Potential breakout 🔥

Good morning, Coin Discoverers!

CRYPTO

• BTC: $70,966.20 (-0.22%) YTD (+60.66%)

• ETH: $3,857.11 (-0.24%) YTD (+63.94%)

• BNB: $700.67 (+0.39%) YTD (+123.21%)

*Crypto numbers as of 5:00 am EST on June 6th

Yield bearing stablecoin lifts USDL

Paxos International, a UAE-based branch of Paxos, has introduced a new yield-bearing stablecoin named Lift Dollar (USDL), debuting its first market in Argentina.

Paxos International announced Wednesday that USDL is issued permissionlessly on Ethereum and pays yield programmatically on a daily basis to token holders, contingent on the reserve assets fully backing the total value of USDL in circulation.

Bain Capital Crypto backs $35M Series A

M^0 (pronounced "M Zero"), a decentralized stablecoin minting protocol, secured $35 million in Series A funding, led by Bain Capital Crypto.

Prosperi stated that the round was structured as equity plus tokens, with M^0 issuing its two governance tokens, POWER and ZERO, to investors, subject to a lock-in period. He noted that this lock-in period aligns with "prudent business and regulatory practices," but declined to comment on the valuation.

Options signaling potential breakout

Recent significant purchases of bitcoin call options with a strike price exceeding $74,000 for June expiry have led analysts to speculate that numerous investors are betting on prices surpassing $74,000 by the end of the month.

QCP Capital analysts reported observing strong bullish momentum, with substantial bitcoin call option purchases for June expiries. This indicates market positioning for a decisive breakthrough above the all-time high of $74,000 this month.

GameStop Rises, Gensler Sidesteps

GameStop's stock surged 16% to exceed $31 following inquiries to SEC Chair Gary Gensler regarding Keith Gill's involvement.

During a CNBC Mad Money segment, the hosts raised the topic of the online persona known as Roaring Kitty or DeepFuckingValue. However, before they could complete their inquiry about Gill's online activities, Gensler interjected, addressing the show's viewers directly.

STOCKS

• DOW: 38,807.33 (+0.25%)

• S&P: 5,354.03 (+1.18%)

• NASDAQ: 17,187.90 (+1.96%)

*Stock numbers as of market close on June 6th

Asia Stocks Surge, Focus on ECB amid Growing Rate Cut Expectations

Asian shares rose on Thursday amid increasing anticipation of a September interest rate cut by the U.S. Federal Reserve. Meanwhile, the euro strengthened ahead of the European Central Bank policy meeting, with a rate cut widely anticipated.

MSCI's Asia-Pacific ex-Japan index (.MIAPJ0000PUS) surged 1.14%, driven by gains in the tech sector, indicating a potential 2.7% weekly increase and breaking a two-week losing streak. Japan's Nikkei (.N225) climbed 1%.

Nvidia's Impressive Performance Fuels Wall Street's Record Surge

The surge in U.S. equities, pushing them to all-time highs, is increasingly dependent on the stellar performance of chipmaker Nvidia (NVDA.O) and a few other major stocks, sparking worries about the market's reliance on a select group of companies.

Approximately 60% of the S&P 500's total return, exceeding 12% this year, can be attributed to the robust performance of five companies with significant weightings in the index: Nvidia, Microsoft, Meta Platforms, Alphabet, and Amazon, according to S&P Dow Jones Indices data.

REAL ESTATE

• 15-year: 6.55%

• 30-year: 7.03%

*Mortage rates via Mortgage News Daily

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TECH

Revolutionize Smartphones: AI over Apps, says iPhone Rival

Nothing's upcoming premium smartphone will integrate AI into every aspect, featuring a personalized AI companion designed to emulate the closeness of a best friend.

London's Nothing aims to revolutionize smartphones with an AI-driven interface, leaving behind traditional apps.

Smartphone usage needs a revamp," stated Nothing CEO Carl Pei on Twitter. "The current experience hasn't changed much in over a decade. The next phase requires a personalized, dynamic, and cross-device interface.

QUICK RECAP 

#1. Parkland divests Canadian propane business for $84 million under investor pressure.

#2. Richard Li's FWD Group restarts Hong Kong IPO plan.

#3. Apollo to invest $11 billion for 49% stake in Intel Ireland factory JV.

#4. Indian shares poised for a modest uptick as Modi eyes third term.

#5. Oil climbs as Fed rate cut hopes strengthen.