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Good morning, Coin Discoverers!

CRYPTO

• BTC: $62,965.60 (+0.22%) YTD (+42.55%)

• ETH: $3,445.85 (+0.22%) YTD (+46.46%)

• BNB: $575.59 (-0.08%) YTD (+83.7%)

*Crypto numbers as of 5:00 am EST on July 7th

Binance.US ready for SEC discovery phase

Binance.US, the American branch of the world’s largest cryptocurrency exchange, announced that it was already "prepared" for Friday’s court decision to proceed with the Securities and Exchange Commission's case against the exchange.

In a post on X, the company expressed that it "looks forward" to the case advancing to further discovery. Binance.US emphasized that "notably, the SEC has yet to identify any evidence of wrongdoing on our part throughout the extensive, 11-month discovery process in which we have participated to date.

Bitfarms June Bitcoin Production Rises

Last month, Bitfarms mined 189 bitcoins and sold 134 for $8.8 million. The company currently holds 905 bitcoins in its treasury.

Bitfarms increased its bitcoin mining output to 189 BTC last month, up from 156 BTC in May. From this total, it sold 134 BTC, amounting to $8.8 million. The company now holds 905 bitcoins in its treasury, compared to 850 last month, valued at approximately $55.2 million based on a BTC price of $61,000 as of June 30, 2024.

Paxos Approved in Singapore, Partners DBS

Paxos' Singapore arm, Paxos Digital Singapore Pte. Ltd., can now provide "digital payment token services" as a significant payments institution.

On Monday, Paxos announced a partnership with DBS Bank for cash management and stablecoin reserve custody in Singapore.

Circle Granted MiCA License for USDC/EURC

Circle is now licensed to issue stablecoins under the Markets in Crypto Assets (MiCA).

Circle's CEO Jeremy Allaire announced in a Paris press conference that Circle is the first global stablecoin issuer compliant with MiCA, effective July 1. Circle can now issue its stablecoins USDC and EURC under this regulatory framework.

Circle's compliance journey in the stablecoin sector included securing a digital asset regulatory license in France last December and appointing a Head of French Operations.

STOCKS

• DOW: 39,169.52 (+0.13%) 

• S&P: 5,475.09 (+0.27%)

• NASDAQ: 17,879.30 (+0.83%)

*Stock numbers as of market close on July 1st

Robinhood Partners with Pluto Capital for AI Integration

Robinhood Markets (HOOD.O) announced on Monday its acquisition of Pluto Capital, an artificial intelligence-powered investment platform. This move adds Robinhood to the expanding roster of companies aiming to provide AI tools to their customers.

Leading technology firms are aggressively integrating AI into their offerings. Generative AI, designed to simulate human-like interactions through extensive data processing, has captivated global attention and is anticipated to drive widespread industry transformation.

Trump Media added to Russell Indexes during annual update

Trump Media & Technology Group (DJT.O), owner of Truth Social, announced Monday its inclusion in the Russell Indexes during their annual reconstitution.

The Russell Indexes encompass the Russell 1000 for large-cap stocks (.RUI) and the Russell 2000 for small-cap stocks (.RUT), collectively forming the Russell 3000 (.RUA). Additionally, there are style indexes like the Russell 1000 Growth (.RLG) and Russell 2000 Value (.RUJ).

REAL ESTATE

• 15-year: 6.49%

• 30-year: 7.14%

*Mortage rates via Mortgage News Daily

Adapting the Narrative to Market Dynamics

Often, the ingredients of a trading day can provide clues to predict how the bond market will react. There's a basic causality at play: for example, if a report like ISM Manufacturing shows widespread weakness, it's logical to expect bond yields to decrease, all else being equal.

In this instance, the explanations revolve around familiar trading patterns at month-end and the start of a new month, alongside broader political factors. Addressing politics, however, is complex not due to its contentious nature, but because crafting a narrative involves navigating numerous ifs, thens, assumptions, and qualifications to make sense of the market's trajectory.

TECH

AI can boost farming

AI's transformative impact spans industries, particularly in agriculture, where "edge AI" promises to revolutionize farming, enhance productivity, and achieve sustainability goals, according to a recent study.

Edge AI involves programming AI algorithms directly on local devices at the network's edge, rather than in centralized data centers.

QUICK RECAP 

#1. Tech giants Apple and Tesla propelled Nasdaq higher; Dow and S&P 500 also edged up in pre-holiday trade. Apple rose 2.9%, Microsoft 2%, and Amazon 2.2%.

#2. The U.S. dollar neared a 38-year high against the yen amid rising Treasury yields and speculation about another Trump presidency.

#3. In June, global hedge funds divested U.S. TMT shares at their quickest pace since 2016, led by semiconductors

#4. China's BYD (BYDDY) posted a 21% Q2 EV sales increase, selling 426,039 units, just 12,000 fewer than Tesla.

#5. Northern Data AG explores a potential $16 billion US IPO for its AI cloud and data center businesses.