Crypto World
Bitcoin Faces Key Resistance Amid Asia Weakness as Markets Weigh Risk
Bitcoin was unable to regain the $60,000 level on Friday, extending a period of subdued trading as broader risk assets remained under pressure. The move coincided with renewed weakness in Asian equity markets and continued sensitivity to macroeconomic data, reinforcing the close correlation between crypto prices and traditional market conditions.
For institutional participants, the episode is notable less for any single price point than for what it signals about market plumbing: liquidity and risk appetite appear to be responding to equity drawdowns and shifting expectations around inflation. While technical levels remain widely watched, the underlying drivers are predominantly external—particularly equity volatility and monetary policy expectations.
Key takeaways
- Bitcoin fell back below $60,000 on daily time frames for the first time since September 2024, according to charting data referenced by Cointelegraph.
- Equity weakness resurfaced in Asia, including a fresh activation of South Korea’s circuit-breaker mechanism.
- Traders and analysts pointed to the 200-week simple moving average (SMA) as a key technical threshold around the low-$60,000s.
- Commentary tied crypto’s near-term direction to inflation expectations, including a recent spike in the Personal Consumption Expenditures (PCE) index year-over-year.
Macro volatility and equity spillovers into crypto
TradingView data cited by Cointelegraph indicated that Bitcoin’s failure to hold above $60,000 marked the first daily close under that level since September 2024. In practical terms, the threshold matters because it often becomes a reference point for systematic and discretionary strategies that adjust exposure based on daily confirmation levels.
At the same time, Asia’s equity markets posted further losses. South Korea’s circuit-breakers were triggered following an approximately 8% decline, underscoring the severity of intraday risk reduction in one of the region’s major trading venues.
In the U.S., major indices were reported as mixed to slightly positive at the time of writing, with the S&P 500 and Dow Jones trading in the green while broader concerns about technology stocks persisted. Although the report described the U.S. session as avoiding immediate contagion, institutional risk teams typically treat such episodes as evidence of correlations increasing during stress—an important consideration for portfolio construction, margin management, and liquidity planning across crypto and legacy asset exposures.
Tech-stock drawdowns, inflation expectations, and risk-asset correlations
The market narrative also centered on technology-sector performance. While some earnings releases provided localized support—such as Micron Technologies posting stronger-than-expected results—the broader theme remained that tech exposure was still vulnerable to repricing.
Coin-related equity moves were also highlighted. The Kobeissi Letter, as discussed by Cointelegraph, referenced that many large technology companies are already trading more than 50% below their all-time highs, while Coinbase’s stock performance was cited as an example within that comparative framework. For compliance and governance teams, this kind of cross-asset observation is relevant because crypto firms and listed crypto-adjacent entities often face amplified operational impacts when equity markets reprice sector risk.
Separately, QCP Capital emphasized the importance of U.S. inflation trends for risk assets. Cointelegraph reported that the May Personal Consumption Expenditures (PCE) index—described as the Federal Reserve’s preferred inflation gauge—recorded its largest year-over-year increase since mid-2023. QCP’s note, as quoted in the report, included a view that core and headline PCE measures were still above target, and that the Fed’s 2026 inflation forecast had moved higher. The message for markets is straightforward: if inflation expectations remain sticky, the constraint on risk assets may be more about pricing future rates than near-term growth conditions.
“The Fed’s 2026 inflation forecast has also moved up to 3.6%, from 2.7%, reinforcing the view that inflation, rather than growth, remains the binding constraint.”
From an institutional perspective, this matters because it affects discount rates, hedging costs, and the behavior of liquidity providers across derivatives venues—factors that can translate into more conservative margin conditions and reduced depth in correlated instruments, including major crypto derivatives.
200-week SMA in focus as market structure debate continues
Looking at the crypto-specific picture, commentary from analyst Michaël van de Poppe raised the question of whether Bitcoin’s downward movement was continuing or whether it might be transitioning into a rebound phase. In the discussion, van de Poppe pointed to the timing of an upcoming quarterly options expiry event, which can influence volatility through positioning changes and hedging flows.
Van de Poppe also referenced the role of Strategy and its Bitcoin treasury-related funding vehicle, Stretch (STRC), noting that STRC experienced a relatively large drop while Bitcoin appeared to stall around $60,000. He characterized this as not being a weak signal in isolation, while also stating that bullish divergence on the daily timeframe remained unconfirmed.
