New ATH

Good morning, Coin Discoverers!

CRYPTO

• BTC: $67,444.70(-0.17%)YTD (+52.69%)

• ETH: $3,483.36(+1.23%)YTD (+48.05%)

• BNB: $592.18 (+0.72%)YTD (+88.65%)

*Crypto numbers as of 5:00 am EST on July 23th

NYSE Arca approves listing spot Ethereum ETFs, awaits SEC

According to documents filed with the U.S. Securities and Exchange Commission on Monday, the NYSE Arca Exchange has received approval to list and trade spot Ethereum exchange-traded funds from Grayscale and Bitwise.

Issuers seeking approval for a spot Ethereum ETF will need to wait until the SEC allows the registration statements to become effective, which is anticipated to occur on Monday.

Analyst Predicts Ethereum Dip and Recovery After ETF Launch

Ahead of the launch, ether options have experienced a significant increase in implied volatility, rising from 56% to 70% over the past week, highlighting market uncertainty. This rise in volatility in the derivatives market often precedes price movements, drawing significant attention to recent developments.

The introduction of Ethereum ETFs by fund managers such as Fidelity, Franklin Templeton, and VanEck is expected to enhance market liquidity and volatility.

Mog Coin Hits New All-Time High, Briefly Enters Top 100

Ethereum meme coin Mog Coin (MOG) surged 4% today, hitting a new all-time high of $0.00000245. It briefly entered CoinGecko's top 100 coins but has since fallen out.

MOG was created nearly a year ago, on July 19, 2023, and shares its name with a term popular on the English-language message board site 4chan.

In many ways, the crypto token has been "mogging" its meme coin competitors since its launch. Over the past three months, MOG has surged 301%, reaching a market cap of $820 million.

Asia’s First Bitcoin Inverse ETF Set to Launch in Hong Kong

The CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), Asia’s first Bitcoin futures inverse product, is set to debut in Hong Kong on July 23.

The product will be listed at approximately 7.8 Hong Kong dollars per unit on the Hong Kong Stock Exchange (HKEX). It employs a futures-based replication method to deliver investment results that closely mirror the inverse daily performance of the S&P Bitcoin Futures Index by investing directly in spot-month Chicago Mercantile Exchange Bitcoin Futures.

STOCKS

• DOW: 40,415.44(+0.32%)

• S&P: 5,564.51 (+1.08%)

• NASDAQ: 18,007.57 (+1.58%)

*Stock numbers as of market close on July 22th

CrowdStrike Shares Drop 13% Due to IT Outage Impact

CrowdStrike (CRWD.O) shares fell 13% on Monday, continuing their losing streak, after Wall Street analysts downgraded the stock due to worries about the financial impact of a global cyber outage last week.

CrowdStrike’s problematic update to its security software caused crashes on computers running Microsoft Windows, disrupting internet services worldwide and impacting various industries, including airlines, banking, and healthcare.

Former UK finance minister Zahawi is involved in a £600 million bid for the Telegraph

Former UK finance minister Nadhim Zahawi is preparing a £600 million ($776.34 million) bid for the Daily Telegraph, according to Sky News.

Since leaving parliament in May, Nadhim Zahawi has sought billionaire backers to finance a bid for the Daily Telegraph, its Sunday edition, and the Spectator magazine.

REAL ESTATE

• 15-year: 6.33%

• 30-year: 6.89%

*Mortage rates via Mortgage News Daily

Total Lack of Response to Biden's Withdrawal

If there was any lingering doubt about the impact of recent political headlines on the bond market, it was dispelled late Sunday night. As Treasury trading commenced for the week, investors had the opportunity to respond to the first significant, non-speculative development in the Trump vs. Biden election debate—a development that gained momentum following the presidential debate.

Historically, this period has seen significant volume and volatility if weekend events are truly newsworthy. However, in this instance, there was a complete lack of volume, with yields opening within the same range as the previous week.

TECH

Alphabet Set to Report Double-Digit Q2 Growth with Focus on AI Adoption and Rising Costs

Google-parent Alphabet (GOOGL.O) is anticipated to report a nearly 14% increase in quarterly revenue, marking its fourth consecutive quarter of double-digit growth. This boost is attributed to strong demand for its AI-powered cloud computing services and a rise in the ad market.

The search giant's second-quarter report on Tuesday, the first among major tech companies this season, may provide further insight into the adoption of AI services and the increasing costs associated with the new technology.

QUICK RECAP

#1. Vista Outdoor said Czechoslovak Group raised the base purchase price for its Kinetic Group to $2.15 billion, up $50 million.

#2. Hammerson sells 42% stake in Value Retail to L Catterton for £1.5B. Shares rose 4.5% to 30.34p at 0842 GMT.

#3. Vodafone sold a further 10% stake in Vantage Towers for €1.3 billion ($1.4 billion), reducing its ownership to target level.

#4. Stonepeak to buy New Zealand's Arvida Group for NZ$1.24 billion ($745.74 million), boosting shares nearly 60% to a 2-year high.

#5. UK's competition regulator approved Nationwide Building Society's £2.9 billion ($3.75 billion) all-cash acquisition of Virgin Money UK.