Good morning, Coin Discoverers!

CRYPTO

• BTC: $56,189.40(+0.14%)YTD (+27.68%)

• ETH: $2,370.25(+0.10%)YTD (+0.75%)

• BNB: $502.42(+0.09%)YTD (+60.28%)

*Crypto numbers as of 5:00 am EST on September 6th

Trump Reaffirms Support for Bitcoin, Suggests a Role for Elon Musk in Future Administration if Elected

During a speech at the Economic Club of New York, Donald Trump, the Republican candidate for U.S. president, declared his vision of making the U.S. the "world capital of crypto and Bitcoin." He emphasized his commitment to positioning the country as a global leader in digital assets.

Trump also introduced a proposal inspired by Tesla CEO Elon Musk, suggesting the creation of a government efficiency commission. This commission would focus on auditing the federal government to improve operations and reduce waste.

Mercuryo Unveils Crypto Debit Card Powered by Mastercard

Mercuryo, a crypto payments firm, has introduced a Mastercard debit card for crypto users across Europe. The card, named Spend, allows users to convert their crypto assets into fiat currency for purchases at over 90 million merchants within the Mastercard network.

The virtual card is issued by Polish fintech company Quicko, providing a seamless way for crypto holders to spend their digital assets in everyday transactions.

Telegram CEO Pledges to Strengthen Moderation of Criminal Activity Following Recent Arrest

Pavel Durov, founder and CEO of Telegram, expressed surprise over the actions taken by French authorities. He was arrested at Paris–Le Bourget Airport on August 25 and later indicted on charges related to illegal activities on Telegram, including drug trafficking, organized fraud, and the distribution of child pornography.

French officials claimed that Telegram had not sufficiently addressed criminal activity on the platform and had been unresponsive to government inquiries. Durov’s arrest has raised questions about the platform's efforts in moderating illegal content.

Ethereum's Market Share Declines Amid Growing Competition

A recent report from VanEck reveals that Ethereum is losing market share in the digital currency space. According to the "August 2024 Crypto Monthly Recap," Ethereum’s trading volume on decentralized exchanges has dropped from 42% in 2022 to 29% in 2024.

VanEck points to several reasons for this decline, including a reduction in Ethereum's network revenue. The rise of newer, faster blockchains such as Solana, Sui, and Aptos has also contributed to Ethereum's shrinking dominance.

STOCKS

• DOW: 40,755.53(-0.55%)

• S&P: 5,503.00 (-0.31%) 

• NASDAQ: 17,127.66(+0.25%) 

Stock numbers as of market close on September 5th

Salesforce to Acquire Data Protection Firm Own Company for $1.9 Billion

Salesforce announced plans to acquire Own Company, a data protection and management solutions provider, for $1.9 billion in cash. This move aims to boost the growth of Salesforce's data security and privacy offerings.

The acquisition addresses growing customer concerns about data loss from system failures, human error, and cyberattacks. Salesforce expects the deal to be accretive on a free cash flow basis starting in the second year after the transaction closes, which is projected for the fourth quarter of fiscal 2025.

Paramount's Redstone to Receive $180 Million in Severance and Benefits

Paramount Global Chair Shari Redstone is set to receive $180 million in severance and other benefits, in addition to proceeds from the sale of her stock in National Amusements to Skydance Media, according to a Bloomberg News report on Thursday.

Redstone owns a 20% stake in National Amusements, which is Paramount’s controlling shareholder, through two trusts. She is expected to gain approximately $350 million from the sale of this stake, as reported by sources familiar with the matter.

REAL ESTATE

• 15-year: 5.85%

• 30-year: 6.35%

Mortage rates via Mortgage News Daily

Jobs Data Likely to Impact the Magnitude of the Upcoming Rate Cut

Thursday saw little movement in the bond market, with overall data showing a slight improvement. The ADP employment report had a notably positive effect, while the ISM Services data's selling pressure was not sufficient to sway the market significantly.

Friday's jobs report will play a crucial role in determining the next steps. It will influence whether the early September rate rally persists and will impact the likelihood of a 25bp or 50bp rate cut by the Fed in two weeks.

TECH

Feds Accuse AI Music Creator of $10 Million Scheme to Fake Streaming Numbers

A musician from Cornelius, North Carolina, has been charged with wire fraud conspiracy, wire fraud, and money laundering in a scheme to exploit music streaming platforms. Michael Smith, 52, is accused of using AI-generated songs and automated bots from 2017 to 2024 to artificially inflate streaming numbers and secure over $10 million in royalties.

Smith allegedly manipulated listener counts on major platforms like Spotify, Apple Music, and YouTube Music, where royalties are paid based on popularity. The specific services used in the scheme have not been disclosed.

QUICK RECAP

#1. The White House will block Nippon Steel's $14.9 billion bid for U.S. Steel, citing national security concerns.

#2. FedEx invested in AI robotics firm Nimble to scale its Fulfillment unit and boost delivery efficiency amid low freight demand.

#3. Verizon will acquire Frontier Communications for $20 billion in cash, enhancing its competitive edge against AT&T and T-Mobile.

#4. ConnectOne Bancorp (CNOB.O) will acquire First of Long Island (FLIC.O) for $284 million, creating a $14 billion bank.

#5. Nordstrom’s founding family proposes taking the chain private at $23 per share, valuing it at $3.76 billion.