The technical anchor repeated across the report was the 200-week simple moving average (SMA). At the time of writing, it was cited as approximately $62,243. The underlying institutional implication is that long-horizon moving averages frequently serve as regime indicators for trend-following and risk-managed mandates. When price action remains below such benchmarks, even if volatility compresses, some strategies may continue to reduce exposure—particularly where mandates require daily or weekly confirmations.
“It can signal that we’re bouncing back upwards, and, yes, the markets need to bounce back upwards in order to close above the 200-Week MA.”
Importantly, the discussion leaves open what would constitute confirmation. Unresolved uncertainty around whether $60,000 becomes support or continues to act as resistance typically determines how futures funding and derivatives positioning evolve in subsequent sessions. For compliance and operational planning, that distinction affects estimates of volatility, potential liquidation risk, and the need for tighter controls on collateral valuation and margin call thresholds.
Regulatory and institutional relevance: correlation risk under stress
While the report’s immediate catalysts are market-based, the broader institutional lesson relates to operational resilience during periods of heightened correlation between crypto and traditional markets. In stress environments, crypto exchanges and market makers often experience faster changes in order-book depth, funding dynamics, and intraday spreads—conditions that can amplify the downstream effects for custodians, payment processors, and regulated firms with exposure to crypto-related assets.
For firms subject to AML/KYC controls and licensing oversight, volatility also raises secondary concerns: heightened transaction activity can stress compliance operations; elevated off-platform transfers can increase the burden of monitoring; and cross-border flows can become more complex when liquidity fragments. Although this particular episode does not present new regulatory actions, it reinforces why governance frameworks built around market integrity, risk assessment, and customer protection remain essential in periods of instability. In Europe, for instance, MiCA implementation and ongoing compliance expectations continue to heighten the need for robust risk management practices across regulated custody, asset servicing, and stablecoin-related interfaces.
Cross-border differences in market supervision also matter: enforcement intensity and interpretive approaches to market conduct and custody standards can affect how quickly counterparties adjust onboarding, risk limits, and reporting workflows when market conditions deteriorate.
Closing perspective
Whether Bitcoin can reclaim and hold above key technical levels such as the $60,000 area and the 200-week SMA will likely remain intertwined with equity behavior and inflation-driven expectations. The next signal to watch is confirmation—through daily and longer-horizon price action—alongside whether macro conditions stabilize enough to reduce correlation-driven risk tightening across financial markets.
Crypto World
Google Earnings Today: What to Expect as AI Spending Faces Scrutiny
Alphabet (GOOGL), Google’s parent company, reports second-quarter earnings today after the market closes. Wall Street expects double-digit growth. But investors are watching one thing more closely: can the company’s massive artificial intelligence spending start to pay off?
The stock has climbed sharply over the past year. It has also pulled back from its May highs heading into the print. Here is what a general investor should watch for.
The Numbers Analysts Expect
Consensus estimates point to revenue of roughly $116.8 billion, up about 21% from a year earlier. Analysts expect earnings of approximately $2.89 per share. Alphabet has beaten estimates for several straight quarters. That track record raises the bar for today’s report.
Google Cloud grew 63% year over year last quarter, the fastest pace among major cloud providers. Total company revenue rose 22% to $109.8 billion. The cloud unit’s profit margin nearly doubled too.
Net income also jumped, but unrealized gains on Alphabet’s stakes in companies like SpaceX drove much of that increase. Investors will look past the headline profit number today. They want to gauge how much came from actual operations, not paper gains. Cloud growth, not the profit headline, is the number that matters most this quarter.
AI Spending Is the Real Story
Alphabet has guided for $180 billion to $190 billion in 2026 capital spending. That’s the money it spends building data centers and AI chips, however, thatfigure has tested investor patience. The company recently raised fresh equity to help fund the buildout, a move that broke a decades-long habit of funding growth internally.
Cloud’s roughly $460 billion order backlog fuels the bull case and points to years of future revenue already booked. The bear case is simpler; slow profit conversion, or a Gemini rollout that keeps slipping, could send the stock lower regardless of today’s headline numbers.
What Else Could Move the Stock
Search advertising remains Alphabet’s largest business and Investors want reassurance that AI-generated search summaries aren’t eroding traditional ad revenue. Some Wall Street desks have also rotated out of Meta stock and into Google because they’re betting Alphabet’s cloud and chip business offers a clearer path to AI profits than its rivals.
Alphabet’s custom AI chips, called Tensor Processing Units, add another wrinkle. The company recently started selling this chip technology to outside customers. Any update on that business could reshape how analysts view Alphabet’s AI strategy beyond its own products.
