Crypto World
After 200+ Crypto Liquidations, James Wynn Tries TradFi and Falls Flat
James Wynn has been liquidated twice in 24 hours for $982,000, this time shorting S&P 500 perpetual futures. The losses push his career tally past 200 liquidations.
On-chain intelligence firm Arkham flagged the losses on July 1. Another 0.35% rise in the index would end his remaining position.
From Crypto Blowups to S&P 500 Shorts
Wynn has not left Hyperliquid. Instead, his shift into traditional finance (TradFi) swaps Bitcoin (BTC) and meme coin bets for leveraged index perpetuals on the same exchange.
“JAMES WYNN LIQUIDATED FOR $1M IN TRADFI. James Wynn appears to have moved on from trading crypto, and is now shorting the S&P500 instead. He has been liquidated twice in the last 24 hours for a total of $982K. If the S&P500 rises 0.35% from here, he will be liquidated again,” Arkham indicated.
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The equity shorts extend a bearish stance from April. Back then, he outlined a defensive multi-asset strategy that included shorting US stocks.
Days later, a Bitcoin rally liquidated his 40x short. The blowup collapsed an account that once held $100 million to roughly $900.
A 2.5% rise was all it took. His new S&P 500 short leaves even less room for error.
James Wynn Liquidations Keep Climbing
Wynn entered April with 194 liquidations on record. Six more in two weeks pushed him past 200. One earlier streak, logged by Arkham, packed nine liquidations into two days and left his balance at $500.
The trader built his reputation by turning $7,600 into $25 million on the meme coin PEPE. From there, he moved to high-leverage perpetuals, where his profile remains publicly tracked.
He is not alone on Hyperliquid. Jeffrey Huang, known as Machi Big Brother, has logged 335 recorded liquidations. Meanwhile, Andrew Tate returned with a fresh 40x Bitcoin bet after 107 wipeouts of his own.
The pattern now travels across asset classes. In April, Bitcoin needed a 2.5% move to erase Wynn’s account. The S&P 500 needs just 0.35%.
The post After 200+ Crypto Liquidations, James Wynn Tries TradFi and Falls Flat appeared first on BeInCrypto.
FuelCell Energy stock skyrocketed nearly 70% in June. Shares now trade near $36.25, powered by a decisive pivot toward the AI data center power market. The move made FCEL one of the best-performing US stocks of the month.
The rally reshaped how Wall Street values fuel-cell companies serving the booming buildout of AI infrastructure.
Why FCEL Stock Jumped 70% in June on the AI Data Center Push
FuelCell Energy (FCEL) is a Nasdaq-listed clean energy company that develops high-temperature fuel cell systems for stationary power generation.
The stock has emerged as a top play on the AI data center power crunch. Furthermore, shares now trade at $36.25 after the historic June rally.
The one-month move was remarkable in scale. FCEL delivered a 70% gain across June, according to TradingView data. Moreover, the past 5 trading days alone added another 79%, showing how much of the rally concentrated into the final week of the month.
The broader picture is even more striking. FCEL is now up 383% year-to-date in 2026. Furthermore, the stock has surged 552% across the past 12 months. Consequently, the June performance capped the company’s best quarter in more than 5 years of trading.
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Trading volume also confirmed the shift in sentiment. Retail attention exploded, with Stocktwits message volume up 1,056% in 24 hours during the peak of the rally.
Moreover, the stock was included in the Russell 3000 index as of June 26, unlocking passive index-tracking flows.
What the AI Data Center Power Pivot Really Delivered
The AI data center pivot is the strategic shift where FCEL now targets hyperscaler power demand as its main growth engine. Over 80% of its commercial pipeline is now tied to data centers. Furthermore, the total pipeline has grown by 275% year-over-year across recent quarters.
The centerpiece deal is the Fit Energy agreement announced in June. FCEL will supply up to 380 MW of clean baseload on-site power for AI data centers. Moreover, the deal includes a deposit-backed initial order for 30 MW, with delivery slated to begin in late 2026.
Additional catalysts stacked up throughout June. The Export-Import Bank of the United States (EXIM) approved a $49 million financing package to support FCEL’s South Korea expansion. Moreover, management outlined plans to increase Torrington’s manufacturing capacity to 500 megawatts annually, with an investment of $200 to $275 million.
