TLDR

• Micron shares declined an additional 2.18% in Thursday’s premarket session to $1,009.76, after plummeting 10.6% Wednesday to settle at $1,032.28.
• Global contagion sent South Korea’s KOSPI benchmark tumbling 7.9%, with memory chip competitors SK Hynix and Samsung plunging 14.6% and 9.1% respectively.
• Year-to-date gains through Wednesday still show Micron ahead by 262%, trading approximately 128% above its 200-day moving average.
• Critical support zone identified near $991; falling through this level may trigger additional downside pressure.
• Wall Street maintains optimistic outlook with consensus price target of $1,542.05, while Cantor Fitzgerald and Barclays project $2,000.

Micron Technology (MU) shares experienced significant turbulence this week, collapsing 10.6% during Wednesday’s session to settle at $1,032.28, then extending losses with a 2.18% decline in Thursday’s premarket trading to approximately $1,009.76. This two-session retreat represents part of a wider semiconductor sector downturn that triggered volatility across domestic and international markets.

Micron Technology, Inc., MU

The selling pressure transcended American markets. South Korea’s KOSPI benchmark — which has been among 2026’s strongest-performing global indices — closed Thursday’s session down 7.9%. With heavy concentration in memory chip manufacturers, the index bore the brunt of sector-specific weakness. SK Hynix plummeted 14.6% while Samsung retreated 9.1%. These companies compete directly with Micron in DRAM and NAND memory segments.

Despite recent volatility, Micron‘s broader performance trajectory remains impressive. Through Wednesday’s close, shares have surged 262% year-to-date — performance that eclipses most Wall Street benchmarks. The KOSPI maintains an 81% gain for 2026 despite Thursday’s pullback. Meanwhile, the S&P 500 has advanced a modest 9.3% during the same period.

However, short-term technical indicators reveal emerging weakness. Micron currently trades approximately 4.1% beneath its 20-day simple moving average of $1,048.47, suggesting the immediate trend is undergoing consolidation following the stock’s June peak. The relative strength index registers at 51.95 — neutral territory — indicating the shares are pausing rather than experiencing fundamental breakdown.

Key Levels to Watch

Market participants are monitoring two critical price thresholds. Overhead resistance exists around $1,089.50, representing the level Micron must reclaim to reestablish bullish momentum. Conversely, downside support emerges near $991. Breaching this floor could trigger additional selling pressure.

For perspective, Micron continues trading roughly 19.5% above its 50-day moving average of $841.56 and approximately 128.4% above its 200-day moving average of $440.26. These metrics suggest the long-term uptrend remains fundamentally sound.

Micron maintains substantial ETF representation. The stock commands an 8.39% allocation in the Invesco S&P 500 Momentum ETF (SPMO), a 9.78% weighting in the Invesco PHLX Semiconductor ETF (SOXQ), and a 9.46% position in the Global X DAX Germany ETF (DAX). Such concentrated ETF exposure means institutional fund flows can magnify price movements in either direction.

Earnings and Analyst Targets

Micron’s upcoming quarterly earnings release is scheduled for September 22, 2026. Wall Street consensus anticipates earnings of $31.24 per share — a substantial increase from $3.03 reported in the prior-year period. Revenue projections stand at $50.72 billion, dramatically exceeding last year’s $11.31 billion. These forecasts illustrate extraordinary growth momentum.

The stock currently trades at a price-to-earnings multiple of 23.3, which analysts view as reasonable compared to semiconductor industry peers.

Analyst sentiment remains decidedly bullish. Consensus price target for MU sits at $1,542.05. Cantor Fitzgerald elevated its target to $2,000 on June 29, while Barclays established an identical target on June 25. Cantor’s previous target stood at $1,500.

Micron’s Benzinga Edge metrics support the optimistic thesis: momentum score of 99.62, quality score of 97.83, and growth score of 85.15. The lone weakness appears in valuation, scoring just 24.83 — reflecting concerns about how rapidly shares have appreciated.

