What about Ethereum ETF?

Good morning, Coin Discoverers!

CRYPTO

• BTC: $58,997.50 (-1.91%) YTD (+33.56%)

• ETH: $3,225.96 (-2.00%) YTD (+37.11%)

• BNB: $539.80 (-2.93%) YTD (+71.97%)

*Crypto numbers as of 5:00 am EST on July 4th

Ethereum ETFs: Launch Next Week?

Bitwise has refiled its S-1 for an Ethereum ETF ahead of the July 8 deadline, potentially bringing the products to market next week, say Bloomberg analysts.

In May, the SEC approved 19b-4 forms for eight Ethereum ETFs. Issuers must still have their S-1 statements approved before trading can commence

GPU Tokenization Gets $30M Boost

Compute Labs, developer of a Solana-based GPU tokenization protocol, raised $3 million in pre-seed funding.

Protocol Labs, the company behind Filecoin, led the funding round, Compute Labs announced Wednesday. Other investors included Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group, and P2 Ventures. Angel investors such as Sandeep Nailwal of Polygon, Illia Polosukhin of NEAR Protocol, and Austin Federa of Solana Foundation also participated.

Riot Up 19%, Marathon Dips

Bitcoin mining firms reported their energy consumption and mining numbers for June, stating they are on track to meet power expansion targets.

Riot Platforms mined 19% more bitcoin in June compared to May, Bitfarms saw a 21% increase, Cipher Mining had a 6% rise, while Marathon and Bitdeer experienced slight decreases.

Core Scientific and Hut 8 have not yet released their June numbers.

Crypto Liquidations Exceed $200 Million Amid Ethereum and Bitcoin Decline

Bitcoin and Ethereum See 12% Decline in Past 30 Days, Despite Encouraging Signs, Say Experts

Crypto Market Liquidations Surge Amid Bitcoin Drop Below $60,000. Most of this amount — about $184 million — affected investors holding long positions expecting price increases

Over the past 24 hours, more than 74,000 traders were liquidated, totaling $208 million, according to Coin Glass data.

STOCKS

• DOW: 39,308.00 (-0.061%)

• S&P: 5,537.02 (+0.51%)

• NASDAQ: 18,188.30 (+0.88%)

*Stock numbers as of market close on July 3rd

KKR Aims to Raise $20 Billion for New North America Buyout Fund

KKR (KKR.N) is reportedly aiming to raise approximately $20 billion for its newest flagship North America private equity fund, following its predecessor fund of similar size launched three years ago.

The New York-based firm, with $578 billion in assets under management as of March-end, faces a challenging fundraising environment for buyout funds.

Some investors hesitate to commit new funds due to lower returns from private equity, amid challenges in refinancing and selling companies.

Minutes reveal Federal Reserve officials observed decreasing price pressures at recent meeting

At their last meeting, Federal Reserve officials noted a slowdown in the U.S. economy and diminishing price pressures. They advocated caution, preferring to wait and assess before considering interest rate cuts, per minutes from the June 11-12 session.

Released Wednesday, the minutes highlighted a weak May consumer price index reading among several factors in product and labor markets suggesting declining inflation.

REAL ESTATE

• 15-year: 6.43%

• 30-year: 7.04%

*Mortage rates via Mortgage News Daily

Mortgage Rates Decline Following Disappointing Service Sector Report

The Federal Reserve emphasizes data dependence in its rate-setting policy discussions. Although the Fed doesn't directly control mortgage rates, the bond market reacts to similar economic data that influences Fed decisions.

Today's influential report, the ISM Services index, although not the Fed's primary focus, traditionally impacts the market, affecting bond yields and consequently interest rates. Today's release showed significant weakness compared to expectations, typically leading to lower rates, assuming other factors remain constant.

TECH

Microsoft Resolves California Worker Leave Probe with $14 Million Settlement

Microsoft Corp (MSFT.O) has agreed to a $14 million settlement with a California agency over allegations of unlawfully penalizing employees for taking medical or family-care leave, announced on Wednesday

The California Civil Rights Department alleged in state court filings that Microsoft retaliated against its California-based employees using parental, disability, pregnancy, and family-care leave since 2017, denying them raises, promotions, and stock awards

QUICK RECAP 

#1. Oil prices dip as U.S. data disappoints: Brent crude down 30 cents at $87.04; WTI falls 32 cents to $83.56

#2. Paramount (PARA) surged 7% Wednesday on news its revised merger with Skydance Media is being reconsidered, per Wall Street Journal

#3. Nvidia CEO Jensen Huang sold shares worth nearly $169 million in June amid soaring demand for AI chips.

#4. Arkhouse and Brigade Capital raise Macy's bid to approximately $6.9 billion, as reported by the Wall Street Journal.

#5. Canada's S&P/TSX composite index rose 1.2% (269.87 points) to 22,223.67, a four-week high, led by metal mining stocks amid a U.S. dollar decline.