“$FCEL just received what I believe is the most important piece of news in the company’s history, and the stock sold off. I added. I believe this can be a 2x+ from here by EOY ($50+) The risks are obvious: • Ramp execution • Management’s ability to reach its long-term product gross margin targets (>20%) But once those questions are answered, the demand side of the story becomes very hard to ignore,” one analyst said on X.
The company reported its fiscal first quarter 2026 results in March 2026, delivering strong year-over-year revenue growth. Revenue reached $30.5 million, a 61% increase from $19.0 million in the same period last year, driven by progress on its power generation projects and its advancing data center power strategy.
Despite the top-line improvement, the company continued to face operating challenges, posting a gross loss of $5.9 million, an operating loss of $26.3 million, and a net loss per share of $0.49.
The backlog stood at $1.17 billion, slightly down from the prior year, as the company focuses on commercial momentum in carbon capture and high-efficiency fuel cell solutions to meet the growing demand for clean energy and data centers.
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The post This US Stock Skyrocketed 70% in June Amid the AI Data Center Pivot appeared first on BeInCrypto.
Bitcoin (BTC) has delivered a key trend change setup in the latest sign that the macro downtrend could soon reverse.
Key points:
- Bitcoin is seeing its first “perfected” TD9 indicator downtrend setup on monthly time frames since mid-2022.
- While not a “buy signal” on its own, the move marks a key inflection phase in the bear market, analysis suggests.
- RSI divergences continue to gain sway among those eyeing the final stages of the 2026 market downturn.
BTC price “perfected” TD9 setup echoes final bear-market stages
In an X post on Tuesday, analyst Tony Severino flagged a “perfected” buy signal on the TD9 indicator.
TD9 is a derivative of the Tom DeMark Sequential market timing indicator, which alerts traders to potential trend changes. Here, price triggers a notable signal when nine candles in a row close higher (in an uptrend) or lower (in a downtrend) than the closing price four candles prior.
“Bitcoin has ‘perfected’ a TD9 buy setup on the monthly,” Severino commented alongside data from TradingView.
BTC/USD one-month chart with TD9 indicator data. Source: Cointelegraph/TradingView
The setup is Bitcoin’s first in several years on monthly time frames, with the last TD9 downtrend signal coming in July 2022.
At the time, BTC/USD spent another five months ironing out its bear-market bottom, and as Severino notes, a completed TD9 setup does not “necessarily mean that the bottom is in.”
“Not a buy signal by itself. But if it holds into the close, it’s the kind of thing you pay attention to,” Tony Carrera, host of the Proof of Pain podcast, wrote in a further X post.
“TD 9s are where you stop chasing fear, zoom out, and ask: Is this where $BTC reminds everyone what happens when they think it’s dead?”
RSI divergences spark “good odds” for Bitcoin’s bullish comeback
As Cointelegraph reported, consensus among market participants still favors new macro lows coming before the bear market truly reverses.
Related: Bitcoin just $5K away from ‘best investment opportunity’ of bear market
Targets differ, with $55,000 now popular, while BTC price cycle comparisons put the current bear market at just over two-thirds complete.
By contrast, bullish divergences across multiple time frames are locking in on the relative strength index (RSI) — a classic hint that trend change is due.
“Not sure I have ever seen more confirmed and potential bullish divergence with oversold RSI on more time frames, ever,” trader, analyst and podcast host Scott Melker told X followers on Wednesday.
“Divs building over multiple time frames is my favorite signal. Good odds.”
BTC/USD one-day chart with four-hour, one-day, one-week RSI data. Source: Cointelegraph/TradingView
Robinhood has moved its blockchain testing effort into the public spotlight, announcing that its Robinhood Chain layer 2 network has launched its public mainnet. The rollout follows an earlier testnet launch in February, meaning the company ran roughly four months of testing before going live.
In its announcement on Wednesday, Robinhood said the chain—built on Arbitrum—positions itself as “AI-native” and designed to support tokenized real-world assets. The move comes as the brokerage and crypto platform broadens its on-chain ambitions alongside new and existing offerings for crypto, tokenized stocks, and decentralized finance within its wallet ecosystem.
Key takeaways
- Robinhood Chain’s public mainnet launched after testnet activity began in February, following about four months of preparation.
- The layer 2 network is built on Arbitrum and is marketed as “AI-native” and intended for real-world asset tokenization.
- Robinhood says tokenized stock products are already live in its wallet app across more than 120 countries, and it plans to add crypto trading in the UK soon.
