Web3 projects boosted 🥰😍

Good morning, Coin Discoverers!

CRYPTO

• BTC: $67,664.60 (-0.86%) YTD (+53.18%)

• ETH: $3,502.81 (-1.69%) YTD (+48.88%)

• BNB: $607.89 (-1.81%) YTD (+93.66%)

*Crypto numbers as of 5:00 am EST on June 13th

Defense against CBDC

Bitcoin mining stocks, led by TeraWulf's nearly 20% surge, recovered on Wednesday after a previous drop. Trump's comments likely fueled these gains, with bitcoin's price also rebounding by about 5%.

Trump posted on Truth Social late Tuesday, urging people to "VOTE FOR TRUMP!" He claimed Bitcoin mining is vital against CBDCs, accusing Biden of aiding adversaries and calling for domestic Bitcoin production.

Equilibrium's $30M Venture

Equilibrium Group, specializing in blockchain engineering, introduces Equilibrium Ventures and debuts its inaugural early-stage fund, marking a strategic expansion into venture capital.

Equilibrium Ventures Fund I aims to secure €30 million (approx. $32.5 million). Already, 20% (€6.5 million or approx. $7.1 million) has been raised in the initial phase, with a target to complete the fund by year-end, according to Mika Honkasalo, the firm's investment partner, speaking to The Block.

Fortune 100 Boosts Web3

A Coinbase report reveals Fortune 100 companies increased Web3 projects by 39% year-over-year, hitting a record high in Q1 2024, highlighting significant growth and investment in the sector.

Moreover, 56% of Fortune 500 executives report their companies are working on blockchain-based projects, particularly focusing on consumer-facing payment applications.

The demand for web3 projects is being driven by sectors such as spot Bitcoin exchange-traded funds, real-world asset tokenization, and stablecoins, reflecting a growing interest in blockchain applications.

DADDY Token Surges Allegedly

Andrew Tate-backed Solana token surges amid allegations of insider trading, according to crypto analytics firm Bubblemaps, sparking controversy.

Formerly critical of crypto, Andrew Tate recently embarked on a meme coin buying spree, endorsing tokens that have collectively surged in value. The latest token he promoted now boasts a market cap exceeding $275 million, though on-chain analysts suspect substantial insider trading preceding its meteoric rise.

STOCKS

• DOW: 38,712.21 (-0.091%)

• S&P: 5,421.03 (+0.85%)

• NASDAQ: 17,608.44 (+1.56%)

*Stock numbers as of market close on June 12th

Musk's $56B pay gets green light

Tesla (TSLA.O) shareholders are voting on Elon Musk's $56 billion pay package and relocating the company's legal headquarters to Texas, as announced by Musk on social media platform X. Initial results indicate strong support.

Tesla shareholders are deciding on ratifying CEO Musk's 2018 incentive package, originally valued up to $56 billion. This follows a Delaware judge's ruling invalidating a board-approved plan perceived as overly favorable to Musk.

Asia’s stock rally

Thursday saw Asian stocks surge amid falling bond yields, with investors balancing easing U.S. inflation against a firmer stance from the Federal Reserve on interest rates.

Japanese stocks lagged, with the yen edging lower versus the dollar, coinciding with the start of the Bank of Japan's two-day policy meeting.

MSCI's Asia-Pacific ex-Japan index rose 0.9%, led by Taiwan (+1.7%) and Hong Kong's Hang Seng (+1%), bolstered by record highs in the U.S. S&P 500 and Nasdaq.

REAL ESTATE

• 15-year: 6.40%

• 30-year: 6.98%

*Mortage rates via Mortgage News Daily

Mortgage Rates Dip Post-Inflation Surge

Today was pivotal for bond markets and mortgage rates, driven by two major events: the CPI release and the recent jobs report.

Despite challenging jobs data, today's CPI provided relief, lowering average top tier 30-year fixed rates just below 7.0%, marking significant monthly decline.

After a promising start, optimism waned following the afternoon's Fed update. Updated rate projections, with fewer cuts than anticipated, tempered market expectations modestly.

TECH

AI-Infused Virtual Rat Improves Robotics

Harvard and Google DeepMind researchers find that accurately simulating rat movements illuminates neural circuitry guiding complex behaviors in robotics.

Researchers from Harvard and Google's DeepMind AI lab have created a virtual rodent that mimics real rats' movements with precision. This breakthrough enhances our grasp of brain control over complex motions.

Even the most advanced robots today struggle to replicate this achievement. The team anticipates their discoveries will significantly enhance future robots' agility and capabilities.

QUICK RECAP 

#1. Carlos Slim acquires 3.16% of BT (BT.L), valuing his stake at £408 million ($522 million).

#2. Surge in GameStop options trading suggests Roaring Kitty may have sold part of his disclosed position, including 120,000 call options.

#3. Sony Pictures (6758.T) buys Alamo Drafthouse Cinema, forming Sony Pictures Experiences division led by CEO Michael Kustermann

#4. Chinese EV stocks surged; BYD soared 8.8%, rebounding from a recent decline, with Geely and Leapmotor also rising.

#5. Oil prices dipped on Thursday after the Fed held rates steady, with Brent at $82.46 and WTI at $78.34.