Track and yield: Nike earnings boost European sportswear stocks
Nike says tariffs could add around $1 billion to its costs this trading year as it looks to reduce its reliance on Chinese production in a bid to offset the impact of President Trump's trade policy.
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Yahoo
23 minutes ago
- Yahoo
Crypto Daybook Americas: Bitcoin Retreats From $108K, But Bulls Aren't Done
By Omkar Godbole (All times ET unless indicated otherwise) Slowly, then suddenly. That sums up the adoption of bitcoin (BTC) and the wider cryptocurrency market by institutions. It started with Strategy, then called MicroStrategy, adopting BTC as a balance sheet asset in 2020. Now the head of the U.S. government agency overseeing Fannie Mae and Freddie Mac wants the mortgage giants to consider homebuyers' cryptocurrency holdings in their criteria for buying mortgages from banks. "After significant studying, and in keeping with President Trump's vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage. SO ORDERED," Bill Pulte, director of the Federal Housing Finance Agency, said on X. Getting entrenched in the housing market of the world's largest economy can only add to the ongoing bull momentum in BTC and other cryptocurrencies. And, in a move that could markedly improve big banks' ability to create credit, the Federal Reserve advanced a long-awaited plan to overhaul bank capital requirements. That's a positive development for risk assets. It's no surprise that BTC, which is most sensitive to fiat liquidity conditions, has extended gains in the past 24 hours, topping $108,000 at one point. The broader market capitalization is fast approaching a volatility threshold, according to FxPro's analyst Alex Kuptsikevich. "The crypto market cap increased by another 1% to $3.31 trillion, reaching the threshold of increased volatility. Just above that, in the $3.40–3.55 trillion range, is a turning point, which has activated sellers and prevented the market from consolidating higher," Kuptsikevich said in an email, noting a rise in the Fear and Greed Index to 74, just one point below the extreme greed zone. In other news, spot BTC ETFs recorded a net inflow of $548 million, marking 12 consecutive days of positive flows. Metaplanet purchased another 1,234 BTC, a day after announcing a $515 million raise to fund the treasury strategy. Meanwhile, Nasdaq-listed Bit Digital announced a strategic shift to become a pure-play ether (ETH) staking and treasury company. The Hong Kong Government issued a policy statement on the development of digital assets, focusing on streamlining regulatory aspects, expanding the suite of tokenized products, advancing use cases and cross-sectoral collaboration. In traditional markets, futures tied to the Nasdaq index rose to record highs, pointing to continued risk-on sentiment while the dollar index continued to lose ground. Stay alert! Crypto June 30: CME Group will introduce spot-quoted futures, pending regulatory approval, allowing trading in bitcoin, ether and major U.S. equity indices with contracts holdable for up to five years. Macro June 26, 8:30 a.m.: The U.S. Census Bureau releases May manufactured durable goods orders data. Durable Goods Orders MoM Est. 8.5% vs. Prev. -6.3% Durable Goods Orders Ex Defense MoM Prev. -7.5% Durable Goods Orders Ex Transportation MoM Est. 0% vs. Prev. 0.2% June 26, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases (final) Q1 GDP data. GDP Growth Rate QoQ Final Est. -0.2% vs. Prev. 2.4% GDP Price Index QoQ Final Est. 3.7% vs. Prev. 2.3% GDP Sales QoQ Final Est. -2.9% vs. Prev. 3.3% June 26, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended June 21. Initial Jobless Claims Est. 245K vs. Prev. 245K Continuing Jobless Claims Est. 1950K vs. Prev. 1945K June 26, 3 p.m.: The Bank of Mexico announces its interest rate decision. Overnight Interbank Target Rate Est. 8% Prev. 8.5% June 27, 9:15 a.m.: Fed Governor Lisa D. Cook will deliver a speech at a Fed Listens event hosted by the Federal Reserve Bank of Cleveland. Livestream link. June 27, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases May unemployment rate data. Unemployment Rate Est. 6.4% vs. Prev. 6.6% June 27, 8 a.m.: Mexico's National Institute of Statistics and Geography releases May unemployment rate data. Unemployment Rate Est. 2.5% vs. Prev. 2.5% June 27, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases May consumer income and expenditure data. Core PCE Price Index MoM Est. 0.1% vs. Prev. 0.1% Core PCE Price Index YoY Est. 2.6% vs. Prev. 2.5% PCE Price Index MoM Est. 0.1% vs. Prev. 0.1% PCE Price Index YoY Est. 2.3% vs. Prev. 2.1% Personal Income MoM Est. 0.3% vs. Prev. 0.8% Personal Spending MoM Est. 0.1% vs. Prev. 0.2% June 27, 10 a.m.: The University of Michigan releases (final) June U.S. consumer sentiment data. Michigan Consumer Sentiment Est. 60.5 vs. Prev. 52.2 Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls Lido DAO is voting on updating its Block Proposer Rewards Policy to SNOP v3. The proposal sets new standards for node operators, including use of vetted APMs and clearer responsibilities to enhance decentralization, fair rewards, and operational security. Voting ends June 30. Arbitrum DAO is voting on lowering the constitutional quorum threshold from 5% to 4.5% of votable tokens. This aims to match decreased voter participation and help well-supported proposals pass more easily, without affecting non-constitutional proposals, which remain at a 3% quorum. Voting ends July 4. The Polkadot community is voting on launching a non-custodial Polkadot branded payment card to 'to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.' Voting ends July 9. Unlocks June 30: Optimism OP to unlock 1.79% of its circulating supply worth $16.82 million. July 1: Sui SUI to unlock 1.3% of its circulating supply worth $117.91 million. July 2: Ethena ENA to unlock 0.67% of its circulating supply worth $10.52 million. July 11: Immutable IMX to unlock 1.31% of its circulating supply worth $10.11 million. July 12: Aptos APT to unlock 1.76% of its circulating supply worth $54.17 million. July 15: Starknet STRK to unlock 3.79% of its circulating supply worth $14.07 million. Token Launches June 26: Coinbase to delist Helium Mobile (MOBILE), Render RNDR, Ribbon Finance RBN and Synapse SYN. June 26: Sahara AI (SAHARA) to be listed on OKX, Bitget, MEXC, CoinW, and others. The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17. Day 3 of 3: Blockworks' Permissionless IV (New York) Day 2 of 2: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) Day 2 of 2: CDAO Government 2025 (Washington) Day 2 of 2: FinTech Summit Africa 2025 (Johannesburg) Day 2 of 2: Money Expo Colombia 2025 (Bogota) Day 2 of 2: 2025 (New York) Day 2 of 3: 7th Blockchain and Internet of Things Conference (Tsukuba, Japan) Day 2 of 3: 7th International Congress on Blockchain and Applications (Lille, France) Day 2 of 4: Solana Solstice 2025 (New York) June 26: The Injective Summit (New York) June 26: Webit 2025 (Sofia, Bulgaria) Day 1 of 2: Istanbul Blockchain Week Day 1 of 2: Seoul Meta Week 2025 (Seoul) June 28: Cyprus Blockchain Summit 2025 (Limmasol) June 28-29: The Bitcoin Rodeo (Calgary, Canada) June 30: RWA Cannes Summit 2025 (Cannes, France) June 30 to July 3: Ethereum Community Conference (Cannes, France) June 30 to July 5: World Venture Forum 2025 (Kitzbühel, Austria) By Shaurya Malwa SEI is up 50% in a week, leading all top 100 tokens, as analysts call a 'clean, multi-factor rally' with smart money at the wheel. Wyoming named SEI as a settlement layer for its state-backed dollar pilot (WYST), giving the chain rare institutional cred and lifting visibility. Catalysts stacked up fast: airdrop v2 snapshot, 9% validator APY bump and zero meaningful token unlocks in the near term. CEX inflows topped $3M, while perp open interest rose just 9% and funding stayed flat — a classic sign of organic, spot-led buying. Sei's TVL crossed $540M, with DEX volume hitting a record $60M on Wednesday, per DeFiLlama — indicating rising DeFi traction. Analysts warn that funding in excess of 0.05% or open interest outpacing