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Pound the Pavement
Sean H. & Jocelin A.
July 05, 2024 • Estimated Reading Time: 10 minutes
TLDR
MARKET RECAP → The S&P 500 (VOO) rose to a new high on Friday, positioning the broad-market index for a weekly gain despite the holiday-shortened trading week. The tech-heavy Nasdaq (QQQ) also reached a new high.
CRYPTO MARKET BLOODBATH → Bitcoin's (BTC) price plunged 3% to $55,591.58 as the Mt. Gox bitcoin payout loomed, flooding the market with old coins and reminding investors that crypto is as predictable as a cat in a room full of laser pointers.
LABOUR'S LANDSLIDE VICTORY → Labour's Keir Starmer clinched a decisive win, securing 34% of the vote and ending 14 years of Conservative rule, showcasing the UK's knack for political plot twists.
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TODAY’S TOP NEWS
Crypto Market Bloodbath
📉 The impending Mt. Gox bitcoin payout triggered a massive sell-off in the crypto market, leading to a 3% drop in Bitcoin's (BTC) price to $55,591.58. Investors braced for increased market volatility.
💰 The payout, stemming from the infamous Mt. Gox hack, released a significant amount of Bitcoin back into the market, heightening fears of a further price plunge.
🤯 This situation highlighted the fragility and unpredictable nature of the cryptocurrency market, reminding investors of the ever-present risks tied to major events.
TODAY’S TOP NEWS
Labour's Landslide Victory
🗳️ Labour achieved a significant triumph in the 2024 UK election, securing a large parliamentary majority. They captured 34% of the national vote, outpacing the Conservative Party's 24%.
🥇 Keir Starmer emerged as the new Prime Minister, ending a 14-year Conservative governance. This marked a notable political shift for the UK amidst a backdrop of widespread voter dissatisfaction.
🌍 This victory was particularly striking given the broader European trend towards right-wing politics. It underscored a unique political climate in the UK, contrasting with its continental counterparts.
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