As of Thursday’s premarket session, MU traded at $1,009.76, down 2.18%.

Ethereum layer-2 scaling network Taiko’s cross-chain bridge is back online, just 10 days after the June 22 hack.

The protocol halted operations after the attack, which stemmed from a compromised SGX signing key mistakenly exposed on GitHub. The flaw enabled an attacker to forge withdrawal proofs, draining roughly $1.7 million from the bridge and ERC20 Vault contracts.

Bridge exploits involving exposed keys remain a persistent challenge in crypto, with hundreds of millions lost industry-wide in 2026. However, Taiko’s quick recovery stands out, with every user made whole in less than two weeks.

“The bridge is open,” Taiko announced on X on Thursday. “You can move funds to and from Taiko again. Our response is complete: the network is fully restored and every user is whole. Any limits in place won’t affect normal use. A reminder: we’ll never DM you first, and there’s no claim site. Only trust this account,” it added, promising to publish a full post-mortem of the incident soon.

Taiko’s restoration of the bridge is the result of a multi-stage recovery that involved patching the vulnerability, replenishing bridge reserves to full 1:1 backing, restoring layer-2 network activity, and subjecting the fix to an independent security review.

Key Takeaways

• Shares of Nebius Group (NBIS) plummeted 17% during Wednesday’s session, hitting an intraday low of $228.17 with trading volume spiking 85% above typical levels
• A Bloomberg article revealing Meta’s plans to launch a cloud infrastructure service competing with neocloud companies sparked the massive sell-off
• The decline came despite impressive quarterly results showing $399 million in revenue — a 684% year-over-year increase — and an EPS beat of $0.54
• Analyst sentiment remains cautiously optimistic with a “Moderate Buy” rating across 15 analysts; Bank of America maintains a $280 price objective
• Company executives have offloaded more than $124 million in shares over the last three months, raising questions about confidence

Meta’s Cloud Ambitions Trigger Sharp Decline in Nebius Group (NBIS) Stock

Nebius Group N.V., NBIS

Shares of Nebius Group (NBIS) experienced a dramatic 17% decline on Wednesday, touching a session low of $228.17 before settling near $229.18. The stock had closed at $276.17 the previous day. Trading activity exploded, with more than 30 million shares changing hands — approximately 85% higher than normal daily volume.

The catalyst for this sharp downturn was a Bloomberg article detailing Meta Platforms’ intention to commercialize AI computing resources and models — including direct GPU capacity sales. This business model places Meta in direct competition with neocloud specialists such as Nebius and CoreWeave.

CoreWeave similarly experienced a decline exceeding 6% following the same disclosure.

The market reaction extends beyond simple competitive concerns. Meta currently ranks among the world’s largest purchasers of GPU computing power. A strategic pivot toward selling excess capacity rather than solely consuming it could fundamentally reshape supply dynamics across the entire industry.

Neocloud companies including Nebius have benefited tremendously from surging AI infrastructure requirements. Wednesday’s market action demonstrated how rapidly investor confidence can evaporate when threatened by well-capitalized competitors.

Robust Growth Metrics Clash With Valuation Concerns

The stock decline contrasts sharply with Nebius’s operational performance. The company delivered $399 million in quarterly revenue — representing an extraordinary 684% year-over-year expansion. Management exceeded earnings projections by $0.54 per share, posting a loss of just $0.23 compared to the consensus estimate of a $0.77 loss.

The organization’s customer acquisition pipeline has reached unprecedented levels, and underlying demand for AI infrastructure capabilities continues accelerating. However, several Wall Street analysts had previously cautioned that the stock’s valuation appeared overextended following its remarkable pre-earnings rally.

NBIS currently trades above its 50-day moving average of $215.92 and significantly above its 200-day moving average of $142.48. Even after Wednesday’s correction, the stock maintains considerable premium to these technical benchmarks.

