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Elon Musk is threatening to sue Apple. Suggested Reading In a post on his social media site X, Musk said his company xAI would take “immediate legal action” against the iPhone maker for alleged prejudice in its App Store.  Related Content Musk went on to claim that Apple won’t let any AI app reach the top spot in its store other than OpenAI’s ChatGPT.  “Apple is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store, which is an unequivocal antitrust violation. xAI will take immediate legal action,” he said. OpenAI CEO Sam Altman responded to Musk’s claim in his own post on X. “This is a remarkable claim given what I have heard alleged that Elon does to manipulate X to benefit himself and his own companies and harm his competitors and people he doesn’t like,” Altman said. OpenAI and Apple announced a partnership back in June 2024 through which the iPhone maker planned to incorporate ChatGPT — OpenAI’s chatbot — into its iOS, iPadOS, macOS, Siri, and Writing Tools later that year. In early July, Bloomberg reported that Apple might bench its own artificial intelligence technology and instead use either Anthropic or OpenAI’s tech to power a Siri update due next year.  A community note was added to Musk’s post negating his allegations; it cited articles that detail times when other AI companies, including DeepSeek and Perplexity, held the top spot in Apple’s App Store after its OpenAI deal was announced.  Musk’s legal threats would add to Apple’s mounting legal challenges. The tech giant is already dealing with a domestic antitrust lawsuit and escalating fines for its App Store in the European Union. In a suit that was filed against Apple in March of last year by the Department of Justice, the iPhone maker was accused of monopolizing the smartphone market. In late June, a judge ruled that the suit could move forward despite Apple’s efforts to squash it. Musk is facing his own legal woes. Last week, Tesla shareholders filed a lawsuit against the electric vehicle company and Musk over its robotaxi claims. Just days before the suit, Tesla was found partially liable in a fatal Autopilot crash and ordered to pay over $300 million in damages. 📬 Sign up for the Daily Brief Read More

Tesla is hiring a robotaxi operator to join its vehicle data collection team in New York City, despite the fact that it hasn’t yet received city approval to test its autonomous vehicles there.  Suggested Reading In a job posting on Tesla’s website, the electric vehicle company said it’s hiring for at least one autopilot vehicle operator. Tesla has not applied for the appropriate permits needed to test its robotaxis in New York City, a spokesperson for the city’s Department of Transportation told CNBC on Monday. Related Content In order to get permits to drive autonomous vehicles in NYC streets, applicants must apply for an AV technology demonstration or testing permit from New York State’s DMV and obtain an AV testing permit from the city’s transportation department.  The role — based out of Flushing, Queens — would require the operator to drive an engineering vehicle for long periods of time, “conducting dynamic audio and camera data collection for testing and training purposes.”  Tesla launched its robotaxis in Austin, Texas in late June. The highly-anticipated release of the company’s autonomous vehicles was met with a series of traffic violations from its robotaxis, with some mistakes captured on videos that were widely shared. Last week, Tesla shareholders filed a lawsuit against the company and Musk for its alleged “materially false” and “misleading” robotaxi claims.  📬 Sign up for the Daily Brief Read More

In a Monday LinkedIn post, a former vice president at Hulu lamented Disney’s decision to shut down the iconic Hulu app and fully merge Hulu’s offerings with Disney+, marking the end of an influential chapter in streaming history. Ben Smith, who worked at Hulu between 2015 and 2018 as the company’s senior vice president of experience, leading the development of Hulu’s product strategy and customer experience, said he didn’t have enough positive things to say about his former coworkers and Hulu’s culture in general. “Lots of companies talk about caring about their customers, Hulu really did. In a visceral way,” Smith wrote. “A lot of companies say they ‘work hard and play hard.’ Hulu really walked the walk.” “Sometimes the good guys don’t win,” he added. “RIP.” Smith, who helped shape the Hulu app and oversaw everything related to the viewer experience at Hulu, struck an emotional note among colleagues and fans of the once-giant streaming company as Disney prepares to sunset Hulu’s stand-alone platform beginning in 2026, following its recent acquisition of full ownership of the service from Comcast. Hulu’s streaming legacy Hulu launched in 2007 as a joint venture between NBC Universal, 21st Century Fox, and Providence Equity Partners; Disney joined later, in 2009. Hulu was designed to respond to changing viewer habits and challenge early disrupters such as Netflix—to give the linear broadcasters a foothold in the streaming world, essentially. Hulu’s app became well regarded for its user-friendly interface and innovative feature set, frequently winning praise for accessibility and content discovery. Over its life span, Hulu established a reputation for original programming, including critical and commercial successes including The Handmaid’s Tale, Ramy, and Only Murders in the Building. But Disney’s stewardship of Hulu was years in the making. The company assumed majority control of Hulu in 2019 when it purchased 21st Century Fox for $71.3 billion, followed by the purchase of remaining stakes from AT&T and Comcast. Disney finalized its acquisition of Comcast’s share in June 2025, paying around $9 billion after a contentious valuation process that ultimately involved an arbitrator. Fortune’s Shawn Tully reported that the complicated deal was pivotal to Bob Iger’s turnaround plan, after the boomerang CEO returned to the corner office, with the recent announcement marking the culmination of Disney’s long plan to unify its direct-to-consumer strategy, combining the audiences and content of Hulu, Disney+, and ESPN+. Hulu will live on While the stand-alone Hulu app will finally sunset in 2026, Iger said the Hulu brand and catalogue will live on as a central entertainment hub within the Disney+ platform. Customers will still be able to subscribe to Hulu’s content—ranging from originals and network hits to live TV—either independently or as part of a bundle with Disney+ and ESPN+. But the way users access shows will fundamentally change: Disney promises the new unified app will deliver “an impressive package of entertainment,” with deeper personalization and enhanced live sports offerings. That said, among streaming insiders and longtime viewers and subscribers, many see the death of the Hulu app as losing an icon of sorts of the early streaming-wars era. “Never forget that Hulu was originally free,” one commenter wrote on Reddit. “I was in the Hulu beta,” another said. “RIP.” To be clear, Hulu as a service is not disappearing. It will likely grow internationally as Hulu replaces the “Star” tile on Disney+ this fall, but it certainly represents the closing of a door. Hulu was a transformative force, opening a larger battle for streaming dominance. So while the app will be gone soon, its cultural impact will continue to be felt. Disney and Smith did not respond to requests for comment. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list. Read More

Perplexity said in a statement to the Journal that its bid is “designed to satisfy an antitrust remedy in highest public interest by placing Chrome with a capable, independent operator.” The Justice Department’s antitrust case against Google, which began in 2020, accused the company of unlawfully suppressing competition by locking in default search deals with device manufacturers and browser developers. Last year, U.S. District Judge Amit Mehta ruled that Google had, in fact, monopolized the search market through anticompetitive tactics. Among the most consequential is exactly what Perplexity is proposing: whether Google should be compelled to divest Chrome, a browser installed on billions of devices and accounting for well over 60% of global browser usage. Chrome, of course, is more than just a web browser; it’s a strategic linchpin connecting users to Google Search and a treasure trove of data fueling Google’s $2 trillion advertising apparatus. Chrome’s size—about 3.5 billion users—positions it at the fulcrum of both user data collection and default search engine placement. The sale of Chrome is one of the Department of Justice’s top recommendations as a Google remedy. For what it’s worth, DuckDuckGo CEO Gabriel Weinberg recently testified in court that Chrome could be worth upwards of $50 billion; some analysts offer more conservative estimates for its valuation, around $20 billion. Perplexity’s bid, at $34.5 billion, lands squarely within that range. Perplexity’s rationale Perplexity, which has evolved from a little-known startup in 2022 to a high-profile competitor with an $18 billion valuation, now hosts about 30 million monthly active users and generates roughly $150 million in annual revenue. Its core product—a real-time AI-powered search engine with source citations—is positioned as a challenger to traditional search engines and leading AI assistants such as OpenAI’s ChatGPT and Anthropic’s Claude. Perplexity has partnered with several publishers, including Time, the Los Angeles Times, and, full disclosure, Fortune. Perplexity allows you to choose from many of those popular models, including GPT-5, Gemini 2.5 Pro from Google, and Claude Sonnet 4.0, which has attracted major investors including Nvidia, SoftBank, and Jeff Bezos. Perplexity has also been a prime acquisition candidate, with