31 May

Good morning, Coin Discoverers!

CRYPTO

• BTC: $68,380.60 (+0.09%) YTD (+54.81%)

• ETH: $3,745 (+0.03%) YTD (+59.20%)

• BNB: $592.03 (-0.47%) YTD (+88.66%)

*Crypto numbers as of 5:00 am EST on May 31th

Crypto surges to $60,000, a new high for 2024!

Cryptocurrency prices soared past $60,000, reaching their highest level since 2021. Can this rally propel them to a new all-time high?

The dominant force in digital assets climbs over 40% year-to-date.

Berkshire Hathaway Scores Crypto Gains Despite Buffett's Public Skepticism

Berkshire Hathaway taps into the future of finance with its investment in Nu Holdings, a Brazilian fintech company embracing cryptocurrency.

Despite calling Bitcoin "rat poison," Berkshire Hathaway has profited handsomely from its investment in Nu Holdings, a fintech company partially tied to cryptocurrency. Their initial $500 million investment, followed by an additional $250 million, has proven highly successful.

Focusing on speed and cost

PayPal goes turbo! PYUSD stablecoin lands on Solana for faster, cheaper transactions. PYUSD gets a speed boost! PayPal integrates its stablecoin with the speedy Solana blockchain.

Transactions per second (tps):

• Ethereum blockchain: 12 - 15 tps

• Solana blockchain: 1,400 tps.

Patience rewarded

After a nearly two-year wait, Gemini to finally return $2.2 billion to customers. $2.2 billion thaw! Gemini to release frozen customer funds after 24 months.

In 2022, Gemini offered a crypto investing program for traders, partnered with Genesis Global Capital.

Not just getting their money back, Gemini investors see a 232% windfall due to crypto boom!

STOCKS

• DOW: 38,111.48 (-0.86%)

• S&P: 5,235.48 (-0.60%)

• NASDAQ: 16,737.08 (-1.08%)

*Stock numbers as of market close on May 31th

Unprecedented growth this quarter

Abercrombie & Fitch (ANF +25.68%) soared to new heights in the first quarter, achieving its strongest financial performance ever. Sales surged by 22% year-over-year, and profits skyrocketed to nearly seven times higher than the same period last year.

This stellar performance further cements Abercrombie & Fitch's position as a retail leader. These stock has skyrocketed 1,000% in the last five years!

Started rising again

Rising Treasury yields pose a potential challenge to the current record-breaking U.S. stock rally

This week, the 10-year Treasury yield, which typically moves opposite to bond prices, reached approximately 4.64%, marking its highest point in around a month, compared to 4.55% late on Thursday.

The relationship between stocks and yields has been a pivotal factor shaping market dynamics throughout the year

REAL ESTATE

• 15-year: 6.76%

• 30-year: 7.29%

*Mortage rates via Mortgage News Daily

Homeowners vs. Renters: Economy View

According to the Federal Reserve, homeowners typically have a more positive outlook on the economy compared to renters.

There are a few reasons for this:-

1) Rent has increased by 20% nationwide since 2020.

2) Additionally, one-third of homeowners refinanced their mortgages in 2020 and 2021 when rates were at historic lows.

TECH

Copying Excellence Unleashed

Sources with direct knowledge report that TikTok is developing a separate version of its recommendation algorithm for its 170 million U.S. users.

This clone aims to operate independently of its Chinese parent company, making it more acceptable to American lawmakers seeking to ban the app.

QUICK RECAP 

#1. UK supermarket sales increased by 3.3% in the four weeks leading up to May 18, according to NIQ.

#2. DJT Stock Plummets 8% Following Trump's Hush Money Trial Conviction

#3. Jeep Unveils Inaugural Electric Vehicle: The $72,000 Wagoneer S

#4. Costco (COST) delivers robust earnings with net sales hitting $58.52 billion, surpassing estimates of $57.98 billion, alongside adjusted earnings of $3.78, outpacing predictions of $3.70.

#5. Dollar Tree secures designation rights for 170 locations of 99 Cent Only stores in Arizona, California, Nevada, and Texas, anticipating openings as early as fall 2024.