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Crypto Hacks Continue, New iPhones Unveiled & Oil Prices Continue to Rebound

Crypto hacks and fines continue, but Bitcoin remains above USD 45,000

Bitcoin remained above USD 45,000 today as the cryptocurrency continued to show strength after a more than 50% rebound from its recent lows.

This is despite continuing regulatory scrutiny and hackers stealing $600 million in cryptocurrency from the PolyNetwork.

Tens of thousands of people are believed to be affected by the hack and the various member of the DeFi ecosystem such as Tether and Binance are helping to mitigate the damage.

In other news the BitMEX Crypto Exchange agreed to pay $100 million to settle investigations but the CFTC and Financial Crimes Enforcement Network.

New iPhones will feature improved cameras and video

The next generation of iPhones are expected to be released in September or October with major enhancements to the camera and video capabilities.  Features will include Portrait mode for video, ProRes recording and enhanced filters powered by AI technology.

Other than the changes to the camera only modest changes are expected, such as a slightly faster A15 chip, a smaller camera notch, and faster refresh rate. 

Shares in $AAPL were down by 50 cents (0.34%) in afternoon trading.

Oil reverses course on expectations for growth

Shrugging off recent price weakness WTI futures advanced by the most in two weeks as investors continue to expect a rebound in global growth despite the rise of the Delta variant of Covid-19.

While Asian demand for crude has decreased the U.S. Energy Information Administration expects demand in relation to gasoline to average almost 9 million barrels a day during 2022. 

This is after gas consumption for the first half of 2021 average 8.6 million barrels a day. These rates continue to be ahead of the EIA’s initial forecasts.

Nearing the close of trading in New York WTI was 2.96% to $68.45/bbl.

Quote of the day – “To succeed…You need to find something to hold on to, something to motivate you, something to inspire you.” 

Tony Dorsett

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