Connect with us

Published

on

A photo illustration depicting the cryptocurrency bitcoin.

Jakub Porzycki | NurPhoto via Getty Images

Bitcoin continued its descent to $60,000 on Monday.

The price of the flagship cryptocurrency was last down by more than 4% at $61,211.00, according to Coin Metrics. Earlier, it fell to $60,666.30, its lowest level in more than a month. In the past week, it’s fallen more than 8%.

Digital asset investment products notched a second consecutive week of outflows, according to CoinShares. Last week, crypto investment products saw their lowest trading volumes globally since the U.S. bitcoin ETFs launched in January.

“We have now seen $1.2 billion of outflows from crypto ETFs over the last two weeks which all began after the FOMC meeting. Our belief is that continued pessimism over the number of rate cuts is weighing on sentiment for crypto,” James Butterfill, head of research at the crypto-focused asset manager, told CNBC.

“The Fed have indicated they need to see further evidence of inflation falling before they become more dovish, so any macro say that highlights inflation continues to fall will likely support prices, and conversely, an inflationary date will weigh on prices,” he added.

Eleanor Gaywood, head of strategy at Coincover, said there are often market jitters ahead of the personal consumption expenditure index, the Fed’s preferred inflation gauge, which is due this Friday. She said signs of a rate cut in September could ease investor nerves and steady bitcoin’s price.

Stock Chart IconStock chart icon

hide content

Bitcoin has been steadily descending since the beginning of June

Additionally, bitcoin saw a jump in long liquidations, forcing traders to sell their assets at market price to settle their debts. In the past 24 hours, $97.83 million in long bitcoin liquidations have occurred across centralized exchanges, according to CoinGlass.

Cryptocurrencies broadly tumbled with bitcoin. Ether lost 4%, while the token tied to smart contracts platform Solana fell 3%, payments token XRP slipped 1%, and meme token dogecoin dropped nearly 5%.

In equities, Coinbase retreated by nearly 4%, and MicroStrategy declined more than 5%. Miners were lower across the board.

Last week, CryptoQuant suggested bitcoin could slide back to $60,000, after breaking below the key support of $65,800, due to a lack of bullish momentum. The company’s on-chain data shows traders have been reducing their holdings since bitcoin touched $70,000 in late May and have yet to start buying again.

For the month, bitcoin is down nearly 10%. At the start of June, it briefly touched the $71,000 level but has been on a steady decline since. It has been largely stuck in a narrow range between $60,000 and $70,000 since the middle of March when it reached its all-time high of $73,797.68.

Investors and analysts still expect the cryptocurrency to notch another record this year. Ryan Rasmussen, an analyst at Bitwise Asset Management, called the price action “bullishly choppy.”

“There’s a market-changing tailwind behind crypto that isn’t reflected in the choppy price action on a week-to-week basis,” he said, pointing out bitcoin’s 43% year-to-date gain, progress on ether ETFs and crypto’s political tides shifting in its favor.

“From a long-term investment thesis, bitcoin has rarely been more attractive than it is right now.”

Don’t miss these stories from CNBC PRO:

Continue Reading

Technology

Broadcom is firing on all cylinders, and Wall Street can’t get enough of the stock

Published

on

By

Broadcom is firing on all cylinders, and Wall Street can't get enough of the stock

Continue Reading

Technology

Google to launch first of its AI glasses in 2026

Published

on

By

Google to launch first of its AI glasses in 2026

A Google logo is at the announcement of Google’s biggest-ever investment in Germany on November 11, 2025 in Berlin, Germany.

Sean Gallup | Getty Images News | Getty Images

Google on Monday said it plans to launch the first of its AI-powered glasses in 2026, as the tech company ramps up its efforts to compete against Meta in a heating consumer market for AI devices.

The Alphabet-owned company is collaborating on hardware design with Samsung, Gentle Monster and Warby Parker, with whom Google agreed to a $150 million commitment in May.

Google plans to release audio-only glasses that will allow users to speak with the Gemini artificial-intelligence assistant, the company said in a blog. Google also said there will be glasses with an in-lens display that show users information such as navigation directions and language translations. The company said the first of these glasses will arrive next year, but it did not specify which styles that will include.

