markets

Luke Kawa1/2/25

Will crypto keep coining money?

I am not a bitcoin maxi; I have not had fun staying poor.

But crypto generally, and bitcoin specifically, sits at a busy intersection that includes government policy, retail enthusiasm, and growing institutional adoption.

The rise of crypto has clearly extended its influence beyond the asset class as narrowly defined, and it’s become more entrenched in the traditional financial system and publicly traded securities. Most famously MicroStrategy — but also Tesla, MARA Holdings, Hut 8, and reAlpha Tech — are treating cryptocurrencies as a kind of “reserve asset” for their firms.

Barclays analysts have argued that Tesla, a trillion-dollar company, is now best compared to cryptocurrencies. For 2024 as a whole, the stock’s daily moves have been roughly as correlated with bitcoin as they are with the fluctuations of its Magnificent 7 counterparts. And crypto played a not insignificant role in facilitating the change in stock-market leadership within tech from semiconductors to software after the US election.

Simply, bitcoin is as good a barometer as any for assessing optimism surrounding the incoming Trump administration in the financial realm, and the willingness of individuals as well as institutions to embrace risk. It’s a one-stop shop for assessing the vibes: you could monitor trading and options activity across a host of speculative pockets of the stock market, or just look at this preeminent crypto instead.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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