Wall Street Breakfast Podcast: Bitcoin Slips Below $90K As Crypto Stumbles

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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)

This is an abridged transcript.

Bitcoin is extending its decline falling below $90,000 for the first time in more than a month.

The most popular cryptocurrency (BTC-USD) traded at around $87,000 as of the time of this recording.

Bitcoin 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 (ETH-USD), the largest altcoin by market cap is down -11%.

Solana (SOL-USD) 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 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 ~$1.5B in digital assets from the crypto exchange’s ethereum cold wallet.

Potentially relevant crypto names include: MicroStrategy (MSTR), Coinbase Global (COIN), Galaxy Digital Holdings (OTCPK:BRPHF), Bakkt Holdings (BKKT), Riot Platforms (RIOT), MARA Holdings (MARA), HIVE Digital Technologies (HIVE) and Bit Digital (BTBT).

Apple (NASDAQ:AAPL) 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 the company to meet domestic manufacturing requirements in the country.

Indonesia’s Ministry for Industry may sign the agreement with Apple (NASDAQ:AAPL) this week, with permission for iPhone 16 sales to be reinstated as soon as possible.

The iPhone maker committed to invest $1B in Indonesia, which includes funds to set up an AirTag production plant in Batam and a facility in Bandung 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 (AAPL), 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 (AAPL) did not meet the requirement of smartphones comprising at least 35% locally-made parts. The company then made the $1B 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 Nordisk’s (NVO) popular weight-loss drug semaglutide, also known as Ozempic and Wegovy, 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 (LLY) GLP-1 drug tirzepatide, also known as Mounjaro and Zepbound, was no longer in short supply.

The Outsourcing Facilities Association, which represents drug compounders, filed the suit in a Texas federal court.

According to Reuters, the group has alleged the FDA’s decision was “capricious and arbitrary,” and that semaglutide still remains in short supply.

Compounded versions of branded drugs are allowed on the U.S. market if the branded versions are determined to be in short supply. Last Friday, the FDA removed semaglutide from its drug shortage list, giving compounders 60 days and outsourcing facilities 90 days to comply with the change.

Earlier Monday, shares of Hims & Hers (HIMS) tumbled 20% after it indicated 2025 sales could be significantly impacted by the removal of semaglutide from the FDA’s shortage list.

What’s Trending on Seeking Alpha:

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Catalyst watch:

• Apple (AAPL) will hold its annual meeting. Shareholders will vote on proposals covering diversity, artificial intelligence, child safety, and charitable topics.

• Notable investor events include PayPal (PYPL) Investor Day, LiveRamp’s (RAMP) Investor Day and Alnylam Pharmaceuticals’ (ALNY) R&D Day.

Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in mixed territory. Crude oil is up 0.1% at $70/barrel.

In the world markets, the FTSE 100 is up 0.4% and the DAX is flat.

The biggest movers for the day premarket: EverQuote (NASDAQ:EVER) shares surged 26% after the company delivered strong Q4 results.

On today’s economic calendar:

• 9:00 am Case-Shiller Home Price Index

• 1:00 pm Richmond Federal Reserve Bank President Thomas Barkin will speak on “Inflation Then and Now” before the Rotary Club of Richmond.