- New decentralized lending functionality, Robinhood Earn, lets users lend USDG stablecoins from a self-custody wallet at an estimated ~7% annual yield.
- Competition among Ethereum layer 2 networks remains intense, with major ecosystems such as Base drawing attention for recent reliability incidents.
From testnet to public mainnet for Robinhood Chain
Robinhood’s blockchain strategy is now taking a concrete form with the mainnet launch of Robinhood Chain. According to the company, the network went live on testnet in February and has now been promoted to a public mainnet stage.
The chain is an Arbitrum-based L2, an architectural choice that links Robinhood’s development to a well-established ecosystem for scaling and on-chain throughput. Robinhood’s messaging around the network centers on its intended use for tokenized real-world assets, a theme that continues to anchor much of the platform’s tokenization efforts.
Notably, the mainnet launch is happening as Robinhood pushes further into both tokenized securities and DeFi products—two areas that require careful execution because they touch user protections, custody models, and compliance requirements.
Tokenized stocks, wallet access, and a UK crypto push
Alongside the mainnet news, Robinhood reiterated that its tokenized stock products are already operational. The company said these products are available through its wallet app to users in more than 120 countries.
Robinhood also disclosed plans to launch crypto trading in the United Kingdom “soon.” While the announcement does not provide an additional timeline beyond that phrasing, it signals that Robinhood’s on-chain expansion is not only about infrastructure, but also about expanding the accessibility of crypto services geographically.
Earlier this year, Robinhood CEO Vlad Tenev argued that tokenized stocks are “inevitable,” and he tied the rationale to potential market-structure benefits—specifically, the idea that tokenization could help reduce the risk of trading freezes that can occur on traditional exchanges. That perspective sets a clear policy narrative for the company’s product direction, even as regulators and market operators continue to shape the rules around tokenized assets.
Robinhood Earn: lending USDG from self-custody
Robinhood also introduced a decentralized product called Robinhood Earn. The feature is designed to let users lend USDG, a dollar-backed stablecoin, via a self-custody wallet experience.
Robinhood’s announcement places an estimated annual percentage yield of around 7% on the lending activity. For users, the practical change is the shift from keeping assets entirely within custodial frameworks toward a model that emphasizes self-custody while still providing access to yield through on-chain lending mechanics.
For builders and traders watching Robinhood’s L2 ambitions, the key point is that the mainnet launch is paired with a DeFi component rather than being purely infrastructural. This could influence how quickly liquidity and user activity form around the chain, especially if tokenized stock rails and stablecoin lending become tightly integrated.
A crowded L2 landscape—and a reminder on reliability
Robinhood Chain is entering an increasingly competitive layer 2 market. One of the most prominent incumbents in the segment is Base, the Coinbase-backed blockchain, which has expanded rapidly in recent periods.
Reliability has become a major differentiator across L2 networks. In June, Cointelegraph reported that Base suffered two outages within hours of each other. The engineering team later said a sequencer bug caused the incidents. Cointelegraph also noted that Base is the second-largest layer 2 network by total value secured, at about $11 billion, underscoring how large networks can still face operational issues.
Against that backdrop, Robinhood’s decision to launch a public mainnet after a testnet period may be interpreted as an attempt to ensure readiness before broadening usage. Still, the real test for any L2 network is post-mainnet stability—especially if Robinhood’s tokenized stocks and DeFi products rely on uninterrupted chain performance.
Robinhood shares rose about 8% on Wednesday following the announcement. For crypto participants and investors, the next watch item is straightforward: whether Robinhood Chain can sustain stable operation under real user load, and how quickly usage grows as tokenized stock rails, USDG lending via Robinhood Earn, and broader regional availability (including the planned UK crypto trading) come online.
Nike (NKE) stock slid about 1% on Wednesday, briefly trading at $40, its lowest level in about 12 years. The fall came despite an earnings beat, because most of the profit came from a one-time tariff refund.
That refund flattered the headline number and did nothing to fix Nike’s shrinking sales. Wall Street responded by trimming price targets, and the charts now point to more downside.
Why the Earnings Beat Triggered Target Cuts
Here is the earnings loophole the title promised. Nike reported a profit of $0.20 per share and beat the $0.13 that Wall Street expected. But most of that profit did not come from selling shoes.
About $0.52 per share (a large part of the $0.72 EPS) came from a $986 million tariff refund, money the government returned after the Supreme Court struck down many of the levies. That is a one-time payment, not a recurring business model.