With a price-to-earnings multiple of 73.93 and a market capitalization approaching $58 billion, valuation remains elevated. The stock’s beta coefficient of 4.03 underscores its extreme volatility — a characteristic vividly illustrated by Wednesday’s price action.

Wall Street Perspectives and Executive Stock Sales

The analyst community maintains a generally favorable outlook despite divided opinions. Fifteen analysts currently cover the stock, with nine recommending Buy and six maintaining Hold ratings, resulting in a “Moderate Buy” consensus. The mean price target stands at $203.25.

Bank of America established a $280 price objective with a Buy recommendation in early June. BNP Paribas Exane initiated research coverage in June with a Neutral stance and $255 target. Morgan Stanley maintains an Equal Weight rating alongside a $144 price target.

Insider transaction patterns present a more cautious narrative. The Chief Technology Officer divested approximately $3.7 million in stock on June 4th, representing a 5.1% reduction in personal holdings. The Chief Revenue Officer sold roughly $3 million on June 2nd, trimming his stake by 28.6%.

Collectively, company insiders have liquidated more than $124 million in stock value during the past 90 days.

Nevertheless, institutional investors have demonstrated confidence by expanding positions. Orbis Allan Gray, Fred Alger Management, and Morgan Stanley have all increased their shareholdings in recent reporting periods.

Wall Street analysts project Nebius will report a full-year loss of $1.91 per share on average.

Key Highlights

• CRCL shares advance following Standard Chartered’s institutional USDC launch.

• Global bank introduces direct USDC creation and redemption services.

• Development reinforces Circle’s position in regulated digital currency markets.

• Initial deployment begins in DIFC with expansion plans underway.

• Partnership expands Circle’s footprint among institutional investors.

Shares of Circle Internet Group (CRCL) climbed 3.81% to reach $64.38 during pre-market hours following Standard Chartered’s introduction of institutional-grade USDC services. This advance came after CRCL closed the prior session at $61.95, representing a 1.09% decline. The development establishes a connection between a leading international financial institution and Circle’s regulated digital dollar platform.

Circle Internet Group, CRCL

Pre-Market Rally Follows USDC Service Announcement

Circle Internet Group equity experienced upward momentum ahead of market open after Standard Chartered unveiled its USDC creation and redemption platform. This offering leverages Circle’s existing framework while focusing on corporate and institutional participants. The partnership enhances Circle’s standing within the regulated digital currency ecosystem.

This new functionality enables organizations to obtain USDC via Standard Chartered’s established client onboarding and servicing infrastructure. Consequently, institutional participants can bypass the need for direct Circle relationships. This arrangement introduces a banking intermediary between traditional currency systems and distributed ledger settlement mechanisms.

Circle produces USDC through licensed operating entities, maintaining its status as a leading dollar-backed digital currency. Applications include cross-border transactions, financial settlement, corporate treasury operations, and capital management. Banking collaborations of this nature can accelerate mainstream institutional adoption.

Major Bank Pioneers Institutional Stablecoin Infrastructure

Standard Chartered achieved a milestone as the inaugural licensed Global Systemically Important Bank offering this type of USDC service architecture. Operations will commence through the bank’s Dubai International Financial Centre presence. This deployment reinforces the United Arab Emirates’ commitment to regulated cryptocurrency infrastructure.

The platform integrates traditional banking capabilities with custody solutions, digital asset technology, and public blockchain networks. Organizations gain unified access for moving between fiat currency and stablecoins. This arrangement enables businesses to coordinate blockchain-based settlement and treasury functions with enhanced oversight.

Standard Chartered intends to broaden this service across additional jurisdictions following regulatory clearance and operational preparation. Bank executives positioned this deployment as an initial step within a comprehensive stablecoin strategy. Such moves reflect increasing appetite for compliant digital asset infrastructure.

Institutional Appetite Drives CRCL Momentum

Circle stands to gain from growing corporate and institutional interest in stablecoins and blockchain settlement systems. USDC availability through an established international bank may unlock additional enterprise applications. This integration embeds Circle more firmly within conventional financial architecture.