The takeaway for most investors is simple. The market wants proof that Alphabet’s AI bet is turning into durable profit, not just bigger bills, so Strong revenue alone won’t be enough today.
Watch how management addresses capex, Cloud backlog conversion, and the Gemini timeline on today’s call. Those answers could move the stock more than the quarterly numbers themselves.
The post Google Earnings Today: What to Expect as AI Spending Faces Scrutiny appeared first on BeInCrypto.
Crypto World
Movement Labs Files for Chapter 11 as MOVE Token Turmoil Persists
Movement Labs, the team behind the Movement Ethereum layer-2 blockchain, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware, according to court records. The filing, made July 15, uses Subchapter V—an expedited reorganization track intended for qualifying small businesses—while the company restructures under court supervision.
The court has already approved interim requests that allow Movement Labs to keep operating through the process. Those approvals include maintaining bank accounts and cash management systems, along with access to debtor-in-possession (DIP) financing to fund continued operations. Creditors have until Sept. 14 to submit claims.
Key takeaways
- Movement Labs filed for Chapter 11 under Subchapter V, enabling continued operations while it restructures.
- Interim court approvals cover cash handling and DIP financing to support day-to-day operations during bankruptcy.
- The petition applies to Movement Labs only, according to Move Industries CEO Torab Torabi.
- Multiple earlier setbacks tied to MOVE token trading and market-making concerns preceded the bankruptcy filing.
Court-supervised reorganization begins under Subchapter V
In its Chapter 11 filing, Movement Labs sought protection as it reorganizes following a period of disruption for the Movement ecosystem. The petition was filed July 15 in the District of Delaware and placed the company under court oversight, with Subchapter V designed to streamline the path to reorganization for eligible businesses.
Per the court approvals reported in the filing process, Movement Labs was allowed to continue using its banking and cash management arrangements. The court also authorized debtor-in-possession financing—an important step in Chapter 11 cases because it can help preserve operational continuity while liabilities are addressed.
The timeline for creditors is set at Sept. 14 to file claims, giving holders of potential debts a defined window to participate in the bankruptcy process.
What “Chapter 11” means for the ecosystem
After the bankruptcy filing became public, Move Industries CEO Torab Torabi clarified that the court protection applies only to Movement Labs. Torabi wrote on X that Move Industries—described as having taken over development and operations of the Movement ecosystem—continues to operate normally.
Earlier coverage and Movement’s own communications indicate that Move Industries assumed responsibility for development and operations from Movement Labs in December 2025, through a transfer described in a post on the Movement Network website: Movement Network Foundation and Move Industries announce completion of.
That distinction matters for readers trying to separate the corporate entity in bankruptcy from the broader project. While Chapter 11 may affect contracts, liabilities, and certain company-held assets, it does not automatically mean all ecosystem activity halts—especially where another operator is already handling development and operations.
A market-making controversy and listing actions preceded the filing
Movement Labs’ bankruptcy comes after months of controversy connected to the launch of Movement’s MOVE token and a market-making agreement that drew scrutiny.
According to earlier reporting from Cointelegraph, Movement Labs suspended co-founder Rushi Manche in May 2025 over a deal he helped broker with Web3Port. The market maker reportedly received 66 million MOVE—about 5% of the token’s supply—and later sold the holdings. Cointelegraph noted this was followed by an independent investigation, with the reported sales creating downward pressure on the token’s price.
Cointelegraph also reported that Coinbase suspended trading for MOVE later in May 2025 after determining the token no longer met its listing standards, while review into the market-making arrangement was ongoing.
In the period since those events, the MOVE token faced prolonged weakness. Cointelegraph cited a continued decline, stating the token has fallen more than 94% over the past year to roughly $0.01. The article referenced CoinGecko for the one-year price chart: CoinGecko.
Investors and users: what to watch next
Chapter 11 filings often signal the beginning of a longer restructuring process, and this one is likely to add a layer of legal complexity to questions around Movement Labs’ obligations and any assets under its control. Even if Move Industries continues operating, the bankruptcy proceedings can still influence how related contracts are handled and how remaining stakeholders are treated.
With creditors now having until Sept. 14 to file claims, the next steps worth monitoring are the bankruptcy court’s ongoing approvals, the scope of DIP financing over time, and whether subsequent filings clarify what parties will be prioritized during restructuring.
