🚀 Bitcoin hits new high to start crypto week

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Bitcoin surged past $120,000 on Monday, hitting a record high of $123,000, while bitcoin ETFs saw record inflows of $1.18 billion as U.S. lawmakers prepare for a “Crypto Week” of regulatory debate. Institutional investors are driving the rally, encouraged by expected legislative clarity, including the Genius Act, which could regulate stablecoins and authorize private digital dollars. Trump’s vocal pro-crypto stance and involvement in related ventures have also buoyed sentiment. Analysts project prices could climb to $125,000 in the near term and even reach $160,000 by year-end, though the Federal Reserve’s hawkish stance and ongoing trade tensions remain key risks.

2. The Federal Reserve quietly pushed back against the Trump administration’s escalating attacks by publishing a new FAQ page defending its $2.5 billion headquarters renovation. The renovations came under fire from Budget Director Russell Vought for alleged extravagance and mismanagement. The Fed clarified that no VIP dining rooms or rooftop gardens are being built and attributed cost overruns to historic preservation, agency consultations, and unexpected issues like asbestos. The Fed also emphasized that taxpayers aren't paying for the project. This move marks a rare public rebuttal as Trump continues pressuring Chair Jerome Powell to lower interest rates and hints at removing him early.

3. French President Emmanuel Macron is calling for a significant defence spending hike of €3.5 billion in 2026 and €3 billion more in 2027, as he warns that freedom in Europe is under serious threat for the first time since 1945. Citing Russia, cybercrime, terrorism, and the Ukraine war, Macron declared, “To be free in this world, you must be feared.” The plan would double France’s defence budget since his first term. Still, it comes amid fierce debate over austerity and a ballooning deficit, with lawmakers likely to resist deeper cuts or tax hikes needed to make room for military spending.

   Headlines

   1. Kenvue (maker of Tylenol) has fired its CEO amid a strategic reorganization.

   2. Google has spent $2.4B to acquire top AI talent, including Windsurf CEO Varun Mohan.

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Onwards and Upwards,

Liam Gill