spot would signal leverage creep and possible overextension. For now, momentum is clean, macro is supportive, and July could bring more upside if risk appetite holds. BTC's slight pullback from Wednesday's high of over $108,250 is accompanied by an uptick in perpetual futures open interest on major exchanges. It's possible some market participants are taking hedges against a price drop. BCH, PEPE and XMR have seen the most increase in open interest in the past 24 hours. On the CME, BTC futures open interest jumped to a four-week high of 159.85K BTC. Still, the basis remains flat below 10%, weakening the bullish positioning narrative. On Deribit, risk reversals have normalized to show slight call bias in BTC options. ETH near-term tenors still show a slight put premium. Flows have been mixed on OTC liquidity network Paradigm, featuring risk reversals and some demand for call options. BTC is down 0.37% from 4 p.m. ET Wednesday at $107,446.08 (24hrs: +0.17%) ETH is up 1.29% at $2,473.17 (24hrs: +1.41%) CoinDesk 20 is down 0.34% at 2,997.24 (24hrs: -0.03%) Ether CESR Composite Staking Rate is down 10 bps at 3.04% BTC funding rate is at -0.0004% (-0.4303% annualized) on Binance DXY is down 0.56% at 97.14 Gold futures are up 0.33% at $3,354.10 Silver futures are up 1.45% at $36.63 Nikkei 225 closed up 1.65% at 39,584.58 Hang Seng closed down 0.61% at 24,325.40 FTSE is up 0.14% at 8,731.26 Euro Stoxx 50 is up 0.13% at 5,258.69 DJIA closed on Wednesday down 0.25% at 42,982.43 S&P 500 closed unchanged at 6,092.16 Nasdaq Composite closed up 0.31% at 19,973.55 S&P/TSX Composite closed down 0.57% at 26,566.32 S&P 40 Latin America closed down 0.74% at 2,611.91 U.S. 10-Year Treasury rate is down 2 bps at 4.28% E-mini S&P 500 futures are up 0.27% at 6,163.50 E-mini Nasdaq-100 futures are up 0.41% at 22,552.75 E-mini Dow Jones Industrial Average Index are up 0.20% at 43,392.00 BTC Dominance: 65.65% (-0.11%) Ethereum to bitcoin ratio: 0.02297 (1.95%) Hashrate (seven-day moving average): 803 EH/s Hashprice (spot): $54.23 Total Fees: 4.81 BTC / $515,528 CME Futures Open Interest: 159,850 BTC BTC priced in gold: 32.1 oz BTC vs gold market cap: 9.1% The bullish case for the Binance-listed bitcoin-bitcoin cash pair looks strong as the 50-day simple moving average (SMA) appears on track to cross above the 200-day SMA. That would confirm a golden cross, a long-term bullish indicator. Effective June 30, the price for Galaxy will be for its Nasdaq listing denominated in U.S. dollars rather than the Canadian-dollar-denominated listing on the TSX. Strategy (MSTR): closed on Wednesday at $388.67 (+3.09%), -0.38% at $387.20 in pre-market Coinbase Global (COIN): closed at $355.37 (+3.06%), +0.44% at $356.95 Circle (CRCL): closed at $198.62 (-10.79%), -1.17% at $196.29 Galaxy Digital Holdings (GLXY): closed at C$26.61 (-1.7%) MARA Holdings (MARA): closed at $14.98 (+0.67%), unchanged in pre-market Riot Platforms (RIOT): closed at $10 (-0.2%), +0.1% at $10.01 Core Scientific (CORZ): closed at $12.3 (+0.74%), +0.33% at $12.34 CleanSpark (CLSK): closed at $10.60 (+5.58%), -0.19% at $10.58 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $19.48 (+0.31%) Semler Scientific (SMLR): closed at $41.04 (-2.03%), -0.15% at $40.98 Exodus Movement (EXOD): closed at $31.16 (-8.78%), unchanged in pre-market Spot BTC ETFs Daily net flow: $547.7 million Cumulative net flows: $48.12 billion Total BTC holdings ~ 1.23 million Spot ETH ETFs Daily net flow: $60.4 million Cumulative net flows: $4.14 billion Total ETH holdings ~ 4.06 million Source: Farside Investors The chart shows the amount of USDtb borrowed on decentralized lending and borrowing giant Aave. USDtb is an Ethena ecosystem stablecoin backed by Blackrock's BUIDL. The tally has risen sharply to record high, signaling a pick up in demand for yield-bearing stablecoins in DeFi. Uproar Over Leaked Intelligence Underlines Murky View of Iran Strikes (The Wall Street Journal): Trump insisted the Iran strikes severely crippled its nuclear program, while experts and former officials warned that uranium