Trump says U.S. enters full trade deal with South Korea, imposing 15% tariff
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Crypto's $10 Billion Shakeout: Why Bitcoin's Rally Just Hit a Wall
Bitcoin (BTC-USD) extended its slide for a fifth straight session, dipping as much as 2.2% to $113,979 its lowest level in nearly a month as investor enthusiasm continues to cool following July's all-time high. That peak, which saw Bitcoin touch $123,200 just before President Donald Trump signed the country's first crypto regulatory framework into law, now feels like a distant memory. Ether also retreated sharply, falling 4.5% to $3,567, while the broader digital asset market gave back some of its recent gains after briefly crossing a $4 trillion market cap milestone last month. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The rally had been fueled by blockbuster ETF flows Bitcoin products attracted $6 billion in net inflows in July (third-best on record), while Ether ETFs brought in $5.4 billion, marking their strongest month yet. But momentum is showing signs of fatigue. Bitcoin's Coinbase premium a real-time measure of US investor appetite flipped negative this week for the first time in two months, according to CryptoQuant. Futures open interest on CME has dropped 13% for Bitcoin and 21% for Ether from their July peaks. These shifts suggest that institutions could be taking a more cautious stance as Q3 gets underway. Traders appear to be repositioning quickly. Over $800 million in leveraged long positions were liquidated in the past 24 hours alone including $251 million tied to Ether and $200 million to Bitcoin, based on Coinglass data. At the same time, downside protection is gaining traction. Nick Forster, founder of noted that Bitcoin's 30-day options skew has swung from +3% to -1.5%, pointing to rising demand for puts over calls. Roughly $10 billion in BTC was sold OTC on July 15, triggering a 4% price dip, he added. Miners also sold off about 15,000 BTC after the record high. Meanwhile, Coinbase (NASDAQ:COIN) shares fell as much as 17% after Q2 revenue came in below estimates, underscoring a broader pullback in retail and institutional engagement alike. This article first appeared on GuruFocus. 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
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Smithsonian removes references to Trump's impeachments from exhibit
The Smithsonian's National Museum of American History removed references to President Donald Trump's two impeachment proceedings from an exhibit on the "Limits of Presidential Power," a Smithsonian spokesperson confirmed to ABC News. The spokesperson said a future exhibit will include all presidential impeachments. The museum decided to "restore" the section of a permanent exhibition to its "2008 appearance" because various topics had not been updated since that year and therefore they removed references to Trump, the Smithsonian spokesperson told ABC News on Thursday. Trump is the only U.S. president to have been impeached twice. "In reviewing our legacy content recently, it became clear that the 'Limits of Presidential Power' section in The American Presidency: A Glorious Burden exhibition needed to be addressed. The section of this exhibition covers Congress, The Supreme Court, Impeachment, and Public Opinion," the spokesperson said. MORE: Artist Amy Sherald cancels Smithsonian exhibit, citing 'culture of censorship' The exhibit now only includes references to the impeachment proceedings against Presidents Andrew Johnson in 1868, Richard Nixon in 1973 and Bill Clinton in 1998. Nixon is the only U.S. president to resign following the commencement of impeachment proceedings. While serving as the 45th President of the United States, Trump was first impeached twice by Congress during his first term – with the first proceeding beginning on Dec. 18, 2019 on charges of abuse of power and obstruction in connection with an alleged quid pro quo call with the Ukrainian president. Trump was acquitted when the trial concluded in the Senate on Feb. 5, 2020. Following the Jan. 6, 2021, insurrection at the U.S. Capitol, Trump was impeached for a second time on Jan. 13, 2021, on the charge of incitement of insurrection, but was again acquitted on Feb. 13, 2021, days after he left office after losing the 2020 election to President Joe Biden. Trump denied all wrongdoing in both of his impeachment cases. Following Trump's first impeachment proceeding, the Smithsonian released a statement on Jan. 21, 2020, about the collection of objects regarding Trump's impeachment. The statement said that as the Smithsonian's National Museum of American History "actively engages," with history, curators are following Trump's impeachment trial and will determine "which objects best represent these historic events for inclusion in the national collection." The Smithsonian spokesperson on Thursday said the museum "installed a temporary label on content concerning the impeachments of Donald J. Trump" in Sept. 2021, which was "intended to be a short-term measure to address current events at the time, however, the label remained in place until July 2025." "A large permanent gallery like The American Presidency that opened in 2000, requires a significant amount of time and funding to update and renew. A future and updated exhibit will include all impeachments," the spokesperson added, in explaining the removal of Trump references. An online description of the exhibit of the Smithsonian's website still referenced Trump's two impeachments as of Friday morning. The removal of references of Trump's impeachments was first reported by The Washington Post on Thursday. The report cited "a person familiar with the exhibit plans, who was not authorized to discuss them publicly," who told the Post that "the change came about as part of a content review that the Smithsonian agreed to undertake following pressure from the White House to