industry analysts suggesting Apple should buy Perplexity to strengthen its currently lagging AI portfolio and rely less on Google for search. And, of course, Perplexity already has its own AI web browser. Comet is capable of summarizing web pages, intelligently managing tabs, answering questions about on-page content, and automating tasks like calendar scheduling and online shopping. Comet’s hybrid AI architecture combines localized processing for privacy-sensitive operations and cloud-based models—such as GPT-4o, Claude 3.5, and Perplexity’s own algorithms—for more complex queries and agentic functions. Perplexity’s CEO Aravind Srinivas described Comet on LinkedIn as a “cognitive operating system.” In its letter to Alphabet CEO Sundar Pichai, Perplexity said its offer was designed to serve “the highest public interest” by placing Chrome in “capable, independent” hands. The company vows to maintain Chromium, the open-source foundation of Chrome and many other browsers, and also promises to keep Google as the default search engine within Chrome, though it would allow users to easily switch. This latter point may prove crucial as the DOJ contemplates how it will conclude its probe into Google’s monopolistic practices. For what it’s worth, Google has previously been opposed to any forced sale of Chrome. CEO Sundar Pichai has testified that divestiture would harm Google’s ability to innovate, threaten user privacy and cybersecurity, and damage complementary services. The company has proposed narrower remedies—chiefly, modifying or ending exclusive agreements with Apple, Mozilla, and Android—to allow greater competition without a selloff. Perplexity and Google did not immediately respond to Fortune’s request for comment. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.  Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list. Read More

E.J. Antoni, President Donald Trump’s latest pick to lead the Bureau of Labor Statistics (BLS), has ignited controversy in Washington and on Wall Street after publicly suggesting he may suspend the agency’s closely watched monthly jobs report over concerns about its accuracy and methodology. In an interview with Fox News Digital on Aug. 4, before his nomination, Antoni said that until the report is “corrected,” the BLS “should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data.” The move comes in the wake of Trump’s abrupt firing of Erika McEntarfer, the previous BLS commissioner, following a report that revealed not only disappointing job growth for July, but sharp downward revisions for prior months. In early August, the BLS reported that U.S. employers added only 73,000 jobs in July, a figure that fell far short of economists’ projections. More alarming were the downward revisions to the May and June numbers: The agency slashed its estimates by a combined 258,000 jobs, showing that fewer than 20,000 jobs were created in each of the months of May and June. Trump vented his frustrations on social media, alleging—without evidence—that the numbers were “rigged” to hurt his administration and the Republican Party. Hours later, he dismissed McEntarfer, who had been confirmed by the Senate in 2024 and had worked under both Democratic and Republican administrations. Antoni’s call to halt monthly reports The appointment of Antoni, chief economist at the Heritage Foundation and a vocal critic of BLS data methodologies, signaled a radical shift. In his Fox Business interview, Antoni argued the monthly jobs report is so unreliable it misleads major economic actors—from businesses to the Federal Reserve—who depend on accurate employment data to make decisions. “How on earth are businesses supposed to plan—or how is the Fed supposed to conduct monetary policy—when they don’t know how many jobs are being added or lost in our economy?” he asked rhetorically. “It’s a serious problem that needs to be fixed immediately,” he said. Antoni highlighted declining response rates to BLS employer surveys, now reportedly below 50%, as a central concern. He contends this has increased the likelihood of sampling errors and misestimations in the data, a problem exacerbated by recent downward revisions. He blamed declining response rates for the lack of accuracy in the numbers, disagreeing with Trump that the numbers were intentionally manipulated. Still, he insisted it needs to be fixed somehow. “Major decision-makers from Wall Street to D.C. rely on these numbers, and a lack of confidence in the data has far-reaching consequences,” he added. Reaction and ramifications Trump praised Antoni’s nomination, promising “honest and accurate” numbers as essential to restoring public trust. However, while some states—like Colorado—have temporarily suspended monthly jobs data publication owing to quality concerns in the past, a potential nationwide pause would be unprecedented. Antoni’s nomination is now likely to face even more heightened scrutiny in an expectedly contentious Senate confirmation process. As the economy teeters amid weak jobs growth and ongoing debates about government data reliability, all eyes are on the BLS and whether its monthly jobs report will remain a fixture in tracking the health of American employment. Update, Aug. 12, 2025: This report was updated to clarify that the Fox News Digital interview took place on Aug. 4. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.  Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list. Read More