Take the refund away, and Nike still looks weak. Sales slipped to $10.97 billion, and sales in China fell 12%.
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The market response shows how little faith investors have. A monthly chart from earlier shows Nike has now given back its entire pandemic-era run and sits back at prices last seen in early 2014.
Because the profit was a one-off, analysts cut their price targets instead of raising them. Goldman Sachs trimmed its target to $42 from $46 post-results, and JPMorgan cut to $47 from $52.
UBS stayed the most constructive at $48. Jefferies remains the lone bull among these analysts at $90.
Even so, most reduced targets sit only slightly above the last close near $41. In other words, the Nike stock price upside is not what analysts are betting on right now.
The soft outlook has therefore shifted attention to traders’ positioning.
Bearish Bets Are Building Against Nike Stock
Options traders turned defensive fast. The put-call ratio, which compares bearish put bets to bullish call bets, jumped to 1.14 on June 30 from 0.53 on June 26.
A ratio above 1 means puts now outnumber calls. That marks a sharp swing toward hedging and downside bets around nike earnings.
Meanwhile, volume tells the same story. Nike traded 73.89 million shares, its second-heaviest session since early April, and it came on a down day.
Additionally, Chaikin Money Flow (CMF), a proxy for institutional buying and selling pressure, sits at -0.29. The deep negative reading suggests big money is not stepping in to catch the fall.
More so when the Nike price chart clearly shows a bearish head-and-shoulders pattern with a 14% potential dip.
With flows and positioning aligned bearishly, the price chart becomes the decider.
Nike Stock Price Levels to Watch
The daily chart shows a head-and-shoulders pattern. Nike’s head formed near $47, with a right shoulder around $42.
The neckline now sits near $39, roughly 3% below the last close. A clean break there would confirm the pattern and open the door toward $38 as the first bearish target.
Below that, the measured move points to about $34, with $33 as the deeper extension target. That path frames the dramatic downside now in play.
The bulls still have a case, but it needs work. Nike must reclaim $41 quickly, and a daily close above $42 would signal real strength, the same level analysts already expect the stock to prove.
A push over $43 would improve the tone, while a move above $46 would weaken the bearish setup. Moreover, a clean daily break above $47 cancels the pattern entirely. Traders should note that head-and-shoulders patterns only confirm once the neckline breaks on volume, and failed breakdowns are common.
For now, the $39 neckline separates a slow base-building recovery from a deeper slide toward $34.
The post Nike Stock Hits a 12-Year Low as an Earnings Loophole Masks Weak Sales appeared first on BeInCrypto.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Venga obtains a MiCA license from Spain’s CNMV, which lets the Barcelona crypto firm operate under the EU’s new regulatory framework.
Summary
- Venga secures MiCA authorization from Spain’s CNMV before Europe’s crypto transition period reaches its deadline.
- MiCA requires crypto providers to meet stronger standards for governance, security, reporting, and customer protection.
- Industry data cited shows only about 194 firms secured MiCA approval by May 2026 overall.
Venga has received authorization from Spain’s Comisión Nacional del Mercado de Valores to operate as a Crypto-Asset Service Provider under the European Union’s Markets in Crypto-Assets Regulation. The Barcelona-based company announced the approval on July 1, 2026. The Venga MiCA license allows the firm to provide regulated crypto-asset services under the EU’s new framework.
Venga MiCA license marks regulatory milestone
The authorization places Venga among a limited group of crypto firms approved under MiCA. The company, founded in Barcelona in 2023, said the approval follows nearly two years of work across its business.
“Obtaining the MiCA license is a major milestone for Venga and the result of nearly two years of work across every area of the business,” said Michael Stroev, co-founder and CEO of Venga. He said the process required investment in governance, compliance, security, reporting systems, and operational processes.
Spain’s CNMV granted the authorization as the European crypto market moves into a new phase of oversight. MiCA sets common rules for crypto-asset service providers. These rules cover governance, capital adequacy, operational resilience, cybersecurity, risk management, customer protection, and internal controls.
The license also gives Venga a route to passport its services across the European Union. The company can expand beyond Spain while operating under one regulatory framework.
MiCA authorization changes market standards
MiCA represents a broad regulatory reset for crypto assets in the European Union. The framework moves the sector away from earlier national registration systems. It requires companies to meet operating and supervision standards.