Crypto World
Trump Urges Senate to Pass Clarity Act for Lindsey Graham
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President Donald Trump called on the Senate to pass the Clarity Act "in honor of Senator Lindsey Graham, a big supporter" of the crypto market structure bill, in a Truth Social post Monday. Graham, the South Carolina Republican and Senate Banking Committee chair, died unexpectedly on July 11. Trump… Read the full story at The Defiant
Crypto World
Strategy Sells $467M in MSTR Shares, Bitcoin Stack Steady

Strategy sold $466.7 million worth of MSTR common stock between July 6 and July 12, 2026, lifting its USD reserve to $3 billion while leaving its bitcoin holdings unchanged at 843,775 BTC, according to a Form 8-K the company filed with the SEC on July 13. The company sold roughly 4.82 million… Read the full story at The Defiant
Crypto World
S&P and Pantera launch crypto index led by ETH, BNB and SOL
S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new benchmark that selects digital assets using revenue, market size and liquidity measures.Â
Summary
- S&P and Pantera launched an 18-token index focused on revenue-generating digital assets for institutional investors.
- ETH, BNB, SOL, TRX and HYPE rank as the index’s five largest confirmed current holdings.
- The benchmark screens tokens by revenue, liquidity and market size before applying capped market-cap weightings.
The firms announced the product on July 21, while S&P index materials list July 20 as its official launch date. The index currently holds 18 digital assets and targets institutional investors seeking a structured way to track a broader part of the crypto market, according to the official announcement.
The five largest constituents are Ether (ETH), BNB, Solana (SOL), TRON (TRX) and Hyperliquid (HYPE), according to S&P Dow Jones Indices. The selection gives the benchmark a different profile from crypto products that concentrate heavily on Bitcoin or rank assets mainly by market capitalization. S&P says the index focuses on protocols that show recurring economic activity through protocol-level revenue.
Revenue rules shape the S&P Pantera Digital Asset Index
The index starts with assets from the S&P Cryptocurrency Broad Digital Asset Index and then applies several eligibility tests. New constituents must have a market capitalization above $500 million and meet a liquidity ratio above 0.5. Existing constituents receive a lower $250 million market-cap threshold. The screening process then narrows the eligible universe to assets that meet the benchmark’s economic activity requirements.
After the initial screening, the index ranks eligible assets by revenue generated over the previous two quarters. It adds assets until the selected group represents 99% of the eligible universe’s total revenue. S&P uses data from Artemis to measure protocol-level revenue. The index then weights constituents by adjusted market capitalization, while limiting the largest holding to 35% and every other holding to 20% at each rebalance.
Cathy Clay, CEO of S&P Dow Jones Indices, said the company built the benchmark around “using a fundamentals-driven, economics-based framework built for diversified portfolios.” The structure allows the index to serve as a benchmark for active strategies and as a possible base for future index-linked investment products. S&P also states that protocol revenue acts as a rules-based measure of economic activity rather than a forecast of future investor returns.
ETH, BNB and SOL lead the 18-token basket
The current top holdings show how the revenue screen changes the composition of a broad crypto benchmark. Ether sits among the largest constituents alongside BNB and SOL, while TRX and HYPE complete the top five. The basket therefore includes smart-contract platforms and trading infrastructure that generate measurable activity across their networks.
The approach also places less weight on token popularity alone. Dan Morehead, Pantera Capital’s founder and managing partner, said “the biggest friction point in crypto hasn’t changed; it’s knowing how to allocate.” Pantera contributed digital-asset research and governance experience to the project, while S&P supplied its index design and administration framework.
The launch follows other moves by S&P Dow Jones Indices to expand its digital-asset products. As previously reported by crypto.news, S&P announced plans for the S&P Digital Markets 50 Index in 2025, combining 15 cryptocurrencies with 35 crypto-linked public companies. That product takes a wider ecosystem approach, while the new Pantera index narrows its selection around recurring protocol revenue and economic activity.
Institutional crypto benchmarks continue to expand
Other financial market operators have also introduced basket-based crypto products for professional investors. As crypto.news reported in June, CME Group launched Nasdaq CME Crypto Index futures tied to eight major digital assets. The cash-settled contract gives investors a regulated way to gain or hedge exposure to several cryptocurrencies without holding each underlying token directly.
Meanwhile, S&P has continued work that connects established benchmarks with blockchain infrastructure. As crypto.news reported in April, S&P Dow Jones Indices and Kaiko announced plans to bring the iBoxx U.S. Treasury index onto the Canton Network. The project aims to support index-linked products through on-chain index data, licensing terms and access controls.
