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Good morning, Coin Discoverers!

CRYPTO

• BTC: $65,125.40(-0.00%)YTD (+47.68%)

• ETH: $2,575.25(-1.64%)YTD (+46.82%)

• BNB: $602.16 (+0.98%)YTD (+91.28%)

*Crypto numbers as of 5:00 am EST on September 27th

US Foreign Affairs Committee Urges Binance Exec Tigran Gambaryan's Release in Nigeria

Tigran Gambaryan, Binance's head of financial crime compliance and a former U.S. IRS agent, was detained upon his arrival in Nigeria this past February. His unexpected detention has sparked international concern, given his key role in combating financial crimes at the world’s largest cryptocurrency exchange.

On Thursday, the U.S. Foreign Affairs Committee passed a resolution demanding Gambaryan’s immediate release. The resolution, approved by voice vote, calls for the Nigerian government to ensure his freedom and provide him with unrestricted access to medical care.

Examiner Clears Sullivan & Cromwell of Overlooking FTX 'Red Flags'

In his initial report published in May, Examiner Robert Cleary called for an investigation into Sullivan & Cromwell's involvement in Sam Bankman-Fried’s acquisition of Robinhood Markets shares. The probe aimed to scrutinize the law firm's representation of Bankman-Fried during the transaction.

However, Cleary concluded that Sullivan & Cromwell did not overlook any "red flags" that could have alerted them to FTX’s misconduct. Despite the complexities of the case, the examiner found no evidence that the firm ignored warning signs related to the scandal.

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Core Blockchain Hits $400M TVL, Leading Bitcoin Layer 2 Scaling Revolution

The Core blockchain, a leading Layer 2 scaling solution for Bitcoin, has surged to $411 million in Total Value Locked (TVL). This milestone marks a significant achievement in Bitcoin's scaling ecosystem, highlighting Core's growing influence.

Since early 2024, Core's TVL has skyrocketed from nearly zero, surpassing competitors like Rootstock and Bitlayer. This rapid growth points to rising interest in efficient Bitcoin scaling solutions, likely fueled by the demand for faster, more cost-effective transactions.

Bitcoin Surges on Strong U.S. Jobs Data and China Stimulus Hopes

Bitcoin has surged past $65,000 in the last 24 hours, driven by a strong stock market rally. Positive U.S. jobs data and China's promise of additional economic stimulus fueled the rise.

Equities climbed as China pledged more stimulus, and U.S. jobless claims hit a four-month low of 218,000. Chinese officials also stressed the need for more targeted policy measures to boost their economy.

STOCKS

• DOW: 42,151.53(-0.93%)

• S&P: 5,745.37(+0.40%)

• NASDAQ: 18,190.29(+0.60%) 

*Stock numbers as of market close on September 26th

Air India's Revival Hindered by Aging Fleet and Supply Issues

Two years after Tata Group acquired Air India for $2.4 billion, the airline's ambitions of becoming a "world-class carrier" are stymied by an aging fleet and parts shortages. Flight delays continue to plague operations, hindering efforts to modernize the former state-owned airline.

Global supply shortages impact airlines worldwide, but Air India faces an even tougher challenge, according to CEO Campbell Wilson. As the carrier approaches the halfway point of its five-year turnaround plan, it finds itself lagging behind established rivals like Emirates and Qatar Airways.

Citi Partners with Apollo for $25 Billion Private Credit Initiative

Citigroup and Apollo Global have teamed up for a massive $25 billion private credit and direct lending program, highlighting the increasing collaboration between banks and non-bank entities in the lucrative $2 trillion market. This partnership marks a significant move in the competitive landscape of private credit.

Joining the alliance are Abu Dhabi's Mubadala Investment Company and Apollo's Athene, which specializes in annuity and retirement services. Their participation further strengthens the program, reflecting a growing trend of institutional investment in private credit opportunities.

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

Meta Launches Llama 3.2: Pocket-Sized AI with Vision

Meta unveiled Llama 3.2, its latest AI model that not only understands text but also processes images. This upgrade brings advanced capabilities right to your smartphone, allowing for private, local AI interactions without relying on third-party servers.

Llama 3.2 comes in four versions, with the 11B and 90B parameter models standing out for their impressive text and image processing power. Unveiled at Meta Connect, this innovation pushes the boundaries of AI accessibility and performance.

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.