Legitimate financial instrument

Good morning, Coin Discoverers!

CRYPTO

• BTC: $64,858.60 (+0.15%) YTD (+46.83%)

• ETH: $3,481.71 (-0.12%) YTD (+47.98%)

• BNB: $581.71 (-0.65%) YTD (+85.32%)

*Crypto numbers as of 5:00 am EST on July 16th

BlackRock CEO Larry Fink recognizes Bitcoin as a "legitimate financial instrument

BlackRock Co-founder and CEO Larry Fink has shifted his stance on cryptocurrencies over the years. "I was a proud skeptic," Fink stated on Monday during an interview with CNBC. "After studying and learning about it, I realized that my opinion from five years ago was wrong."

BlackRock’s IBIT has emerged as the largest spot Bitcoin exchange-traded fund by market cap. This development has reinforced CEO Larry Fink's assertion that bitcoin is akin to digital gold.

North Korean hackers exploit crypto job postings: report

A report by DL News reveals that North Korean hackers are infiltrating cryptocurrency companies through fake job postings. Security expert Taylor Monahan explains that these hackers use social engineering tactics to gain access to company servers and steal sensitive information.

So far, North Korean cybercriminals are linked to over $3 billion in cryptocurrency losses.

Bitcoin ETF boosts BlackRock to $10.6T AUM

BlackRock achieved record-high assets under management (AUM) six months following the explosive launch of its iShares Bitcoin Trust (IBIT) in January.

BlackRock recently reached a significant milestone for its digital asset class: the BlackRock USD Institutional Digital Liquidity (BUIDL) fund exceeded $500 million in market value. According to its issuer, Securitize Markets, BUIDL is now the highest-valued tokenized treasury fund globally.

Paycoin (PCI) jumps 80% following relisting on Korean exchange

Paycoin's recent price surge is likely attributed to South Korea's potential three-year postponement of crypto tax implementation.

Paycoin (PCI), a prominent cryptocurrency, has been relisted on multiple major Korean exchanges, leading to a remarkable 80% price surge over the past week.

As of the latest update, Paycoin (PCI) has surged over 80%, peaking at $0.207. According to CoinGecko data, its market cap has surged to $224 million, with a 24-hour trading volume hitting $25 million.

STOCKS

• DOW: 40,211.72 (+0.53%) 

• S&P: 5,631.22 (+0.28%)

• NASDAQ: 18,472.75 (+0.940)

*Stock numbers as of market close on July 15th

BlackRock hits $10.65T on ETFs, stocks soar

BlackRock (BLK.N) reported a record $10.65 trillion in assets under management for the second quarter, driven by rising client asset values and increased investments in the company's exchange-traded funds.

The world's largest asset manager attributed this growth to stock markets reaching new highs, fueled by optimism about a soft landing for the U.S. economy and strong investor interest in artificial intelligence-related stocks.

Buffett's Berkshire Hathaway hits and closes at a record high

Berkshire Hathaway's (BRKa.N) share price hit a record high on Monday, showcasing investors' confidence in Warren Buffett's company, often seen as a reflection of the broader American economy.

Class A shares closed up 2.1% at $652,997.17, after reaching an intraday high of $653,861, surpassing the previous record of $647,039 set on February 26. The more widely held Class B shares are valued at approximately 1/1,500th of Class A shares.

REAL ESTATE

• 15-year: 6.30%

• 30-year: 6.81%

*Mortage rates via Mortgage News Daily

Another opportunity to gauge market reactions to political developments

While it's challenging to objectively gauge the political impact of the recent failed assassination attempt on former President Trump, historical precedent suggests that such events may not necessarily harm a candidate's political standing.

There was an initial market reaction observed in the overnight session, similar to the response after presidential debates, which appeared subdued in the broader context. However, as was the case in 2016, the most consequential political outcome would likely be a sweep by one party across the House, Senate, and Oval Office.

TECH

Musk hints at delays for robotaxi debut due to significant design adjustments

Tesla CEO Elon Musk indicated on Monday that the company will postpone the unveiling of its robotaxi to incorporate a significant design change to the vehicle's front and to showcase additional features. Musk did not specify a new date for the event.

"In response to a user inquiry about an important design change to the front, I believe it's crucial, and the additional time will also let us unveil some other exciting features," Musk shared on his X social media platform.

QUICK RECAP 

#1. Japan's J-Power (9513.T) A$381M ($257.56M) buyout of Australia's Genex Power (GNX.AX) approved by proxy votes.

#2. Macy's (M.N) ended $6.9 billion acquisition talks, causing its shares to drop 15% on Monday.

#3. Cleveland-Cliffs (CLF.N) will acquire Stelco Holdings (STLC.TO) for C$3.85 billion ($2.8 billion), its first since 2023.

#4. A $5.4 billion deal finalized Monday splits Yandex's assets, with a Russian consortium acquiring most businesses.

#5. Google parent Alphabet (GOOGL.O) is in advanced talks to acquire cybersecurity startup Wiz for around $23 billion.