Jeff Andrews: 'Never seen culture better than it is right now' at Hendrick Motorsports
Jeff Andrews: 'Never seen culture better than it is right now' at Hendrick Motorsports
Jeff Andrews, president of Hendrick Motorsports, gives his insight into the current culture of Hendrick Motorsports after Chase Elliott's victory.
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Yahoo
12 minutes ago
- Yahoo
Bitcoin Soars, Altcoins Fade in $300 Billion Crypto Shakeout
(Bloomberg) -- On the face of it, 2025 looks like a banner year for crypto: Bitcoin hitting a record, an industry-boosting US president whose family is venturing headlong into the sector, and key legislation widely expected to be passed by Congress. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown But look beyond the bullish headlines and the rally in Bitcoin, and a vastly different landscape comes into view. Most of the so-called altcoins once touted as competitors to the original cryptoasset are nursing steep declines, with more than $300 billion of market value wiped out so far this year. The sea of red points to a wider malaise that's forcing parts of the industry to confront existential questions. Crypto was imagined by early enthusiasts as a universe where a host of coins competed for investor money, offering a diverse set of use cases. But as Bitcoin reigns supreme, that's giving way to predictions that large swathes of the sector will become a digital wasteland. 'I think they're just going to die, frankly,' Nick Philpott, co-founder of trading platform Zodia Markets, said of altcoins. 'They'll just wither away. Technically, a lot of this stuff will just sit there and gather dust in perpetuity.' Bitcoin's share of the total market value of cryptoassets has climbed by nine percentage points this year to 64%, the highest since January 2021, according to CoinMarketCap. Back then, cryptocurrencies were a largely unregulated space, crypto lending was roaring with few safeguards and nonfungible tokens were just starting to take off. In sharp contrast, altcoins — the catch-all term for all digital assets outside of Bitcoin and stablecoins — are faltering. A MarketVector index tracking the bottom half of the largest 100 digital assets, which more than doubled in the aftermath of Donald Trump's Nov. 5 election victory, has since given up all those gains and is down around 50% in 2025. With Bitcoin soaking up the bulk of capital flows from investors in exchange-traded funds, other parts of the market are increasingly left behind. Even Ether, the second-largest cryptocurrency, remains about 50% below its all-time high after a modest rebound fueled by inflows to spot ETFs investing in the token. 'Historically, Bitcoin's moved and then that's passed down into altcoins,' said Jake Ostrovskis, an OTC trader at Wintermute. 'We've not really seen that yet this cycle.' Crypto is no stranger to mass extinction events. The 2022 market crash, punctuated by the implosions of algorithmic stablecoin TerraUSD and Sam Bankman-Fried's FTX exchange, led to the demise of hundreds of projects. Thousands of coins still exist on their blockchains, with little or no activity — relegated to the status of 'ghost chains' in crypto parlance. What's different this time is that crypto is becoming a more regulated, institutionally-driven marketplace, and that stablecoins appear to be the only tokens with a real shot at achieving means-of-payment status, due to the fact that they eliminate volatility. In the past year alone, the market value of stablecoins has swelled by $47 billion, and some of the world's largest banks are entering the field. The Wall Street Journal reported this month that Inc. is studying a potential stablecoin. That's putting pressure on altcoin projects to find ways to shore up their status and appeal to a wider base of investors. 'I've talked to a couple of projects that have been thinking about merging foundations, putting it up for governance, saying, 'Hey, we can now be governed under this other authority' — that authority being another altcoin community,' said Kanyi Maqubela, managing partner at venture capital firm Kindred Ventures. The shifting tides are also reflected in corporate behavior. Modeled on Michael Saylor's Strategy, a new breed of Bitcoin accumulators has emerged. In April, a special-purpose acquisition company affiliated with Cantor Fitzgerald LP partnered with Tether Holdings SA and SoftBank to launch Twenty One Capital Inc., seeded with nearly $4 billion in Bitcoin. The Trump family, which is also getting involved in Bitcoin mining, has raised $2.3 billion via Trump Media & Technology Group Corp. to create a Bitcoin treasury. While similar vehicles have been set up recently to accumulate smaller tokens like Ether, Solana and BNB, they are much smaller. Glimmers of Hope Not all altcoins are floundering. Tokens like Maker and Hyperliquid that are linked to thriving decentralized-finance protocols have notched big gains this year. 