SAN ANSELMO, CALIFORNIA – JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission. (Photo Illustration by Justin Sullivan/Getty Images)
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Cryptocurrency exchange Coinbase just wrapped up its worst week of the year. Bitcoin miner Marathon Digital tumbled 20%. A basket of crypto-related equities tracked by Schwab fell to its lowest level since February.
The industrywide selloff reflected growing concerns about the health of the U.S. economy and tracked a broader decline in prices of bitcoin, ether and risky assets in general. The tech-heavy Nasdaq slid 5.8% for the week, its worst performance since January 2022.
In addition to macro pressures, the calendar is doing crypto no favors. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%. The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the “Extreme Fear” zone, indicating that investors are worried about price moves.
Bitcoin slipped to its lowest level since February, falling 4% in the last 24 hours to around $54,000.
Bitcoin and Ether prices, year-to-date
In a week shortened by the Labor Day holiday, Tuesday saw the steepest selloff in the broader market after weak manufacturing data stoked fears of an economic slowdown. The 11 U.S. spot bitcoin exchange-traded funds had their worst day in over four months after the report, as more than $287 million was collectively withdrawn from the ETFs.
The data was bad through the end of the week. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations.
Coinbase has one of its worst trading weeks this year.
“The recent U.S. labor market results acted as a moment of truth for risk-on assets like bitcoin, as the labor market is considered the main sector that may influence the Fed’s decision to cut rates this month,” said Leena ElDeeb, a research analyst with ETF issuer 21Shares, in an email.
The total market cap of crypto is down close to 30% from its 2024 peak of $2.67 trillion, and is now at $1.9 trillion. Altcoins like Solana’s SOL token, XRP and Cardano’s ADA all dropped more than 8% in the past week. Ether, the world’s second-largest cryptocurrency, plunged 12% to around $2,200.
Crypto equities hit hardest
While it was a rough week for risky assets of all sorts, investors over-indexed in crypto stocks had it particularly bad.
Schwab Asset Management’s crypto-themed ETF (STCE), which includes MicroStrategy, Marathon Digital, Riot Blockchain, and Coinbase, fell 11%.
Coinbase, stuck in a court battle with the SEC over whether the exchange engages in unregistered sales of securities, plummeted 20% to its lowest since February. MicroStrategy, the bitcoin collecting company founded by Michael Saylor, dropped 14% for the week on the heels of a 12% slide the previous week.
The top bitcoin mining companies all ended the week with double-digit declines, led by CleanSpark‘s 24% plunge. Riot Platforms lost 17%.
The downward slide is a continuation from last month. However, JPMorgan Chase analysts said in a note on Friday, citing TradingView estimates, that even as token and asset prices suffered dramatic drops, trading increased in August, with total average daily volumes up 8% from the previous month.
Coinbase and Marathon Digital this year
As investors turn to what’s coming, one big area of focus is the Federal Reserve.
The central bank could cut its benchmark for the first time in four years, when it meets Sept. 17-18. Fed Chair Jerome Powell said last month that “the time has come” for interest-rate policy to adjust. Analysts anticipate either a 0.25% or 0.5% reduction from the current rate of 5.25%-5.5%.
Looser monetary policy is typically a good thing for risky assets like crypto, which tend to see more investor inflows when borrowing costs drop.
The latest read on inflation comes Wednesday with August’s Consumer Price Index. The readout is another key metric the Fed will consider ahead of its September meeting.
The U.S. presidential debate on Tuesday might also prove a price driver in the crypto markets. Republican nominee Donald Trump has branded himself as the pro-crypto candidate for president and recently headlined the biggest bitcoin event of the year in Nashville. Many in the industry see a potential second Trump presidency as a catalyst for the industry, in part because he has vowed to remove SEC Chair Gary Gensler, who’s long been viewed as a crypto skeptic.
Kubota came to this year’s CES with a sprawling display filled with electric equipment, hydrogen gensets, and an onslaught of commercial robots ready to mow, farm, dig, and build. If you weren’t impressed by Kubota’s display this year, you weren’t paying attention.
Kubota gave us a sneak peek of its KATR farm robot – itself a smaller, updated version of last year’s New Agri Concept – before the doors officially opened last week. Kubota’s robotic farm buddies promise to be able to quietly and autonomously haul stuff from one end of the farm to another, or pull carts and specialized implements along predetermined paths.
KATR uses self-leveling technology and active suspension to ensure its cargo deck stays level when working on the sort of uneven terrain found on farms or construction sites.