Gen Z graduates are stepping out of college with prestigious degrees, only to be met with a sluggish job market, making it feel nearly impossible to land a gig. The situation has gotten so bad in China that young professionals are even paying to work in a mock office to pass the time. Young adults in China are paying between 30 and 50 yuan per day, or around $4.20 to $7, to sit in fake office setups across the country run by Pretend to Work Company. While the cost might not sound like much for U.S. readers, the nation’s average non-private sector annual salary is just shy of $16,000—so the $1,820 annual price to pretend-work Monday through Friday adds up. These spaces are hotspots for China’s jobless Gen Z to work on their own startups, apply to open roles, or simply sit around in the company of other struggling youth looking for an opportunity. The mock offices often provide computers for use, as well as free snacks, lunch, and drinks.  These faux working locations are popping up in major cities including Shenzhen, Shanghai, Nanjing, Wuhan, Chengdu, and Kunming, according to reporting from the BBC.  With China’s youth unemployment being sky-high at 14.5% for 16- to 24-year-olds, there are plenty of jobless professionals to commiserate with at these “pretend to work” locations. It may seem counterproductive for unemployed people to be spending their money feigning work at an office—but the spaces may be better at stimulating a new opportunity than job-seekers being isolated in their apartments, according to experts.  “The phenomenon of pretending to work is now very common,” Christian Yao, senior lecturer at Victoria University of Wellington’s School of Management in New Zealand, told the BBC.  “Due to economic transformation and the mismatch between education and the job market, young people need these places to think about their next steps, or to do odd jobs as a transition…Pretend office companies are one of the transitional solutions.” China’s Gen Z joblessness crisis: ‘Rat people’ and ‘lying flat’ China’s Gen Z professionals have had a hard time scoring jobs for years—and the pandemic only turbocharged the need for new opportunities.  In 2023 the situation was so dire that China’s youth unemployment rate was estimated to be as high as 46.5%, according to Peking University professor of economics Zhang Dandan. After three months of record-high young joblessness that year, the Chinese government ceased running statistics on the issue altogether. The eye-popping unemployment rate included 16 million young Chinese workers who have taken themselves out of the labor force by “lying flat”—doing the bare minimum to get by, and not chasing high-powered careers.  China’s government is also stepping in to change worrying youth joblessness rates; in 2011, the Ministry of Education cautioned that any college majors with employment under 60% for two years straight could be scrapped. To ensure their disciplines don’t get shut down, some universities in China asked graduates to falsify their job status to keep the programs running. “I think the actual state of youth unemployment in China could be worse than the data suggests, as colleges have incentives to inflate the employment rate,” Henry Gao, a law professor at Singapore Management University, told the South China Morning Post in 2023. “There have been reports of colleges offering jobs to their own graduates just to paper over the data.” While there are indications the unemployment rates are improving, being a jobless professional is so commonplace in China that young people are proudly wearing their unemployment as a badge of honor.  Instead of “girl bossing,” out-of-work Gen Zers are calling themselves “rat people,” spending their days bed rotting, scrolling on their phones, napping, and ordering takeout. It’s a social media trend that has swept Weibo, RedNote, and Douyin, as burned-out youth are exhausted by scant opportunities and crushed by hopelessness. “This trend is more than Gen Z disengaging, it’s a quiet protest by young people responding to burnout, disillusionment, and a job market that feels both punishing and uninviting,” Advita Patel, a confidence and career coach, and president of the Chartered Institute of Public Relations, told Fortune. “When you’re endlessly applying for jobs and being ghosted or rejected, it can be incredibly damaging to confidence and mental well-being.”  Calling unemployed Gen Zers: Are you spending money for special services or fake office setups in your quest to land work? We’d love to hear your experience—please reach out at emma.burleigh@fortune.com Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list. Read More

