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6 minutes ago
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Chart of the Week: Wall Street Has Claimed Bitcoin—Now What?
"Wall Street is coming for bitcoin." That phrase used to spark both hope and fear across crypto circles. Today, it's no longer a future threat or a bullish promise—it's just reality. The original premise of bitcoin (or crypto in general)—an asset that is censorship-resistant and doesn't answer to any traditional financial institution or government—is fading fast as Wall Street giants (as well as powerful political figures) continue to establish their strong foothold in the digital assets space. During the early years of the digital assets revolution, bitcoin was celebrated as uncorrelated and unapologetically anti-establishment. TradFi asset classes like S&P 500 would rise and fall—bitcoin didn't care. What bitcoin did care about were the flaws in the traditional financial system, which are still here to this day. A major example in BTC's history that's not-so-talked about anymore is the 2013 Cyprus banking crisis. The crisis, which occurred due to overexposure of banks to overleveraged local property companies and amid Europe's debt crisis, saw deposits above 100,000 euros get a substantial haircut. In fact, 47.5% of uninsured deposits were seized. Bitcoin's response was to move sharply upward to, for the first time in its history, cross the $1,000 threshold. After a prolonged bear market over the collapse of Mt. Gox, the idea of mass adoption grew, with Wall Street's entry into the sector seen as a stamp of validation for bitcoin as it meant more liquidity, mass adoption and price maturity. That changed everything. The price might have matured, as evidenced by waning volatility. But let's face it—bitcoin is now just another macro-driven risk asset. "Bitcoin, once celebrated for its low correlation to mainstream financial assets, has increasingly exhibited sensitivity to the same variables that drive equity markets over short time frames," said NYDIC Research in a report. In fact, the correlation is now hovering near the higher end of the historical range, according to NYDIG's calculations. "Bitcoin's correlation with U.S. equities remained elevated through the end of the quarter, closing at 0.48, a level near the higher end of its historical range." Simply put, when there is blood on the street (Wall Street that is), bitcoin bleeds too. When Wall Street sneezes, bitcoin catches a cold. Even bitcoin's 'digital gold' moniker is under pressure. NYDIG notes that bitcoin's correlation to physical gold and the U.S. dollar is near zero. So much for the 'hedge' argument—at least for now. So why the shift? The answer is simple: to Wall Street, bitcoin is just another risk asset, not digital gold, which is synonymous with "safe haven." Investors are repricing everything from central bank policy whiplash to geopolitical tension—digital assets included. "This persistent correlation strength with U.S. equities can largely be attributed to a series of macroeconomic and geopolitical developments, the tariff turmoil and the rising number of global conflicts, which significantly influenced investor sentiment and asset repricing across markets," said NYDIG. And like it or not, this is here to stay—at least for a short to medium-term. As long as central bank policy, macro, and war-linked red headlines hit the tape, bitcoin will likely move in tandem with equities. "The current correlation regime may persist as long as global risk sentiment, central bank policy, and geopolitical flashpoints remain dominant market narratives," NYDIG's report said. For the maxis and long-term holders, the original vision hasn't changed. Bitcoin's limited supply, borderless access, and decentralized nature remain untouched. Just don't expect them to impact price action just yet. For now, the market sees bitcoin as just another stock ticker. Just balance your trade strategies accordingly. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 minutes ago
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OPEC's New Supply Shock Locks In Oil Market's Return to Surplus
(Bloomberg) -- The latest oil supply shockwave unleashed by OPEC+ is set to swell a surplus later this year, pressuring prices for producers the world over while answering US President Donald Trump's calls for lower fuel costs. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos What Gothenburg Got Out of Congestion Pricing OPEC and its allies have reason to believe the surge will find buyers, at least in the short-term, and price hikes by group leader Saudi Arabia following the decision symbolize that confidence. But even before Saturday's surprise move — taken after just 10 minutes on a video conference call — global oil markets already seemed to be on borrowed time before the arrival of a winter glut. 'For now, the oil market remains tight, suggesting it can absorb additional barrels,' said Giovanni Staunovo, an analyst at UBS AG in Zurich. 'But there are rising risks like ongoing trade tensions, implying that the market could look less tight over the coming 6-12 months, which would pose downside risks to prices.' On Saturday, the Organization of the Petroleum Exporting Countries and its partners blindsided energy traders by announcing that they would further speed up a revival in collective oil production next month. The move offers cheer for consumers and a win for Trump, who campaigned on a pledge to cut fuel costs. It also threatens pain for producers, from America's shale heartlands to OPEC's own members. Still, Riyadh seems undaunted. On Sunday, state-run Saudi Aramco hiked the premiums it charges for its flagship crude to customers in its key Asian market by more than traders had anticipated. Those don't look like the actions of a producer that's anxious about demand. OPEC+ officials said that summer demand was one reason for their optimism. US crude inventories are sliding in the key storage hub of Cushing, oil-pricing spreads don't suggest a surplus now, and America's stockpile of diesel has collapsed. Supply Trajectory Fuel demand also peaks in the northern hemisphere summer, giving the group a window to speed up its broader strategy of reclaiming the market share relinquished in recent years to rivals like US shale drillers. Saturday's decision nevertheless shifts the trajectory of global supply. While OPEC projects the extra barrels are needed to meet demand even through December, other forecasters are skeptical. Even before the additions were announced, the International Energy Agency, a Paris-based adviser to major economies, was predicting a surplus equal to about 1.5% of global consumption in the fourth quarter. Oil futures slumped 11% over the past two weeks in London, quickly shrugging off the Israel-Iran conflict and suggesting traders are not convinced extra barrels are vital. Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been predicting a further slide towards $60 this year as Chinese consumption falters and Trump's trade tariffs cast a shadow across the global economy. Broad Support Eight of the alliance's key members decided during Saturday's video-conference to restore 548,000 barrels a day of halted output in August. It's a marked step-up from the 411,000-barrel hikes set for May, June and July, which were already triple the volume initially scheduled for those months. OPEC+ will consider another 548,000-barrel tranche for September at a meeting on Aug. 3, a step that would complete the reversal of a 2.2 million-barrel cutback — made back in 2023 — a year earlier than previously envisioned. The actual supply impact on oil markets will likely be smaller than advertised, as Saudi Energy Minister Prince Abdulaziz bin Salman pressures countries that previously exceeded their production quotas to forego their share of the hikes. Russia and Iraq are showing some signs of compensation, though Kazakhstan continues to cheat. 'The official return of barrels is one thing, but actual new supply versus the headline numbers is another,' said Doug King, chief executive officer of RCMA Capital LLP. 'Diesel premiums are showing the market undersupply. So unless we see physical weakness via visible inventory increases, I don't see a path lower for crude prices.' Officials also stress that the supply additions can be 'paused or reversed subject to evolving market conditions.' But unless they exercise that option, the extra barrels already rubber-stamped will almost inevitably deepen a slide in prices. That would likely mollify President Trump's repeated calls for cheaper fuel costs to staunch the cost-of-living crisis that hurt his predecessor. Trump also has to fend off inflation while lining up a raft of tariffs, and agitating the Federal Reserve to lower interest rates. Yet the rout will take a toll on America's oil industry, from corporate giants like Exxon Mobil Corp., to the shale explorers who widely backed Trump's bid to reclaim the White House. Shale executives said in a recent survey they expect to drill significantly fewer wells this year than planned at the start of 2025 as prices falter. And the pain may well ripple through OPEC+ itself. Saudi Arabia needs more than $90 a barrel to cover government spending, as Crown Prince Mohammed bin Salman embarks on a radical plan to transform the desert kingdom's economy, according to the International Monetary Fund. Riyadh is grappling with a soaring budget deficit, and has been forced to slash spending on some of the prince's flagship projects. If Riyadh tires of the financial strain, it could opt to pull supplies back off the market again. 'They do have the option of a volte-face,' said Neil Atkinson, an independent analyst and former head of the IEA's oil markets and industry division. But in the meantime, 'there's no alternative but to ensure market share and accept lower prices. You might as well accept the world for what it is, which is what they're doing.' --With assistance from Salma El Wardany, Fiona MacDonald and Nayla Razzouk. For Brazil's Criminals, Coffee Beans Are the Target SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. 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Yahoo
14 minutes ago
- Yahoo
Commanders Owner Reveals $135 Million Toy
Commanders Owner Reveals $135 Million Toy originally appeared on Athlon Sports. The Washington Commanders enjoyed a renewed success last season. A new ownership group, new coaching staff, new quarterback and a new philosophy and attitude led the team to a 12-5 record and their first NFC Championship game appearance since 1991. Advertisement While the Commander fell 55-23 in that game, the season overall was a tremendous success in coach Dan Quinn's first year at the helm and Heisman Trophy winner Jayden Daniels' rookie season. While the team is heavily focused on improving this offseason, co-owner Magic Johnson is making news for reasons outside of his ownership role. Johnson also has ownership stakes in the Los Angeles Dodgers, Los Angeles Sparks and Los Angeles FC, as well as a slew of other business interests, and as most would, he likes to show off his wealth from time to time. A video of Johnson on a $135 million yacht just went viral. Advertisement View the original article to see embedded media. "You don't need much motivation to work out with this beautiful backdrop," the post said. Johnson appears to be enjoying the spoils of his successful businesses, and, along with Commanders fans, appears to be anticipating another successful season in Washington, even as the team and the district appear to be negotiating a new stadium. Johnson's Dodgers celebrated a 2024 World Series Championship last season, which was made even sweeter by the 4 games to 1 win over the hated New York Yankees. Los Angeles FC won their first MLS Cup in 2022 and their first Lamar Hunt U.S. Open Cup in 2024. Advertisement Related: Bills Buzzing About Commanders' Terry McLaurin Trade Rumor for Josh Allen Related: Should We 'Expect' Commanders Regression In 2025? This story was originally reported by Athlon Sports on Jul 6, 2025, where it first appeared.
