Good morning, Coin Discoverers!

CRYPTO

• BTC: $53,911.85(-0.63%)YTD (+21.68%)

• ETH: $2,253.25(-1.06%)YTD (-4.22%)

• BNB: $493.05(-0.22%)YTD (+57.28%)

*Crypto numbers as of 5:00 am EST on September 9th

CFTC files urgent motion to block Kalshi listing

The U.S. Commodities and Futures Trading Commission (CFTC) filed an emergency motion late last night to prevent prediction market Kalshi from listing election contracts for two weeks. This move comes as the agency prepares to appeal a recent legal decision.

The motion was submitted before the judge had released her reasoning for dismissing the lawsuit, which allowed Kalshi to proceed with listing the contracts. The CFTC aims to halt this process while it works on its appeal.

Bitcoin, Ethereum ETFs hit new lows

U.S.-based spot Bitcoin ETFs have reached their lowest value since May 1 following this week’s decline in Bitcoin’s price. The recent bearish trend has significantly impacted their total asset value.

Similarly, spot Ethereum ETFs have hit a record low in total asset value, driven by the same downward price movement in the cryptocurrency market.

Crypto advocates to rally in D.C. with The Chainsmokers for 'Stand with Crypto Day'

The Sept. 18 event follows the "America Loves Crypto Tour," which traveled to five key swing states to raise awareness about cryptocurrency. The tour aimed to engage voters and bring attention to the role of crypto in the upcoming elections.

As cryptocurrency becomes a contentious topic in political debates, the industry is pushing to make it a central election issue. The event highlights the growing significance of crypto in shaping political discourse.

This Week in Crypto Games: 'X Empire' Airdrop

The crypto and NFT gaming scene is bustling with activity, with new game releases, frequent token airdrops, and a continuous stream of developments keeping the space dynamic and ever-evolving. It can be overwhelming to keep track of everything happening.

Our weekend roundup highlights the top news from the past week, plus a few additional updates you might have missed. We also feature some of our original stories to provide a comprehensive overview of the latest in the crypto gaming world.

STOCKS

• DOW: 40,345.53(-1.01%)

• S&P: 5,408.42(-1.71%) 

• NASDAQ: 16,690.83(-2.55%)

*Stock numbers as of market close on September 6th

US Regulator Greenlights BlackRock's $12.5 Billion Acquisition of Global Infrastructure Partners

The U.S. Federal Energy Regulatory Commission approved BlackRock's $12.5 billion acquisition of Global Infrastructure Partners. The deal, announced earlier this year, involves BlackRock paying $3 billion in cash and issuing approximately 12 million shares to acquire the asset management firm.

Both BlackRock and Global Infrastructure Partners have chosen not to comment on the approval. Last year, a member of the U.S. energy regulator had advocated for closer scrutiny of major asset managers' ownership of power utilities, prompting the oversight body to begin a review.

Nippon Steel's US Setback Highlights Challenges for Japanese Companies Abroad

Japanese companies are expected to closely examine their overseas investments following U.S. resistance to Nippon Steel's $15 billion acquisition of U.S. Steel. Advisers suggest that any move by the U.S. to block the deal would be "very unsettling" and could strain trust between Japan and its ally.

Reports this week indicate that the White House is nearing a decision to block the $15 billion deal on national security grounds. This potential action could have significant implications for Japanese firms considering similar foreign ventures.

REAL ESTATE

• 15-year: 5.65%

• 30-year: 6.44%

*Mortage rates via Mortgage News Daily

Jobs Day Takes a Turn as Fed Speakers Capture the Spotlight

On jobs report day, we anticipated gaining insight into the Fed's upcoming rate cut, and it turns out traders were similarly eager. However, most of the clarity came from brief remarks by Fed's Chris Waller. Initially, the market interpreted these comments as indicative of a 50 basis point cut, but quickly revised that view.

The reaction to Waller's comments dominated the Fed Funds Futures market, overshadowing the impact of the morning's jobs report. Despite this volatility, the day ended positively for rates, with bonds maintaining modest gains.

TECH

Feds Charge AI Music Creator in $10 Million Fake Streams Scheme

A musician from Cornelius, North Carolina, has been charged with wire fraud and money laundering for a scheme that allegedly involved using AI-generated songs and bots to manipulate music streaming platforms. The scheme reportedly netted over $10 million in royalties.

From 2017 to 2024, Michael Smith, 52, is accused of inflating listener numbers on major platforms like Spotify, Apple Music, and YouTube Music. The services used to execute this scheme were not disclosed, but the manipulation led to substantial financial gains through fraudulent royalties.

QUICK RECAP

#1. Mexico's August inflation likely eased to 5.08% from July's 5.57%, raising hopes for a rate cut.

#2. Britain needs £1 trillion ($1.3 trillion) in investment over the next decade to boost the economy.

#3. India and Singapore signed a semiconductor deal on Thursday, during Modi's 5th visit, enhancing Singapore's role in India's supply chain.

#4. Boeing reached a tentative 4-year deal with a union of 32,000 workers, featuring a 25% wage hike.

#5. Lufthansa’s CEO, Carsten Spohr, meets Portugal's government to discuss a 19.9% stake in TAP, avoiding EU approval.