Gen Z and Jamie Dimon may not have much in common, but they can both relate on one thing at least: they are both not fans of fully-remote work. Less than one-quarter of all Gen Z workers, just 23%, would prefer to work at home five days a week, according to a recently released survey by Gallup. That’s compared to 35% of millennials, Gen Xers and boomers who would prefer to WFH every day—crowning the newest members of the office the ones most eager to be at their cubicles. Gen Z’s pro-office sentiment is likely to please Dimon, as the JPMorgan CEO  issued all his employees back into the office every weekday last spring. His reasoning: enhanced efficiency and creativity. “You can’t learn working from your basement,” he told Bloomberg earlier this year. “…I think our employees will be happier over time.” However, full RTO is a policy that doesn’t have much support. Even though Gen Z aren’t fans of remote working, they also don’t love the idea of working from the office day in, day out. Just 6% of Gen Z would want to work in-person every day of the week. The most senior members of the office aren’t big fans either; only one in 10 boomers are in favor of being in the office every day—the highest proportion of any generation, the Gallup survey finds. Other age brackets are not far behind: 9% of Gen X and 4% of millennials approve of full RTO. Meanwhile, clocking in from couches on Mondays and Fridays remains supreme; hybrid work remains the most popular among workers of all ages, with each yielding over 50% approval. Why Gen Z aren’t fans of remote work Gen Z’s disdain for being behind the screen all day at home may come at a surprise, considering they grew up as ‘screenagers,’ watching TV and using their chunky computers all day. It’s an affinity from childhood that has grown to the young professionals spending upwards of seven hours a day on their phones. Among the workers who do work at home, they’re spending their job hours staring at  more screens. Over eight in 10 Gen Z workers admit they stream shows and movies while working from home, according to a survey by streaming TV service Tubi. However, this could just be another symptom of the generation’s feeling of loneliness. After all, Gen Z are the loneliest of any age group; young workers are almost twice as likely as Gen Z, and nearly three times as likely as boomers to say they were lonely the day prior, according to separate Gallup research from last year. Despite the saved time and money that comes with working from their bedroom, the benefits of being with coworkers and making friends at work may be contributing to the generation’s inclination to work at the office.  Building connections in the office can help drive future success JPMorgan Chase is not alone in the push back to the office. Other companies, the likes of Amazon, Starbucks, and Google, have also reduced the flexibility of their workdays in recent months.  “We are reestablishing our in-office culture because we do our best work when we’re together,” Starbucks CEO Brian Niccol wrote announcing the change this month. “We share ideas more effectively, creatively solve hard problems, and move much faster.” Once past the frustration of having to set up childcare, pack lunches, and deal with office yappers—there can still be career benefits to chatting with coworkers beyond just a Zoom screen, like landing in-person mentors. One Gallup survey from 2023 found that employees with mentors are twice as likely to strongly agree that they have had opportunities to learn and grow at work in the last year.  Moreover, simply showing up to the office could lead to faster internal career progression. Over 80% of chief executives have said employees who come into the office will be prioritized for assignments, raises, or promotions, according to a KPMG survey of 400 U.S.-based CEOs. As companies also seek to reduce their workforce in favor of AI, less seen remote workers could be the first to go. At a time when fellow Gen Z college graduates are struggling to land jobs, those with roles may have reasoned that giving up the comfort of their home office to work in their corporate cubicle may be worth it in the long term. Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list. Read More

