Good morning, Coin Discoverers!

CRYPTO

• BTC: $61,293.80(-0.65%)YTD (+38.76%)

• ETH: $2,666.62(-0.65%)YTD (+13.34%)

• BNB: $514.17(-0.41%)YTD (+63.80%)

*Crypto numbers as of 5:00 am EST on August 9th

The group of bong-smoking bears that raised over $100 million to develop a new Layer 1 blockchain

Smokey the Bera, the pseudonymous co-founder of Berachain, explains their distinctive approach to creating a Layer 1 blockchain.

Smokey the Bera, the pseudonymous co-founder of Berachain, a Layer 1 network that secured $100 million in a Series B round in April, joins Chaparro in this episode. They dive into how memetics plays a role in community building and explore Berachain's innovative 'proof of liquidity' consensus, where users earn governance tokens by providing liquidity to the ecosystem.

Customers Bancorp's risk management and anti-money laundering (AML) compliance

Customers Bancorp, a provider of services to digital asset clients, has agreed to submit several written plans to address concerns highlighted by the Federal Reserve.

The central bank has also requested that Customers Bancorp submit a revised customer due diligence program, which should include documentation to verify customers' identities, among other measures.

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NFTs Take Center Stage at Ashmolean’s ‘Money Talks’ Exhibition

Cryptocurrency and NFTs take the spotlight in a new art exhibition at Oxford’s Ashmolean—Britain's first public museum, established in the 1670s.

The exhibition, titled ‘Money Talks: Art, Society and Power,’ explores "how art serves as a lens for the social history of money and how art and money intersect in various ways," according to its curator, Dr. Shailendra Bhandare.

BlackRock Bitcoin ETF Investors Stay Steady as Markets Recover

As Bitcoin briefly dipped below $50,000 on Monday, investors in BlackRock’s spot Bitcoin ETF remained some of the most resilient in the crypto market.

Despite Bitcoin’s price dropping 10% over the past week, investors in BlackRock’s $19 billion product have remained unfazed. While other spot Bitcoin ETFs have experienced significant outflows in recent days, the iShares Bitcoin Trust (IBIT) has maintained its stability.

STOCKS

• DOW: 39,446.49(+1.76%)

• S&P: 5,319.31(+2.30%)

• NASDAQ: 16,660.02(+2.87%) 

*Stock numbers as of market close on August 8th

Rheinmetall anticipates receiving up to €25 billion in orders for its joint venture with Leonardo

Rheinmetall (RHMG.DE) expects to receive up to €25 billion ($27.27 billion) in orders from the Italian government for its joint tank-building venture with defense manufacturer Leonardo (LDOF.MI), according to the CEO of the German defense group.

Rheinmetall CEO Armin Papperger stated during a conference call after the company's quarterly results that the initial order for the joint venture is expected to be awarded either by the end of the year or in the first quarter of 2025.

China's MingYang signs agreement for a wind turbine manufacturing plant in Italy

China's MingYang Smart Energy (601615.SS), Italian energy firm Renexia, and Italy's industry ministry have signed an agreement to establish a wind turbine manufacturing plant, according to a statement from the ministry on Thursday. The deal involves an investment of approximately €500 million ($546 million), though the specifics of how the costs will be allocated were not detailed.

The memorandum of understanding comes on the heels of last week's announcement that an Italian company specializing in photovoltaic plants and a Chinese manufacturer of solar panel components had formed a partnership.

REAL ESTATE

• 15-year: 6.15%

• 30-year: 6.63%

*Mortage rates via Mortgage News Daily

Bonds Started With Promise, But Data Eroded Their Potential

While "crushed" might be too strong a term for the current situation, this morning's bond market reversal would seem more severe if not for Monday’s dramatic shift. Initially, bond yields were slightly lower, but they quickly surged to weaker levels following the release of jobless claims data.

This swift reaction to the weekly claims data is unusual, as markets typically don’t respond so sharply. However, the recent impact of last week's jobs report on bond market trends made investors particularly sensitive to this new data. Essentially, the previous labor market concerns triggered by nonfarm payrolls are somewhat eased by today’s more current jobless claims figures.

TECH

OpenAI poses a greater threat to Google than US regulators

Google faces a greater threat from Sam Altman's OpenAI while awaiting a decision on antitrust measures in the internet search industry.

A US ruling on Monday, which determined that Google established an illegal search monopoly, is seen as a significant victory for regulators. However, sources, investors, and analysts note that the rising use of AI tools, such as OpenAI's popular ChatGPT chatbot, is already diminishing Google's dominance.

QUICK RECAP

#1. Uniper (UN0k.DE) increased provisions on Thursday, aiming to repay $3.8 billion of state aid, signaling possible re-privatization in 2025.

#2. Savannah Energy (SAVES.L) announced it has canceled the $1.25 billion acquisition of Petronas’ South Sudan assets due to deal terms.

#3. BHP Group (BHP.AX), the top miner, is considering selling Brazilian copper and gold assets from the Oz Minerals buyout.

#4. Equinor and ExxonMobil transferred their stakes in a Suriname block to Hess, as Equinor exits South America.

#5. Foreign investors sold ¥1.07 trillion ($7.33 billion) in Japanese stocks in the week to Aug. 2, amid yen concerns.