🚨 Crypto Today: Top Headlines That Matter Most

📰 News

🤖 xAi Funding: Elon Musk Artificial Intelligence Company Raises $10 Billion

Elon Musk's xAI platform has announced $10 billion in fresh funding to solidify its position in the AI space. Will it outpace OpenAI?

Elon Musk’s xAi Secures $10B for AI Dominance

According to a CNBC report today, Elon Musk’s artificial intelligence firm xAI has raised a combined $10 billion in debt and equity. On Monday, Morgan Stanley revealed that xAI secured $5 billion through secured notes and term loans, while also obtaining a separate $5 billion strategic equity investment. The platform’s initiative focuses on challenging OpenAI’s dominance in the space.

Notably, the funding is focused on the platform’s AI infrastructure and its dominance in the space. These include the expansion of its Memphis-based Colossus supercomputer and the advancement of its conversational AI platform, Grok. Morgan Stanley stated, “The proceeds will support xAI’s continued development of cutting-edge AI solutions, including one of the world’s largest data center and its flagship Grok platform.”

It is noteworthy that this major development comes on the heels of the escalating Donald Trump-Elon Musk feud. Earlier today, Trump criticized Musk, saying that his success is largely due to government subsidies.

Trump threatened Musk with a potential DOGE investigation into his businesses. Trump wrote on Truth Social, “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!” In response, Musk wrote, “I am literally saying CUT IT ALL. Now.”

🏛 Powell Says Most FOMC Members Expect A Fed Rate Cut Later This Year

Jerome Powell has opened up the possibility of a Fed rate cut later this year, stating that most FOMC members expect this to happen.

Powell Raises Possibility Of Fed Rate Cut Later This Year

Speaking at the ECB forum on Central Banking, Powell stated that a solid majority of FOMC participants deem it appropriate to cut rates again later this year. This came as the Fed Chair gave his thoughts on an interest rate cut and whether it was too soon to cut rates.

Powell still maintained that the US economy was in a good position for them to just wait and see what impact the Trump tariffs would have on the economy. He admitted that inflation has so far come in line with expectations, which typically opens the door for a Fed rate cut. However, he stated that they expect higher inflation readings over the summer.

Meanwhile, the Fed Chair also remarked that he can’t say whether July is too soon to consider a rate cut and that it would depend on the incoming data. This will include the June CPI and PPI inflation data, which will come out on July 15 and 16, respectively.

Federal Reserve Governor Christopher Waller had stated that a Fed rate cut could happen as soon as July. However, traders are betting against a rate cut following the July FOMC meeting. CME FedWatch data shows that there is an 80.9% chance that the Fed will keep rates unchanged following the July 30 meeting.

However, just like the FOMC participants, traders also anticipate an interest rate cut later in the year, starting from September. As CoinGape reported, odds for a September rate cut have soared to 94%.

📊 Markets

🔻 Bitcoin Price Slips Below $106K As Senate Votes on Big Beautiful Bill, Is $100k Next?

Bitcoin price has dropped below $106,000, and with the Senate voting on the big beautiful bill, explore whether a drop to $100,000 is likely.

Bitcoin Price Volatility Spikes as Senate Votes on Big Beautiful Bill

The US Senate is currently on a marathon vote-a-rama for President Trump’s “One Big Beautiful Bill.” During the vote-a-rama, lawmakers propose amendments that are rapidly voted upon, as Trump anticipates that this legislation will get the Senate’s approval on July 4.

The ongoing process is causing volatility in Bitcoin price, with the value fluctuating between a daily swing high of $107,855 and a low of $105,878. Meanwhile, more than $66 million has been liquidated from the BTC market within 24 hours, according to Coinglass data.

The drop follows a renewed feud between Trump and Tesla CEO Elon Musk over this bill. As CoinGape reported, the crypto market is shaky after Musk revealed that if the proposal passes, it will trigger inflation.

However, there is some optimism from a section of crypto traders who note that even if inflation rises, it will be bullish for the BTC price. Popular analyst Max Keiser notes that the legislation will be “a Bonanza for Bitcoiners.”

Meanwhile, Senator Lummis has proposed amendments to this bill that will have a bullish implication on Bitcoin price. In an X post, she said,

“It’s time to stop this unfair tax treatment and ensure America is the world’s Bitcoin and Crypto Superpower.”

Bitcoin advocate Matthew Pines also notes that among Lummis’ amendment is a “Bitcoin de minimis tax exemption” and has urged US voters to call their Senators to back the fix.

🐋 XRP Price Faces $1.85 Drop as Whales Sell 560M Tokens in 2 Weeks

XRP price faces a potential drop to $1.85 as it trades within an ascending wedge pattern amid whale distribution, with 560M sold in 2 weeks.

XRP Price Crash Below $2 Looms As Bearish Wedge Pattern Emerges

Ripple’s price could be facing a decline below $2 as it continues to trade within an ascending wedge for more than a week, which is a sign that the market is currently filled with more sellers than buyers. As the price continues with this performance, support has formed at $2.17, and if XRP price drops below it, it may crash.

This pattern has also appeared at the same time that a sell signal has formed on the four-hour timeframe chart. The MACD indicator created this signal after the line dropped below the signal line. If history repeats itself, this crossover may cause the price to drop below the support level and confirm the bearish outlook.

If this altcoin drops below the $2.16 price, it may trigger a 15% crash to $1.85. Hitting this level will not only free XRP from months of trading in consolidation, but it could trigger panic selling from the traders who were holding, anticipating that the price may rebound. Moreover, the fact that Ripple price has held above $2 for months could mean that most traders are opening sell orders at this level, and if it slips below it, a crash may happen.

The bearish outlook seen above may be invalidated if XRP’s RSI can avoid dropping below 50 and starts rising, as this will confirm a bullish reversal. Such a rally may happen if there is a recovery across the crypto market because, as CoinGape reported, Bitcoin’s rally may drive XRP price gains.