The S&P Pantera Digital Asset Index adds another model to this growing set of benchmark products. Rather than building the basket around market capitalization alone, it uses revenue and liquidity screens before assigning capped market-cap weights. Its 18-token composition and current top holdings place ETH, BNB, SOL, TRX and HYPE at the center of the benchmark at launch.
S&P says the index can act as a reference point for active managers and potential index-linked products. However, investors cannot invest directly in an index, and third parties would separately issue any investment products based on the benchmark. The index’s composition can also change at future rebalances as assets meet or fall outside its selection rules.
Crypto World
Prediction Markets and Casinos Are Both Betting Big on Washington
Kalshi spent $990,000 on federal lobbying in the first half of 2026, nearly matching its total for all of last year, as it races to counter the casino industry on Capitol Hill.
The prediction market operator and its gambling-sector rivals are both sharply raising spending. Kalshi’s direct lobbying alone nearly matches the American Gaming Association’s, signaling how hard each side is working to win over lawmakers.
The Prediction Market vs Gambling Lobbying Fight
Kalshi’s $990,000 closes in on the $1 million it spent across all of 2025. Including outside firms, its total nears $1.8 million, a record six-month figure disclosed in federal filings this week.
The company deploys seven lobbying firms, including its in-house team. It has hired former Biden and Obama administration officials to widen its reach. Kalshi also counts Donald Trump Jr. as a paid advisor.
Polymarket keeps a lighter presence. A single firm spent $180,000 on its behalf, pacing toward the $360,000 spent last year.
The gambling side is spending more, too. The American Gaming Association has committed $1.39 million in 2026, up 30% from the same period last year. The Cherokee Nation, which holds gaming interests, has spent $600,000.
Patrick McHenry, a former Republican congressman who now advises the Coalition for Prediction Markets, said the casino lobby has a structural head start.
“So much of the existing infrastructure of engagement on the Hill and at the states has been by the casino industry. The prediction markets are a new entrant into the policy debate in Washington, and are making great strides at communicating with lawmakers,” he said.
Follow us on X to get the latest news as it happens
Why the Two Sides Are Clashing
At the center of the tension is the rise of prediction markets and their growing pull on retail users. As these venues gain popularity, they are drawing bettors away from traditional sportsbooks.
That shift explains the gambling sector’s resistance. Operators view sports-event contracts as direct competition that bypasses state and tribal gaming rules.
The tension escalated in June, when the gambling industry pressed the Senate to ban sports contracts in the crypto market structure bill.
Prediction markets have also faced concerns about insider trading. Recent incidents highlight the scale of the problem.
That activity has renewed scrutiny from lawmakers, many of whom have introduced bills to curb the practice. The platforms themselves have moved to counter the growing concern.
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The post Prediction Markets and Casinos Are Both Betting Big on Washington appeared first on BeInCrypto.
Crypto World
Coinbase CEO Says Base's Content Coins 'Didn't Work'
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Coinbase Chief Executive Brian Armstrong said Base's yearlong push into creator "content coins" failed, telling a critic on X Monday that the Coinbase-incubated network "pivoted early this year" away from the strategy. "They didn't work and we pivoted early this year. We messed up, time to turn the… Read the full story at The Defiant
Crypto World
Tesla Earnings Today: What to Expect as Investors Eye Profit Margins Over Deliveries
Tesla (TSLA) reports second-quarter earnings today after US markets close. Investors already know how many cars it sold, so the real test is profit.
Wall Street expects a sharp jump in earnings per share from last quarter. Most of Tesla’s good news already came out weeks ago, though.
What Wall Street Expects
Analyst estimates cluster between $0.50 and $0.55 per share. That marks a solid jump from the $0.41 Tesla earned in the first quarter.
Revenue forecasts range from about $25.7 billion to $27.6 billion. That is up from $22.39 billion in the prior quarter.
Tesla’s earnings record has been uneven, though, it has missed some estimates in six of its last 10 quarters, according to Zacks Investment Research. Still, it beat those estimates by double digits over the last two quarters, with an average surprise of 5.48% over the last four.
Why the Delivery Numbers Won’t Move Much
Tesla already told investors it delivered 480,126 vehicles in the second quarter. That is a 25% jump from a year earlier and well above the roughly 406,000 vehicles analysts expected.
Energy storage deployments rose more than 40% from last year too. Because these figures came out weeks ago, much of that good news likely already sits in Tesla’s share price.
