*as of 7/9; Sources: S&P, BTC, FTSE, DJRE, CL50

Bitcoin reached a new all-time high yesterday, passing the $112,000 mark for the first time, before falling back below $111,000. Ethereum also rose nearly 7% and the crypto market as a whole was up by around 2.5%. The rally comes just before the beginning of "Crypto Week” in DC when Congress is considering three different crypto-related bills.

➨ TAKEAWAY: Recently, Bitcoin’s price has been correlated to the stock market, particularly tech stocks, which had a strong day yesterday led by Nvidia. This correlation, along with the possibility of major crypto legislation, has led to optimism among traders and investors. Often, though, with Bitcoin and crypto, the anticipation of news drives the price higher, while the actual news could lead to a decline.

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Startup xAI’s chatbot Grok began going on anti-Semitic tirades and calling itself “MechaHitler” after an update over the weekend that its founder Elon Musk said would improve the chatbot significantly. The bot also posted violent rape fantasies, which follows its earlier forays into Holocaust denial and its brief obsession with false claims of “white genocide” in South Africa - Musk’s home country. In a move that is apparently unrelated but comes at a curious time, Linda Yaccarino, the CEO of X, the social media platform that is a part of xAI, stepped down from her post.

➨ TAKEAWAY: xAI is one of the most in-demand private companies for investors, but the malfunctions and uncertainty are sure to drive skepticism in its most prominent product. Musk has been upset by how “woke” the chatbot has been getting and instructed it to be more politically incorrect. That update has now been reversed, but it speaks to what happens when someone wants to put their finger on the scale and push AI models in specific directions. It is a strong reminder that the output of chatbots is only as good as the inputs, and it is important to understand which humans are in charge of the models.

🚀 SoFi offering access to private markets: The fintech giant is working with investment companies Cashmere, Fundrise and Liberty Street Advisors to offer its customers access to private funds with minimums as low as $10.

📉 Fewest IPOs in a decade: Only 27 U.S. VC-backed startups went public in the first half of 2025, the smallest number in at least a decade, even with the stock market rebounding and a number of successful offerings like Circle’s and CoreWeave.

🏢 Retail demand slows: The sector had its first quarter of negative net absorption since 2020, meaning that there were more new vacancies than new leases.

⚾ Willie Mays auction: Items from the late, great Giants outfielder’s personal collection will be auctioned off in September, including his World Series ring and two MVP awards.

🏡 Asking rents still falling: The median U.S. asking rent is down 0.5% year-over-year, the fourth straight month of such a decline, and has essentially been flat for nearly three years. Rents are falling fastest in Austin, Minneapolis, and Las Vegas.

🪙 Pump token coming: The popular Solana memecoin generator Pump.fun is launching its PUMP token on July 12 with a sale that will last 72 hours and aims to raise $600 million.

Last month, an unknown individual or group used AI voice technology to impersonate Secretary of State Marco Rubio. The impostors made contact with several high-level government officials, including a sitting governor, a member of Congress, and three foreign ministers. This spoof comes after a similar incident in May where someone impersonated senior U.S. officials, including President Trump’s chief of staff, Susie Wiles. As AI voice technology continues to advance, it is not surprising that it is being used in this manner, but it could lead to greater crackdowns and regulation if it starts to affect national security.