Transferred over 47k Bitcoin

Good morning, Coin Discoverers!

CRYPTO

• BTC: $54,014.00 (-5.30%) YTD (+22.28%)

• ETH: $2,856.48 (-6.64%) YTD (+21.41%)

• BNB: $470.43 (-8.42%) YTD (+49.87%)

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

Mt. Gox transfers nearly 47,229 BTC in preparation for $9 billion payout.

According to Arkham Intelligence, the collapsed cryptocurrency exchange Mt. Gox transferred over 47,000 BTC (-3.94%) to another wallet late Thursday evening. This move precedes its upcoming $9 billion bitcoin repayment to creditors.

One of Mt. Gox's three major wallets transferred approximately 47,228.7 BTC (around $2.71 billion) to a wallet address ending in '6onk.' Earlier on Thursday morning, several Mt. Gox wallets conducted two small transactions over a few hours, with the largest transaction being $24 worth of bitcoin

Crypto market faces $665 million in daily liquidations as Bitcoin drops below $55,000

The cryptocurrency market experienced over $665 million in liquidations in the past 24 hours as Bitcoin faces heavy selling pressure, with Mt. Gox continuing preparations for its payout.

Bitcoin (BTC -8.091%) fell 7.4% in the past 24 hours to $54,422, according to The Block’s bitcoin price page. The decline followed the transfer of approximately $2.7 billion worth of bitcoin by the defunct crypto exchange Mt. Gox, which is preparing for its payout to creditors starting early this month

Arbitrum benefited from the LayerZero airdrop, but the surge was brief

The LayerZero airdrop briefly increased network activity and revenue on June 20. Due to ZRO claims, Arbitrum's revenue reached $3.38 million on that day, marking its highest ever.

On June 20, the day ZRO airdrop claims began, Arbitrum generated $3.38 million in revenue, marking its highest ever and a significant increase compared to the usual tens of thousands in revenue post-Dencun.

UFC star launches meme coin, plunges to zero within minutes amid allegations of insider trading

After nine months without a fight, undefeated UFC superstar Khamzat Chimaev shifts gears to crypto, promoting his own meme coin.

On Tuesday, Russian-born wrestler Khamzat Chimaev asked fans which cryptocurrency he should invest in, causing a mix of excitement and panic among his followers. Following the recent trend of celebrities launching their own tokens, Chimaev soon did the same.

STOCKS

• DOW: 39,308.00 (-0.060%)

• S&P: 5,537.02 (+0.51%)

• NASDAQ: 18,188.30 (+0.88%)

*Stock numbers as of market close on July 3rd

U.S. employment and wage growth are projected to moderate in June

U.S. job growth likely slowed to a steady pace in June, with the unemployment rate remaining at 4%. This increases the likelihood that the Federal Reserve can manage inflation without pushing the economy into a recession.

The Labor Department's closely watched employment report on Friday is expected to show annual wage growth at its slowest rate in three years. Combined with the moderation in prices in May, this would confirm that the disinflationary trend is back on track after the inflation surge in the first quarter.

Sources report that Doordash has held takeover talks with the UK's Deliveroo

U.S. meal delivery group Doordash (DASH.O) has expressed interest in a takeover of Britain's Deliveroo (ROO.L).

San Francisco-based Doordash approached Deliveroo for a potential takeover, but talks ended due to a valuation disagreement, according to an anonymous source. The source added that there are no ongoing discussions.

Deliveroo's shares, which have dropped 67% from their August 2021 high of 395.9 pence, closed at 127.5 pence on Tuesday, giving the London-listed firm a valuation of 2.1 billion pounds ($2.66 billion).

REAL ESTATE

• 15-year: 6.43%

• 30-year: 7.04%

*Mortage rates via Mortgage News Daily

Lower Mortgage Rates Follow Weak Service Sector Report

The Federal Reserve frequently emphasizes being data-dependent in its rate-setting policy discussions. Although the Fed doesn't directly control mortgage rates, the bond market reacts to the same economic data the Fed considers.

Today's pivotal report, the ISM Services index, while not the Fed's top priority, historically influences markets significantly, affecting bonds and consequently rates. This latest release was notably weaker than anticipated, typically resulting in lower rates, assuming all other factors remain constant.

TECH

Cloudflare enhances efforts to prevent AI bots from scraping websites

Cloudflare, a leading global internet security firm safeguarding nearly 20% of global web traffic, introduces an "easy button" for website owners to block AI access amid rising demand for content for AI training.

Cloudflare's primary service acts as an internet proxy, scanning and filtering web traffic before it reaches its destination. The company's network handles an average of over 57 million requests per second.

QUICK RECAP 

#1. Saks Fifth Avenue parent HBC will acquire Neiman Marcus for $2.65 billion, boosting vendor negotiation and cost control

#2. Republicans rally around Trump as nominee, divided over federal corporate tax rate: 15% vs. 25%, Trump eyes 20%.

#3. At its lowest since February, the digital asset dropped 8.1% to $54,400 by 7:20 a.m. Friday in London. Ether, XRP, and Cardano saw deeper declines, with losses surpassing 10% in some cases.

#4. In Q2, the top memory chip and smartphone maker saw operating profit soar 15-fold to $7.5B.

#5. Brent crude traded at $87/barrel and WTI below $84, both set for a fourth weekly gain