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Good morning, Coin Discoverers!

CRYPTO

• BTC: $69,222.60 (+0.63%) YTD (+56.71%)

• ETH: $3,774.95 (+0.24%) YTD (+60.45%)

• BNB: $632.39 (+1.00%) YTD (+101.43%)

*Crypto numbers as of 5:00 am EST on June 4th

Nearly half a million token launched

In May, there was a surge of new token creation on the Solana blockchain, fueled by easier access and the memecoin craze.

In May, data revealed that 455,000 tokens were created on Solana. In contrast, 177,000 tokens were generated on Ethereum's Layer 2 Base, and 39,000 tokens on the BNB Chain. Meanwhile, the Ethereum mainnet, along with Layer 2 networks Arbitrum and Optimism, each saw the creation of fewer than 20,000 tokens.

Strong action against unauthorized stablecoins

Starting June 30, Binance will restrict the use of 'unauthorized' stablecoins in the EU and is encouraging users to switch to regulated tokens

Binance, the leading cryptocurrency exchange by trading volume, announced plans to limit access to certain stablecoins in the European Union, focusing on those deemed "unregulated" by EU standards.

Binance announced that the stablecoin regulations specified in the EU's Markets in Crypto-Assets Regulation (MiCA) will be implemented by the end of June.

Everclear launches 'clearing layer' for bridges

Connext rebrands to Everclear, marking a strategic shift in blockchain interoperability

Additionally, the project is crafting a 'clearing layer' to address challenges in intent-based bridge rebalancing and settlement. Everclear anchors modular stack with open intent network and Everclear chain.

Iggy Azalea joins Solana craze, MOTHER soars

Over the weekend, trading demand for Rapper Iggy Azalea’s MOTHER token on Solana surged to an all-time high, shortly after its launch, while the musician, well-received by Crypto Twitter, maintained her active tweeting streak, sporting a recognizable profile picture (PFP)

Iggy Azalea sported a one-of-a-kind Mad Lads profile picture on Friday. The Solana project had surprised her with a custom avatar based on her photo just a day earlier. Mad Lads is currently the most expensive Solana NFT collection, fetching over $10,300 on secondary marketplaces.

STOCKS

• DOW: 38,571.03 (-0.30%)

• S&P: 5,283.40 (+0.11%)

• NASDAQ: 16,828.67 (+0.56%)

*Stock numbers as of market close on June 4th

Is the Dollar's Dominance Done? Weak Data Sparks Fresh Concerns

The U.S. dollar continued to lose ground on Tuesday as signs of a weakening U.S. economy mounted

Dollar index hits new two-month low after string of weak US data on manufacturing and construction.

The dollar faces a key test this week. Today's JOLTS report, which could show a drop in job openings to a three-year low, might foreshadow a weak jobs report on Friday

Global stocks rise on anticipation of ECB rate cut

Global stocks climbed on Monday, defying a sluggish Wall Street. Disappointing U.S. manufacturing data fueled doubts about future interest rate hikes in the U.S., while anticipation of a European Central Bank rate cut on Thursday boosted investor sentiment elsewhere

A technical glitch on the New York Stock Exchange caused volatility, while weak U.S. manufacturing data raised doubts about future interest rate hikes. In contrast, anticipation of a rate cut by the European Central Bank on Thursday boosted investor sentiment elsewhere

REAL ESTATE

• 15-year: 6.70%

• 30-year: 7.17%

*Mortage rates via Mortgage News Daily

Homeowners with locked rates less likely to consider selling

Zillow survey reveals: Lower mortgage rates correlate with decreased likelihood of homeowners selling and relocating.

Following record lows in late 2020, mortgage rates have surged to 6-7% in recent years, contrasting sharply with the sub-3% rates of 2020-2021. For homeowners with low rates, moving now incurs significant financial burdens, often trapping them in their current homes due to high costs associated with selling and remortgaging.

TECH

Global AI Adoption Reaches 72%, Generative AI Doubles in 2024

Businesses are embracing AI at an explosive rate: A new McKinsey study reveals a staggering 70% of global organizations now utilize AI in their operations, marking a dramatic 40% increase from the 50% adoption rate observed just one year ago. This widespread adoption suggests AI is rapidly becoming an essential tool for businesses to remain competitive.

A survey of 1,363 businesses finds 72% using AI, with generative AI adoption doubling to 65% (from 33% in 2023). This highlights the surging adoption of generative AI, a powerful form of AI that can create new content.

QUICK RECAP 

#1. Costco (COST -0.67%) shares have risen approximately 2% over the last 5 trading sessions

#2. Trump Media and Tech Group (DJT) shares drop 5.30% by week's close.

#3. India's election results show Modi leading, yet market reacts with a plunge as landslide projections diminish, reflecting the uncertainty

#4. Heightened security marks Tiananmen crackdown anniversary in China and Hong Kong.

#5. Oil prices drop over $1 amid concerns of future supply increase in 2024.