QtrendsBitcoin loses $1 trillion amid broad market rout
Bitcoin has seen more than $1 trillion wiped from its market value over the past eight months, raising questions about the sustainability of the crypto rally. The downturn has claimed high-profile casualties, with Oracle chairman Larry Ellison losing $10 billion and falling to fifth-richest globally. Despite the sell-off, data shows billionaires' wealth is still accumulating faster than ever, highlighting a growing divergence between crypto markets and traditional wealth.
Prediction market platform Kalshi is introducing employment verification and whistleblower services to prevent insider trading in high-risk markets. Customers trading in certain sensitive markets will be required to disclose their employment details. The move follows similar efforts by traditional financial exchanges to police information advantages, and signals growing regulatory attention on prediction markets.
Perplexity AI's CEO has confirmed the company is planning an initial public offering in 2028, signaling long-term confidence in its AI search business. Meanwhile, anxiety over an eventual SpaceX IPO is contributing to volatility in tech stocks, particularly among ETFs that hold early SpaceX stakes. The dual narratives highlight the market's conflicted appetite for high-profile tech debuts.
AI-related stocks took another hit as a renewed sell-off sent markets whipsawing, with the CNN wire reporting a broad AI-driven downturn. AP News characterized the moves as more swings on a roller coaster for Wall Street. Some analysts point to closed-end funds as a strategy for gaining cheap AI exposure, but overall sentiment remains cautious amid the volatility.
Major AI companies are entering a more difficult phase as market expectations collide with deployment safety concerns. A BBC report notes that an AI tool initially deemed 'too powerful for public release' has been released anyway. At its developers' conference, Apple showcased new AI features while criticizing competitors on security and child safety, highlighting growing industry divides over responsible AI.