Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
OpenAI Proposes 5% U.S. Government Stake Amid AI Policy Talks 
US Dollar Rises as Fed Rate Outlook Stays Hawkish, Euro Slips and Yen Near 40-Year Low 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
Kuaishou Stock Jumps as Kling AI Secures $2 Billion Funding Round 
Brazil to Phase Out Gasoline Subsidy First as Diesel Support Stays Longer 
Anthropic Tightens AI Access Controls After Reports of China-Based Workarounds 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
BTCUSD Recovers Amid Easing Tensions, But Resistance Looms 
EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
Super Micro Employees Detained in Taiwan AI Server Export Investigation 
Bitcoin sank 7 percent to $32,801 Monday on reports that China has intensified its crackdown on cryptocurrency mining.
It was the first time for the world’s largest digital currency to drop below $33,000 time since June 8.
Ether and XRP also tumbled by 8 percent and 7 percent, respectively.
Authorities in Sichuan had ordered a halt to many bitcoin mining activities resulting in an estimated 90 percent of China’s bitcoin mining capacity to have shut down.
There were similar developments against crypto mining in Inner Mongolia and Yunnan regions.
The national government has stamped out crypto mining amid worries over its massive energy consumption.
Bitcoin processing has fallen sharply in the last month as about 65 percent of global mining of the cryptocurrency is done in China, which relies heavily on coal power. Last month, when a coal mine in the Xinjiang region flooded and shut down, it took close to a quarter of bitcoin’s hash rate offline.
However, Chinese bitcoin miners often move to places like Sichuan, which is rich in hydropower during the rainy season.
Bitcoin’s network doesn’t have any central party to approve transactions or generate new coins but is maintained by miners who solve complex math puzzles using specialized computers to validate transactions. Whoever is first to solve is rewarded with bitcoin.
The power-intensive process of mining bitcoins has led to growing environmental concerns from everyone like Tesla CEO Elon Musk to US Treasury Secretary Janet Yellen raising the alarm.
