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CRYPTO

• BTC: $59,100.70(+0.14%)YTD (+33.68%)

• ETH: $2,554.25(-0.18%)YTD (+7.82%)

• BNB: $539.00(+0.30%)YTD (+71.28%)

*Crypto numbers as of 5:00 am EST on August 29th

Telegram CEO Durov faces indictment in France

Telegram CEO Pavel Durov was formally indicted by a French court on Wednesday, as reported by Bloomberg. The indictment follows allegations that Durov is complicit in the spread of illegal content on the Telegram messaging platform, including sexual images of children and activities related to drug trafficking.

The charges suggest that Telegram's encrypted messaging service has been used to facilitate serious criminal activities, raising concerns about the app's role in enabling illegal content to circulate. This indictment places significant legal pressure on Durov and his company, potentially impacting the future operations of the popular messaging service.

Matchain Unveils Mainnet: Leading the Future of AI

Matchain, a decentralized AI blockchain, is rolling out its mainnet with the aim of establishing an ecosystem that champions data ownership, where privacy is optional, and users have full control over their data. This initiative focuses on data and identity sovereignty, empowering individuals to take charge of their digital information.

This mainnet launch marks more than just a technical achievement; it represents the successful conclusion of a remarkable journey for Matchain. During its testnet phase, Matchain exceeded all expectations, processing over 180 million transactions and engaging more than 3 million players in its mini-app. The platform has also attracted a substantial following, with 1.6 million Telegram subscribers and a vibrant community of over 340,000 members.

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Crypto Markets Set for a Rebound as Fed Hints at Upcoming Rate Cuts

Market analysts suggest that cryptocurrencies, with Bitcoin at the forefront, could be on the verge of a significant recovery as central banks, especially the U.S. Federal Reserve, move towards easing monetary policy. This shift could provide a much-needed boost to the crypto market, which has been navigating a period of volatility.

The expected rate cuts are likely to infuse fresh liquidity into financial markets, potentially lifting risk assets such as equities and cryptocurrencies. Despite ongoing market uncertainties, this influx of liquidity could drive renewed interest and investment in the crypto sector.

NVIDIA Announces $30 Billion in Revenue and 122% Growth for Q2 2024

NVIDIA has unveiled its earnings report for the second quarter, which ended on July 28, 2024, showcasing remarkable financial performance. The tech giant reported $30 billion in revenue, reflecting a staggering 122% year-over-year growth.

This impressive surge underscores NVIDIA's dominant position in the AI chip market, as the company continues to capitalize on the growing demand for advanced computing solutions. The results highlight NVIDIA's strength and leadership in the industry, further solidifying its role as a key player in the technology sector.

STOCKS

• DOW: 41,091.42(-0.39%)

• S&P: 5,592.00 (-0.60%) 

• NASDAQ: 17,556.03(-1.12%)

*Stock numbers as of market close on August 28th

ONEOK to Acquire EnLink Stake and Medallion Midstream from GIP in $5.9 Billion Deal

ONEOK Inc. (OKE.N) announced on Wednesday that it has finalized an agreement to acquire Global Infrastructure Partners' entire stake in Medallion Midstream and a 43% share in EnLink Midstream (ENLC.N). The total value of these transactions amounts to $5.9 billion.

This strategic move will expand ONEOK's portfolio significantly, consolidating its position in the midstream sector and enhancing its market presence through these major acquisitions.

India Raises Antitrust Concerns Regarding Disney-Reliance Deal

Walt Disney Co. (DIS.N) and Reliance Industries (RELI.NS) received approval from the Competition Commission of India (CCI) on Wednesday for their $8.5 billion merger of Indian media assets. The green light came after the companies agreed to concessions addressing concerns about their control over cricket broadcasting rights, a sport deeply popular in India.

In the sports TV channel segment, Reliance's media and entertainment unit held a 7.5% market share in 2023-24, whereas Disney commanded a dominant 77.7% share during the same period.

REAL ESTATE

• 15-year: 5.92%

• 30-year: 6.37%

*Mortage rates via Mortgage News Daily

Bonds Stay Stable Amid Lack of Major Data

While the lack of major movements in the bond market might make analysis less exciting, it's not necessarily detrimental. The market has enjoyed a period of stability with rates remaining near their long-term lows for several weeks. Although volatility could return with upcoming economic reports, it was notably absent today. Bonds began the session slightly stronger but gradually weakened, with Mortgage-Backed Securities (MBS) holding steady close to yesterday’s levels.

The significance of economic data will rise sharply on Thursday, with Jobless Claims and quarterly PCE figures from GDP set to be released. These reports could potentially stir up market activity and introduce new dynamics to the otherwise calm bond market.

TECH

Google's Gemini AI Introduces 'Gems' and Integrated Image Creation Tool

In an effort to challenge OpenAI’s stronghold in the AI market, Google unveiled a significant update to its flagship AI model, Gemini, on Wednesday. The update introduces customizable “Gems,” aiming to enhance user experience and functionality.

Additionally, Gemini will now feature direct integration with Google's AI image generator, Imagen 3. However, the updated tool will continue to avoid generating images of people, following issues with problematic images in a previous release that led Google to take the tool offline.

QUICK RECAP

#1. Spanish oil company Repsol (REP.MC) has canceled the sale of its Norwegian unit, including 10 assets and 53 mmboe reserves.

#2. Foreign banks from Japan and the Middle East eye majority stakes in two Indian banks amid regulatory and valuation concerns.

#3. Qatar is discussing with Germany the potential purchase of Rosneft's stake in PCK Schwedt refinery, Business Insider reported.

#4. Chinese ride-hailing giant DiDi Global will exchange cash and its smart driving unit for a 16.5% stake in AutoAi.

#5. ADNOC is completing due diligence for a Covestro takeover, valued at €11.7 billion ($13 billion), with an announcement expected in September.