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Yash Bansal
June 03, 2024

Good morning, Coin Discoverers!

CRYPTO

  • BTC: $69,024.20 (+2.01%) YTD (+56.42%)

  • ETH: $3,831.88 (+1.44%) YTD (+62.87%)

  • BNB: $636.42 (+5.43%) YTD (+102.78%)

*Crypto numbers as of 5:00 am EST on June 3rd

Funding round that took it to unicorn status.

This year, the decentralized social networking protocol secured the second-largest funding round in the crypto industry, raising $150 million in a Series A round at a reported valuation of $1 billion. This follows Monad's $225 million fundraising in April. Such substantial rounds at unicorn valuations are rare in the crypto sphere.

Farcaster caters to a cryptocurrency-focused audience, heavily utilizing Warpcast itself. Presently, it boasts 444,409 users, with ambitions to eventually engage over a billion individuals through its protocol.

Might be end of war

The SEC's approval of spot Ethereum ETFs may have weakened its own anti-crypto legal stance. Attorney Carlo D'Angelo elaborates on this development.

The approval of spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC) in May was the highlight of what was undoubtedly a remarkable month for crypto policy.

A Balloning bankruptcy cost

The FTX estate has liquidated its remaining shares in Anthropic, a prominent AI startup, as legal and administrative costs for the bankruptcy exceed $500 million.

Although FTX founder Sam Bankman-Fried's trial has concluded, pending an appeal, the FTX bankruptcy proceedings continue to drag on.

Finally hits 1 Billion dollar mark

Notcoin experiences a surge: The Telegram-based clicker game Notcoin (NOT) achieved a $1 billion market cap last week, as reported by CoinGecko. This surge followed a 50% increase triggered by the introduction of "earnings missions,"

The viral clicker game attracted tens of millions of users who enthusiastically tapped on a digital gold coin to earn cryptocurrency before its token launch.

STOCKS

  • DOW: 38,686.32 (+1.51%)

  • S&P: 5,277.48 (+0.80%)

  • NASDAQ: 16,735.08 (-0.012%)

*Stock numbers as of market close on June 3rd

Investors are rushing towards the Aramco share sale, potentially raising $13 billion.

Saudi Arabia's offering of shares in oil giant Aramco (2223.SE) garnered greater demand than the available stock within hours of its launch on Sunday, potentially raising up to $13.1 billion. This deal represents a significant examination of the international interest in the kingdom's assets.

The banks handling the deal will be accepting institutional orders until Thursday and plan to price the shares the following day. Trading is anticipated to commence on Riyadh's Saudi Exchange next Sunday.

Global airlines revise their 2024 profit forecast upward as travel demand surges.

On Monday, global airlines increased their profit forecast for 2024 and predicted industry-wide revenues approaching $1 trillion, fueled by a record number of travelers taking to the skies.Exit polls project Modi's alliance to secure a significant victory in the India election.

The International Air Transport Association (IATA) anticipates the global industry to yield $30.5 billion in profit this year, surpassing the upwardly adjusted $27.4 billion in 2023, as airlines maintain control over underlying labor costs despite recent strikes.

REAL ESTATE

  • 15-year: 6.70%

  • 30-year: 7.17%

*Mortage rates via Mortgage News Daily

Prices that redefine what's possible.

High home prices and rising interest rates are once again deterring potential homebuyers.

In April, existing home sales in the U.S. fell by nearly 2%, marking the second consecutive month of decline in the housing market.

This comes after three straight months of gains, as the housing market rebounds from a 40% decline in sales between October 2020 and January 2023.

TECH

AMD unveils new AI chips to compete with Nvidia, the current frontrunner in the industry

Advanced Micro Devices (AMD.O) introduced its latest artificial intelligence processors on Monday and outlined its strategy to advance AI chip development over the next two years, aiming to rival industry frontrunner Nvidia.

During the Computex technology trade show in Taipei, AMD CEO Lisa Su unveiled the MI325X accelerator, scheduled for release in the fourth quarter of 2024.

QUICK RECAP 

#1. Sheinbaum of Mexico secures a landslide victory, becoming the nation's inaugural female president.

#2. GSK shares drop by 9% following the approval for 70,000 Zantac lawsuits to proceed.

#3. Exit polls project Modi's alliance to secure a significant victory in the India election.

#4. Asia shares surge as hopes for rate relief rise and factories ramp up production..