Evening digest: Bitcoin slips below 90K, gold hits records, Netflix goes all-cash on WBD

Markets are repricing power, not growth.

Netflix just went all-cash on Warner Bros. Discovery at $27.75 a share, removing stock-risk and forcing Paramount into a credibility fight it can’t win.

At the same time, geopolitics is overwhelming fundamentals: gold is ripping to fresh records as tariff threats around Greenland morph into a NATO stress test tied to a Supreme Court ruling on emergency powers.

Risk assets are paying the price, with bitcoin slipping below $90K and liquidation pressure building.

Netflix goes full cash on WBD

Netflix just raised the stakes dramatically.

The streaming giant scrapped its mixed cash-and-stock bid for Warner Bros. Discovery and is now paying $27.75 per share entirely in cash, same headline number, but far more decisive.

The move eliminates a structural vulnerability Netflix faced: Netflix shares have tanked 15% since December, making the stock portion worthless to WBD shareholders.

By going all-cash, Netflix removes Paramount's edge and signals financial firepower.

WBD's board unanimously approved the revised deal on Tuesday and filed a preliminary proxy for an April 2026 vote, which is expedited compared to the spring/summer timeline.

Paramount, still pushing its $30-per-share all-cash offer for the entire company (including CNN and TNT), now looks desperate.

Netflix's higher market cap ($402B vs. Paramount's $12.6B) and investment-grade credit rating win the credibility battle.

Gold breaks records as geopolitics trumps everything else

Gold is now the market's true compass, and it's pointing straight up.

Spot bullion hit $4,689 per ounce Tuesday, near record highs, as Trump's Greenland tariff threats morphed trade tensions into a transatlantic crisis.

Silver also crested all-time highs around $94.73, with both metals acting as the only winners in a bloodbath across equities and bonds.

In India, MCX gold futures surged to Rs 1.5 lakh per 10 grams for the first time.

The narrative is primal: when geopolitics threatens the dollar and Fed independence appears compromised, capital abandons risk assets for the oldest safe haven on Earth.

Analysts eye $4,800–$5,000 if Davos talks collapse. The metal's strength underscores investor sentiment bluntly: the transatlantic alliance is cracking, and gold is the insurance policy.

Trump's Greenland tariffs hinge on SC's IEEPA ruling

The Supreme Court is deciding Trump's tariff destiny.

As markets brace, justices examine whether the International Emergency Economic Powers Act grants the president sweeping tariff authority.

The stakes: Trump's threatened 10-25% levies on eight NATO allies (Denmark, Norway, Sweden, France, UK, Netherlands, Finland) hinge entirely on this ruling.

Treasury Secretary Bessent claims it's "very unlikely" the Court blocks emergency powers; legal experts disagreed less confidently.

If SCOTUS kills IEEPA authority, Trump has a backup, Section 232 critical minerals provisions, which are harder to challenge.

Either way, the administration signals that tariffs deploy "the next day" regardless. Europe is preparing countermeasures.

The timing is explosive: Trump speaks at Davos tomorrow, Macron warned of a rules-based order crumbling, and NATO cohesion now depends on judicial interpretation.

Bitcoin capitulates below $90K

Bitcoin slipped below $90,000 on Tuesday, sliding 1.8% as geopolitical chaos hammered speculative assets across the board.

The drop marks a critical breakdown; traders fear $80,000 may come into view if $90K doesn't hold as support.

Nearly $260 million in long liquidations occurred in 24 hours alone, compounding losses from nearly $900 million earlier in the week.

The culprit? Trump's Greenland tariff threats redirected capital toward defensive assets like gold rather than volatile crypto.

Crypto stocks took even worse beatings: MicroStrategy plunged 6%+, and Marathon Digital down 5.7%.

A delayed US crypto regulatory bill added pressure. Analysts note the weakness feels like consolidation, not capitulation, but momentum has vanished.

Bitcoin needs a decisive break above $93,000 to reignite bulls; below $90,000, technical sellers emerge. Gold's strength underscores the capital flight.