The transition period is ending on July 1. Crypto companies that relied on older national registrations must secure MiCA authorization or stop offering regulated crypto-asset services within the European Union. The change may force some providers to suspend activities, transfer clients, or leave certain European markets.
A report by crypto.news showed that more than 3,000 crypto firms were registered across the European Union before MiCA took effect. About 194 firms had secured MiCA authorization as of May 2026. That gap points to a smaller authorized market under the new rules.
The approval comes during consolidation in the European crypto sector. Firms that meet MiCA standards can operate under ongoing supervision. Firms that do not receive approval face limits on their ability to serve EU customers.
oversight expands for crypto-asset service providers
Authorized providers under MiCA face continuous regulatory duties. These include supervisory obligations, periodic reporting, annual audits, and oversight by national authorities. Those authorities apply standards coordinated by the European Securities and Markets Authority.
“For users, MiCA introduces a level of regulatory accountability that has not previously existed across much of the European crypto sector,” Stroev said. He added that authorization is not a one-time event and that licensed firms must continue to meet operational, financial, and customer protection requirements.
The new structure may change how users assess crypto platforms. Under MiCA, users can check whether a provider has authorization under the EU framework. That status shows whether the firm must follow the required safeguards and reporting rules.
Venga said the authorization confirms that it has built its business for the regulatory framework that will define the future of crypto services in Europe. The company aims to make digital assets accessible through a regulated platform available in Spanish, Catalan, and English.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Crypto World
Supreme Court Overturns Humphrey's Executor, Clearing Trump to Fire SEC and CFTC Commissioners
The Supreme Court ruled Monday that President Trump can fire commissioners at the Federal Trade Commission and other independent agencies without cause, overturning a 91-year-old precedent that shielded regulators including the SEC and CFTC from at-will removal. The 6-3 decision in Trump v…. Read the full story at The Defiant
Avalanche Treasury Corp, the largest publicly traded company holding AVAX as a corporate treasury asset, told regulators its ability to continue as a going concern is in doubt after its stock collapsed 93% over the past month. The Nasdaq-listed company, ticker AVAT, disclosed the warning in a 10-Q… Read the full story at The Defiant
The second-largest cryptocurrency has been severely damaged by the prolonged bear market, closing Q2 firmly in the red. Even more striking is that this marks the third consecutive quarter of losses for ETH – something unseen in the asset’s history and a clear signal of how persistent the current downturn has become.
Analysts speculate that bulls might have to endure more pain in the near future, with some projecting a price crash to as low as $1,000.
The Bears Take Total Control
It was last August that ETH climbed to a new all-time high of almost $5,000. Since then, it has headed south and currently trades at around $1,560 (per CoinGecko), representing a whopping 70% decline from the historic peak.
Weak market conditions and seasonal factors suggest the asset may experience a further short-term plunge. One should keep in mind that July has rarely been a favorable month for Ethereum, as it has finished the period in the red six out of the last ten times.
The analyst who uses the X moniker Ted noted that ETH has been holding up better than BTC lately, but warned that the former isn’t out of the woods yet. He paid special attention to the $1,700 level, arguing that if the asset fails to reclaim it, the probability of setting a new low will rise significantly.
Crypto with Haris ₿ addressed the increasingly popular predictions that ETH could plunge to $1,000 during this cycle, adding that such an extreme downside scenario is far less plausible than many fear.
“Ethereum has already been one of the hardest-hit major coins this cycle and is now building a strong base around the $1,500-$1,600 zone. Even with another Bitcoin flush, I think the realistic downside is around $1,200-$1,300. Could we go below $1,200? Maybe. But I think the risk of trying to catch that exact level is much higher than people realize,” he stated.
Meanwhile, the recent whale behavior strengthens the bearish outlook. Ali Martinez revealed that large investors sold around $900 million in ETH over a single week, while the analytics platform Lookonchain reported that an anonymous market participant cashed out almost 2,500 coins, incurring a major $4.33 million loss.
Some Bullish Signals
Still, it is not all doom and gloom for Ethereum. The number of coins stored on crypto exchanges remains quite close to the ten-year low recorded in June: a development that reduces selling pressure.
Moreover, ETH’s Relative Strength Index (RSI) continues to hover around 30, indicating that the asset has entered oversold territory and could be due for a rebound. The technical analysis indicator ranges from 0 to 100; anything above 70 is considered a warning of an impending pullback.
The post Ethereum (ETH) Sets a Historic Negative Record: More Pain Ahead? appeared first on CryptoPotato.
