June 11: Apple’s Privacy & Elon Rages
If you noticed something different yesterday, that's because we aired a pilot for a new show format. We're experimenting with a show that covers trending topics, Solana, AI, and memes, featuring myself and Patrick, an advisor to DCN. We’ve got a combined 16-18 years in the crypto space, so we’ve seen a lot. We’ll discuss various tokens, their teams, ideas, and our trading strategies. If you liked the format, let me know at matt@dailycryptonews.net. We’re also debating between the names "Trends with Benefits" or "Altcoin Talk." What do you think?
Apple’s AI Push
Yesterday was Apple’s WWDC, where they introduced their new "Apple Intelligence." Apple’s been all about privacy, and now they’re integrating AI while emphasizing that. This new personal assistant will need to know everything about you to work properly. They’re storing your data in a "private cloud" and using OpenAI to handle more complex queries. Elon Musk isn’t happy about this and threatened to ban Apple devices from his companies due to security concerns. Is he right about the risks, or is this just another feud? Time will tell.
Bitcoin Price Drop
This morning, Bitcoin took a 3% hit, dropping to around $66,000. This dip is likely due to anticipation over the Consumer Price Index report and its implications for inflation and interest rates. The Bank of Canada recently lowered its interest rate by 25 basis points to 4.75%, and other global banks might follow. Will the Fed make a similar move? We’ll have to wait and see.
EU Eyes Lightning Network
The EU’s first report on encryption flagged Bitcoin’s Lightning Network and other Layer 2 solutions as potential tools for criminals. The concern is that these technologies obscure transaction data, making it harder for law enforcement to trace illicit activities. No concrete actions yet, but they’re definitely keeping an eye on these developments.
China’s New Video AI
Remember when OpenAI’s Sora came out? Well, now there’s Kling, developed by Kuaishou, a Chinese tech giant. It promises longer, more complex videos with better physics simulations. It’s only available in China for now, so we’ll see if it lives up to the hype. There’s always skepticism with new tech, especially coming from China, but if it’s legit, it could be a game-changer.
Trump’s Crypto Fundraiser
David Sacks and Chamath Palayapitiya hosted a fundraiser for Donald Trump, raising around $12 million. Trump billed himself as the “crypto president.” JD Vance’s connections with Peter Thiel and David Sacks likely played a role in setting this up. As we head into the 2024 election, both Trump and Biden are expected to spend around a billion dollars each. Crypto is becoming a major campaign issue, and we’ll see how it influences the race.
Meme Stocks and Coins
GameStop (GME) is down 62% from its high, now trading around $25. Roaring Kitty’s meme about losing a billion is making the rounds. Similarly, Solana-based GameStop meme coins are down 25% after a recent rally. The hype cycle continues to be as volatile as ever.
Market Snapshot
Here’s a quick rundown of today’s market numbers:
Bitcoin: $66,790 (down 3.7% in 24 hours)
Ethereum: $3,516 (down 4.2%)
Binance: $607 (down 5.7%)
Solana: $151 (down 4.5%)
The total market cap is at $2.44 trillion, with Bitcoin dominance at 54.1% and Ethereum at 17.4%.
That’s it for today. I’ll be back tomorrow. Remember to email me your thoughts on the new show at matt@dailycryptonews.net. Until tomorrow, happy hodling!
News Links👇
https://decrypt.co/234754/bitcoin-drops-3-ahead-of-interest-rate-decision-and-us-inflation-report
https://decrypt.co/234706/kling-ai-video-generator-china-beats-pika-runwayml-openai-sora
https://decrypt.co/234556/trump-makes-crypto-president-play-at-fundraiser-report
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT!
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