Bitcoin (BTC-USD) breaks below $90,000 as crypto selloff deepens. (00:26) Apple (AAPL), Indonesia reportedly agree on terms to end iPhone 16 ban. (01:47) Drug compounders sue FDA over semaglutide status: report. (03:08)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Tuesday: Crypto stocks, HIMS, ZM, and moreGold racks up another record high on tariff concerns, spiking ETF holdingsOPEC+ seen raising oil production in bid to appease Trump, BofA analyst believesDenny's add eggs surcharge at some locations due to national shortageSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Full Episode
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Tuesday, February 25th. I'm Julie Morgan. Bitcoin dips below 90K. Apple and Indonesia have reportedly reached an agreement about the iPhone 16. And the OFA files another lawsuit against the FDA.
Bitcoin is extending its decline, falling below the $90,000 mark for the first time in more than a month. The most popular cryptocurrency traded at around $87,000 as of the time of this recording. BTC is under pressure from widespread bearish sentiment across the crypto market, and ongoing struggles in U.S. stocks to recover from their recent downturn.
Ether, the largest altcoin by market cap, is down 11%. Solana is the worst performer among the major cryptos, down 15% and around 45% over the past month. The sell-off comes amid renewed global trade tensions, with President Donald Trump reaffirming on Monday that tariffs on imports from Canada and Mexico will will go forward next week after a month-long pause expires.
Adding to the market's difficulties, cryptocurrency exchange Bybit experienced a significant security breach, resulting in hackers stealing $1.5 billion in digital assets from the crypto exchange's Ethereum cold wallet. Potential relevant crypto names include MicroStrategy, Coinbase Global, Galaxy Digital Holdings, Riot Platforms, Mara Holdings, Hive Digital Technologies, and BitDigital.
Apple and Indonesia have agreed on terms to lift the country's iPhone 16 ban. Bloomberg reported citing people familiar with the matter that this signals a potential end to a five-month standoff fueled by the government's efforts to push Apple to meet domestic manufacturing requirements in the country. Indonesia's Ministry for Industry may sign the agreement with Apple this week,
with permission for iPhone 16 sales to be reinstated as soon as possible. The iPhone maker committed to invest $1 billion in Indonesia, which includes funds to set up an AirTag production plant and a facility for other accessories. Funds will also go towards training locals in product R&D, which would enable them to develop similar software and design their own goods.
Indonesia previously backtracked on a deal with Apple, so the latest agreement could still fall through. To note, Apple has no immediate plans to manufacture iPhones in Indonesia. The country banned iPhone 16 sales as Apple did not meet the requirement of smartphones comprising at least 35% locally made parts.
The company then made the $1 billion investment commitment to placate the government, but the Ministry of Industry upheld the ban last month to seek better terms. Makers of copycat versions of Novo's popular weight loss drug semaglutide, also known as Ozempic and Wegovi, are suing the FDA for removing the GLP-1 medication from its shortage list.
If you remember, the OFA filed a similar lawsuit last year when the FDA determined that Eli Lilly's tier Zepatide, also known as Manjaro and Zepbound, was also no longer in short supply. The Outsourcing Facilities Association, which represents drug compounders, filed the suit in a Texas federal court.
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