Morpho received two major institutional endorsements in a single day after Standard Chartered initiated coverage of the DeFi lending protocol and Robinhood unveiled a new Crypto Earn product powered by Morpho’s infrastructure.
The back-to-back developments strengthen Morpho’s position as one of the fastest-growing decentralized lending platforms competing alongside Aave. The MORPHO token’s price is up over 12% on the day.
Robinhood Brings Morpho to Mainstream Users
Robinhood has begun rolling out its Crypto Earn product, a decentralized lending service powered by Morpho, to eligible users through the Robinhood app and Robinhood Chain.
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The first lending vault is curated by Steakhouse Financial and incorporates Maple Finance’s newly launched syrupUSDG, an institutional credit product backed by the regulated Global Dollar (USDG) stablecoin issued by Paxos on behalf of the Global Dollar Network.
According to Maple, the company has originated more than $22 billion in institutional loans since 2022. Through the new integration, Robinhood users will gain access to on-chain credit strategies built on Morpho’s open lending infrastructure.
“Morpho provides the open credit network that enables specialized credit strategies to reach users at scale,” Morpho CEO and co-founder Paul Frambot said in the announcement.
Standard Chartered Strengthens the Bullish Narrative
The Robinhood announcement follows Standard Chartered’s decision to initiate coverage on MORPHO, calling the protocol one of the strongest long-term plays in decentralized finance.
The bank highlighted Morpho’s Vaults architecture as a key differentiator, arguing that its modular design makes it well suited for institutional asset managers, fintech platforms, and tokenized real-world assets. Analysts also pointed to the protocol’s rapid growth and expanding integrations across the digital asset ecosystem.
Together, the research note and Robinhood integration suggest growing institutional confidence in Morpho’s infrastructure rather than simply its token.
What’s Next for Morpho?
Robinhood said access to Crypto Earn will expand gradually over the coming weeks, while Maple plans to extend syrupUSDG to additional blockchain networks beyond Ethereum and Robinhood Chain.
For investors, the latest announcements suggest Morpho is evolving from a leading DeFi lending protocol into critical financial infrastructure for regulated stablecoins, institutional credit, and mainstream fintech platforms, a trend that could further accelerate adoption as tokenized finance continues to grow.
The post Standard Chartered Backs Morpho, Then Robinhood Puts It to Work appeared first on BeInCrypto.
Elon Musk dismissed a Wall Street Journal report that SpaceX built a prototype AI device, calling it “utterly false”. SpaceX stock (SPCX) fell about 7% on Wednesday as investors weighed the conflicting accounts.
The report said the company privately showed investors a handset-like device before its public listing. The denial gave traders little clarity on a stock already prone to sharp swings.
Musk Rejects the AI Device Report
The Wall Street Journal reported that SpaceX showed investors a device slimmer than an iPhone before its June listing. The prototype reportedly ran a proprietary operating system on a Qualcomm (QCOM) Snapdragon chipset.
It also drew on technology from Musk’s xAI unit, now folded into SpaceX. Sources described the project as early-stage, with a design that could still change. Elon Musk has however refuted the claims. The post has since been deleted.
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No filing, image, or product demonstration has backed the report, and SpaceX has stayed publicly silent. The denial echoes February, when Musk rejected a Reuters report that SpaceX was building a Starlink phone.
Still, the report fits how SpaceX sells itself. The company spans rockets, satellite internet, and AI. Its broader AI push, though, has favored data centers and satellites over consumer gadgets.
SpaceX Stock Extends Its Post-IPO Slide
SPCX fell to $157.88, down about 7% from Tuesday’s close of $170.86. As of this writing, it was trading for $158.33, with the drop leaving the stock roughly 30% below its June peak of $225.64. It has deepened a retreat that began soon after the stock’s record IPO debut.
SpaceX priced that June offering at $135 a share, raising about $75 billion. That gave it a valuation near $2.09 trillion.
Qualcomm shares edged higher as some traders read the report as a new chip partnership. That split reaction captured the market’s uncertainty. SpaceX now trades near a make-or-break support level that analysts have flagged for weeks.
The muted company response leaves investors waiting for clarification. Musk’s denials have not always ended speculation. Continued silence from SpaceX could keep pressure on SPCX in the coming sessions.
The post Elon Musk Sends SpaceX Shares Lower With Two-Word AI Device Denial appeared first on BeInCrypto.
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