That doesn’t mean the New Agri Concept is dead, though. Agri Concept 2.0 debuted as an electric tractor concept offering AI-powered automation and a fully electric powertrain. The new version features a Lite Brite-style “grille” that it uses to communicate its current mode, direction, and other important information with the people it shares a job site with.
On the more practical side, Kubota showed off its KX38-4e Electric compact excavator. First shown in overseas markets in 2022, the KX38-4e Electric features a 49.2 kWh lithium-ion battery that’s good for up to five hours of continuous operation. More than enough to complete a typical day of work on a construction site when you factor out idle time.
An onboard DC fast charger means it can be quickly recharged between shifts, too. But when there’s no grid power on the site, charging can be a challenge. That’s why Kubota has hydrogen genset for zero-emission on-site power generation.
Kubota electric excavator.Kubota Denyo hydrogen genset.
Looked at individually, each of the new electric Kubota products on display might be impressive. The real magic, though, is in the way the Kubota machines work together as a holistic job site or farm solution.
“At Kubota, we believe that truly listening to our customers drives innovation in every aspect of what we call the ‘Work Loop’,” explains Brett McMickell, Chief Technology Officer of Kubota North America. “The Work Loop — an essential cycle of assessing, analyzing, and acting — has always been fundamental to effective task management. With the integration of advanced sensors, AI-driven analysis, networking protocols, automation, and robotics, we are enhancing this cycle to be more seamless and efficient than ever before.”
That was obvious in some of the more thoughtful implements and attachments on display, including a Smart Plant Imager that uses advanced robotics and “hyper-spectral imaging” cameras to capture real-time data and insights on a plant-by-plant level – as well as a Smart Autonomous Sprayer and Robotic Pruner that that classifies buds and canes based on position and fruiting potential, it optimizes production precision and accuracy.
The more you look, the more impressive Kubota’s farming solution gets. “We will continue to learn from many of our customers across segments to iterate the next product and technology solution that will help them manage tomorrow’s challenges and grow their businesses,” McMickell added. “This is how Kubota works to make a better quality of life for individuals and society.”
The e-bike industry has stalled a little bit in terms of features, and with harsh new legislation coming in from places like California, maybe it is time to start looking at e-bikes that are light, efficient, and smooth rather than how much wattage they can output. The Tenways CGO 600Pro, which comes in at just 37 pounds, is a model e-bike you should keep an eye on…
The CGO 600Pro comes in 2 flavors: a carbon belt single-speed version that Micah reviewed and this one, which is a chain and 8-speed Shimano gears. The belt drive is going to win out on simplicity and weight but if you are expecting to get close to the ‘class 1’ top speed of 20mph or need to go up some significant hills, you’ll want to opt for the chain/gear version here.
One thing I love about this bike is the tradeoff decisions. These keep the price low and weight down while still providing a great ride. The spec sheet overall is solid but not top-shelf.
Tenways CGO600 Pro tech specs (chain/geared version)
Motor: 350 Watt rear hub motor with 45 Nm of torque
Top speed: 20 mph (32 km/h)
Range: Claimed up to 53 miles (85 km)
Battery: 36V 10Ah (360 Wh)
Weight: 37 lb (16.8 kg, over 40lbs with fenders, kickstand, etc)
Frame: 6061 aluminum alloy
Tires: CST Puncture-proof 700*45C-size Tires
Brakes: Tektro dual-piston hydraulic disc brakes
Gearing: Shimano 8-Speed Claris
Extras: Compact LED display, 4 pedal assist levels, slim fender set, kickstand, internally routed cables, LED lighting, removable battery, Tenways app integration, torque sensor, four color options
No Throttle?
Note that as a class 1 e-bike, neither belt/chain version has a throttle. While this may be controversial to some, it not only simplifies the bike, it makes it a Class 1, which will be legal in the most places. I tend to think of no throttle as a “foot throttle” and for the commuter application, this will serve well. Would I appreciate a throttle on a hill start? Perhaps.
The idea of this bike is to just enhance your pedal bike experience. You are going to get some exercise on this bike versus a bike that is a glorified low-power moped that runs on throttle with vestigial pedals.
More importantly, the torque sensor here is phenomenal; I mean, it is probably the best torque sensor I’ve ridden connected to a rear hub motor. The acceleration is smooth and strangely powerful for the 350W/45nm motor. Significant hills are a breeze, and this is one of the few bikes where I forget that I’m using an e-bike sometimes (until I look down and I’m going 20mph with little effort). Hills are also where the gearing really helps.
The tires are also the perfect size for a commuter with puncture resistance and treads that will do OK in rain and snow.