The announcement arrives as financial institutions and corporations evaluate stablecoins for payment processing and treasury optimization. Organizations seek operational efficiency and transaction transparency while maintaining regulatory compliance and risk management protocols. Standard Chartered’s approach satisfies these requirements through its supervised banking structure.

CRCL’s pre-market appreciation underscored this enhanced institutional positioning. Shares recovered from the previous session’s weakness and early trading pressure. Nevertheless, the fundamental narrative centers on Circle’s deepening integration with regulated banking infrastructure.

Metaplanet (3350) announced the purchase of an additional 2,823 BTC ($170.7 million), bringing its total treasury to 43,000 BTC ($2.6 billion).

The acquisition cements the Tokyo listed firm as the third largest publicly traded company holding bitcoin, trailing only Strategy MSTR) and Twenty One Capital (XXI), according to data tracked by Bitcoin Treasuries.

Metaplanet closed 3.5% higher at 207 yen ($1.28) on Thursday following the announcement.

Alongside the bitcoin purchase, the company released its second quarter FY2026 results for its Bitcoin Income Generation business. The division generated approximately 1.75 billion yen ($10.85 million) in operating revenue during the quarter, taking first half revenue to approximately 4.72 billion yen.

Metaplanet uses bitcoin options to generate recurring income while expanding the company’s bitcoin holdings. On a trailing 12-month basis, revenue reached approximately 11.4 billion yen.

The latest results reinforce Metaplanet’s dual strategy of aggressively accumulating bitcoin while generating recurring cash flow from its Bitcoin Income Generation business.

XRP has rebounded toward the stubborn $1.07 resistance after Ripple’s latest XRP Ledger lending plans and rising network activity revived buying interest, but another breakout attempt now faces a level that repeatedly rejected bulls throughout June.

According to data from crypto.news, XRP (XRP) climbed nearly 5% from around $1.03 to an intraday high near $1.08 on July 2 before stalling at the same resistance level that repeatedly rejected buyers throughout late June.

The recovery followed Ripple’s announcement of an institutional-focused XRPL Lending Protocol alongside its monthly escrow release, where 300 million XRP entered circulation while 700 million tokens remained locked. Because only a fraction of Ripple’s holdings reached the market, dilution concerns eased, and buyers stepped back in.

On-chain activity strengthened alongside the price recovery. Daily active addresses on the XRP Ledger jumped more than 72%, while new wallet creation reached its highest level in roughly three months as investors accumulated after XRP’s June decline.

Exchange balances also continued falling as coins moved into self-custody, reducing immediately available supply during the latest rally.

Historical seasonality has also added support. July has consistently ranked among XRP’s strongest months over recent years, encouraging systematic traders to rebuild long exposure after the second quarter ended. The move also came as Bitcoin stabilized above $60,000, allowing capital to rotate back into several large-cap altcoins.

XRP remains trapped below long-term resistance despite improving momentum

The 1-day chart shows XRP still trading beneath every major moving average despite the latest bounce. The 20-day moving average sits near $1.11, followed by the 50-day around $1.21, the 100-day near $1.30, and the 200-day close to $1.49. A descending trendline connecting lower highs since May continues to cap every recovery attempt, leaving the primary trend bearish until those barriers are reclaimed.

On the 4-hour chart, however, buyers have regained short-term momentum. XRP has pushed back above recent consolidation lows and is once again testing the $1.075-$1.08 resistance zone that rejected advances several times during June.

The Supertrend indicator still remains bearish near $1.09, making that level the first confirmation hurdle before bulls can target the next resistance around $1.15. A successful break there could expose the declining 20-day average near $1.11 first before opening room toward $1.21.

Meanwhile, the Aroon indicator presents a mixed picture across timeframes. The daily chart still favors sellers, while the four-hour reading has shifted decisively toward buyers after Aroon Up surged to 100%, suggesting short-term momentum has strengthened even though the larger trend has yet to reverse.

