🚀 Bitcoin Breaks $120K as Crypto Week Begins

☀️ Good morning and happy Tuesday!

Whether you’re chasing deadlines or dreading dahi prices, today’s cup of Masala Chai is spiced with everything you need—crypto soaring to the moon, SBI sounding the dairy alarm, and India’s clean energy sprint. Take a sip and scroll on. You’re in good company ☕

🗞️ Chai Shots

• 🌎 India & US Back at the Table: Commerce Minister Piyush Goyal said trade talks between India and the US are moving swiftly and positively, as a fresh round of negotiations kicked off in Washington. This is the first formal engagement since the mini-deal deadline was missed earlier this month.

• 🥦 Inflation Hits 2.1%, RBI Gets Breathing Room: India’s consumer inflation cooled to 2.1% in June—lower than expected and marking an eight-month slide. Food inflation actually turned negative at -1.06%, helped by record wheat output and healthy pulse harvests. With CPI well below the RBI’s 4% comfort zone, more rate cuts could be on the table.

• 💸 Bitcoin breaks $120K as US Congress kicks off ‘Crypto Week’: Crypto bulls are cheering as Bitcoin crosses $120K for the first time, right as the US House gears up to vote on landmark bills like the GENIUS Act, Clarity Act, and Anti-CBDC Act. Could this be crypto’s turning point? More in the Big Brew 👇

• 🥛 Opening Dairy to U.S. Could Hit Farmers Hard: SBI warns that opening India’s dairy sector to U.S. imports could slash milk prices by 15%, causing farmers a potential annual loss of ₹1.03 lakh crore. The move could also flood the market with 25 million tonnes of imported milk, threatening rural livelihoods.

📈 Market Masala

• 📉 Markets slip as JioFin, Tech Mahindra drag down indices: Indian equities had a sluggish Tuesday—Sensex dipped 247 points to close at 79,924 while Nifty ended below the 25,100 mark. The drag came largely from financial and tech names, with Jio Financial and Tech Mahindra sliding ~2% each. Broader markets also cooled off as investors turned cautious ahead of key inflation data and earnings cues.

• 🧪 Saudi Steps In as China Shuts the Tap: With China choking off specialty fertiliser exports, India has found a new bestie in Saudi Arabia. A long-term deal with Saudi mining giant Ma’aden will supply India with 3.1 million metric tonnes of DAP fertiliser annually for the next five years—possibly ten. This comes as India scrambles to reduce its dependence on China, which previously accounted for 80% of specialty fertiliser imports.

• 🚚 Blinkit to Go Fully Inventory-Led from Sept 1: Blinkit will switch from its current marketplace model and start buying inventory directly from sellers. The move—enabled by its Indian ownership status—aims to simplify compliance and improve control over supply and margins. Sellers must opt in by July 30.

• 💸 Cash Is Back, Thanks to GST Heat: In a twist no one saw coming, “No UPI, Only Cash” signs are popping up across Bengaluru. Small vendors are ditching digital payments after receiving surprise GST notices—some running into lakhs. The move has sparked fear of harassment and even eviction, pushing many to go fully cash. Tax officials say they’re targeting only those with UPI-linked turnover above GST thresholds, but vendors argue the numbers often include personal transfers and informal loans.

• 💻 HCLTech Feels the AI Burn: HCLTech’s Q1 margins took a knock as one-third of its shiny new AI team sat idle. The company’s EBIT margin slipped to 16.35%, missing estimates, with EBIT itself dropping 9% QoQ.

🌍 Global Masala

• 📈 Asia Markets Brush Off Tariff Jitters: Asia-Pacific stocks are set to open higher as investors shrug off the Trump tariff noise and focus on key Chinese economic data due this week. Global sentiment is also buoyed by Wall Street's upbeat start to Q2 earnings season and an upcoming U.S. inflation print that could sway Fed expectations.

• 📉 Wall Street Waits on Banks & CPI: U.S. stock futures slipped slightly after a positive Monday session, with investors bracing for big bank earnings and a key inflation print. Futures on the Dow, S&P 500, and Nasdaq all dipped around 0.1%.

• ⚖️ EU Gears Up to Retaliate Over U.S. Tariffs: The European Commission has listed $84 billion worth of U.S. goods that could face counter-tariffs if trade talks fail. The EU wants a negotiated solution but is preparing for a full-on trade spat if Trump’s 30% tariffs take effect August 1.

• 🍏 Apple’s AI Mojo Missing?: Apple’s stock dipped 1.3% as critics piled on pressure for the tech titan to rethink its slow-paced AI strategy. With underwhelming AI feature rollouts and rivals like Meta stealing top talent (and headlines), analysts say it’s time for Apple to get aggressive.

🧠 The Big Brew: Bitcoin Hits $120K as U.S. Congress Prepares for ‘Crypto Week’

Bitcoin has soared past the $120,000 mark for the first time in history—just as Washington kicks off its long-anticipated ‘Crypto Week’. With institutional backing from firms like MetaPlanet and MicroStrategy, crypto bulls are betting big on landmark legislation being debated in the House this week.

Here’s what’s on the docket:

• 🪙 GENIUS Act: Will allow private firms to issue stablecoins backed 1:1 by cash. Companies like Amazon and Walmart are reportedly exploring this to create their own tokens for customer use.

• ⚖️ Clarity Act: Aims to define clear regulatory roles for the SEC and CFTC, bringing structure to the crypto market. Backed by major players like Coinbase, it’s expected to boost industry confidence.

• 🚫 Anti-CBDC Act: Would block the creation of a U.S. central bank digital currency, citing privacy concerns over government surveillance.

President Trump has done a 180° on crypto, hosting a Digital Assets Summit and signing an executive order to boost U.S. dominance in fintech. The Senate has already passed the GENIUS Act, and if the House follows suit, it could land on Trump’s desk by month’s end.

🧐 What does this mean?

• 🧨 Regulation is finally catching up: Years of ambiguity might end with this legislative package, unlocking new innovation.

• 🛍️ Stablecoins could go mainstream: Imagine paying with WalmartCoin—it might be closer than you think.

• 🇺🇸 U.S. wants the crypto crown: With regulatory momentum and political support, the U.S. is making a serious bid to become the global hub for digital assets.

🚀 Startup Scoop

• 💰 Gibran Raises $2.6M to Rethink AI with Small Datasets: Backed by Together Fund, AI startup Gibran wants to build models that work with tiny datasets—ideal for drug discovery and education. Founded by the minds behind Curio and backed by top scientists, its first breakthroughs are expected by December.

• 📊 Smallcase Hits ₹106 Cr in Revenue, Eyes Breakeven: Wealthtech platform Smallcase saw its FY25 revenue jump 57% YoY to ₹106 crore. Despite a ₹34 crore net loss, EBITDA losses narrowed to ₹9 crore. With 10M+ users and ₹1.2 lakh crore in transactions, it's inching closer to profitability.

🤯 Chai Break Trivia

🧠 Did you know India consumes more mobile data per person than any other country—clocking in at 32 GB/month? That’s more than China and the U.S. combined. Scroll strong, Bharat!

🔮 What’s Brewing Next

• 📅 India–US trade talks continue this week with a narrow window to avoid tariffs by August 1.

🫖 That’s a wrap!

From milk meltdowns to moon-bound Bitcoin, it’s been a wild Tuesday. But don’t let the chaos curdle your vibe. We’ll be back tomorrow with more piping hot headlines and startup sizzle. Until then, may your WiFi be fast and your chai extra kadak 💥