Bitcoin price, XRP fall again. Where cryptos may be heading next.
Bitcoin was down 2.4% over the past 24 hours early on Friday, at around $115,559 sharply down from its 24-hour high of above $119,000. The world's largest cryptocurrency hit a record high of $123,166 last week amid excitement over crypto-related legislation championed by the Trump administration.
'A reversal to growth will be needed to stop the build-up of pessimism for the entire crypto market, where corrective sentiment is intensifying," wrote Alex Kuptsikevich, FxPro chief market analyst, in a research note. 'If we look only at BTCUSD, a decline to $111K—the area of previous peaks—fits well into the pattern of a corrective pullback."
Other large cryptocurrencies were mixed, with Ether rising 0.8%, XRP falling 1.1%, and Solana down 3.8%. Memecoin Dogecoin was down 4.1%.
'We observe that the recent drop in Bitcoin dominance to around 59-61%… suggests capital rotation into altcoins like Ethereum, XRP, Solana, and BNB, which have posted gains of 20-40% recently," wrote Ryan Lee, chief analyst at Bitget Research. 'For momentum to sustain into mid-to-late Q3, we need Bitcoin dominance to fall below 60% consistently, and rising funding rates without excessive leverage."
Crypto-related stocks were suffering Friday. MicroStrategy was down 2.6% in premarket trading, a day after outlining its plans for a preferred stock offering to raise more money to buy Bitcoin. Cryptocurrency exchange Coinbase Global was down 1.8% and Robinhood Markets was falling 1%.
For future catalysts, crypto investors are looking to lawmakers. President Donald Trump signed the Genius Act into law last Friday, establishing a framework for federal regulation of so-called stablecoins. The focus is now on the Clarity Act, which addresses the question of whether cryptos are commodities or securities, and what regulator would oversee them. The legislation still needs to pass the Senate.
Write to Adam Clark at adam.clark@barrons.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
26 minutes ago
- Indian Express
Trump's Ten: Realty majors to promoters in hot markets
From long-standing realty majors to flamboyant start-ups — some with politicians among owners and stakeholders, and a few others on the radar of investigative agencies. This is the US President's Ten: a diverse mix of companies that has teamed up with The Trump Organization or its licensed partner in India Tribeca Developers to showcase the brand in the country. In 2023, a year before Trump was elected again as President, the promoters of three realty companies in this team were arrested in 2023 on charges of allegedly bribing a judicial officer in Haryana. The case is ongoing but an adverse verdict could leave The Trump Organization potentially vulnerable under the Foreign Corrupt Practices Act — the 1977 law that prohibits US companies or their business partners from bribing, or unduly influencing, foreign officials to advance a business deal. The Act has currently been paused by the Trump administration. Rohan Landscapes: In 2011, The Trump Organization inked its first deal in India with Rohan Landscapes, a company formed in 2007, for a 45-60 storey building in Mumbai's Chowpatty. The project fizzled out after the Maharashtra government denied permission to amalgamate two plots due to several alleged irregularities. Rohan Landscapes chairman Harresh Mehta has also been part of a CBI probe into an alleged SBI loan fraud case since 2016. Panchshil Realty: The Trump Organization's next deal in India was with this Pune-based firm in 2012. A year before the deal was announced, the then Leader of Opposition in the Maharashtra Assembly Eknath Khadse had raised allegations of a land scam and sought to link NCP leader Sharad Pawar's family to the Panchshil Group. At that time, Pawar's daughter Supriya Sule and her husband held 8% stake in a Panchshil subsidiary. Panchshil Realty was founded by Atul Chordia in 2002. In 2017, an FIR was filed in Pune naming Chordia along with other builders for alleged forgery related to acquiring 326 acres. In 2022, the Bombay High Court quashed the FIR. In 2018, Pune Municipal Corporation initiated action after accusing Panchshil of allegedly cutting 500 trees illegally near the Salim Ali Bird Sanctuary — the company denied any wrongdoing. Lodha Group: In 2013, The Trump Organization announced a 78-storey tower in Mumbai's Worli with the Lodha Group (now Macrotech Developers), which was founded in 1980 by Mangal Prabhat Lodha, the BJP MLA from Malabar Hills since 1995. Now Minister of Skill Development and Entrepreneurship in the Maharashtra government, Lodha served as the BJP's state president during 2019-2022. Ireo