BN Daybreak Friday 6 Feb: Bitcoin's crisis; US market hit hard; SA's Ozempic Generals; An Epstein "Black Hole"

Bitcoin is down almost half from its peak, trading below $65k as a "crisis of faith" hits crypto. Wall Street is selling off, Amazon is tanking, and JSE miners are shedding value fast - and for the second time, Rio and Glencore are walking away from a potential merger. Alec Hogg gives you the context you need to navigate the sea of red. Also: The FT’s Chris Cook on the chaotic Epstein file release, and why SA’s generals need to get out of politics..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..Watch here.Listen here.BizNews Reporter.The global financial landscape has shifted dramatically over the past week as a sharp selloff on Wall Street gathers momentum, leaving investors grappling with double-digit losses in once-steady tech giants and a bruising correction in the cryptocurrency market.Tech giants under fireThe most striking casualty of the recent market turbulence has been Amazon. Following its latest earnings results, the e-commerce and cloud computing behemoth saw its share price plummet by 11% at its lowest point during the overnight session. Although the stock managed a partial recovery to settle around 7% lower by the close, the volatility has set a nervous tone for its upcoming trading sessions.This downward pressure is not isolated to Amazon. A broader wave of heavy selling has hit software shares across the board, fueled largely by escalating concerns over the disruptive impact of artificial intelligence. Ironically, as investors flee software stocks, the technology itself continues to advance at a rapid pace.The AI double-edged swordThe very innovations causing market jitters are simultaneously reaching new milestones. A new version of Anthropic’s most powerful AI model has recently been unveiled, demonstrating sophisticated capabilities in carrying out complex financial research. While these advancements highlight the immense potential of the sector, they have also introduced a level of uncertainty regarding traditional business models in the software industry, contributing to the current "smashed" valuations.Bitcoin’s steep descentThe carnage has not been limited to traditional equities. Bitcoin, often touted as a "digital gold" or a hedge against market instability, has failed to live up to that reputation this week. The world's leading cryptocurrency was hit hard, crashing below the $65,000 mark.For long-term holders, the data is particularly sobering: Bitcoin is now down nearly 50% from the highs it achieved just four months ago. Unlike Amazon’s stock, which showed signs of "clawing its way back," Bitcoin appeared to find little immediate support during the late-night trading hours in the United States.Uncovering the past: The Epstein filesBeyond the immediate market data, the week has also seen developments in investigative journalism and legal transparency. Financial Times journalist Chris Cook provided insights into the ongoing release of documents related to the life and business dealings of Jeffrey Epstein.The documents provide what Cook describes as a "partial view" of Epstein's life, including numerous drafts of emails he wrote to himself. Interestingly, the cache also includes internal correspondence from various companies in which Epstein invested, offering a rare glimpse into the "office correspondence" of his financial network. Cook noted that because of the sheer volume of information, there will likely be a "long tail" of revelations as researchers continue to sift through the data.

BN Daybreak Friday 6 Feb: Bitcoin's crisis; US market hit hard; SA's Ozempic Generals; An Epstein "Black Hole"

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