Major Court Victory For Crypto

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. U.S. home prices nearly match all-time highs, bucking historical correction trends. In June, home values in the nation's 20 largest cities rose for the fifth consecutive month, inching up by 0.9%. While year-over-year prices did dip by 1%, they are virtually even with their record highs set in June 2022, missing the mark by a mere 0.02%. When stacked against previous housing corrections, today's recovery in home prices is unfolding faster than expected, offering a unique snapshot of a resilient market.

2. Crypto 1, SEC 0 as D.C. circuit court slams SEC's "incoherent" denial of Grayscale's Bitcoin ETF, setting the stage for a crypto boom. In a landmark decision, a court ruled that the Securities Exchange Commission (SEC) was unjust in its refusal to allow Grayscale to convert its Bitcoin trust into an exchange-traded fund (ETF). Cryptocurrency markets responded with a surge, adding more fuel to the speculation about the potential of Bitcoin ETFs. The SEC now has a 45-day window to review the court's ruling and decide whether to appeal. Financial firm Bernstein predicts that within three years, Bitcoin ETFs could make up as much as 10% of the cryptocurrency's overall market value.

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4. Headlines

   1. Google is launching a version of Google Suite but specifically with AI tools for companies. This is similar to Open AI’s ChatGPT Enterprise and Microsoft’s AI-powered Microsoft 365.

   2. Putin will be leaving Russia in October for the first time since an arrest warrant for war-crimes was issued in his name. He will attend the Belt and Road Forum in China.

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