Crypto News: Deal back on track

Good morning. Israel's cabinet meets to approve a ceasefire deal. Donald Trump readies about 100 executive orders. And SpaceX has another, erm, rapid unscheduled disassembly. Listen to the day's top stories.

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Israel's Prime Minister Benjamin Netanyahu. Photographer: Kobi Wolf/Bloomberg

Israel's Prime Minister said it finalized an agreement with Hamas to pause the war in Gaza, suggesting a ceasefire—including the release of hostages—is on track to begin on Sunday. Now the cabinet has to ratify the pact, with a meeting currently underway. The long-awaited deal looked at risk of collapsing yesterday when Benjamin Netanyahu accused Hamas of reneging on some commitments.

Donald Trump's already prepared about 100 executive orders, the WSJ reported, as he aims to take swift action following Monday's inauguration. Among them is an order elevating crypto as a policy priority and giving industry insiders a voice within his administration, people familiar said. That'll no doubt add to excitement at tonight's $2,500-a-ticket Crypto Ball in DC, a giant party thrown in honor of the digital-currency-skeptic-turned-cheerleader president-elect.

In Los Angeles, burning EVs and home-battery storage systems are complicating cleanup efforts after the devastating wildfires as toxic lithium adds to the mix of hazardous materials. Overnight, another fire broke out in one of the world's biggest battery storage facilities. Meanwhile, in support of recovery efforts, a star-studded charity concert has been scheduled for Jan. 30. It'll be shown across multiple streaming services to maximize donations for victims.

CityLab

LA's Evacuation Planning Comes Under Scrutiny as Cars Abandoned

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Nintendo shares slumped the most in more than three months after a teaser for its next-gen console revealed no surprises. The stock should claw back as investor focus shifts to pricing after the April 2 announcement, Toyo Securities analyst Hideki Yasuda said. A tough day too for Sony: PlayStation canceled two unannounced "live service" games at its subsidiaries Bend Studio and Bluepoint Games.

Nintendo's Switch 2. Source: Nintendo

Janet Yellen's computer was hacked by Chinese operatives as part of a recent breach of more than 400 Treasury PCs, people familiar said. Treasury staff briefed lawmakers about the attack on the same day the Senate held a confirmation hearing for Yellen's successor, Scott Bessent. Meanwhile, President Joe Biden issued an executive order aimed at strengthening the government's cybersecurity, offering it more tools to punish digital attackers.

What to Watch

Biden Will Commute Another 2,500 Sentences, White House Says

China Hits 5% GDP Target But Trump Tariffs Threaten Further Growth

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Deep Dive: Tracking NYC Traffic

The results are in—Manhattan's first week of congestion pricing has succeeded at breaking up the city's infamous gridlock. But don't get too used to it.

The number of cars entering the zone below 60th Street is down about 8% from normal levels and traffic speeds are largely up, according to MTA data.
Which cars disappeared? It's too soon to say for sure, but our analysis of 75,000 vehicles found faster speeds are most probably due to fewer personal vehicles. That's great news for yellow cabs and other drivers for whom time is money.

Brace for the rebound. The positive results may be abating already due to what's known as the "rebound effect." MTA data shows a steady increase of vehicles entering the congestion zone each day since the plan went into effect last Sunday.

The Big Take

Hasifa Mwamini with her child Miracle at their home in Kampala, Uganda. Photographer: Esther Ruth Mbabazi/Bloomberg

Billions of taxpayer dollars invested by the World Bank in for-profit facilities from Africa to Asia were supposed to improve access to healthcare. But stories of abusive debt-collection tactics or denial of life-saving treatments have piled up.

Big Take Podcast

Listen: How Scott Bessent Made His Way Into Trump's Inner Circle

Opinion

The dollar is grinning out of both sides of its mouth, but it already looks like a frown to other countries, John Authers writes. Much of the world is terrified of what's to come as strength in the US combines with a sharp increase in the perceived risks everywhere else.

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Before You Go

Launch site of the SpaceX Starship rocket on January 14 in Texas. Photographer: Sergio Flores/AFP

SpaceX's Starship rocket exploded during its seventh test flight, a setback for Elon Musk's ambitious Mars plans. The mishap occurred just hours after Jeff Bezos' Blue Origin reached orbit, intensifying the space race between the billionaires. JetBlue and American had to divert some planes over the Caribbean to avoid space debris.

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