Crypto News: Precious plunge

Good morning. Gold and silver lose their luster. The Kennedy Center will close for two years amid mounting controversy. And even more controversy surrounds the Grammys. Listen to the day's top stories.

— Marc Perrier

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The gold selloff intensified while silver's year-to-date gains were wiped out as traders unwound their bets and the precious-metals rally unraveled at breakneck speed. The domino effect spread across markets, pushing US futures lower. Bitcoin also wobbled early this morning, flirting with its lowest level since Donald Trump returned to office. We break down the metals situation in this video.

A Waymo autonomous taxi in San Francisco Photographer: David Paul Morris/Bloomberg

In corporate news, Oracle is planning to raise up to $50 billion this year to build more cloud infrastructure capacity. Elsewhere in tech, Nvidia Chief Executive Officer Jensen Huang said the company's proposed $100 billion investment in OpenAI was "never a commitment" and that it will invest "one step at a time." And Waymo is seeking about $16 billion in financing that would value Alphabet's autonomous driving unit at nearly $110 billion, people familiar said.

House lawmakers are returning to Washington today to pass a funding deal that Trump worked out with Democrats last week. Approval would fund the Department of Homeland Security for two weeks, and the rest of the government through Sept. 30. As this plays out, a judge denied Minnesota's request to pause the recent surge of immigration enforcement agents in the state.

Laura Fernández during her closing campaign rally in San José on Jan. 24 Photographer: Ezequiel Becerra/AFP/Getty Images

Costa Ricans elected ruling party candidate Laura Fernández in a first round landslide as her promise of a draconian crackdown on criminals appealed to voters in a nation roiled by soaring drug violence. The country, famous for its tropical beaches and cloud forests, has grown into a major center of international drug trafficking since the opening of a new port in 2019.

Iran hopes that diplomatic efforts to avert a war with the US will bear fruit within days, the Islamic Republic's foreign ministry said on Monday. Yesterday Trump said American naval assets were "a couple of days" away from Iran, while Supreme Leader Ali Khamenei warned of a "regional war" if his country is attacked. The US president also said he's hopeful that "we'll make a deal.

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Deep Dive: Kennedy Center

Photographer: Al Drago/Bloomberg

A Washington, DC landmark will close temporarily as controversy swirls.

Trump said he plans to shut the John F. Kennedy Center for the Performing Arts for about two years to carry out renovations, following a significant backlash to his takeover of the institution.
The move comes after the president became the center's board chair and renamed it the Trump Kennedy Center without congressional approval.
The renaming has divided artists, with several prominent performers canceling appearances at the venue as ticket sales decline.
Speaking of ticket sales, Melania—the documentary about the first lady, which premiered at the Kennedy Center—drew more people than expected over the weekend.

The Big Take

A car ready to be photographed for its listing Photographer: Cassidy Araiza for Bloomberg Businessweek

Carvana, America's most valuable used-car retailer, is thriving despite attacks from short sellers and the collapse of auto lender Tricolor. However, the company's growth is fueled by a cycle of borrowed money which may be risky in an economic downturn.

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Opinion

Geography remains a crucial force in shaping global politics and strategy, Hal Brands writes. From China's amphibious nature to Ukraine's strategic position, physical terrain continues to mold the behavior of leaders and nations.

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Before You Go

Bad Bunny accepts the Album of the Year award Photographer: Kevin Winter/The Recording Academy

Bad Bunny took home the top prize at the Grammy Awards, the first time the album of the year has gone to a Spanish-language work, during a ceremony marked by anti-ICE statements. Trump threatened to sue Trevor Noah after the show's host joked about the president's reported links to the late disgraced financier Jeffrey Epstein.

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