Everywhere Bitcoin 🥳🥳

Good morning, Coin Discoverers!

CRYPTO

• BTC: $67,416.30 (+0.15%) YTD (+52.62%)

• ETH: $3,507.69 (+0.24%) YTD (+49.09%)

• BNB: $608.02 (+0.90%) YTD (+93.70%)

*Crypto numbers as of 5:00 am EST on June 12th

US Advisors: Bitcoin Interest Up

Ric Edelman, the founder of DACFP, highlights that financial advisors are increasingly open to incorporating Bitcoin into portfolios due to data showing enhanced risk-adjusted returns.

Ric Edelman, founder of the Digital Assets Council of Financial Professionals (DACFP), discusses in this episode the critical role financial advisors play in the crypto space. He stresses the importance of advisors understanding and embracing cryptocurrencies to best serve their clients' interests.

Polygon Grants Builders (35M MATIC)

The Polygon (MATIC) community treasury has unveiled a long-term initiative to promote development on the blockchain, which includes releasing 1 billion tokens over the next decade.

"Following community consensus, the Community Treasury has been established to unlock 1 billion POL over 10 years, with approximately 100 million POL released annually to support builders," the treasury announced. POL is poised to become Polygon's native token, eventually replacing MATIC.

Crypto traders are more exposed

On Tuesday morning, traders on the CME experienced a risk-off sentiment after the end of a record 19-day net inflow streak for U.S. spot Bitcoin (BTC) exchange-traded funds. According to K33 Research, offshore crypto participants remain "heavily exposed," heightening the risk of near-term long squeezes ahead of key macro events this week.

Leverage in Bitcoin perpetual contracts has surged to yearly highs of 260,000 BTC following a consistent two-week uptrend, according to a Tuesday report by K33 Senior Analyst Vetle Lunde and DeFi Analyst David Zimmerman.

More delay

The three tokens that are set to merge have dropped over 20% this week, mirroring the broader decline in the crypto market.

The Artificial Superintelligence Alliance announced on Tuesday that it has postponed the date of its proposed token merger. The merger of the AI-themed coins FET, AGIX, and OCEAN into the new ASI token will now occur on July 15.

STOCKS

• DOW: 38,747.42 (-0.30%)

• S&P: 5,375.32 (+0.42%)

• NASDAQ: 17,343.55 (+0.88%)

*Stock numbers as of market close on June 11th

GameStop Soars After Rebuttal

GameStop, the video game retailer, experienced a significant rebound on Wednesday, closing up 22.8% after facing two consecutive days of substantial losses. This came after last week's surge coinciding with the return of influencer Roaring Kitty (also known as Keith Gill).

GameStop's stock initially dropped over 8% on Tuesday but rebounded impressively by day's end, fueled by completing a significant share offering and a shift in market sentiment.

Atos Offloads Worldgrid

French technology company Atos (ATOS.PA) announced on Tuesday its exclusive negotiations to sell its Worldgrid unit to engineering consulting group Alten (LTEN.PA) for an enterprise value of 270 million euros ($289.93 million).

The Worldgrid division, offering consulting and engineering services to energy and utility firms, employs nearly 1,100 individuals.

Atos stated that the proposed deal aims to guarantee uninterrupted service for both clients and employees of the units involved.

REAL ESTATE

• 15-year: 6.61%

• 30-year: 7.16%

*Mortage rates via Mortgage News Daily

Come-back or bouce-back?

The housing market hasn't had a favorable first half of 2024. Affordability remains a concern, rates remain high, and predictability is challenging.

There's a split among experts regarding the direction the housing market will head in the latter half of the year. Despite a recent increase in housing supply, prices haven't softened as anticipated by some.

TECH

Open-Source AI Startup Nets $600M

A $644 million funding round has tripled the valuation of the Microsoft-backed French AI startup, providing a boost for the development of both its proprietary and open-source AI models.

"Mistral AI's valuation has increased approximately threefold since December and about 25 times over the past year," Mistral AI researcher Devendra Chaplot wrote on LinkedIn, adding that the company is currently hiring.

QUICK RECAP 

#1. Wholesale prices in May rose 2.4% year-over-year, surpassing the forecasted 2.0%, while import goods prices in yen accelerated.

#2. Argentina's May inflation rate, anticipated at 4.9% in a Tuesday Reuters poll, signifies a slowdown.

#3. TSX closes at 21,887.34, down 0.8%, hitting its lowest since May 2; Materials drop 1.5%, Financials 1.1%.

#4. GameStop (GME.N) completed a $2.14 billion "at-the-market" equity offering after meme influencer Keith Gill's livestream.

#5. Oil prices rose on Wednesday with Brent crude climbing 0.45% to $82.29, while WTI gained 0.6% to $78.36.