Group: In 2016, The Trump Organization signed its fourth deal in India before Tribeca Developers entered the picture. The project with Ireo Group was labelled as the first Trump-branded commercial property under a branding and design agreement for an office tower at Gurgaon's Golf Course Extension Road — but it never took off. Founded in 2004, the Ireo Group was accused of 'large-scale fraud' and 'illegally siphoning off' at least $147 million of investor money by two global investment companies based in New York and London that had put nearly $300 million in the realty company, The Washington Post reported in 2018 — the company had earlier denied the charges. In 2021, the Enforcement Directorate arrested Lalit Goyal under the Prevention of Money Laundering Act (PMLA) on charges of allegedly diverting more than Rs 2,600 crore belonging to homebuyers and investors through offshore entities in offshore tax havens. In 2023, he was arrested over charges of allegedly bribing a judicial officer in Haryana's Panchkula. Goyal is on bail. Unimark & RDB: In 2017, Tribeca teamed up with Unimark Group and RDB Group for a 38-storey residential Trump Tower in Kolkata. Unimark was founded in 1996 by Harsh Vardhan Patodia. In 2015 and in 2016, its pharmaceutical arm Unimark Remedies reportedly received warning letters from the USFDA for alleged quality-control issues. Subsequently, the company entered insolvency proceedings. RDB Group was founded in 1981 by Sunder Lal Dugar. Shortly after Donald Trump Jr's visit to promote Trump Tower Kolkata, the Income Tax Department raided the offices of the RDB Group in February 2018. Earlier in 2011, SEBI barred RDB Group company RDB Rasayans and its promoters from accessing markets for four years for routing IPO funds as loans to RDB Realty & Infrastructure without adequate disclosure. M3M & Smartworld Developers: In 2018, Tribeca launched Trump Towers in Gurugram with M3M Group founded in 2010 by Basant, Roop and Pankaj Bansal. Tribeca announced its second project in Gurugram this April with Smartworld Developers established in 2021 by the same promoters behind the M3M Group. In 2023, the Enforcement Directorate arrested the M3M promoters, raided multiple offices of M3M and Ireo in Gurugram and Delhi. M3M was charged with allegedly siphoning of up to Rs 400 crore from the Ireo Group through shell companies and bribing a judicial officer in Haryana along with Ireo's Goyal. The M3M promoters were granted bail but the probe under PMLA continues. Kundan Spaces: In March 2025, Tribeca and Kundan Spaces launched a 27-storey commercial twin towers project in Pune — the first Trump-branded office development in India. Kundan Spaces was founded in 1986 by B K Jain. This January, Kundan Spaces managing director Ashish Jain and M3M managing director Pankaj Bansal attended Donald Trump's inauguration alongside Kalpesh Mehta, the founder of Tribeca Developers. IRA Realty: The latest deal for the Trump brand in India was announced this April — two 63-floor residential towers in Hyderabad's Golden Miles to be developed by IRA Realty founded in 2019 by Narsi Reddy Posham. Last month, the owner of one of the land parcels for the project claimed in a public notice that he had not agreed to the development. IRA, Kundan Space, Unimark, RDB, IREO, M3M and SmartWorld did not respond to requests for comment from The Indian Express on project tie-ups linked to The Trump Organization. The Lodha Group declined to comment. Rohan Landscapes and Panchshil Realty do not have any delayed, current or future projects linked to Trump's business interests. Jay Mazoomdaar is an investigative reporter focused on offshore finance, equitable growth, natural resources management and biodiversity conservation. Over two decades, his work has been recognised by the International Press Institute, the Ramnath Goenka Foundation, the Commonwealth Press Union, the Prem Bhatia Memorial Trust, the Asian College of Journalism etc. Mazoomdaar's major investigations include the extirpation of tigers in Sariska, global offshore probes such as Panama Papers, Robert Vadra's land deals in Rajasthan, India's dubious forest cover data, Vyapam deaths in Madhya Pradesh, mega projects flouting clearance conditions, Nitin Gadkari's link to e-rickshaws, India shifting stand on ivory ban to fly in African cheetahs, the loss of indigenous cow breeds, the hydel rush in Arunachal Pradesh, land mafias inside Corbett, the JDY financial inclusion scheme, an iron ore heist in Odisha, highways expansion through the Kanha-Pench landscape etc. ... Read More
Economic Times
26 minutes ago
- Economic Times
Rivian earnings shock triggers stock plunge—Q2 miss and $2.25B loss spark 4% drop as EV credit cut, Trump tariffs fuel panic sell-off