stockpiles may have been relocated and key damage remains unverified. Bitcoin's Bull Case Strengthens as Dollar Index Slides, Nvidia Hits Record High Amid Recession Cues (CoinDesk): Bitcoin has rebounded 10% from weekend lows amid continued dollar weakness, growing calls for a July Fed rate cut, and disappointing U.S. data on housing and consumer confidence. Metaplanet Overtakes Musk's Tesla, Becomes Fifth-Largest Corporate Bitcoin Holder (CoinDesk): The Japanese firm bought 1,234 BTC for $133 million, bringing total holdings to 12,345 BTC at an average price of $98,303. World Liberty Makes Narrative U-Turn, Says WLFI Token Will Become Tradable Soon (CoinDesk): After initially saying its WLFI token would remain non-tradable, the Trump-linked crypto project now says a transfer function is in development, signaling a potential shift toward public trading. Fears Over U.S. Debt Load and Inflation Ignite Exodus From Long-Term Bonds (Financial Times): Investors worry that Trump's trade policy will fuel inflation and his tax-and-spending bill will deepen U.S. debt, eroding the appeal of long-dated U.S. government and corporate bonds. Coinbase Brings Wrapped Cardano, Litecoin to Base With cbADA, cbLTC (CoinDesk): Coinbase has minted over 2.9 million cbADA and 11,300 cbLTC on Base, each fully backed by ADA and LTC held in custody, with regular proof-of-reserves to back up the claims.
Yahoo
23 minutes ago
- Yahoo
Trump cancels trip to push ‘big, beautiful bill' across finish line
(NewsNation) — President Trump is making one final push to get the 'big, beautiful bill' he's championed across the finish line. NewsNation confirmed that Trump has called off a weekend trip to his Bedminster Golf Club in New Jersey to focus on the bill and lobby Republicans who remain on the fence with what the spending package currently includes. The White House on Thursday dug in on its expectation that Congress will pass the massive reconciliation package containing Trump's key agenda items by next week, despite a vital setback from the Senate parliamentarian, Elizabeth MacDonough. 'We expect that bill to be on the president's desk for signature by July 4,' White House press secretary Karoline Leavitt told reporters. Trump says Iran must open itself to inspection to verify it doesn't restart its nuclear program Trump's optimism about the bill's deadline to pass has wavered a bit than in the past. The legislation calls for tax cuts for families, no tax on tips or overtime, a child tax credit increase, extension of the 2017 tax cuts, and clean energy tax cuts. Trump claims that if it doesn't pass, the country would see a 68% tax increase. 'It's a great bill,' he said. It's a massive tax cut. It will be interesting to see if we get any Democratic votes. If I were a Democrat, I would vote for this bill all day long because it's tax cuts and many other things that are common sense.' The Latest: Trump emboldened to accelerate his agenda after nationwide injunction ruling Trump also held a White House event on Thursday to pressure Republican holdouts to support his so-called 'big, beautiful bill' ahead of the deadline. The gathering featured 'everyday Americans' who the administration claims will benefit from 'many different provisions in the bill.' Truck drivers, firefighters, law enforcement, health care workers, tipped workers, and others were in attendance. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24 minutes ago
- Yahoo
Europe's Time Is Now (for Stablecoins)
