Good morning, Coin Discoverers!

CRYPTO

• BTC: $62,715.40(-0.20%)YTD (+41.68%)

• ETH: $2,357.25(-0.74%)YTD (+0.19%)

• BNB: $560.16(-1.21%)YTD (+78.28%)

*Crypto numbers as of 5:00 am EST on September 20th

Bitcoin Poised to Surge After Fed Rate Cut

Standard Chartered's Geoff Kendrick forecasts a lasting rise in Bitcoin and digital assets following the Federal Reserve's recent rate cut. He believes this rally will be fueled primarily by improving macroeconomic conditions rather than the outcome of the U.S. presidential election.

According to Kendrick, the Fed's actions are creating a more favorable environment for digital currencies, positioning Bitcoin for growth as economic factors align in its favor.

Hut 8 Boosts Hash Rate by 80% with New Bitmain Partnership and Next-Gen Miner

Hut 8 Corp. expands its partnership with Bitmain Technologies, unveiling the U3S21EXPH, a cutting-edge ASIC miner.

The new miner promises to enhance performance, aligning with the industry's shift toward efficiency and cost control.

As mining difficulty increases in the Bitcoin network, Hut 8 focuses on staying competitive with strategic investments.

Hut 8's move underscores the industry's push for advanced technology to boost output and maximize profitability.

Blockchain Investigator ZachXBT Uncovers Trio Behind $243M Genesis Creditor Heist

On Aug. 19, 2024, three suspects allegedly made off with $243 million from a single victim, according to ZachXBT’s investigation.

The blockchain detective revealed that the FBI conducted coordinated raids in Miami and LA this week, linked to the case.

The theft marks one of the largest crypto heists of the year, as authorities move quickly to crack down on the culprits.

ZachXBT’s detailed investigation has brought federal agents to the doorsteps of those allegedly behind this massive crypto crime.

Stablecoin Issuers Rank as 18th Largest U.S. Treasury Holders

Stablecoin issuers have risen to become the 18th largest holders of U.S. Treasuries, placing them among key sovereign investors. This marks a significant milestone in the growing influence of stablecoins in the global financial system.

A Bernstein report reveals stablecoin circulation has hit a record $170 billion, rebounding from a 2023 dip. The report highlights their growing importance, emphasizing their role in extending USD savings and digital dollars to international users.

STOCKS

• DOW: 42,025.19(+1.26%)

• S&P: 5,713.64(+1.71%)

• NASDAQ: 18,013.94(+2.51%) 

*Stock numbers as of market close on September 19th

New EU Antitrust Chief Ribera Aims to Loosen Competition Rules: El Pais

Europe's new antitrust chief, Teresa Ribera, plans to relax competition rules to boost European industries and accelerate the approval process for mergers, according to her interview with El Pais. The move is aimed at fostering stronger businesses within the EU.

Ribera's approach reflects a rising wave of protectionism across the 27-member bloc, as the EU seeks to help its companies compete more effectively against dominant U.S. and Chinese firms.

German Union Urges Berlin to Block Commerzbank Sale to UniCredit

On Thursday, a German bank staff union urged Berlin to intervene and block UniCredit's potential acquisition of Commerzbank, citing fears of significant job losses. The DBV union's concerns were heightened after UniCredit announced it had acquired a 9% stake in Commerzbank, sparking discussions about a possible merger.

With the German government still holding a 12% stake in Commerzbank, its involvement will be crucial in determining the future of any deal. The union's warning underscores the stakes involved for employees and the broader implications for the banking sector.

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

Google Transforms Your Notes into Realistic Podcasts: Is It NPR or AI?

Google's latest innovation, “NotebookLM,” aims to revolutionize creativity by converting your notes and documents into lifelike podcasts that could easily be mistaken for a professional broadcast like "Morning Edition."

Announced on September 11, the "Audio Overview" feature takes uploaded content and transforms it into engaging conversations between two AI hosts, delivering an unexpectedly immersive audio experience.

QUICK RECAP

#1. Shell's sale of its Schwedt refinery stake in Germany is delayed due to lawsuits, complicating a long-awaited divestment.

#2. Germany's finance ministry revealed plans to re-privatize Uniper by selling shares through the equity market, exploring all options.

#3. Andrea Orcel advised CEOs on major deals; now as UniCredit CEO, he faces his toughest challenge: cross-border mergers.

#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.