Bitcoin Falls Below $96K After Fed

Apple Challenges Meta on Privacy and Nike CEO Eyes Long-Term Growth

CRYPTO
Bitcoin Falls Below $96K After Fed

Bitcoin fell below $96,000 on Thursday, marking a 4.8% drop as the Federal Reserve’s hawkish stance on interest rate cuts for 2025 rattled markets. The CoinDesk 20 Index plunged 10%, reflecting broader declines in altcoins like Ethereum (ETH), which dropped 10.8%, and Solana (SOL), which sank 26% from its recent high.

Fed Chair Jerome Powell’s comments on limiting rate cuts triggered the selloff, with over $1.2 billion in leveraged crypto positions liquidated, per CoinGlass data. Altcoins like Cardano (ADA) and Avalanche (AVAX) suffered steep losses of 15%-20%.

This pullback follows a record-breaking rally fueled by optimism over pro-crypto policies from President-elect Donald Trump. Azeem Khan, Morph COO, described the correction as “healthy” after Bitcoin’s rapid rise past $100,000.

Traditional markets also struggled, with the S&P 500 and Nasdaq rebounding slightly but remaining volatile. Rising Treasury yields and a stronger U.S. dollar compounded the bearish sentiment across asset classes.

TECH
Apple Challenges Meta on Privacy

Apple has raised concerns over Meta’s requests for access to its operating system, claiming they threaten user privacy. The criticism comes as the European Union drafts interoperability guidelines under its Digital Markets Act (DMA), which aims to promote competition and prevent Big Tech from monopolizing markets.

Apple stated that Meta has made at least 15 requests for access to its technology stack, which could potentially allow Facebook, Instagram, and WhatsApp to read messages, view phone calls, scan photos, and track apps. Apple warned this would undermine its privacy standards and expose sensitive user data.

Meta dismissed the claims, accusing Apple of opposing interoperability under the guise of privacy. The EU's proposals call for Apple to implement a request-based system for technology access and establish a process to resolve disputes. Public feedback on the measures will be accepted until January 9.

FINANCE
Nike CEO Eyes Long-Term Growth

Nike’s new CEO, Elliott Hill, pledged to revitalize growth by refocusing on sports and strengthening ties with retail partners. On his first earnings call, Hill announced plans to intensify sports-related marketing while eliminating online discounts and addressing excess inventory. He acknowledged these changes may negatively impact short-term results but emphasized a long-term strategy.

Chief Financial Officer Matt Friend projected revenue for the current quarter to decline by low double digits, deeper than the previous quarter’s 7.7% drop. Nike’s stock erased earlier gains and remained flat in after-hours trading, down 29% for the year.

Despite challenges, Nike reported better-than-expected revenue and profit for the quarter ending Nov. 30, driven by strong wholesale and apparel performance. Hill has reshuffled senior management and met with sports league commissioners, signaling a focus on refreshing products and strengthening key partnerships to stabilize the company’s position as a global athletic leader.

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