The bike itself is also very stealthy in terms of showing that it is a powered e-bike. The small 36V, 10Ah battery is integrated magnificently into the narrow downtube of the bike. All of the cables are integrated into the bike frame for a super-clean look. The rear hub motor is small but packs a punch. Many people won’t even recognize this as an e-bike. While I’m proud to be riding an e-bike around, perhaps some people would like to keep that on the down-low.
Brakes are great with hydraulic Tektros clasping against 160mm rotors in front and back. It is such a light bike that stopping can be jarring.
Assembly was super easy and took about 30 minutes with the included tool set. The battery came about 40% charged but was ready to go within a few hours with the 3A charger. Shoutout to Tenways for using a water-resistant standardized barrel charger adapter and not some proprietary adapter so that I can use one from another bike when I inevitably lose it.
Electrek’s take
The Tenways CGO600 is a fantastic light, clean, stiff and smooth e-bike that I have 0 reservations about recommending. While the battery and motor are small, they power the light bike admirably and for around 50 miles (your mileage will vary).
Currently there is a $200 off promotion code “HAPPY2025TW” at checkout bringing the CGO600Pro down to $1399 which is an amazing price for this bike:
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Earlier this month, California enacted new regulations for electric bikes that resulted in stricter speed limits on e-bikes with throttles. At the time, it was unclear how electric bike makers would respond to the new regulations, but we’re now starting to see at least one manufacturer pushing to bring its existing e-bikes owned by California residents into compliance.
The new laws remove ambiguity in the Class 2/Class 3 e-bike categorization. Formerly, many e-bikes were designed to operate in either category depending on the owner’s desires. Such bikes could operate as Class 2 e-bikes reaching max speeds of 20 mph (32 km/h) with a throttle, or as Class 3 e-bikes reaching higher speeds of 28 mph (45 km/h) on pedal assist-only.
In fact, the overwhelming majority of Class 3 e-bikes sold in the US used this design, offering hybrid compliance for functionality as both Class 2 and Class 3 e-bikes.
After California’s new laws removed any ambiguity between the classes, it is now clear that e-bikes in the state will need to function either only as Class 2 e-bikes (throttle up to 20 mph) OR Class 3 e-bikes (up to 28 mph but without any throttle).
Globe Haul ST cargo e-bike
It was unclear whether existing e-bikes already sold prior to the law’s enactment would receive an exemption, but bicycle manufacturer Specialized doesn’t seem to be taking any chances.
Specialized is the maker of the Globe line of cargo e-bikes, and recently sent out an update to owners that would help them bring their e-bikes into compliance with California’s new stricter regulations.
Like so many other electric bikes on the market, the Globe e-bikes came with throttles allowing 20 mph speeds without pedaling, but could also reach up to 28 mph on pedal assist.
A new firmware update promoted by the company will essentially restrict its e-bikes to purely Class 2 operation, removing the motor’s ability to assist the bike in going any faster, even when pedaling without throttle operation.
The update will also come with a Class 2 compliance sticker that replaces the previous Class 3 sticker.
To install the voluntary update, Globe owners are encouraged to visit their local Specialized dealer.
A copy of the update letter was shared on Reddit and can be seen below.
Electrek’s Take
This is an interesting approach, because it indicates an understanding by Specialized that it is responsible for any of its e-bikes already on the road that have now been made non-compliant by the new law.
There are basically two main options to “fix” these previously hybrid Class 2/3 e-bikes and bring them into compliance. One is to unplug and remove the throttle, turning the bike into a true Class 3 e-bike under CA regulations. The other is to remove the ability for the motor to assist at speeds over 20 mph, turning it into a Class 2 e-bike. That latter is what Specialized appears to have decided to go with, and it makes sense to me. If you asked most owners of these e-bikes about which they’d give up if they had to, they’d probably tell you “take my 21-28 mph speed but leave me my throttle”. Throttles are simply such a major part of e-bikes in North America that most riders would give up the whole bike if they were forced to give up the throttle.
The bigger question here is how many Globe riders will actually install this update. Since you need to not only opt-in to it, but also physically visit a dealer to do it, I have to imagine that the vast majority of riders will simply ignore the update altogether, keeping their faster non-compliant speed on an e-bike with a throttle. I’m not saying that’s the right thing to do, but I am saying it’s what will happen in the real world.
And if we are being honest, these Globes aren’t even the e-bikes that are at the heart of the issue. Most CA residents are more concerned with teenagers ripping down sidewalks on moped-style e-bikes, not the local moms and dads riding to Trader Joe’s on their sensible, upscale cargo e-bikes that just happen to have hybrid Class 2/3 performance.
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