Weekly Market Report. July 5, 2024

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July 5, 2024

Greetings, curious minds! Join us on a journey into the cutting-edge. This newsletter unveils the latest trends shaping our world.

Let’s explore together! 🌐🚀

🔥 Top Reads

Crypto market sees $665 million in daily liquidations as bitcoin tanks below $55,000 😲

Bitcoin dropped 7.4% in the past 24 hours to $54,422 at the time of publication, according to The Block’s bitcoin price page. The price fall came after defunct crypto exchange moved about $2.7 billion worth of bitcoin as it prepares for its payout to creditors, set to start early this month.

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‘Change begins immediately,’ says new UK PM Keir Starmer 🤔

The United Kingdom’s new Prime Minister, Keir Starmer, has pledged to “deliver change” after his Labour Party swept the general election in a landslide. In a speech in front of 10 Downing Street after a ceremonial “kissing of hands” with King Charles III and the approval to form a new government, Starmer said it was “clear” that the country needs a “bigger reset”.

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Samsung expects profits to jump by more than 1,400% 🧐

Samsung Electronics expects its profits for the three months to June 2024 to jump 15-fold compared to the same period last year. An artificial intelligence (AI) boom has lifted the prices of advanced chips, driving up the firm’s forecast for the second quarter.

📈 Market Data

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🚨 Important News This Week

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AI

  • Microsoft AI Deal With UAE’s G42 at Risk Over National Security Fears

  • Japan to help Southeast Asia develop AI

  • Billionaire Niel’s Voice AI Takes on ChatGPT With French Accent

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Tech

  • Apple removes 25 VPN apps from App Store in Russia

  • Meta’s potential news blackout in Australia

  • Nvidia Creating ‘Huge Bottleneck’ in AI Chip Supply, EU’s Vestager Warns


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Business

  • China’s Investment Bankers Join the Communist Party as Morale (and Paychecks) Shrink

  • Tesla is now an official Chinese government car

  • Investors look to upcoming earnings to keep stock rally going

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Crypto

  • Crypto Stolen by Hackers Doubles to $1.38 Billion In First Half of This Year

  • Collapsed bitcoin exchange Mt. Gox is about to unload $9 billion of coins onto the market

  • Dogecoin Dumps As Whales Move 400 Million Coins: Trader Predicts ‘Next Will Be A Huge Rebound’

🚨 Notable Companies Secure Impressive Investments

  • Astria has raised $12.5M in a Strategic funding round co-led by Placeholder VC and dba

  • Sentient has raised $85M in a Seed round co-led by Founders Fund, Pantera and Framework

  • Prodia has raised $15M in Seed funding round led by Dragonfly Capital

  • OpenLedger has raised $8M in a Seed funding round led by Polychain Capital and Borderless Capital

  • RedStone has raised $15M in a Series A funding round led by Arrington Capital

  • Pi Squared has raised $12.5M in a Seed funding round led by Polychain Capital

  • Lombard has raised $16M in a Seed funding round led by Polychain Capital

  • SendBlocks has raised $8.2M in a Seed funding round led by Castle Island Ventures

🚀 Memecoins have an important role to play in crypto

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Memecoins have stolen the spotlight this Bitcoin halving cycle, and they’ve offered unparalleled opportunity to at least some participants. Memecoins are often seen as jokes, destined to just fade away. But what if they are crucial to crypto? Traditional finance laughs, but memecoin investors might be pioneering new financial strategies.

Continue reading the full article on Cointelegraph

🤣 Meme of the Week

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🫰Love What You Read?

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If you have any questions, please contact me directly in my email.

Sincerely,

Constantin Kogan

[email protected]