'There's certainly a subset of the market doing incredibly well — generally companies with real businesses, real revenues, and those revenues are being used to buy back tokens,' said Jeff Dorman, chief investment officer of digital asset investment firm Arca. There's also the prospect of more favorable regulations. The potential for US Securities and Exchange Commission approval of ETFs backed by coins like Solana are stirring hopes of wider adoption. Another possible catalyst is the Digital Asset Market Clarity (CLARITY) Act, informally referred to as crypto's market structure bill. The CLARITY Act aims to provide a comprehensive regulatory framework, including delineating responsibilities between the Commodity Futures Trading Commission and the SEC. 'The Clarity Act has the potential to do for altcoins what ETFs did for Bitcoin and Ethereum: provide the regulatory legitimacy that unlocks real institutional capital,' said Ira Auerbach, a senior executive at Offchain Labs. Yet according to Maqubela, the issue ultimately boils down to utility. He compares Bitcoin to gold and Ether to copper — the former has a capped final supply and the latter's blockchain underpins much of crypto's functionality — and says most altcoins are stuck in a sort of twilight zone, underpinned by big promises and not much else. 'I think a lot of them are going to whittle down to zero because they were driven by speculation without that mimetic value like Bitcoin, and they tried to be utilitarian without achieving any real scale,' he said. 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Yahoo
13 minutes ago
- Yahoo
Houston Rockets Signing Three Players
Houston Rockets Signing Three Players originally appeared on Athlon Sports. The Houston Rockets have been one of the busiest teams in the NBA. They have acquired Kevin Durant in free agency as well as signed their free agents. The Houston Rockets intend to sign their free agents Jae'Sean Tate, Aaron Holiday, and Jeff Green on new contracts to bring them all back for next season, sources tell ESPN. In 2020, Tate signed his first NBA contract. As a rookie with the Houston Rockets, he made an immediate impression starting over 50 games while averaging over 11.3 ppg and earning a spot on the NBA All-Rookie First Team. He hasn't played a lot of minutes in recent seasons but he is still a valuable member of the team. Advertisement Holiday is comfortable handling the ball or ceding playmaking to teammates when needed, allowing flexible backcourt alignments. Even off the bench, he's known to stay prepared and engaged which makes him part of Houston's "stay ready" bench identity. Holiday will be needed to give starter Fred VanVleet a breather as he has been effective and efficient as a backup. Green's legacy with the Rockets is defined less by numbers and more by impact. He has helped bridge eras in Houston as a veteran presence during rebuilds, experienced leadership during diagnosis phases, and still-consistent production when needed. Many consider him a player-coach on and off the court. All three players will continue to add depth to an already deep Rockets team. This story was originally reported by Athlon Sports on Jun 30, 2025, where it first appeared.
Yahoo
13 minutes ago
- Yahoo
Broncos Safety Keidron Smith's Roster Hopes Hanging by a Thread
Broncos Safety Keidron Smith's Roster Hopes Hanging by a Thread originally appeared on Athlon Sports. Once an undrafted fringe player, Keidron Smith surprised many by making the Denver Broncos' 53-man roster after a strong preseason in 2024, contributing on special teams during the regular season. Advertisement He was waived after playing in nine games, ultimately landing on the practice squad, but has another shot at making the Broncos' roster in training camp this year. According to Christopher Hart of Mile High Report, Smith is battling with several other players for a roster spot at the safety position, and he may be in danger of being cut. "Talanoa Hufanga, Brandon Jones, and P.J. Locke are the three players I feel are the safe locks for the roster. That leaves five players fighting for two spots," Hart said. "Standing out on special teams and making the most of his time in defensive reps during the preseason will be paramount in order to make the team." Denver Broncos safety Keidron Smith (43) recovers fumble in the second quarter against the Arizona Cardinals at Empower Field at Mile Chenoy-Imagn Images Hart acknowledges Smith's time in college at the University of Kentucky as extremely productive and credits him for shining in the preseason, snagging multiple interceptions, as a main reason why he made the roster last year. Advertisement "Without question, the training camp battles for the backup spots on the roster on the backend of the team's defense will be some of the most competitive," Hart said. Smith's journey is just another example of how tough it is to make it in the NFL. As Denver heads into training camp, he must prove he has more than just the flashes he showed to make the active roster this season. Related: Broncos Newest Addition Expected to Get Bulk of Snaps in Offense This story was originally reported by Athlon Sports on Jun 30, 2025, where it first appeared.