Derivatives positioning also supports the importance of the current price zone. CoinGlass liquidation data shows one of the largest short liquidation clusters sitting between $1.08 and $1.10.

A decisive move through that range could trigger forced buying from leveraged short positions and accelerate a squeeze toward $1.11 and potentially $1.15. On the downside, sizeable long liquidation pools remain concentrated around $1.03 and $1.02, making those levels important support if the breakout attempt fails.

Commenting on the current structure, analyst ChartNerd wrote in a July 2 X post:

“Relief is possible from this $1.00 low but the overall trend remains down for now.”

The analyst also noted that XRP has historically remained under pressure after losing its 20-week exponential moving average and argued that reclaiming roughly $1.35 would be needed to restore a higher-timeframe bullish trend.

Failure at $1.07 would keep sellers in control

Several risks continue to challenge the recovery despite improving sentiment. XRP remains roughly 70% below its July 2025 peak near $3.66 after months of restrictive monetary policy, weaker crypto market liquidity, and delayed regulatory progress in the U.S.

The postponement of the U.S. CLARITY Act removed one of the largest anticipated policy catalysts, while elevated Treasury yields have continued limiting capital flows into higher-risk assets.

Technically, another rejection near $1.07-$1.09 would reinforce the descending trendline that has controlled price action for nearly two months. A drop below $1.03 would expose the psychological $1.00 support once again, and losing that level could send XRP toward the next demand zone around $0.98.

Conversely, a clean close above the Supertrend and repeated June highs would invalidate the immediate bearish structure and give buyers their strongest opportunity in weeks to extend the recovery toward $1.15 and then the cluster of moving averages above $1.20.

TL;DR

• Standard Chartered has become the first G-SIB to offer institutional clients direct USDC minting and redemption services.
• The new solution allows eligible clients to access USDC without opening a separate account with Circle.
• Initially launching through the bank’s DIFC operations, the service supports settlement, treasury, and liquidity management.
• The partnership underscores growing institutional demand for regulated stablecoin infrastructure despite rising competition in the sector.

Standard Chartered, currently at the fore front of the stablecoin adoption campaign, has introduced a new service that enables institutional clients to mint and redeem USDC directly through the bank, marking a significant step in the integration of traditional banking with digital assets. 

Developed in partnership with Circle Internet Group, the issuer of USDC, the offering makes Standard Chartered the first Global Systemically Important Bank (G-SIB) to provide institutional access to USDC minting and redemption through a single banking relationship.

Unlike existing arrangements, eligible clients will not need to open separate accounts with Circle. Instead, they can access USDC minting and redemption through Standard Chartered’s institutional platform, allowing them to move between fiat currencies and blockchain-based assets within a unified banking environment.

The service will initially be available through the bank’s Dubai International Financial Centre (DIFC) operations, with plans to expand into additional markets as regulatory approvals are secured.

New Service Aims to Bridge Traditional Banking and Digital Assets

Standard Chartered said the new capability is designed to simplify how institutions interact with regulated stablecoins by combining banking services, custody, and digital asset infrastructure into a single offering.

The bank expects the solution to support a wide range of institutional activities, including on-chain settlement, treasury operations, and liquidity management, while also laying the foundation for future payment-related use cases. By embedding USDC access into its existing institutional banking platform, Standard Chartered aims to provide clients with the governance, compliance, and risk management standards associated with a global financial institution.

The launch also reflects growing demand among corporations and financial institutions for regulated stablecoin infrastructure capable of supporting cross-border transactions and digital asset operations. Starting in the UAE further reinforces the country’s position as an emerging hub for regulated blockchain and digital asset innovation.

Partnership Highlights Stablecoin Adoption Despite Growing Competition

The partnership, just barely a month after another one with CoinMENA, represents another milestone for Circle as it continues expanding the reach of USDC through established financial institutions. Bringing a global systemically important bank into its ecosystem could strengthen USDC’s position among institutional users seeking regulated access to stablecoins.