Trump has come into office with a wrecking ball – and his acts of unpredictability, both domestically and abroad, have only hampered the dollar's status as the choice reserve currency. In the crypto world, this only means one thing – USD-pegged stablecoins will wane in dominance, leaving a vacuum for other currencies to pounce. And of them, it might just be the rapidly growing EUR coins that muscle up the hardest. Let's take a step back. Since Trump's inauguration, the dollar has fallen to a three-year low against a basket of major currencies, declining by approximately 5% over roughly the last six months. A combination of whimsical trade policy, feckless fiscal bets, and, overall, international antagonism have beleaguered the U.S. market, damning its equities, raising its Treasury yields, and taking an axe to the dollar. The U.S.'s prominence as the strongest and most stable economy has been tested. And we've even seen an 'Anywhere, but the USA' trade come to light as a result. With the U.S. economy and markets so volatile, investors have – as usual – fled to safe-haven assets like gold to mitigate any losses. But surprisingly, the euro has also risen up the ranks: according to a recent report by Reuters, central bankers across the globe are now looking at gold, the renminbi, and the euro as choice reserve assets. The world is diversifying away from the dollar – and that'll be sure to reflect in DeFi. Of course, that being said, I'm not talking about a full-fledged overtake here. In the stablecoin world, USD is very much king. Tether dominates nearly 70% of the market, and we've even seen Circle make headlines for securing a $5.4 billion IPO. But as the dollar wanes – especially to the point it makes losses against emerging markets and the G10 – I just think the market will broaden out. USD monopolies might not be as strong. Currently, there are 12 prominent euro-pegged stablecoins and 56 USD counterparts – a huge difference. But as the euro makes up its losses and gains further strength, who's to say these coins won't compete? With enthusiastic fiscal policy, stronger defence spending, and, of course, the momentum of capital flow, the euro has climbed to near pivotal $1.20. And if Trump continues on his current path, I expect this will only climb further. It's not just a trend of de-dollarization to factor in, either. The E.U. has become increasingly open to crypto, this year cementing the final provisions of the MiCA framework – giving crypto issuers the ability to attain licences and establish themselves in the regulated European market. Tether is not compliant with MiCA, giving alternative coins – including EUR-pegged ones, such as EURC – an opportunity to strengthen their regional market share. By way of that, the E.U. has subsequently adopted a more favorable and supportive stance toward crypto issuers. OKX, Coinbase, and soon perhaps even Gemini are all crypto issuers and exchanges with or about to receive EU approval. Forget Trump's vows to make the U.S. the 'crypto capital of the planet.' The EU is fast catching up. Europe is no longer the anti-innovation, bureaucratic monster it once was. It has palmed off its past scepticism, opened its doors to digital assets, and beyond that, as per Christine Lagarde, is ambitious enough to be pushing for its 'global euro moment.' It is truly capitalizing on the misfortunes of Uncle Sam, and I see no plausible reason as to how this won't reflect in the stablecoin market. I understand the attitude toward stablecoins is still mixed. The Bank of International Settlements has recently cast them off as a 'financial stability risk.' Even so, the global market cap of the broader ecosystem recently peaked at over $250 billion. The size, popularity, and appeal of the market cannot be denied. And they're certainly more practical than tokenised currencies, as BIS' Project Agora is attempting to push forward. As such, I don't see the stablecoin market contracting any time soon. And as long as Trump continues his heavy-handed approach and Europe capitalises on the fallout, I can only see issuers veering closer and closer to EUR-based coins. Complete de-dollarisation is far from realistic, but as long as the euro remains on its upward trajectory, so will investments into and transactions via the continent and its currency. By 2028 – and by that, I mean the end of Trump's term – I predict we'll see more EUR-pegged stablecoins come to the surface, and so much so that they'll even threaten their American counterparts. Recession risks, bear market risks, and, overall, a lack of investor confidence have taken the dollar into the doldrums. Europe's time is now.