Rivian (NASDAQ: RIVN) reported a sharp Q2 2025 earnings miss on Tuesday, sending its stock down over 4% in after-hours trading. The electric vehicle maker posted a larger-than-expected net loss of $1.1 billion, or $0.80 per share, falling short of analyst expectations. Revenue came in at $1.30 billion, slightly above forecasts, but vehicle deliveries dropped to 10,661 units, down 23% year-over-year. Rivian also widened its 2025 full-year loss projection to $2.25 billion, citing rising production costs, the loss of EV tax credits, and new Trump-era tariffs. The market reacted swiftly, triggering a wave of investor sell-offs. Rivian stock drops as Q2 earnings miss expectations and 2025 loss forecast widens amid EV tax credit blow and tariffs: The electric truck maker reported mixed Q2 2025 earnings, delivered fewer vehicles than expected, and projected a much deeper full-year loss. The company is now facing the heat from Donald Trump's new EV tax credit restrictions, rising tariffs, and reduced regulatory credit income. Despite steady progress on its highly anticipated R2 SUV, Rivian stock took a hit after the update, trading around $12.15, down over 4% in after-hours. Rivian's Q2 numbers reflected a sharp slowdown in both production and deliveries as it paused operations to prep for refreshed models. The company delivered 10,661 vehicles in the second quarter, down nearly 23% year-over-year, while producing only 5,979 units—well below market expectations. Revenue came in at around $1.30 billion, which was just slightly ahead of analyst forecasts but didn't offset the other disappointments. The biggest shock came in the form of Rivian's adjusted loss of $0.80 per share, significantly wider than Wall Street's expected $0.65–$0.66 loss. In total, Rivian posted a net loss of $1.1 billion, which was still an improvement from the $1.5 billion loss it reported in Q2 2024, but investors weren't impressed. One of the key pain points for Rivian right now is the impact of Trump's recent EV tax credit overhaul, which closed off the leasing loophole that previously allowed Rivian buyers to indirectly qualify for the $7,500 federal EV credit. That credit had become a critical tool for boosting Rivian's revenue through leasing channels. Adding to the pressure, tariffs on Chinese components and raw materials have raised production costs—especially for battery and motor components that depend on rare earth elements. These policy changes have created 'significant uncertainty,' the company noted, and are eating into margins. As a result, Rivian has revised its 2025 loss forecast upward to between $2.0 billion and $2.25 billion, from the earlier range of $1.7 billion to $1.9 billion. While short-term headwinds dominate the headlines, Rivian is betting big on the future. The company reaffirmed that development of its new R2 electric SUV is moving ahead as planned. The mid-size SUV is expected to start production in the first half of 2026, with a targeted starting price of $45,000. To reduce costs and improve profitability, Rivian is leaning on its strategic partnership with Volkswagen, which aims to bring down the R2's bill of materials to around $32,000 per vehicle—a significant margin improvement. Rivian believes this mass-market EV could be the turning point it needs, especially if it can deliver strong range, quality, and pricing at scale. Even with declining Q2 numbers, Rivian is sticking to its full-year 2025 delivery forecast of 40,000 to 46,000 vehicles. The company expects a bump in Q3 as buyers rush to purchase before the remaining tax incentives disappear at the end of September. Still, it's a race against time—and uncertainty looms. The loss of the leasing workaround for tax credits, combined with rising costs from tariffs and component shortages, could put further pressure on deliveries. Following the mixed results and updated guidance, Rivian stock (NASDAQ: RIVN) fell over 4% in after-hours trading. As of the latest data, the stock is priced around $12.15, down from an open of $12.48, with a trading range between $11.05 and $12.57 for the day. Investor sentiment remains cautious. While analysts acknowledge Rivian's long-term potential, many maintain 'Hold' ratings, citing execution risks and policy challenges. Price targets are hovering in the $12 to $15 range for now. Despite near-term volatility, Rivian still holds promise as a key player in the EV space. The upcoming R2 launch, the Volkswagen collaboration, and a potential rebound in U.S. EV demand could help turn the tide—but not without risks. With ongoing macro headwinds, policy changes, and competitive pressure from Tesla and