The Trump Organization’s “Not our average” announcement
Tue:
BoJ Interest Rate Decision (expected to keep rates on hold)
U.S. Senate set for final vote on the stablecoin bill ‘GENIUS Act’ (if pass, will move on to the House of Representatives for further voting)
Wed:
U.S. Jobless Claims
U.S. Fed Interest Rate Decision (expected to keep rates on hold), Economic Projections, Press conference
What Bloomberg Economics Says: “Amid the uncertainty, the FOMC considers the optimal path is to stay put. We expect the median participant to signal just one 25-basis-point cut in 2025, down from two earlier this year — and a sizable minority may see no cuts at all. That’s a big gap from market pricing, which still leans toward 50 bps. Powell will try to thread the needle, acknowledging softer data but stressing the Fed is in ‘wait-and-see’ mode amid policy uncertainty.”
Michael Saylor: If you have everything—you don’t need Bitcoin.
Strategy acquired 1,045 bitcoin for $110.2 million and now holds 582,000 bitcoin
Digital asset investment products saw US$1.9bn in inflows last week, marking the 9th consecutive week and a record YTD total of US$13.2bn. Bitcoin rebounded with US$1.3bn in inflows, while Ethereum saw US$583m inflows, its strongest since February, bringing its recent run to US$2bn (14% of AuM).
Amazon and Walmart Weigh Issuing Own Stablecoins, WSJ Says
Ant International is planning to apply for stablecoin licenses in Singapore and Hong Kong, as well as a related permit in Luxembourg.
All seven Solana ETF filers have now added staking to their filings: dlnews
Turnkey, a crypto wallet startup raised $30 million
‘RISE’ Chain Secures $4M From Galaxy to Power Ultra-Fast Layer-2
Plasma Attracts $1B of Deposits Ahead of Stablecoin Chain’s Launch
AI startup Yupp has raised $33 million in a seed funding round led by a16z crypto, founded by a team of veterans from Coinbase, Google, and X: theblock
Hypernative, a provider of threat prevention for crypto companies, raised $40m in Series B funding
Binance will allow users in Syria to trade in cryptocurrencies, including bitcoin, on the platform following the United States' decision to lift sanctions on the country last month, the company said on Thursday.
Gemini, a cryptocurrency exchange platform backed by the billionaire Winklevoss twins, has filed to go public; Peter Thiel-backed crypto group Bullish files for IPO
US accuses Russian of using crypto group to acquire sensitive technology.
Trump on Friday reported income of $57.4mn derived from his involvement with World Liberty Financial, a cryptocurrency group he backs with his sons Donald Jr and Eric: FT
Prosecutors said Gugnin (Russian) used his crypto payments company to make payments on behalf of foreign customers for sensitive US electronics, including an American designed server that was subject to export controls, and also laundered funds to purchase parts for Rosatom, Russia’s state-owned nuclear technology company.
An American financier invested $100mn in the Trump family’s flagship bitcoin project just nine weeks after a probe into his crypto business was dropped by the Trump administration: FT
GameStop shares slid Thursday after it announced plans for a $1.75 billion convertible notes offering to potentially fund its new bitcoin purchase strategy
“Special thanks to our sponsor: Coinbase”: “dont think i really understood the concept of national humiliation an hour ago” X
TradeFi:
Trump has called Powell a “numbskull” for not cutting interest rates, saying the he may “have to force something” if the US central bank does not reduce borrowing costs.
China has not committed to grant export clearance for some specialized rare-earth magnets that U.S. military suppliers need for fighter jets and missile systems, the people said. The United States maintains export curbs on China's purchases of advanced artificial intelligence chips out of concern that they also have military applications. In addition, U.S. officials also signalled they are looking to extend existing tariffs on China for a further 90 days beyond the August 10 deadline agreed in Geneva last month, both sources said, suggesting a more permanent trade deal between the world's two largest economies is unlikely before then.
Donald Trump plans to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of his July 9 deadline to reimpose higher duties on dozens of economies. Commerce Secretary Howard Lutnick said the EU may be at the back of the line for any deal, while Japan’s leadership said it won’t rush into an agreement that would hurt the nation’s interests.
Hong Kong's pension fund managers have formed a plan to sell down their Treasury holdings within three months if the US loses its last recognized top credit rating.
The World Bank's chief economist, Indermit Gill, said that decades of economic progress in developing countries had all but ground to a halt in recent years, with growth in investment and trade slowing, and debt piling up. "Outside of Asia, the developing world is becoming a development-free zone," he said. "It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades - from 6% annually in the 2000s to 5% in the 2010s - to less than 4% in the 2020s."
Tech:
OpenAI hits $10 billion in annual recurring revenue
China’s AI firms are bypassing US controls by carrying suitcases packed with hard drives to nations in Southeast Asia and the Middle East where they can freely use Nvidia chips to train their AI models,
WORLD:
Israel vs Iran: Israel launched waves of airstrikes against Iran, attacking its nuclear program and ballistic-missile sites, and taking out its top military command. As a major escalation of tensions in the Middle East. Crude oil soared as much as 13%. Iran fired hundreds of ballistic missiles on Friday in retaliation for Israel’s airstrikes. Israel and Iran continued to attack each other, as the conflict entered a fourth day without showing any sign of easing. Iran fired more waves of missiles, while Israel hit Tehran, killing another key military official, and attacked a giant gas field. The UN’s nuclear watchdog said Israeli strikes caused serious damage to Iran’s uranium conversion facility in Isfahan. And the US consulate in central Tel Aviv sustained minor damage after an Iranian missile landed nearby. Without US military assistance, Israel’s “ability to harm Iran’s main uranium-enrichment sites is more limited, Iran’s Nuclear Sites Hobbled But Not Destroyed, Experts Say. “Israel cannot destroy Fordow without US military assistance,” Israel destroyed surface facilities at Iran’s main nuclear-fuel site in Natanz, it hadn’t yet breached the primary underground halls where uranium enrichment takes place. Israel’s wars since October 2023 have cost around $85bn, but this was before the latest stage with Iran. An economist advising the government puts the direct costs of jet-fuel and munitions for the war against Iran at around $300m a day: economist
CRASH: A Boeing 787 Dreamliner operated by Air India bound for London from Ahmedabad crashed shortly after takeoff and exploded into a huge fireball, in what’s set to be the worst accident involving the US planemaker’s most advanced widebody airliner. The flight was carrying 242 passengers and crew. Crash Killed 241 on Board in Worst Accident in Years. Boeing shares slumped premarket as the crash highlighted other accidents involving its planes.
*More Charts are in the group
“i’m raising $100M at $2B post for a Bitcoin L2 sidechain liquidity pool AVS staking rewards dataDAO subnet stablecoin AI infrastructure humanoid robot spatial data depin space asteroid mining GPU compute perps energy storage protocol lmk if u wanna invest”: Meltem Demirors
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