Daily revenue surpasses ethereum

Good morning, Coin Discoverers!

CRYPTO

• BTC: $61,254.90 (-1.24%) YTD (+38.68%)

• ETH: $3,376.91 (-1.14%) YTD (+43.53%)

• BNB: $572.54 (+1.10%) YTD (+82.39%)

*Crypto numbers as of 5:00 am EST on July 3rd

Bitcoin ATH in August?

Standard Chartered predicts that Bitcoin’s price might reach a new all-time high in August, potentially climbing to $100,000 by the U.S. presidential election in November.

On Tuesday, Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered Bank, stated, "A new all-time high for Bitcoin in August is likely, with the potential to reach $100,000 by U.S. election day."

CleanSpark Mining Strong

CleanSpark mined 445 bitcoins last month, an increase from the 417 mined in May. The company attributed surpassing its mid-year target of 20 EH/s in operational hashrate to the acquisition of five new mining sites in Georgia.

According to a press release, the company sold 8.06 bitcoins in June at an average price of around $67,514 per bitcoin. Throughout the month, the average hashrate was 17.85 EH/s.

Pump Fun Overtakes Ether

According to data from DefiLlama, Pump.fun's daily revenue surged to $1.99 million in the past 24 hours, surpassing the Ethereum network's $1.91 million, making it the highest revenue generator of any blockchain.

Data from Dune Analytics shows that 11,528 tokens were deployed on the Solana-based memecoin launchpad on Monday, bringing the total number of tokens deployed to 1,199,685. Pump.fun's cumulative revenue has now reached 346,613 SOL, equivalent to $51.3 million.

Crypto Markets reaction Kamala Harris

Crypto investors suggest Kamala Harris might replace President Joe Biden if he steps down, amid concerns over his recent debate performance and election prospects against Donald Trump.

On Polymarket, Kamala Harris's odds of becoming the nominee soared today from 7% to a peak of 31% by midday. President Joe Biden maintained the lead at 58%, followed by Michelle Obama at 7% and California Gov. Gavin Newsom at 3%.

STOCKS

• DOW: 39,331.85 (+0.41%) 

• S&P: 5,509.01 (+0.62%)

• NASDAQ: 18,028.76 (+0.84%)

*Stock numbers as of market close on July 2nd

Stocks inch up, US Treasury yields dip as markets digest Fed chair remarks

Global stocks ticked higher on Tuesday, accompanied by a decline in U.S. Treasury yields, as markets assessed data revealing a tight labor market and the potential for interest rate adjustments following remarks from Federal Reserve Chair Jerome Powell.

Powell, speaking at a conference in Portugal on Tuesday, stated that the Fed requires additional data to confirm whether recent weaker inflation readings accurately reflect underlying price pressures before considering rate cuts.

South African rand continues decline, attention shifts to unity government's reform efforts

On Tuesday, the South African rand continued its decline following a volatile start to the week. Market attention turned to the economic reform approach of the new Government of National Unity (GNU) after the cabinet formation.

At 1530 GMT, the rand was quoted at 18.6325 against the dollar, marking a 1.5% decrease from its previous close. Meanwhile, the dollar remained relatively stable against a basket of global currencies.

REAL ESTATE

• 15-year: 6.47%

• 30-year: 7.13%

*Mortage rates via Mortgage News Daily

Mortgage Rates Reach Temporary Peak

It's reassuring when rates stabilize after a sudden increase persists for more than a day. Currently, the past two days appear as slightly larger extensions of a gentle uptrend in rates that has been ongoing since mid-June.

Moving forward, economic data will be in the spotlight with significant reports scheduled for the remaining two mornings of this week (Thursday is closed for Independence Day). Among these, Friday's jobs report holds the greatest potential to trigger market volatility.

TECH

Robinhood Boosts AI

Robinhood announced on Monday its acquisition of Pluto, an AI-powered investment advice company focused on providing financial guidance to "Generation Z."

While AI is increasingly used for market analysis and investment strategies, Robinhood's acquisition marks its first step in integrating this technology for its over 10 million monthly active users.

QUICK RECAP 

#1. FTC plans to block Tempur Sealy's $4B merger with Mattress Firm, combining over 3,000 stores worldwide.

#2. In June, Japan's service sector, crucial for growth, contracted for the first time in nearly two years, PMI falling to 49.4.

#3. Shari Redstone's National Amusements plans to sell its 77% voting stake in Paramount Global to Skydance Media for $1.75 billion.

#4. Following U.S. subsidies, Chinese firms are investing in Morocco, planning factories near Tangiers and the Atlantic for EV parts production.

#5. Tesla surpassed expectations, delivering 443,956 vehicles in Q2 2024, including 422,405 Model 3 or Model Y cars, up 14.8% from Q1 but down 4.8% year-over-year.