Crypto Exchange FTX Valued at $18 Billion in Funding Round

Cryptocurrency exchange FTX has raised money at an $18 billion valuation, a deal that shows investors' enthusiasm for digital currencies even after a crash that erased half of bitcoin's value over the past three months.

FTX raised $900 million in a new funding round that closed Tuesday. Participants in the round included Japanese technology investor SoftBank Group Corp., Silicon Valley venture-capital firm Sequoia Capital and Third Point, the hedge fund led by billionaire Daniel Loeb, FTX said.

U.S.-German Deal on Russia's Nord Stream 2 Pipeline Expected Soon

The U.S. and Germany have reached an agreement allowing the completion of a controversial Russian natural-gas pipeline, according to officials from Berlin and Washington, who expect to announce the deal as soon as Wednesday, bringing an end to years of tension between the two allies.

The Biden administration will effectively waive Washington's longstanding opposition to the pipeline, Nord Stream 2, a change in the U.S. stance, ending years of speculation over the fate of the project, which has come to dominate European energy-sector forecasts. Germany under the agreement will agree to assist Ukraine in energy-related projects and diplomacy.

Oil-Price Swoon Spurs Traders to Bet on Further Declines

Bets that oil investors made in options markets help explain why crude prices fell so sharply on Monday, and show that traders are bracing for prices to lurch lower once more.

U.S. crude prices swooned in tandem with stocks and other industrial commodities to start the week after the spread of the coronavirus Delta variant shook confidence in the global economic rebound. West Texas Intermediate futures recovered some lost ground Tuesday but remained 10% below their recent closing high at $67.42 a barrel.

Rio Tinto, Bougainville Residents Strike Deal to Assess Impact of Closed Mine

SYDNEY--Rio Tinto PLC said it has reached an agreement with residents of Bougainville, an autonomous region of Papua New Guinea, to assess the legacy impact of the Panguna copper mine that it offloaded in 2016 and has been closed for more than three decades.

The company said a joint committee of stakeholders will be established to oversee a detailed independent assessment of Panguna, which Rio Tinto said it wasn't able to access since operations were suspended due to an uprising against the mine.

Write to paul.larkins@dowjones.com

Expected Major Events for Wednesday

06:00/UK: Jun Public sector finances

08:00/ITA: May Industrial turnover & orders

08:00/POL: Jun Retail Sales

15:59/GRE: May Balance of Payments

22:00/NED: Jun House Price Index

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

07-21-21 0042ET