwhile, the S&P 500 slipped 12.9 points or 0.23% to 5,673, and the Nasdaq was down 54.21 points or 0.30% at 17,923. According to LPL Financial chief economist Jeffrey Roach, the Fed may use this week’s meeting to prepare investors for coming rate cuts. A combination of labor data and inflation…
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead. Grab a coffee as we examine Bitcoin’s (BTC) performance relative to the S&P 500, a benchmark for US stock market performance. With growing TradFi influence, Bitcoin’s dominance as an asset class is growing compared to traditional equities. Crypto News of the Day: BTC/S&P 500 Ratio Records All-time High Matthew Sigel, head of digital assets research at VanEck, highlighted Bitcoin’s historic outperformance against the S&P 500. Specifically, the Bitcoin/S&P 500 ratio hit an all-time high of $17.725 on May 8,…
US President Donald Trump will preside over the “Cryptocurrency and Artificial Intelligence Innovators” dinner, with a staggering ticket price of $1.5 million per attendee, CNBC reported. This high-profile event, organized by the pro-Trump super PAC MAGA Inc, is one of the most expensive political fundraisers in recent memory. The dinner will also feature David Sacks, a tech investor and influential venture capitalist whose rising prominence in Washington has been welcomed by the crypto industry. Sacks and others close to Trump are credited with helping usher in a major regulatory shift in favor of digital assets, in stark contrast to the…
Bitcoin and US stocks jumped this week as a risk-on sentiment prevailed ahead of the US and China trade talks in Switzerland. Bitcoin (BTC) surged to $104,000 for the first time in months, while the Dow Jones Index peaked at $41,360, its highest point since April 3. There are signs that the stock and crypto markets are entering a bull market as trade risks fall and the odds of interest rate cuts rise. Dow Jones vs Bitcoin: Why BTC wins Bitcoin and the Dow Jones are significantly different assets. Established in 1896, the Dow is the oldest index in the…