Good morning, Coin Discoverers!

CRYPTO

• BTC: $57,910.40(+0.63%)YTD (+31.68%)

• ETH: $2,362.25(+0.57%)YTD (+0.82%)

• BNB: $542.16 (+1.86%)YTD (+72.28%)

*Crypto numbers as of 5:00 am EST on September 12th

UK to Officially Recognize Crypto as Property

The UK government has proposed a bill in Parliament aimed at officially defining crypto assets as a distinct form of property. This move seeks to provide legal clarity and align the treatment of digital assets with traditional forms of property.

If passed, the law would create a third category of property, granting digital assets like cryptocurrencies specific personal property rights. This change would mark a significant step in regulating and protecting the ownership of digital assets in the UK.

CleanSpark Acquires 7 New Bitcoin Mining Sites

CleanSpark has announced the acquisition of seven bitcoin mining facilities in Knoxville, Tennessee, along with the associated land, for $27.5 million. The cost breaks down to around $324,000 per megawatt, reflecting a strategic expansion for the company.

The facilities are expected to add 5 exahashes per second (EH/s) to CleanSpark’s operating hashrate, boosting its current capacity by more than 22%. This acquisition strengthens CleanSpark's position in the bitcoin mining industry, further increasing its operational scale.

Trump-Themed Memecoins Plunge After Presidential Debate

PolitiFi memecoins saw a 9% drop in market capitalization following the recent presidential debate. The market reaction reflects broader volatility within the political-themed crypto space.

Trump-themed tokens were hit particularly hard, with some experiencing selloffs of over 20%. The decline highlights the sensitivity of these tokens to political events and sentiment.

Bitcoin and Ethereum Dip as US Inflation Eases to 2.5% in August

Bitcoin prices dipped slightly on Wednesday after the U.S. inflation report showed a lower-than-expected rise in consumer prices for the year ending in August. The market reacted to the news with a cautious pullback in cryptocurrency trading.

The Consumer Price Index (CPI) increased by 2.5% annually, according to the Bureau of Labor Statistics, falling short of the anticipated 2.6% rise. This inflation gauge tracks the price changes of various goods and services and is closely monitored by both investors and economists.

STOCKS

• DOW: 40,861.53(+0.31%)

• S&P: 5,554.00 (+1.07%)

• NASDAQ: 17,395.53(+2.17%)

*Stock numbers as of market close on September 11th

Commerzbank Staves Off UniCredit Takeover Threat

Commerzbank is actively exploring strategies to remain independent amid potential takeover bids from UniCredit. The German lender is evaluating defensive measures to fend off any acquisition attempts, according to sources familiar with the matter.

While Commerzbank will engage with UniCredit as required by shareholder obligations, the bank's primary goal is to uphold its standalone status. Discussions are ongoing, and the bank remains committed to maintaining its independence.

Commerzbank's Troubled Track Record with Major M&A Deals

UniCredit has initiated discussions with Commerzbank about a potential merger, following its acquisition of a 9% stake in the German bank, according to sources familiar with the matter.

Commerzbank, like several other financial institutions, has faced challenges with major mergers and acquisitions in the past. Its history with big deals has been marked by significant ups and downs.

REAL ESTATE

• 15-year: 5.62%

• 30-year: 6.22%

*Mortage rates via Mortgage News Daily

CPI Fuels Rate Cut Hopes, But Little Else Changes

Before today’s CPI data release, there were uncertainties about its impact compared to other major market movers like the jobs report. These concerns were validated as the initial market reactions to the CPI figures quickly faded, with MBS and Treasuries seeing their losses reversed within the first two hours of trading.

The CPI data had little lasting effect on most markets, except for a slight shift in Fed Funds Futures. The report tipped the balance slightly more towards a 25 basis point rate cut next week, reflecting a modest adjustment in rate cut expectations.

TECH

Taylor Swift Backs Kamala Harris, Slams 'Swifties for Trump' Deepfakes

Taylor Swift has endorsed Kamala Harris for the U.S. Presidential election, citing her concerns over AI-generated deepfakes as a key factor. The singer revealed that false images of her endorsing Donald Trump were circulated, which heightened her fears about the risks of misinformation.

In an Instagram post, Swift expressed her alarm at the use of deepfake technology to create misleading endorsements. She emphasized that this incident reinforced her worries about the dangers posed by AI and the spread of false information.

QUICK RECAP

#1. Jabil (JBL.N) will invest 20 billion rupees ($238.2 million) in a new Tamil Nadu manufacturing plant.

#2. U.S. lender NBT Bancorp will acquire Evans Bancorp for $236 million, expanding its presence in western New York.

#3. Gefran (GFRN.MI) aims to acquire German and North American peers with €10-20 million ($11.04-$22.09 million) in revenue.

#4. Hewlett Packard Enterprise (HPE) shares fell 6.4% after announcing a $1.35 billion stock offering for Juniper Networks acquisition.

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