Good morning, Coin Discoverers!

CRYPTO

• BTC: $57,878.40(-0.60%)YTD (+30.68%)

• ETH: $2,357.25(-1.07%)YTD (+0.19%)

• BNB: $531,40(-0.46%)YTD (+69.28%)

*Crypto numbers as of 5:00 am EST on September 17th

MicroStrategy, Coinbase Stocks Slide as Bitcoin Rally Fades

Crypto stocks tumbled at Monday's market open after Bitcoin lost its weekend momentum. Coinbase (COIN) dropped 4% to $156.63, while MicroStrategy (MSTR), the largest corporate Bitcoin holder, saw a 5% decline, trading around $133. The Valkyrie Bitcoin Miners ETF (WGMI) also fell 5%, hovering near $16.

However, as the trading day progresses, some stocks are showing signs of recovery. Despite the early dip, investors are watching closely for potential rebounds across the crypto sector.

Ethereum Stakers' Revenue Drops Amid 60% Decline in On-Chain Activity

Ethereum’s 7-day moving average (7DMA) for daily staker revenue dropped to $5.44 million on Thursday, Sept. 12, marking its lowest point in six months. This is the lowest staker revenue since mid-February, signaling a significant downturn.

Staker revenue, which comes from block rewards and transaction fees, is earned by participants in Ethereum's proof-of-stake (PoS) system. As on-chain activity slows, these rewards are declining, impacting those who contribute to securing the network.

Multicoin and Solana Ventures Lead $10M Series A in Permissionless Labs

Multicoin Capital Leads $10M Series A for Permissionless Labs with Solana Ventures

Solana Co-Founder Joins $10M Series A in Permissionless Labs

Multicoin and Solana Back Permissionless Labs in $10M Funding Round

Permissionless Labs Secures $10M Series A Led by Multicoin, Solana Ventures

Bitcoin Critic Elizabeth Warren Presses Fed for Major Rate Cut

Senator Elizabeth Warren is urging the Federal Reserve to implement a significant interest rate cut, arguing that prolonged high borrowing costs are harming the U.S. economy. Warren, a vocal critic of cryptocurrency, believes a dramatic reduction is necessary to provide economic relief.

In a letter to Fed Chair Jerome Powell, Warren, along with Senators John Hickenlooper and Sheldon Whitehouse, stressed the urgency of swift action. They called for immediate rate cuts to alleviate financial pressure and stabilize the economy.

STOCKS

• DOW: 41,622.08(+0.55%)

• S&P: 5,633.09(+0.13%)

• NASDAQ: 17,592.13(-0.52%)

*Stock numbers as of market close on September 16th

Woodside Energy Explores Partnerships for Driftwood LNG Project

Woodside Energy is actively seeking partnerships with U.S. gas producers, pipeline companies, and like-minded firms for its Driftwood LNG project, according to CEO Meg O'Neill. At a New York investor conference, O'Neill highlighted the frustration among U.S. gas producers who face lower domestic prices while LNG sells at higher global rates.

Partnering with these producers could boost their revenue and secure a steady gas supply for Woodside. This collaboration aims to address pricing disparities and enhance profitability for both parties involved.

Taylor Swift’s Label Universal Faces Investor Scrutiny After Share Drop

Universal Music Group (UMG.AS), Taylor Swift's music label, is holding its first capital markets day on Tuesday following a significant share price drop. The company’s stock fell 24% after it reported disappointing second-quarter streaming and subscription revenue.

The event at London’s Abbey Road studios is seen as a crucial moment for UMG. Analysts are keen to hear how the label plans to address its slowing subscriber growth and restore investor confidence.

REAL ESTATE

• 15-year: 5.62%

• 30-year: 6.22%

*Mortage rates via Mortgage News Daily

Mortgage Rates Dip as Wild Week Looms Ahead

Mortgage Rates Steady as Bond Market Shows Modest Volatility

Calm Start to the Week: Mortgage Rates Hold at February 2023 Lows

Mortgage Rates Stable Amid Minor Bond Market Swings

Quiet Mortgage Rate Movement as Bonds Recover from Early Volatility

Mortgage Rates Remain Stable, Awaiting Fed Announcement and Economic Data

Calm Mortgage Rates Expected to Shift with Upcoming Fed and Retail Sales Reports

TECH

Researchers Give Mushroom a Robotic Body, Enabling It to Crawl

Mushroom-Powered Robots: Scientists Fuse Mycelium with Tech

Biohybrid Robots: Mycelium Drives New Era of Biorobotics

Cornell Researchers Create Robots Powered by Mushroom Mycelium

Mushroom Mycelium Fuels Next-Gen Biohybrid Robots in New Study

QUICK RECAP

#1. JTC (JTC.L) will acquire Citigroup’s (C.N) Citi Trust for $80M; it serves 2,000+ clients and $70B in assets.

#2. Germany's Thyssenkrupp must show commitment to its €3 billion ($3.3 billion) green steel project, says Economy Minister Habeck.

#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.