remove an art museum director." Asked by ABC News about this claim, the Smithsonian spokesperson did not immediately comment. Museums and parks must remove some items related to race and gender: Executive order The Smithsonian affirmed its autonomy from outside influences in a June 9 statement after President Trump announced that he fired National Portrait Gallery head Kim Sajet for allegedly being a "highly partisan person." Sajet resigned on June 13, a Smithsonian spokesperson confirmed to ABC News. "Throughout its history, the Smithsonian has been governed and administered by a Board of Regents and a Secretary. The board is entrusted with the governance and independence of the Institution, and the board appoints a Secretary to manage the Institution. All personnel decisions are made by and subject to the direction of the Secretary, with oversight by the Board. Lonnie G. Bunch, the Secretary, has the support of the Board of Regents in his authority and management of the Smithsonian," the statement said. "The Board of Regents is committed to ensuring that the Smithsonian is a beacon of scholarship free from political or partisan influence, and we recognize that our institution can and must do more to further these foundational values," the Smithsonian added. Trump signed an executive order in March placing Vice President J.D. Vance in charge of supervising efforts to "remove improper ideology" from all areas of the Smithsonian and targeted funding for programs that advance "divisive narratives" and "improper ideology." The order -- called "Restoring Truth and Sanity to American History" -- directed Vance and Interior Department Secretary Doug Burgum to restore federal parks, monuments, memorials and statues "that have been improperly removed or changed in the last five years to perpetuate a false revision of history or improperly minimize or disparage certain historical figures or events."
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Investors react to Kugler's resignation, firing of BLS commissioner
(Reuters) -The Federal Reserve said on Friday that Governor Adriana Kugler was resigning from the central bank effective Aug. 8. Separately, U.S President Donald Trump ordered that the commissioner of the U.S. Bureau of Labor Statistics, Erika L. McEntarfer, be fired after data showed employment growth was weaker than expected last month. COMMENTS: PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK "Obviously, (Adriana's resignation) is a negative, and that'll probably continue to pressure the dollar. That's not a good sign, when someone resigns, unless there is a personal reason, there is always a question mark as to why. So the unknown factor of that usually adds to uncertainties. "Of course, you had a major revision in the employment numbers so it's a fact that Trump fired the Commissioner of Labour Statistics, basically questioning the accuracy of these numbers because of that huge revision that we had. So, anytime something like this happens, it always raises uncertainties." CHRISTOPHER HODGE, CHIEF US ECONOMIST, NATIXIS ,NEW YORK: 'The interim BLS Chief looks to be an accomplished technocrat, which is a great sign. Going forward, should the fidelity of the data be compromised, this would place the markets and Fed in a very precarious position. I would expect the Fed to rely more and more on the anecdotes it collects from the Beige Book. Her (Adriana Kugler's ) term was set to expire in January, so no great change in policy. I have not seen an indication that she is resigning in protest, but the timing is very curious' JODY CALEMINE, DIRECTOR OF ADVOCACY, AFL-CIO, WASHINGTON, D.C. 'Today was probably the last reliable jobs report we will ever see. This isn't good for anybody looking to see what's going on with the economy, not just for workers but for the business community in general.' 'This morning's jobs report was showing what was the first indicators of probably a coming recession…it's clear he fired her (McEntarfer) for issuing a jobs report he just didn't like.' On Kugler: 'The Fed board should be independent of the president, that's for sure. He (Trump) is wielding increasingly authoritarian control over different agencies, and clearly he wants to wield that control over the Fed. The markets have kept that impulse in check so far. He's increasingly out of control.' JUAN PEREZ, SENIOR DIRECTOR OF TRADING, MONEX USA, WASHINGTON: "The way (the market) is going to interpret (the departures) is in a very dollar-negative way." "No matter what the economic picture in the United States, the one thing that holds the U.S. dollar strong in the eyes of the world is the authority and the independence of the Federal Reserve. Whenever anything comes to potentially put that into compromise then that's when the U.S. dollar spirals down." PETER TUZ, PRESIDENT OF CHASE INVESTMENT COUNSEL IN CHARLOTTESVILLE, VIRGINIA "There will be an opening for the Trump administration to fill. It's likely he will choose somebody whose views on interest rates match his own. Then Treasury Secretary Bessent wants to have a list of possible replacements for the Fed Chair by the end of the year so, Trump is getting a bigger chance to appoint people whose views match his own." Regarding Trump's order to fire Erika L. McEntarfe, he said: "I don't like to see a bureaucrat fired just because the data that gets presented doesn't support the administration's policies. We have a president who believes the economy is strong and that interest rates should be cut . I have read nothing that suggests she was not doing a good job or conscientious. It's upsetting. We're killing the messenger here instead of trying to see what the data really says and go from there. I see no evidence that the numbers were ever manipulated. It wouldn't be big news today if it happened a lot. Certainly, it's unusual." (Compiled by the Global Finance & Markets Breaking News team) Sign in to access your portfolio
