The future has arrived

Good morning, Coin Discoverers!

CRYPTO

• BTC: $69,677.00 (+0.06%) YTD (+57.74%)

• ETH: $3,681.55 (-0.57%) YTD (+56.48%)

• BNB: $669.23 (-0.57%) YTD (+113.20%)

*Crypto numbers as of 5:00 am EST on June 10th

Meme Market Mayhem: Roaring Kitty's Return Fails to Ignite Coins

A collection of GameStop-inspired memecoins dropped by up to 31% on Friday, coinciding with meme stock icon "Roaring Kitty" hosting his first live stream in three years.

Keith Gill, who gained fame in 2021 for igniting a retail trading frenzy that dramatically increased the prices of stocks like GameStop and AMC, shared his GameStop positions during a 45-minute, humor-filled stream that attracted over 600,000 viewers.

Orbit Chain Update: Stolen Funds Laundering Suspected

The individual or group responsible for the $82 million hack of the cross-chain bridge Orbit Chain in December has resurfaced, moving approximately $48 million through Tornado Cash, according to Arkham Intelligence.

In the final hours of 2023, Orbit Chain, a cross-chain bridge closely connected to the Klaytn ecosystem, experienced a hack that resulted in the loss of $81.5 million across multiple transactions.

Taiko's Bloated Bill: A $100k Mystery

Taiko, an Ethereum Layer-2 network, is leading the market for "blobs," or dedicated data storage for Ethereum scalers. However, this achievement comes with significant costs, amounting to tens of thousands of dollars daily and surpassing the $100,000 mark several times this week for the relatively unknown scaling solution.

Launched in late May, Taiko aims to provide cheaper, faster transactions with Ethereum's security, spending $900,000 on blobs in under two weeks.

Arbitrum's $215M Bet: The Future of Blockchain Gaming?

The governance DAO of Ethereum's Layer 2 network, Arbitrum, has approved a proposal by the Arbitrum Foundation to allocate 225 million ARB, valued at approximately $215 million, over three years to support gaming projects on the network.

The Arbitrum Foundation, which supports the Ethereum rollup-based Layer 2 network Arbitrum, will achieve its goal of distributing hundreds of millions of dollars to support gaming projects on the network over the next three years.

STOCKS

• DOW: 38,799.03 (-0.22%)

• S&P: 5,347.10 (-0.11%)

• NASDAQ: 17,133.12 (-0.23%)

*Stock numbers as of market close on June 10th

Interest Rates Rule

A 12 billion euro Spanish deal's fate hangs on Frankfurt's decision, not just ECB regulators who usually support consolidation, but its ratesetters. Monetary policy shifts could make or break Banco de Sabadell's M&A defense against Banco Bilbao Vizcaya Argentaria.

Sabadell's board declined BBVA Chair Carlos Torres Vila's late-April offer. The 55 billion euro bidder then pursued a hostile all-share bid in early May. The deal faces obstacles, including antitrust review. Spain's Economy Minister criticized the takeover, citing threats to financial inclusion and small businesses. Torres expects political pressure to ease.

Asia Stumbles, Euro Slips on Election Jitters

On Monday, Asian stocks fell as traders scaled back bets for Federal Reserve rate cuts due to a tight U.S. labor market. Meanwhile, a snap election in France raised broader political worries, impacting the euro.

Trading in Asia was thin due to public holidays in Australia, China, Hong Kong, and Taiwan, yet MSCI's broadest index of Asia-Pacific shares outside Japan still fell by 0.46%.

REAL ESTATE

• 15-year: 6.60%

• 30-year: 7.15%

*Mortage rates via Mortgage News Daily

More and more humans

Mortgage lending is expected to remain human-driven. Given the significance of buying a home, experts believe people prefer the guidance of a real person throughout the process.

Rocket Mortgage, the U.S.'s second-largest mortgage lender, employs a blend of AI tools and human expertise in its operations.

TECH

Photoreal with Prompts

If you're into generative AI and image creation, you likely know Stable Diffusion. This open-source AI platform revolutionizes creativity, enabling artists and enthusiasts to explore freely on their own computers.

With any simple prompt, you can generate picturesque landscapes, fantasy illustrations, 3D creatures, or cartoons. However, the real marvel lies in these tools' ability to create stunningly realistic imagery.

QUICK RECAP 

#1. Despite always playing second fiddle to Nvidia in AI (56% vs. 1208% stock price), AMD continues to impress, proving strong even as the "bridesmaid" of the chip industry.

#2. Defense giant Lockheed Martin (LMT) has lagged, but strong returns are on the horizon. After underperforming, analysts say it's a buy opportunity.

#3. Canada's main stock index tumbles for a third week straight, dropping 1% as the U.S. dollar strengthens.

#4. Activist investor Elliott drops nearly $2 billion on Southwest Airlines, aiming to shake things up at the carrier.

#5. Oil prices decline due to the US dollar's strengthened position following the release of US jobs data.