Bi-Weekly Market Review - Edition #1

For the period 1st June - 15th June

Dear FOMOdrive community members,

Welcome to the first edition of our Bi-weekly Market Review. As a valued member of our community, it’s important for you to stay informed about significant market events that can influence market volatility and potentially the company’s share price performance.

In this issue, we’ve curated some of the most pertinent market news from the past two weeks for your convenience.

Summary

- The SEC has charged Coinbase and Binance with securities law violations this June.

- The S\&P 500 transitioned to a bull market, led by a small group of tech stocks buoyed by enthusiasm about the profit-generating possibilities of AI.

- China increased gold reserves for a seventh month, signifying sustained global demand.

- Meanwhile, the Fed maintained rates at 5%-5.25% but signalled a possible increase later this year due to persistent inflation.

Crypto

- SEC Sues Crypto Exchange Binance and CEO Changpeng Zhao, Alleging Multiple Securities Violations, source: coindesk

- SEC Seeks Temporary Restraining Order to Freeze Binance.US Assets, source: coindesk

- SEC Sues Coinbase alleging securities rules violations, source: The WallStreetJournal

- AI Craze leaves Crypto for Dust, source: Reuters

Equities

- World shares at 13-month peak as Wall St scales 2023 highs, source: Reuters

- Goldman Sachs lifts S\&P 500 price target to 4,500 as index enters bull market, source: yfinance.com

Bonds and Interest Rates

- Fed holds off on rate hike, but says two more are coming later this year, source: CNBC