This Decentralized AI Marketplace just broke into the top 100 on CoinMarketCap.

State of the Market: Macro Calls and Bitcoin Falls 🎢📉

Bitcoin’s Big Dip: Macro has spoken, and Bitcoin answered with a nosedive. It dropped below $70,000 on Friday faster than you can say "HODL," triggering a jaw-dropping $450 million in liquidations. This crash highlights the ongoing market rollercoaster and the challenges Bitcoin faces amid fluctuating investor sentiment and economic whiplash. 📉💥

What’s the Sentiment Shift? The U.S. added 272,000 new jobs in May, completely blowing past the expected 180,000. This job growth has thrown a wrench in the likelihood of a July rate cut. It’s like that plot twist in your favorite TV show – nobody saw it coming! The economy is flexing its muscles, influencing monetary policy expectations and market sentiment, sending Bitcoin below $70,000. 🏢💪📊

Market Mood: Bitcoin traders are feeling less like Tony Stark and more like Peter Parker before he got his powers. A key derivatives market metric hit a two-week low, showing reduced optimism. This decline in bullish positions suggests traders are losing their appetite for betting on Bitcoin’s upward swing. It’s like the end of a wild party – everyone’s heading home. 🎉➡️🏠

Potential Bounce Back: But wait! If Bitcoin bounces back to $71,000, it could trigger the liquidation of $1.38 billion in short positions. Picture it – a comeback worthy of Rocky Balboa! This potential move comes amid ongoing macroeconomic uncertainty in the U.S., reflecting the unpredictable nature of this crypto saga. 🌪️💵

Chart of the Day. Traditional Finance Meets Blockchain Magic! ✨🏦

BlackRock's Big Move: In a move that’s like mixing peanut butter with chocolate, BlackRock, the world’s largest asset manager, launched the Ethereum-based BUIDL fund in March. RWAs are becoming the belle of the blockchain ball, aiming to channel yield and assets from traditional finance into the digital realm. This integration uses the superpowers of decentralized finance (DeFi), enabling new forms of asset utilization and yield generation. 💼🚀

Integrating U.S. Treasury bond yields into DeFi through protocols like Mountain Protocol was like adding rocket fuel to the sector. The total value locked (TVL) in RWA protocols shot up to over $2.9 billion, with over 194,000 RWA protocol token holders jumping on board. 🎸💰

This is a huge leap in blending blockchain technology with traditional finance. Imagine tokenized funds bringing real-world assets on-chain, offering transparency so clear it’s like switching from VHS to 4K, and instant settlements faster than a microwave burrito. 📺➡️📈🌮

Most Important News of the Day.

Bitcoin Mining and Investment.

In the first full month post-halving, Marathon Digital’s BTC production took a 27% dip, a smaller tumble compared to its biggest rivals. It’s like stumbling on the dance floor but keeping your cool while everyone else hits the ground. 💃🕺

Meanwhile, Semler Scientific is on a Bitcoin shopping spree, expanding its holdings by 247 coins, bringing its total stash to 828 BTC. They’ve even filed an S-3 form to raise $150 million, with a chunk of that earmarked for more Bitcoin buys. Talk about going all-in! 💰📈

Crypto Crime and Security.

Elliptic’s latest report is straight out of a sci-fi thriller: AI-driven crypto crimes are on the rise. We’re talking deepfake scams, state-sponsored attacks, and other high-tech shenanigans. It’s like “The Matrix” but with more phishing emails. 🕶️💻

Speaking of which, an attacker sent nearly 24,000 phishing emails from a compromised CoinGecko third-party email platform, targeting almost 2 million contacts. Looks like the hackers are getting creative with their spam! 📧🚨

Corporate and Strategic Developments.

Bakkt is contemplating a potential sale or breakup, exploring various strategic options with a financial advisor. It’s like that moment in a rom-com where the main character has to choose between different paths to find true happiness. 💔🏦

Gemholic, on the other hand, pulled a disappearing act after moving $3.3 million in recently recovered funds and ghosting on social media. This rug pull has left the crypto community feeling like they’ve been stood up on prom night. 🕺👻

Market Dynamics and Token Movements.

