Good morning. The first computerized trade on Wall Street happened in 1971—and it took over 10 seconds to execute. Traders back then thought it was lightning fast.

Now if your order takes more than a second, you’re refreshing like a maniac.

-Pat Lewis, Shaun A, Jonathan Kibbler

MARKETS

Prices supplied by Google Finance as of 4:00am ET - stock prices as of close. Here is what the prices mean.

CRYPTO

A collective sigh of relief as Bitcoin and the broader crypto market has made a major rebound after recent turmoil, with the price of Bitcoin surging back over $100,000 per coin.

The catalyst was the sudden escalation in the Israel-Iran conflict and the general feeling that we were heading into WW3. Naturally, that triggered a sharp price drop, but the market quickly recovered, partly due to a surprise prediction by U.S. President Donald Trump. Trump’s forecast of "massive" investments flowing into crypto helped to boost investor confidence and send Bitcoin prices soaring.

As of June 25, 2025, Bitcoin has been rapidly climbing toward its all-time high of around $112,000, after dipping below the $100,000 mark just this past weekend. The recovery has reignited the optimism of Bitcoin bulls, who have remained staunchly steadfast despite ongoing geopolitical tensions. Bitcoin’s recent response to these macroeconomic shocks has overall been impressively stable, with its quick recovery back above $105,000 in less than two days - showcasing the growing liquidity and increasing mainstream integration of the asset.

Gadi Chait, the head of investment at Xapo Bank, says that while Bitcoin’s status as a safe-haven asset is still evolving, recent market signals indicate that the cryptocurrency is inching closer to achieving that status. Traditionally seen as volatile, Bitcoin and to a lesser extent all crypto, has remained relatively resilient, showing less correlation with gold or the broader stock market during recent global crises.

This surge comes at a crucial moment as market participants are waiting for a major announcement that could further impact the crypto landscape. All eyes are now on the United States’ Federal Reserve Chair, Jerome Powell and his semi-annual testimony before Congress, scheduled for later this week. Powell’s remarks are expected to shed light on the Fed’s next moves, especially after a sudden shift in President Trump’s stance. In a recent post on Truth Social, Trump called for the Federal Reserve to take action and cut rates by two to three percentage points, arguing that such a move could save the U.S. economy over $800 billion annually. His remarks have added more fuel to the speculation surrounding the Fed’s potential actions, especially as the central bank has kept interest rates on hold amid concerns over global trade tensions and inflation risks.

David Morrison, one of the senior market analysts at Trade Nation, also pointed out that Powell’s testimony will be a key event to watch. He noted that any indication from the Fed about a potential pivot in monetary policy could be a game-changer for risk assets like Bitcoin. Many in the crypto community are eagerly awaiting signs that the Fed may soon lower interest rates, which would likely spark renewed interest in higher-risk assets, including cryptocurrencies.

The possibility of a rate cut has already started to stir up expectations among crypto traders. As the price of Bitcoin continues to rise, many are positioning themselves for what they believe could be a major shift in the financial landscape. If the Federal Reserve were to change its course and reduce rates, the effect on the crypto market could be immediate and profound, pushing Bitcoin and other digital assets toward new highs.

Traders and influencers on social media are also rallying behind the idea that a Fed rate cut is on the horizon. Some are even predicting that once this happens, trillions of dollars will flood into the crypto market. As of now, the CME FedWatch tracker places the chance of a rate cut in July at 22%, up from just 10% last week, indicating growing expectations of a policy shift.

This anticipation has invariably led to a surge of optimism within the crypto community. Many believe that once the Fed pivots, there will be a rush of institutional money entering the market. This would be a massive endorsement for Bitcoin and the wider crypto ecosystem, further cementing digital assets as a legitimate alternative to traditional investments. The prospect of trillions in new investments could have far-reaching implications for the future of cryptocurrencies, and Bitcoin in particular.

With so much riding on the Federal Reserve’s next move, the crypto market is holding its breath. The outcome of Powell’s testimony could send shockwaves through the financial world, and Bitcoin traders are hoping for a favorable policy shift that could propel the price of the cryptocurrency to new heights. For now, the message in the crypto community is clear: "Buckle up." As Bitcoin and other cryptocurrencies continue to gain momentum, investors are bracing for what could be a significant boost to the market if the Fed decides to act.

Whether this leads to a new wave of crypto adoption or simply a short-term price spike remains to be seen. Still, one thing is for sure—Bitcoin’s future looks incredibly promising. With geopolitical instability, market shifts, and a potential policy change from the Federal Reserve all in play, the coming weeks could be a defining moment for the crypto world. So, for anyone sitting on the sidelines, now might be the perfect time to pay attention, as the world of Bitcoin and cryptocurrency continues to evolve and offer new opportunities for those who are ready to take the plunge.

-Pat Lewis

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FOREX

The USD/CAD pair isn’t going anywhere fast, and there’s a good reason: we are caught between a crumbling U.S. dollar and a softening Canadian economy.

Hovering near the 20-day EMA, the pair dipped slightly to 1.3718 during Thursday's Asian session, but the real action is behind the headlines.

In yet another swipe at the Fed, President Trump is once again publicly threatening to remove Jerome Powell. This came after Powell’s congressional testimony in which he urged caution, saying the Fed is "well positioned to wait and learn" before making any policy shifts.

Markets didn’t take it lightly. The U.S. Dollar Index (DXY) plunged to 97.25, marking a fresh 3-year low. For USD/CAD traders, that sets the tone: more political drama, more dollar weakness.

The Canadian side isn’t exactly a rock either. CPI came in at 1.7% YoY, exactly in line with expectations but still below the BoC’s 2% target. Core inflation held at 2.5%, but traders are betting the Bank of Canada could cut rates again if price growth doesn’t pick up.

So while the greenback is slipping, the loonie isn’t flexing much muscle either.

USD/CAD is loitering around the 20-day EMA at 1.3717, with the RSI trapped between 40 and 60, a textbook sign of indecision and fading volatility.

If bulls can break through 1.3820, they’ll likely target 1.3920 and then 1.4000, marking highs from late May. But if price slips below 1.3540, it could open the trapdoor toward 1.3500 and even 1.3420, levels last seen in September.

USD/CAD is stuck in a tug-of-war between two uncertain economies. Trump’s political bombs are weakening the dollar, while Canada’s tepid inflation dims loonie appeal. Until either Powell fights back or the BoC surprises, expect more sideways action around the 1.3700 handle.

For us traders, we have to keep our eyes on Powell's mic and the next CPI print. This range won’t last forever, something's gotta give.

-Shaun A

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ANSWER

Answer: Silver $XAGUSD ( 0.0% )