In a Monday filing, Warby Parker said that the first of its glasses in partnership with Google are expected to launch in 2026.

The glasses will be built on top of Android XR, Google’s operating system for its headsets.

Google’s Monday updates come after the company in May announced that it would be getting back into the smart glasses game. At the time, co-founder Sergey Brin said he learned from Google’s past mistakes of failed smart glasses, citing less advanced AI and a lack of supply chain knowledge, which led to expensive price points.

“Now, in the AI world, the things these glasses can do to help you out without constantly distracting you — that capability is much higher,” Brin said in May.

The AI wearables space has been gaining traction with Meta leading the pack. the social media company’s Ray-Ban Meta glasses were met with surprising success. The glasses, which were designed in partnership with eyewear giant EssilorLuxottica, are infused with the Meta AI digital assistant

Meta also released its own display glasses in September, which allows users to see features like messages, photo previews and live captions through a small display that’s built into one of the device’s lenses.

Other companies like Snap and Alibaba have also been churning out their own AI glasses offerings as the small but competitive market continues to grow.

Google on Monday also revealed more software updates to the Galaxy XR headset, including the ability to link it to Windows PCs and a travel mode that will allows the device to be used in planes and cars.

WATCH: Google’s vibe-coding play

Google's vibe-coding play

Continue Reading

Technology

Pressure builds on Apple and CEO Tim Cook with holiday executive shake-up

Published

on

By

Pressure builds on Apple and CEO Tim Cook with holiday executive shake-up

Apple chip chief weighs exit: Report

Several big shots in Cupertino are getting a career change for the holidays.

In the last seven days, there has been extraordinary turnover among Apple‘s top ranks, from its head of artificial intelligence to its top lawyer.

CEO Tim Cook now has two fewer direct reports than he did before Thanksgiving.

The executive who designed the software for the Apple Vision Pro also bounced and is heading to Meta to do the same thing for AI glasses in Menlo Park.

As if last week’s departures weren’t enough, there was another potential exit over the weekend. Senior vice president of hardware technologies Johny Srouji told Cook he wanted out soon, according to Bloomberg.

But any drama seems to have passed, with Srouji telling his staff Monday morning in a memo seen by CNBC that he isn’t planning to leave Apple any time soon.

Srouji is the chip design guru who kicked Intel while it was down and made in-house chips for Mac that performed a lot better, leading to a healthy surge in sales. Srouji is essentially the Jony Ive of chip design, a singular talent, and it is tough to imagine him leaving Apple.

An Apple spokesperson provided no comment on Srouji or any of the recently departed executives.

There are multiple ways to read into all the changes at the top of a company known for keeping a steady leadership team while producing innovative and industry-leading products.

Apple stayed the course while the tech world changed around it in just three short years, as the entire industry has made a massive pivot to AI.

Read more CNBC tech news

So it was no surprise AI chief John Giannandrea was out last week. It was on him to deliver an innovative AI experience on the iPhone. Instead, Apple had to admit it couldn’t launch the supercharged version of Siri it had been advertising for months.

Perhaps the new strategy of partnering with an established AI leader such as Google or Anthropic will make up for all of it, but the pressure is enormous for Apple to get it right after the flop this year.

Getting the AI launch right is important for other products as well.

If Apple isn’t going to charge for its AI system, then using it as a selling point for new hardware is its best bet to show it can make some cash.

There are already hints that 2026 is going to be a monumental year.

Some new, rumored AI product categories are expected, such as AI glasses similar to what Meta sells and a tablet for controlling all your smart home appliances.

Apple will also turn 50 on April 1 next year, and it’s expected to launch its first-ever foldable iPhone. Plus, there are more challenges ahead with a looming antitrust trial and whether Apple can maintain its truce with President Donald Trump.

Taken together, perhaps the shake-ups were necessary, especially regarding AI.

It looks like next year will show if Apple got it right.

Apple AI chief steps down: Here's what to know

Continue Reading

Trending