The value of crypto locked in DeFi hit $192 billion for the first time in 15 months, fueled by ETH appreciation and a surge in trading activity. It’s like DeFi got a fresh energy drink and is ready to party all night long! 🚀🥳

Meanwhile, GameStop-inspired memecoins GME, KITTY, and ROAR nosedived by as much as 31% during Roaring Kitty’s first livestream in years. GameStop’s NYSE-traded stock also took a 40% hit. It’s like the meme magic ran out just when the party was getting started. 🐱📉

Our Daily Pick: SingularityNET, AI-democracy for All 🧠🌐

SingularityNET is like the eBay for AI services, but way cooler. It’s a decentralized AI marketplace leveraging blockchain tech to let developers create, share, and monetize AI services. The mission? To democratize access to AI and build a global AI network that's open, collaborative, and just plain awesome. 🛠️🤖

What’s it used for?

• Payment for AI Services: Users pay with AGIX tokens to access the smorgasbord of AI services listed on the platform. 💸🤖

• Governance: Token holders can get their say in the platform’s future through the SingularityNET Decentralized Autonomous Organization (DAO). 🗳️👥

• Staking: Stake AGIX tokens to earn rewards and help keep the network secure and stable. It’s like a trust fall for your crypto. 🪙🏆

Who’s backing it up? The project was co-founded by two heavyweights:

• Dr. Ben Goertzel: The brainy AI researcher and entrepreneur.

• Dr. David Hanson: The genius behind the humanoid robot Sophia. The team is stacked with experts in AI, blockchain, and software development. Think Chicago Bulls (NBA 90s fans, anyone), but for tech nerds. 🦸‍♂️🦸‍♀️

Backing and Funding: SingularityNET raised a cool $36 million in its Initial Coin Offering (ICO). It’s backed by tech and AI bigwigs, giving it the financial oomph to push forward. 💰🚀

Tokenomics:

• Circulating Supply: ~1.28 billion AGIX tokens

• Maximum Supply: 2 billion AGIX tokens

• Market Cap: AGIX is chilling in the top 100 cryptocurrencies by market cap (currently placed at #83). 📊💪

Superpowers:

• Decentralization: No central overlords here, which means more security and less censorship. 🔐🛡️

• Interoperability: AI services can chat and collaborate, making it easy to build complex AI apps. 🤖🤝🤖

• Efficiency: Peer-to-peer architecture cuts costs and boosts efficiency. Think express lane at the grocery store. 🏎️🛒

Problems Solved: SingularityNET tackles the issue of centralized control in AI. By decentralizing AI services, it makes AI tech more accessible, fostering innovation and collaboration. It’s like turning the AI world into one big, happy commune. 🏞️🌍

Core Concepts:

• AI Marketplace: A decentralized platform where you can buy and sell AI services. 🏪🤖

• AI DSL: An AI Domain Specific Language for seamless interaction between different AI services. 🗣️💬

• DAO: A decentralized autonomous organization for community-driven governance. 📜👥

Use Cases:

• Healthcare: AI for diagnostics, personalized medicine, and more. 💉🩺

• Finance: Predictive analytics, automated trading systems, risk assessment tools. 💵📈

• Robotics: AI integration for autonomous systems and robotics. 🤖🚀

• General AI Applications: Solutions across various industries needing AI-driven insights and automation. 🌍📊

Project Launch and Development: SingularityNET is already up and running, continuously rolling out new features and improvements. The platform is growing and getting better all the time. 📈🔧

Weaknesses:

• Technical Complexity: The advanced tech can be tough for newbies to grasp. 🤯

• Market Competition: There are plenty of other players in the AI and blockchain space. Standing out can be a challenge. 🏋️‍♂️

Final Thoughts: SingularityNET could be a game-changer for the AI industry, making AI services more accessible and promoting innovation. Its decentralized model ensures security and openness but must tackle technical complexity and fierce competition to thrive. If it succeeds, SingularityNET will become the Michael Jordan (sure, anyone?) we need in the AI world. 🏀🌟

Fin.

-Pep