🚀 Is Crypto About To Explode?

Good morning. US stock futures dipped in Monday morning trading as key stock benchmarks reached record highs with markets having digested a better than expected earnings season.

🪙 Bitcoin closes in on record high 

📝 Our report: Bitcoin just strapped on its rocket boosters, soaring to a two-year high and breaking the $64,000 mark as a wave of money carried it within striking distance of record levels! It touched $64,285 — its highest level since late 2021. Bitcoin's record high is $68,999.99 set in November 2021.  

 🔑 Key points:

• The largest cryptocurrency by market value has gained 50% this year and most of the rise came in the last few weeks where trading volume has surged for U.S.-listed bitcoin funds.

• Spot bitcoin exchange-traded funds were approved in the United States earlier this year. Their launch opened the way for new large investors and has re-ignited enthusiasm and momentum reminiscent of the run up to record levels in 2021.

• The cryptocurrency rally has come in tandem with records tumbling on stock indexes from Japan's Nikkei to the S&P 500 and tech-heavy Nasdaq and with volatility gauges in equities and foreign exchange turning lower.

💡 So what: Bitcoin's resurgence in price can be attributed to several factors, including increasing institutional adoption, economic uncertainty, and growing mainstream acceptance. However, Bitcoin's price remains highly volatile and influenced by market sentiment, regulatory developments, and technological advancements. While its rising price reflects growing interest and demand, investors should remain cautious and conduct thorough research due to the inherent risks associated with cryptocurrencies.

Monday - Philadelphia Fed President Tom Harker Speaks

Tuesday - Fed Vice Chair for Supervision Michael Barr Speaks

Wednesday - Fed Chair Jerome Powell Testifies To Congress, Federal Reserve Beige Book

Thursday - U.S. Trade Balance, Consumer Credit

Friday - New York Fed President John Williams Speaks

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🛑 Investor group ups offer to buy Macy’s

WHAT: An investor group eyeing Macy's is tossing in an extra billion bucks into the pot after the department store chain sent their last offer back to the bargain basement. Arkhouse Management and Brigade Capital Management are now offering to acquire the Macy's stock they don't already own for $24 per share, or $6.6 billion, according to a report from the Wall Street Journal, citing people familiar with the matter.

WHY: The two investment firms had submitted a proposal in December last year to acquire the shares of Macy's they don't already own for $21 a share but the offer was rejected by the department store operator due to concerns over the deal's financing and valuation.

🤖 AI “thinking like humans” around the corner tech CEO says…

WHAT: Hold on to your silicon chips! Nvidia's top dog, Jensen Huang, just spilled the AI beans, suggesting that artificial general intelligence might be able to think and act like humans — and pass complex exams — in as little as five years. "If I gave an AI ... every single test that you can possibly imagine, you make that list of tests and put it in front of the computer science industry, and I'm guessing in five years time, we'll do well on every single one," said Huang, speaking at an economic forum held at Stanford University.

WHY: As of now, AI can pass tests such as legal bar exams, but still struggles on specialized medical tests such as gastroenterology. But Huang said that in five years it should also be able to pass any of them.

🏡 Tech firms face tough EU rules

WHAT: Looks like Elon Musk's X social media platform, along with TikTok owner ByteDance and Booking.com, might have stumbled into the EU's tech rulebook as "gatekeepers," according to the European Commission. The Digital Markets Act (DMA) designates companies with more than 45 million monthly active users and 75 billion euros ($81 billion) in market capitalization as gatekeepers providing a core platform service for business users.

WHY: "The Commission now has 45 working days to decide whether to designate the companies as gatekeepers. The Commission will also assess any argument put forward by the submitting companies to rebut the presumption that they should be designated as gatekeepers," the EU competition enforcer said in a statement.

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