The 33-year-old Korean national said he “knowingly” participated in a scheme that defrauded purchasers. Updated Aug 12, 2025, 4:41 p.m. Published Aug 12, 2025, 3:47 p.m. NEW YORK — Terraform Labs founder Do Kwon pleaded guilty to conspiracy to commit fraud and wire fraud Tuesday morning, three years after the dramatic $60 billion collapse of the Terra/Luna stablecoin ecosystem. The 33-year old South Korean national arrived in court in handcuffs and a canary yellow prison jumpsuit, a metal chain around his waist. He admitted that he “knowingly engaged in a scheme to defraud and did in fact defraud” purchasers of the TerraUSD stablecoin. Judge Paul Engelmayer, who is overseeing the case, walked the Terra creator through the charges to establish that Kwon was indeed guilty of the allegations laid out in an earlier indictment, which included seven other charges such as securities and commodities fraud. Under the charges in the original indictment, Kwon faced a maximum sentence of 135 years in prison if convicted on all counts. Kwon’s plea agreement with the government slashes his maximum sentence to 25 years — 20 for the wire fraud charge, and five for the fraud conspiracy charge, which the judge can either order to be served consecutively or concurrently. Throughout the hearing, the judge noted that he was not bound by the DOJ’s plea agreement, meaning he could sentence Kwon to a lengthier sentence than the DOJ suggested. Under the terms of the plea agreement, laid out by an assistant U.S. attorney, Kwon agreed to pay a maximum forfeiture of $19,286,774.78 plus interest, forfeit what Engelmeyer described as a “substantial set” of properties and pay restitution. He also agreed not to contest the factual allegations in the indictment. In exchange, the DOJ agreed to recommend a maximum sentence of 12 years. Once he’s served half of his ultimate sentence, the DOJ agreed to support any motion Kwon makes for an international prisoner transfer. Kwon’s attorney said there remain open charges against him in South Korea. In a prepared statement, Kwon said he’d worked with others to defraud UST purchasers in South Korea, the Southern District of New York and other locations between 2018 and 2022, and that he’d used international and interstate wires to do so. “Between 2018 and 2022 in the Southern District of New York and elsewhere, I knowingly agreed with others to engage in a scheme to defraud, and did in fact defraud, purchasers of the cryptocurrencies issued by my company, Terraform Labs,” Kwon said. “In 2021, I made false and misleading statements about why [UST] regained its peg,” he added, noting that a trading firm had been involved. “What I did was wrong and I want to apologize for my conduct.” Kwon had repeatedly and publicly cheered on UST, criticizing detractors or anyone who questioned the token’s stability. “Have fun staying poor,” he tweeted at one user on X in 2021. Just over a dozen people sat in the gallery ahead of the hearing, with more than half of that group consisting of reporters. Throughout the hearing, the judge asked a number of procedural questions to establish that Kwon was competent to plead guilty, running briefly through his medical history and checking at multiple points that Kwon had read the filings he was agreeing to and discussed them with his legal team. Kwon will be sentenced on Dec. 11 at 11:00 a.m. in Manhattan. By the time of his sentencing, he will have been in U.S. custody for almost a year. Kwon has been in the U.S. since New Year’s, following a lengthy extradition process with the government of Montenegro. He and Terraform Labs had already been found liable for civil fraud by a jury in a case brought by the U.S. Securities and Exchange Commission, following UST’s collapse. UPDATE (August 12, 2025, 16:42 UTC): Adds details from the hearing. Nikhilesh De Nikhilesh De is CoinDesk’s managing editor for global policy and regulation, covering regulators, lawmakers and institutions. He owns < $50 in BTC and < $20 in ETH. He won a Gerald Loeb award in the beat reporting category as part of CoinDesk's blockbuster FTX coverage in 2023, and was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020. X icon Cheyenne Ligon On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY’s Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings. X icon More For You Who Is Patrick Witt, President Trump’s Next Senior Adviser on Crypto? The White House’s crypto group will apparently be led again by an ex-college football star-turned-politician, though this one has some deeper DC roots. What to know: President Donald Trump’s crypto guy, Bo Hines, is out, and Patrick Witt — Hines’ deputy — is apparently filling the gap, according to his profile on X that lists him under Hines’ old title, though the White House hasn’t yet addressed the transition. The executive director of the President’s Council of Advisers on Digital Assets will have a lot on his plate, with the council having just checked off its stablecoin law and moved on to U.S. crypto market regulation. Read full story Read More

