Good morning, Coin Discoverers!

CRYPTO

• BTC: $62,905.40(-0.58%)YTD (+42.68%)

• ETH: $2,357.76(-0.74%)YTD (+0.19%)

• BNB: $603.53(-0.23%)YTD (+92.33%)

*Crypto numbers as of 5:00 am EST on September 24th

TAO Surges 56%, Leading AI Token Rally in Market Rebound

The GMAI index, tracking the top AI tokens, outperformed the broader market during last week’s recovery, surging by over 30%. This made it the best-performing index as AI-related tokens gained significant momentum.

In contrast, the GM30 index, which represents the top 30 tokens by market capitalization, rose by 9.8%. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) posted week-over-week gains of 7.5% and 11.5%, respectively.

Polymarket Eyes $50M+ Boost with Potential Token Launch

Polymarket is reportedly exploring a token launch aimed at raising over $50 million, according to sources cited by The Information. The funds would be used to support the operation of its crypto betting platform.

While details remain undisclosed, the move could significantly boost Polymarket's position in the growing decentralized prediction market sector. The decision is still under consideration.

Treasure DAO Approves ZKsync Migration

Treasure DAO members have voted to migrate from Arbitrum to ZKsync, marking a significant shift for the platform. The move aims to enhance scalability and user experience on the decentralized marketplace.

The DAO has announced plans for the ZKsync mainnet launch within the next 1.5 to 2 months, signaling a key milestone in the platform's development and future growth.

Bitcoin ETFs Surge as Investors Flock to Crypto Following Fed Rate Cuts

Digital asset investment funds saw a massive influx of capital last week, as investors turned bullish following the Federal Reserve's long-awaited rate cuts. This surge highlights renewed interest in the crypto market.

According to CoinShares, speculators poured $321 million into funds tied to Bitcoin and other major tokens. The firm attributed the spike to optimism sparked by the Federal Open Market Committee's recent comments.

STOCKS

• DOW: 42,124.65(+0.15%)

• S&P: 5,718.57(+0.28%)

• NASDAQ: 17,974.27(+0.14%) 

*Stock numbers as of market close on September 23th

FTC Poised to Approve Chevron's $53B Acquisition of Hess

The U.S. Federal Trade Commission is likely to approve Chevron's $53 billion acquisition of Hess this week, according to sources familiar with the situation. This move leaves Exxon Mobil's challenge as the last obstacle in the merger process.

Initially announced last October, the deal has undergone scrutiny, with the FTC requesting additional information from Chevron two months later. Following the latest developments, Hess shares jumped nearly 3% in after-hours trading on Monday.

Nippon Steel's Mori Urges USW Leaders to 'Join the Conversation'

Nippon Steel Vice Chairman Takahiro Mori reaffirmed the company's commitment to negotiations with the United Steelworkers (USW) regarding its $14.9 billion bid for U.S. Steel. He emphasized the importance of continued dialogue in a bid to move the acquisition forward.

Mori criticized USW President David McCall, stating that he has not given serious consideration to the proposals presented by Nippon Steel. This lack of engagement could hinder the progress of the acquisition discussions.

REAL ESTATE

• 15-year: 5.55%

• 30-year: 6.20%

*Mortage rates via Mortgage News Daily

Is the Post-Fed Correction Finally Stabilizing?

This morning's bond market weakness suggested that the post-Fed correction would continue into the new week. However, late morning and early afternoon saw a rebound, with Treasuries and MBS recovering to unchanged levels.

While bonds faded slightly after the rally, the recovery indicates that the correction may be leveling off. Comments from Fed's Goolsbee coincided with the rebound, but the overall trading volume suggests other factors may be at play, making Tuesday a crucial day for further clarity.

TECH

Cloudflare Unveils Tool to Let Sites Charge AI Bots for Data Scraping

Cloudflare introduced new AI tools designed to help websites block unauthorized scraping by AI crawlers or charge for data access. The tools aim to protect site content while allowing monetization from AI-driven bots.

According to Cloudflare VP Sam Rhea, the feature lets site owners set the value for their content, requiring AI models to compensate for scraping or training on the data. This gives websites more control over how their information is used by AI systems.

QUICK RECAP

#1. MINISO to acquire a 29.4% stake in Yonghui Superstores for 6.3 billion yuan ($893 million), becoming its largest shareholder.

#2. Tempur Sealy International (TPX.N) plans to sell over 100 stores to secure regulatory approval for its $4 billion Mattress Firm deal.

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

#4. German Chancellor Olaf Scholz calls UniCredit's unsolicited Commerzbank bid an "unfriendly act" and warns against hostile takeovers.

#5. Shares of Donald Trump's media company dropped 10% to a new low, marking six consecutive declines and a $2.4 billion market cap.