Iranian President Raisi's Helicopter Crashes 🚁

Good morning. It's Monday, May. 20, and we're covering Venture Capital Investment in Crypto Rebounds To $2.4 Billion In Early 2024, Elon Musk Launches Starlink’s Satellite Internet Service In Indonesia, Sean “Diddy” Combs Has Issued A Public Apology To His Ex-Girlfriend and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.43 Trillion, a 0.26% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $54.65B, which makes a 12.73% increase.

• The total volume in Defi is currently $5.32B, 9.74% of the total crypto market 24-hours.

• The volume of all stablecoins is now $49.74B, which is 91.02% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 54.44%, a decrease of 0.13% over the day.

BUSINESS & FINANCE

Venture Capital Investment in Crypto Rebounds To $2.4 Billion In Early 2024

Crypto startup funding surged to $2.4 billion in the first quarter of 2024, marking the second consecutive quarterly increase. This resurgence is driven by expectations of lower interest rates and the introduction of the first U.S. bitcoin spot ETFs, which have renewed investor interest in the sector. The crypto market experienced explosive growth during 2020 and 2021, driven by low interest rates and a high-risk appetite among investors. However, a series of high-profile bankruptcies in 2022, including the collapse of major crypto firms, dampened investor enthusiasm and led to a sharp decline in bitcoin prices.

Why it matters: Despite the setbacks, confidence has been gradually returning to the crypto sector. At the beginning of 2024, U.S. regulators approved exchange-traded funds (ETFs) tracking bitcoin's spot price, providing a boost to investor sentiment. Bitcoin itself has recovered from the lows of 2022, reaching a new all-time high of $73,803.25 in March 2024, although it has faced challenges in maintaining this momentum. ( Read Deeper )

Under Armour's Decline: Kevin Plank's Leadership Under Scrutiny

In the annals of corporate leadership, there are few who endure the scrutiny and harsh judgment that accompanies spectacular falls from grace. Kevin Plank, founder and current CEO of Under Armour, now finds himself added to a personal “worst CEOs of all time” list — a place he has reluctantly but firmly earned. Kevin Plank's story is the stuff of entrepreneurial legend. Starting from selling T-shirts out of his car trunk, he built Under Armour into a global brand, challenging industry giants like Nike and Adidas. However, the very qualities that drove Under Armour’s rise may now be contributing to its dramatic downfall.

Takeaway: Under Armour’s recent financial performance paints a grim picture. In its latest earnings release, the company reported a 5% decline in fourth-quarter sales from the previous year, with North American sales plunging 10%. While Plank promises a business reset, including a 25% reduction in stock-keeping units (SKUs) and new cost-cutting initiatives, analysts remain unconvinced. ( Read Deeper )

TECHNOLOGY & SCIENCE

Elon Musk Launches Starlink’s Satellite Internet Service In Indonesia

Elon Musk, the CEO of SpaceX and Tesla, alongside Indonesian Health Minister Budi Gunadi Sadikin, inaugurated SpaceX’s satellite internet service, Starlink, for Indonesia’s health sector on Sunday. This initiative aims to enhance internet access in the remote regions of the vast archipelago. Starlink was introduced at three Indonesian health centers, including two in Bali and one on the remote island of Aru in Maluku.

Takeaway: SpaceX’s Starlink dominates the satellite internet sphere, owning around 60% of the roughly 7,500 satellites orbiting Earth. Indonesia is the third Southeast Asian country to host Starlink services, following Malaysia and the Philippines. In Malaysia, the firm received a license to provide internet services last year, and a Philippine-based company signed an agreement with SpaceX in 2022. ( Read Deeper )

Blue Origin Successfully Launches First Crewed Mission Since 2022

Blue Origin, the private space company founded by Jeff Bezos, has successfully launched its first crewed mission since 2022. This historic flight, marking the 25th mission of the New Shepard rocket, carried six tourists to the edge of space, including notable figures such as artist and former Air Force Captain Ed Dwight. Ed Dwight, who was selected by President John F. Kennedy in 1961 to be the country’s first Black astronaut candidate but never made it to space, finally fulfilled his dream today.

Why it matters: The space mission not only represents a milestone for Blue Origin but also shows the company’s commitment to safety and innovation in the space tourism industry. The mission's success highlights the progress and resilience of the commercial space sector. ( Read Deeper )

AROUND DE WORLD & POLITICS

Iranian President Raisi's Helicopter Crashes

A helicopter carrying Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian crashed on Sunday while traversing mountainous terrain in heavy fog. Iranian Supreme Leader Ayatollah Ali Khamenei sought to reassure the nation, emphasizing that there would be no disruption to state affairs. The crash, reportedly caused by bad weather, has complicated rescue efforts.

Why it matters: The safety of President Raisi and Foreign Minister Hossein Amirabdollahian is crucial for the stability of the Iranian government. Any harm to them could lead to political turmoil and instability within the country. ( Read Deeper )

Taiwan’s New President Lai Ching-te Takes Office

Lai Ching-te was sworn in as Taiwan's new president on Monday, assuming leadership amid escalating tensions with China, which has been increasingly wary of the island's current administration. As Lai Ching-te takes office, he faces the delicate task of balancing domestic priorities with the complex and often contentious relationship with China. Despite Lai's presidential win, the DPP lost its legislative majority, reflecting a narrow mandate for the new administration.

Takeaway: Beijing views Taiwan as its territory, with Chinese President Xi Jinping describing reunification with the mainland as “a historical inevitability.” China has labeled Lai a “stubborn worker for Taiwan independence” and a dangerous separatist. ( Read Deeper )

ENTERTAINMENT & SPORTS

Sean “Diddy” Combs Has Issued A Public Apology To His Ex-Girlfriend

Sean "Diddy" Combs has issued a public apology after CCTV footage surfaced showing him attacking his ex-girlfriend, Cassandra "Cassie" Ventura, in a hotel hallway in 2016. The video, aired by CNN earlier this week, captured Combs kicking and pushing Ventura. ( Read Deeper )

Manchester City: A Tale Of Revolution And Controversy

When Sheikh Mansour acquired Manchester City in 2008, little did the football world know that the English Premier League (EPL) would be forever altered. Back then, Manchester United and the traditional "Big Four" held sway, and City was merely an afterthought, bouncing between divisions. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Is the Economy DOOMED? (And What to Do About It) ( Listen )

EXTRA BREVITI

• Pope Francis says U.S. conservatives have a "suicidal attitude" ( Read More )

• Airstrike kills 27 in central Gaza and fighting rages as Israel’s leaders are increasingly divided ( Read More )