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CRYPTO

• BTC: $56,361.84(-1.98%)YTD (+27.68%)

• ETH: $2,352.25(-2.97%)YTD (+0.05%)

• BNB: $508.53(-1.94%)YTD (+62.28%)

*Crypto numbers as of 5:00 am EST on September 4th

Riot Bitcoin Miner Raises Concerns Over Bitfarms' Actions Amid Takeover Attempt

Riot Platforms, a leading Bitcoin mining company, issued an investor update on Tuesday regarding its ongoing attempt to take over Bitfarms, a smaller Canadian competitor that has been resisting Riot's hostile bid. Riot expressed concern over recent changes within Bitfarms' board of directors, including the recent resignations of co-founders Emiliano Grodzki and Nicolas Bonta, whom Riot had aimed to replace.

In its update, Riot shared its perspective on these leadership shakeups at Bitfarms, suggesting that the departure of the co-founders aligns with its previous efforts to influence the board's composition. The update underscores the tension between the two companies as Riot continues its pursuit of the acquisition.

Solana Network Transactions Reach Multi-Month Low in August

In August, non-vote transactions on the Solana network dropped to their lowest level in months, as reported by data from The Block. This decline marks a significant dip in activity on the blockchain.

Despite this downturn, one analyst suggests that an anticipated Fed rate cut could enhance liquidity on the Solana network, potentially revitalizing transaction levels in the near future.

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SEC Charges and Settles with Galois Capital Over Crypto Custody Issues

The SEC announced charges against a private fund managed by Galois Capital, which primarily invested in cryptocurrency. The charges were related to custody issues within the fund, the agency revealed on Tuesday.

Galois Capital and the SEC reached a settlement, with Galois neither admitting nor denying the findings. The resolution marks a significant step in the agency's ongoing scrutiny of crypto-focused funds.

Binance Adds Toncoin to Simple Earn Locked Products

Binance has expanded its Simple Earn offerings by adding Toncoin (TON) to its Locked Products. Users can now subscribe to TON for different durations and earn rewards with rates of up to 5.9% APR.

This promotion runs from September 3 to September 23, 2024, providing users with a limited-time opportunity to take advantage of these attractive returns.

STOCKS

• DOW: 40,936.93(-1.51%)

• S&P: 5,528.93(-2.12%) 

• NASDAQ: 17,136.30(-3.26%)

*Stock numbers as of market close on September 3th

Voyager Midstream Acquires Natural Gas Assets from Phillips 66

Voyager Midstream Holdings, backed by Pearl Energy Investments, announced on Tuesday that it has acquired natural gas gathering and processing assets from Phillips 66. This acquisition aims to strengthen Voyager's presence in the Haynesville shale region.

The newly acquired assets are situated in Panola, Rusk, and Harrison counties in Texas, as well as Caddo Parish in Louisiana. Haynesville is known for its significant natural gas reserves, primarily located in these areas.

Russia's MTS Extends Buyback Deadline for Foreign Investors' Blocked Shares

Russia's largest mobile operator, MTS, announced on Tuesday that it is extending its tender offer to repurchase blocked shares from foreign investors until September 20. This extension aligns with a recent U.S. decision to allow transactions with certain sanctioned entities.

In July, MTS completed a buyback worth 2.49 billion roubles ($28.1 million), purchasing 26.2 million blocked shares at a 70% discount through its subsidiary, Stream Digital.

REAL ESTATE

• 15-year: 5.97%

• 30-year: 6.44%

*Mortage rates via Mortgage News Daily

Commercial Opportunities: POS, HELOC, and Fair Lending Violation Solutions

September 3rd will always be memorable, but will September 18th be noted as the day the Federal Reserve lowers the fed funds rate for the first time since April 2020? This move seems likely, as it’s already factored into current interest rates, which have been in the mid-5% range for a year.

Mortgage rates have begun to decrease, making home purchases more affordable and revitalizing the real estate and home finance sectors. However, STRATMOR Group Senior Partner Garth Graham predicts that the anticipated surge in purchase business will differ from previous waves and may not benefit all lenders equally.

TECH

Amazon Reportedly Enlists Anthropic's Claude AI to Enhance Alexa

Amazon is reportedly leveraging Anthropic's Claude AI to power the next generation of Alexa, known internally as "Remarkable Alexa" or "Project Banyan," according to sources shared with Reuters.

This move follows reports that Amazon's own large language model underperformed, with prototype versions of the new Alexa showing delays of up to seven seconds in processing user queries during internal testing.

QUICK RECAP

#1. A Blackstone-led consortium is close to acquiring Australian data center group AirTrunk for A$20 billion ($13.53 billion).

#2. Umar Kremlev, head of the International Boxing Association, became the new owner of Rolf, Russia's largest car dealership.

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

#4. Germany extends trusteeship over Rosneft's German assets, including a 54.17% stake, until March 10, 2025.

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