legacy automakers, Rivian has a steep hill to climb. But if it can deliver on its cost-cutting roadmap and scale R2 production efficiently, there's still room for upside. Metric Q2 2025 Data Vehicle Deliveries 10,661 units (‑23% YoY) Production 5,979 units Revenue ~$1.30 billion Adjusted EPS Loss ‑$0.80 per share Net Loss $1.1 billion 2025 Loss Forecast $2.0–$2.25 billion (revised upward) Stock Price (Post-Earnings) ~$12.15 (-4% after-hours) R2 SUV Launch H1 2026, starting at $45,000 Rivian's latest earnings show a company caught between a bold vision and brutal realities. With earnings falling short, production slowing, and policy winds shifting, the road ahead won't be easy. But with the R2 SUV on the horizon and a clear plan to cut costs, Rivian's long game may still be intact. If you're tracking EV stocks in 2025, Rivian remains one of the most watched tickers on Wall Street—but it's now a test of time, execution, and whether it can survive the short-term storm to reach long-term scale. FAQs: Q1: Why did Rivian stock drop after Q2 2025 earnings? Rivian stock fell due to weak Q2 earnings, wider loss forecasts, and pressure from EV tax credit cuts and tariffs. Q2: What's impacting Rivian's future outlook in 2025? Rivian's outlook is hurt by rising costs, Trump's tariffs, and the end of key EV tax credits.
Mint
26 minutes ago
- Mint
AMD's China Concerns Overshadow Upbeat Sales Forecast for AI
Advanced Micro Devices Inc., the second-largest maker of artificial intelligence processors, warned that its return to the crucial China market remains a work in progress, overshadowing a generally upbeat forecast for its AI business. As part of its quarterly earnings report on Tuesday, AMD declined to predict Chinese sales of its Instinct MI308, an AI processor that it designed for the Asian country. The Trump administration had barred shipments of such chips to China in April, though it reversed course last month, raising hopes that AMD and rival Nvidia Corp. could soon resume sales. China is the largest market for semiconductors, and the restrictions have threatened to erase billions of dollars in total revenue from both companies. 'We appreciate the focus the Trump administration is placing on ensuring that US technology remains central to global AI infrastructure and we expect to resume MI308 shipments as licenses are approved, subject to end customer demand and supply chain readiness,' Chief Executive Officer Lisa Su said on a conference call with analysts. 'As our licenses are still under review, we are not including any MI308 revenue in our third-quarter guidance.' Su was optimistic about the overall market for AI computing. 'Looking ahead, we see a clear path to scaling our AI business to tens of billions of dollars in annual revenue,' she said during the call. The company also is ramping up its new MI350 lineup, she said. AMD shares initially fell more than 5% in extended trading on the China concern, before paring the losses during the conference call. They had gained 44% in 2025 through the close, making AMD the best-performing stock in the semiconductor industry. Third-quarter sales will be about $8.7 billion, the company said, topping the average analyst estimate of $8.37 billion. AMD's second-quarter sales rose 32% to $7.7 billion, compared with a $7.43 billion average estimate. Profit was 48 cents a share, minus certain items. Analysts projected 49 cents. Data center sales gained 14% to $3.2 billion in the period. On average, analysts had predicted $3.25 billion. Personal computer-related sales climbed 67% to $2.5 billion. The average prediction was $2.56 billion. Three months ago, AMD said it was taking $800 million in writedowns related to the export restrictions and warned that the curbs would cost it $1.5 billion in revenue this year. Wall Street has been waiting for a revised outlook in light of the shifting policy. In the decade since Su took the top job at AMD, the company has become a key provider of technology across the computing industry. The ability to deliver competitive products — at a time when longtime nemesis Intel Corp. has stumbled — has brought a reversal of fortunes. AMD's market capitalization is now roughly $200 billion higher than Intel's. Still, neither company has matched the runaway success of Nvidia, whose dominance of AI accelerators has made it the world's most valuable business. AMD is the second-biggest provider of graphics chips, which form the basis for the AI accelerators that run in data centers. Its microprocessors, meanwhile, go head to head with Intel products in the markets for PCs and servers. This article was generated from an automated news agency feed without modifications to text.