The announcement also comes just hours after renewed attention on Circle’s competitive position in the stablecoin market. As earlier reported, Circle’s shares recovered modestly after a sharp selloff triggered by the launch of the OpenUSD consortium, an initiative backed by more than 140 organizations, including major financial and technology companies such as Stripe, Coinbase, Visa, Mastercard, and BlackRock.

While some analysts have warned that increasing competition could pressure USDC’s market position over time, Standard Chartered’s decision to integrate USDC into its institutional banking services signals that demand for regulated stablecoin infrastructure continues to grow. 

Bitcoin climbed above $61,000 on Thursday, up about 4.1% over 24 hours, per CoinDesk data, its firmest footing so far this week after a sell-off sent the asset to as low as $58,200 earlier.

The lift came from the Federal Reserve. Chair Kevin Warsh told the European Central Bank’s forum in Sintra, Portugal, that inflation risks had come down, his first notably softer comment since a hawkish June rate outlook set off weeks of outflows from U.S. bitcoin exchange-traded funds.

The move stood out because it came against a rough day for tech.

South Korea’s Kospi index fell 7.9% on Thursday after Samsung Electronics and SK Hynix shed a combined $290 billion in market value, the second time this month the index has buckled on worries about artificial-intelligence chips, according to Bloomberg.

Meta added to the unease with plans to sell spare computing power to outside customers, a move that revived the question of whether the AI infrastructure buildout has run ahead of real demand.

Yield-bearing stablecoin supply fell by more than $3.5 billion in the second quarter of 2026, reversing nearly three years of quarterly growth as crypto-native products contracted and Treasury-backed tokens expanded. 

Crypto exchange CEX.IO reported Thursday that the category declined by 15% during Q2. Ethena’s sUSDe lost 52% of its supply, shedding nearly $2 billion, while Sky’s sUSDS declined by 16%.

Treasury-backed products moved in the opposite direction. BlackRock’s BUIDL grew by 2%, Circle’s USYC increased by nearly 16% and Ondo Finance’s USDY rose by over 66%, highlighting a widening divide between crypto-native yield assets and products backed by traditional assets. 

The divergence came as the broader stablecoin market recorded its first quarterly contraction since the third quarter of 2023, according to CEX.io. Total supply fell to $312 billion in Q2, while adjusted transaction volume declined by 5.5%. 

Supply growth per quarter, compiled by CEX.io. Source: CEX.io

Stablecoin slowdown deepens after weaker Q1 signals

The Q2 decline marks a sharp reversal from the start of 2026. In Q1, stablecoin supply increased by about $8 billion to a record $315 billion, with yield-bearing products among the main growth drivers. 

However, signs of weakening organic demand had already emerged early in the year. During the first quarter, retail-sized transfers fell by 16%, while automated activity accounted for roughly 76% of stablecoin transaction volume. 

The slowdown continued through Q2. According to CEX.io, total stablecoin transaction counts fell by 530 million to 4.48 billion, the largest quarterly decline on record. However, transfers below $250 increased by 5% to $19.39 billion, suggesting that smaller peer-to-peer payments were more resilient than larger automated and trading flows. 

Related: Financial companies join forces for US dollar stablecoin, keeping reserve earnings

Contraction comes amid weaker crypto market activity

The stablecoin contraction also adds to broader concerns about weakening activity across crypto markets. On Wednesday, institutional data provider Talos identified declining stablecoin supply alongside spot Bitcoin (BTC) exchange-traded fund (ETF) outflows and slower Bitcoin purchases by Strategy as three key demand channels that weakened in Q2. 

Tanay Ved, senior research associate at Talos, told Cointelegraph that a recovery in stablecoin supply would signal “fresh capital coming back into the ecosystem more broadly” and help support onchain liquidity.

Ved said spot ETF flows remain the most important demand channel to watch because they tend to reflect more durable shifts in institutional appetite. However, he added that ETF flows, corporate Bitcoin purchases and stablecoin supply often move together when market momentum changes. 

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