🍋 Crypto Comeback

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Good Morning! The Fed lifted rates by 0.25 of a point yesterday, with indications of only one more rate hike this year. But the Fed’s unexpected hawkish tone rattled investors, causing the Dow to plummet more than 500 points.

Virgin Orbit will start operations again today after securing $200 million in venture capital funding. First Republic is firming up its turnaround plan, but the deal reportedly hinges on the federal government’s backing. Apollo and Carlyle want to buy up SVB’s loans - both equity firms are trying to flex their private credit capabilities.

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1. Story of the Day: Crypto Comeback

Crypto VC funding has gone cold in 2023, and startups are facing a tough task - how to rebuild the trust of investors and consumers in an industry that has been rocked by scandal. After FTX and the industry’s two largest banking partners (Silvergate and Signature) went belly-up, some founders are now questioning whether the term "crypto" itself is too tainted to effectively fundraise and market their businesses.

Crypto startups are starting to get creative with their branding strategies. Some founders are taking the word ‘crypto’ out of their startups’ names and instead using terms like ‘decentralization’, ‘blockchain’, and ‘digital assets’.

Other startups are trying to get in on the AI craze, building artificial intelligence capabilities and even renaming themselves to look more AI-focused.

The crypto industry has been marked by dramatic booms and busts since its inception. After Bitcoin’s 2017 rally, the industry had to convince the public, investors, and regulators that crypto was more than a tool for illegal activity. But after scandals and failures over the past year, experts think the industry needs to articulate value and solve problems rather than simply rebrand.

Takeaway: Investors have been wary of crypto firms this year, and founders want to convince VCs that they’re not just another SBF. Rebranding is a nice PR ploy, but that it doesn’t actually solve the fundamental problem. Some industry enthusiasts say startups should do a better job showing how they can add value and solve problems for society.

2. Markets Rundown

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Stocks closed lower after rate hikes and Fed’s hawkish tone.

Movers & Shakers

• (+) GameStop ($GME) +35% after the company posted a quarterly profit for the first time in two years.

• (+) Krispy Kreme ($DNUT) +6% after a deal with McDonalds, upgrade by Truist.

• (–) PacWest ($PACW) -17% after the bank won’t seek another capital raise after a 20% drop in deposits.

Private Dealmaking

• Amogy, a developer of ammonia-based fuel, raised $139 million 

• Artera, a developer of AI cancer tests, raised $90 million

• Rain, a wage access company, raised $66 million 

• Plus One Robotics, a maker of vision systems for logistics robots, raised $50 million

• OP3N, a web3 chat super app, raised $28 million 

• Blank Street Coffee, a Brooklyn-based coffee chain, raised an additional $20 million 

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3. Top Reads

• Remote work is starting to hit office rents (Axios)

• JPMorgan bought data platform for startups in push to serve VC investors (CNBC)

• Bond market swings are wildest since 2008 (Axios)

• Credit Suisse’s collapse threatens Switzerland’s wealth management crown (Reuters)

• GameStop leading a post-pandemic meme stock rally (YF)

• Here’s what changed in the new Fed statement (CNBC)

• Nvidia is winning AI race, but can’t afford to trip up (WSJ)

• DC tries to have it both ways on bank deposit insurance (Axios)

• How the last-ditch effort to save SVB failed (WSJ)

• How BookTok makes money (Vox)

4. Shortform Book of the Day: Outlive

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Wouldn’t you like to live longer? And better? In this operating manual for longevity, Dr. Peter Attia draws on the latest science to deliver innovative nutritional interventions, techniques for optimizing exercise and sleep, and tools for addressing emotional and mental health.

For all its successes, mainstream medicine has failed to make much progress against the diseases of aging that kill most people: heart disease, cancer, Alzheimer’s disease, and type 2 diabetes.

Too often, it intervenes with treatments too late to help, prolonging lifespan at the expense of health span, or quality of life. Dr. Attia believes we must replace this outdated framework with a personalized, proactive strategy for longevity, one where we take action now, rather than waiting.

“You should forget about diets, and focus instead on nutritional biochemistry.”

5. Short Squeez Picks

• Financebuzz’s team of credit card experts has put together a comprehensive list of the top cards that offer extended periods of 0% interest rates. Check out the list here

• 7 of the best at-home core exercises 

• The secrets luxury resorts don’t want you to know

• The trader’s mindset

• 16 productivity systems to help you work smarter, not harder

• How to create focus amidst chaos

6. Daily Visual: Median Down Payment for Homebuyers

_{Source: Axios}

7. Daily Acumen

You should handle stress like a lion, not a gazelle.

So, picture this: gazelles are always running around, freaking out at the slightest rustle in the grass. That's us, humans, dealing with stress. But lions? They're just chillin’, waiting for the right moment to strike.

Turns out, our brains have this thing called the "fight or flight" response, which is great for escaping danger, but not so much for day-to-day stress. So how do we become like the cool cats (I mean, lions) instead of those jumpy gazelles?

Here's the secret sauce: we need to retrain our brains. First, we gotta recognize when we're feeling stressed. Then, we need to remind ourselves that it's just a thought, not a reality. Finally, we can take some deep breaths and visualize ourselves as calm and confident.

So, next time you're freaking out like a gazelle, remember: you can be the lion, king (or queen) of your stress jungle!

8. Memes of the Day

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