What Could Actually Swing the Stock
The number investors will watch closest is Tesla’s automotive profit margin, excluding regulatory credits. Tesla earns these credits by beating emissions rules, then sells them to automakers that fall short.
Estimates point to a possible dip to around 18.1%, down from 19.2% in the first quarter. Discounts and cheap financing offers could explain the drop.
Investors will also listen for updates on three things: Tesla’s Cybercab robotaxi rollout, its Full Self-Driving software, and AI infrastructure spending. Analysts frame the stakes directly.
Tesla’s stronger automotive performance should improve near-term earnings and help finance its artificial intelligence investments, but Robotaxi, Full Self-Driving and Optimus remain the main drivers of the stock’s valuation, this according to analysts at Morgan Stanley and Barclays.
Tesla’s first-quarter earnings beat came alongside a $2 billion investment in Elon Musk’s SpaceX, a company that has seen a sharp share price slide of its own this year. The report also lands in the middle of a broader corporate earnings season, following strong results from major banks earlier this month.
The Bottom Line
Options markets are pricing a swing of roughly 6% to 8% in either direction once Tesla reports. A margin beat paired with a firm robotaxi timeline could support the stock. A vague update on autonomy, even with strong headline numbers, may not be enough to change the story.
The post Tesla Earnings Today: What to Expect as Investors Eye Profit Margins Over Deliveries appeared first on BeInCrypto.
Crypto World
Hut 8 Stock Surges Up to 200% in 2026 as Bitcoin Mining Unit Struggles
Hut 8 Corp. (HUT) shares have swung between $44 and $133 in 2026, a peak-to-trough gain of about 200%, according to TradingView data.
The stock now trades near $108, up about 128% for the year, after Hut 8 signed a $9.8 billion, 15-year lease with an unnamed technology hyperscaler.
The AI Pivot
Speaking to CNBC, CEO Asher Genoot said the was proof that Hut 8’s pivot from Bitcoin mining to artificial intelligence (AI) infrastructure is paying off for shareholders.
The new lease adds 704 megawatts of capacity to Beacon Point, Hut 8’s AI data center campus in Texas, and carries an implied $653 million in annual revenue. Genoot said Hut 8 had zero contracted AI revenue about a year ago.
He now counts roughly $27 billion in contracted AI revenue and about $1.75 billion in annualized earnings before interest, taxes, depreciation, and amortization (EBITDA).
What Happened to the Bitcoin Mining Business
Hut 8 was firstly known as a Bitcoin mining business, but the company technically no longer runs Bitcoin mining directly. In March 2025, it moved the business into American Bitcoin Corp. (ABTC), a separately traded subsidiary that Hut 8 majority owns and that Eric Trump and Donald Trump Jr. partly back.
Unlike Hut 8’s own AI pivot, ABTC has doubled down on mining, expanding its fleet capacity and its Bitcoin (BTC) reserve through 2026.
That bet has not paid off for ABTC’s backers. Its shares have fallen more than 76% in 2026, a drop that wiped out over $600 million from Eric Trump’s stake, echoing the pattern in American Bitcoin’s stock crash.
The AI Story, and the Pushback
Despite the successful pivot, Hut 8 has been under the microscope for its contribution to electricity prices. Genoot rejected a New York Times report that blamed data centers for $6.3 billion in added electricity bills across PJM Interconnection, the grid operator covering 13 states and Washington, D.C.
The report tied the increase to a capacity auction PJM held on June 30. “It’s not true,” Genoot said on air. He argued that most data center developers, including Hut 8, cover their own transmission upgrades and energy costs instead of passing them to ratepayers.
Independent analysts complicate that upbeat picture. A Seeking Alpha review of Hut 8’s first-quarter 2026 results found a $253 million net loss and negative margins in its digital infrastructure segment. The same analysis does not expect material AI revenue until the second quarter of 2027.
Hut 8’s stock chart and ABTC’s chart tell two very different stories right now. Whether Hut 8’s $27 billion in contracted AI revenue turns into real cash before ABTC’s mining bet recovers could decide which story wins out.
The post Hut 8 Stock Surges Up to 200% in 2026 as Bitcoin Mining Unit Struggles appeared first on BeInCrypto.
Crypto World
Balance Coin crashes 99% after reported $915K exploit

Blockchain security firms linked the collapse to a suspected attack on 42DAO, the decentralized organization that governs the Balance Protocol ecosystem.
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