China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Bitcoin Hits New Heights Amid Trump Election Speculation
On Monday, Bitcoin's price surged, briefly reaching a three-month high of $69,007.1, as speculation grows around Donald Trump's potential victory in the upcoming 2024 elections. The world’s largest cryptocurrency is now within $5,000 of its all-time high, and surpassing the $70,000 mark could signal a bullish trend.
Trump’s Pro-Crypto Stance Fuels Market Optimism
Recent polls and prediction markets indicate an increasing likelihood of a Trump win over Democratic nominee Kamala Harris. The crypto prediction platform Polymarket shows a 60.7% probability of Trump's victory compared to 39.1% for Harris. Trump's campaign is noted for its pro-cryptocurrency stance, promising to foster Bitcoin's growth in America and even accepting crypto donations.
The potential for a Trump presidency has traders optimistic about more favorable crypto regulations in the U.S., a significant issue in light of recent scrutiny from the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). While Harris has expressed intentions for a regulatory framework for crypto, specifics remain unclear.
Broader Crypto Market Gains
As Bitcoin rallies, other cryptocurrencies are also benefitting. Ether, the second-largest cryptocurrency, rose 3.8% to $2,740.14, nearing a two-month high. Notably, SOL and ADA saw increases exceeding 6%, while XRP and MATIC gained nearly 4%. Among meme tokens, DOGE rose by 4.6%.
Recent data indicates that institutional investors are returning to the cryptocurrency market, further buoying prices as the election approaches. With just over two weeks until the vote, the market is bracing for a tightly contested presidential election.