ICP Price Bounces Back After Testing $5.29 Support Amid Heavy Volatility Institutional interest emerges after sharp intraday swings send ICP down to multi-week lows. Aug 12, 2025, 3:42 p.m. Internet Computer Protocol (ICP) endured a volatile 24 hours of trading, swinging between $5.29 and $5.63, a 5% intraday range that highlighted both selling pressure and opportunistic accumulation, CoinDesk Research’s technical analysis data model shows. The token fell as low as $5.29, establishing a key support zone between $5.32 and $5.35, where market data shows notable spikes in volume, a pattern often associated with institutional entry points. After bottoming out, ICP staged a decisive reversal beginning around 12:00 UTC, when trading volume surged to 976,480 units, nearly double the daily average. This push propelled prices from $5.37 to $5.52, reclaiming technical ground lost earlier in the session. Still, resistance near $5.63 capped upside momentum. ICP briefly dipped back to $5.43 early in the U.S. morning as sellers re-emerged, breaking minor support at $5.48 before buyers managed to hold the $5.44 area. Technical Analysis Range: $5.29–$5.63 over the 23-hour period, a 5% spread. Support Zone: $5.32–$5.35 showed repeated buying interest. Resistance: $5.63 capped upside attempts. Volume Spike: 976,480 units traded at 12:00 UTC, nearly double the daily average. Breakdown Point: Loss of $5.48 support triggered a brief late-session dip. Recovery Phase: $5.37 to $5.52 surge on high volume marked institutional buying. Late Selling: Dip from $5.45 to $5.43 as resistance held. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Jamie Crawley Jamie has been part of CoinDesk’s news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE. X icon CD Analytics CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets. All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article. CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy. More For You Bitcoin Miner MARA Steps Into HPC With Majority Stake in EDF Subsidiary: H.C. Wainwright The broker has an outperform rating on MARA stock with a $28 price target. What to know: MARA to acquire a 64% stake in Exaion, EDF’s high-performance computing (HPC) subsidiary, with an option to raise its stake to 75% by 2027. The deal marks a pivot from bitcoin mining toward the $169 billion trusted cloud infrastructure market, broker H.C. Wainwright said. The broker reiterated its MARA buy rating and $28 target, citing stronger margins from HPC, bitcoin’s price rally, and ETF-fueled adoption. Read full story Read More

The Solana-based meme token saw heavy selling before late buying lifted prices off intraday lows Aug 12, 2025, 3:18 p.m. BONK fell nearly 6% in the last 24 hours, dropping from $0.00002606 to $0.00002436 in a move that carved out a $0.0000028 range, roughly 10% of its trading spectrum. The decline accelerated after the token failed to hold gains near $0.000027 on Aug. 11, where volume spiked to 1.13 trillion tokens, well above the 24-hour average of 708 billion, according to CoinDesk Research’s technical analysis data model. Selling pressure persisted into the morning of August 12, with BONK finding firm support around $0.000024 at 10:00 UTC on 889 billion tokens traded. BONK did see a bounce at the start of U.S. morning, when buyers stepped in and pushed the price up 3% to $0.000025. The rebound signaled possible short-term stabilization after the extended drawdown, forming $0.000024 as a key support to avoiding further downside. The volatility comes the day after Nasdaq-listed Safety Shot disclosed a $25 million corporate treasury purchase linked to BONK ecosystem development through its stake in the Bonk.fun launchpad — a move viewed by some analysts as a sign of increasing mainstream exposure for the meme coin sector. Technical Analysis Trading Range: $0.00002398–$0.00002674, a 10% spread over 24 hours. Resistance: Multiple rejections near $0.000027 on August 11 with high volume. Support: Strong base near $0.000024 on August 12 with 889B tokens traded. Volume Spike: 145B tokens during breakout from consolidation at 12:30 UTC. Recovery Move: 3% gain from $0.000024 to $0.000025 between 11:49–12:48 UTC. Breakout Trigger: Price cleared $0.000025 resistance at 12:22 UTC. Market Context: Bounce follows several days of heightened volatility in memecoins. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. Jamie Crawley Jamie has been part of CoinDesk’s news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE. X icon CD Analytics CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets. All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article. CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy. More For You Bitcoin Miner MARA Steps Into HPC With Majority Stake in EDF Subsidiary: H.C. Wainwright The broker has an outperform rating on MARA stock with a $28 price target. What to know: MARA to acquire a 64% stake in Exaion, EDF’s high-performance computing (HPC) subsidiary, with an option to raise its stake to 75% by 2027. The deal marks a pivot from bitcoin mining toward the $169 billion trusted cloud infrastructure market, broker H.C. Wainwright said. The broker reiterated its MARA buy rating and $28 target, citing stronger margins from HPC, bitcoin’s price rally, and ETF-fueled adoption. Read full story Read More