Important News from Last Night and This Morning (September 10

Nasdaq Invests $100 Million in Kraken Parent Company Payward, Valuation Reaches $21 Billion

According tollion in Payward, the parent company of cryptocurrency exchange Kraken. This move comes as Nasdaq continues to build infrastructure to support tokenized stock trading. This investment from Nasdaq’s venture capital arm values the cryptocurrency company at $21 billion and deepens the partnership announced by both parties in March

Binance Alpha Third Round Block Street Airdrop Launches

The Binance Alpha third round Block Street (BSB) airdrop is now open. Users holding at least 246 Binance Alpha points can claim an airdrop of 342 BSB tokens on the Alpha activity page. If the rewards are not fully distributed, the points threshold will automatically decrease by 5 points every 5 minutes. Claiming the airdrop will consume 15 Binance Alpha points.

Coinbase CEO: Bitcoin Reaching $400,000 by 2030 is Reasonable

Coinbase CEO Brian Armstrong said in an interview with CNBC that Bitcoin has bottomed out and reaching $400,000 by 2030 is a “reasonable goal.”

Polymarket Appoints First CFO, Seeks New Investment to Revive Market Competitiveness

Prediction market platform Polymarket has appointed its first Chief Financial Officer (CFO), Warren Jenson, as the company seeks a new round of investment and attempts to regain growth momentum in competition with its main rival, Kalshi. Jenson previously held senior financial positions at media research company Nielsen and marketing firm LiveRamp, and officially joined Polymarket this week. Reports indicate that Polymarket has recently fallen behind Kalshi in market competition, and this CFO appointment is seen as an important step for the company to strengthen financial management and drive a new round of financing.

Spark to Shut Down SparkLend Lending Protocol on Gnosis Chain on September 14

Spark announced that it will shut down its lending protocol SparkLend on Gnosis Chain on September 14. After the service terminates, all outstanding loans may face liquidation. Users are advised to repay debts and withdraw collateral before the deadline. This move aims to reduce Spark’s overall risk exposure and eliminate ongoing maintenance costs.

Analyst: BTC Likely to Hold in the $73,000-$75,000 Range Before Rallying to $85,000

Analyst Killa noted that many people always focus on “imbalance zones,” “weekly FVGs (Fair Value Gaps),” or low-volume areas within specific price ranges. While paying attention to imbalance zones has its merits, in a bull market, most imbalance zones formed by strong upward trends are not fully filled. In fact, historically, explosive breakout candles at the bottom tend to remain unfilled. Killa believes BTC is unlikely to retest its $62,600 2x long entry point and does not expect a return to the publicly shared $65,800 spot average cost basis. The absolute worst case might only see some kind of capitulation near $70,000. It is more likely to hold in the $73,000-$75,000 range before starting a new rally towards $85,000.

Liquid Network: Block Production Resumed but Transactions Temporarily Paused

Liquid Network provided an update on the hacker attack incident, stating that as of 10:00 UTC on September 10, the network has entered a controlled recovery phase. As a precautionary measure, block production has been resumed, but transactions are not being processed. Continuous monitoring is underway to confirm full network stability. Blockstream stated that the required Functionary node and bridge node updates have been successfully deployed, and Functionary nodes are now signing and verifying blocks as expected. Meanwhile, peg operations, including PAK-authorized Peg-outs, remain suspended. The network is in its final recovery phase, including restoring BTC/LBTC reserves. Liquid Network reminds users to be wary of scammers using this incident to publish fake update websites or messages, and not to transfer funds to unknown channels or disclose private keys or seed phrases.

US August PPI Rises 5.4% Year-over-Year, Above Market Expectations

The US August PPI increased 5.4% year-over-year, compared to the estimate of 5.3% and the previous value of 4.7%. Month-over-month, it rose 0.4%, in line with expectations.

US Weekly Initial Jobless Claims at 206,000, Slightly Above Market Expectations

The number of initial jobless claims in the US last week was 206,000, compared to the estimate of 205,000 and the previous week’s revised figure of 206,000.

Coinbase Partners with Moov to Provide Stablecoin Payment and Settlement Services to Over 1,000 Community Banks and Credit Unions

Coinbase has partnered with payment infrastructure provider Moov to bring stablecoin payment acceptance, settlement, and real-time fund services to over 1,000 community banks and credit unions served by Moov. The partnership embeds Coinbase’s regulated digital asset infrastructure, including custodial wallet accounts and Payments API, directly into Moov’s existing payment platform, allowing financial institutions to offer customers services such as consumer stablecoin payments, merchant acceptance, settlement, and payouts without building a crypto tech stack from scratch.

Wallet Linked to Cumberland Withdraws 8.5 Million PONS Worth $6.55 Million from Gate in One Week

A wallet linked to Cumberland (address 0x091D) has been continuously buying $PONS over the past week, withdrawing a total of 8.5 million $PONS (worth $6.55 million) from Gate.

Robinhood Lists JUGGERNAUT and FRONG

According to the official page, Robinhood has listed JUGGERNAUT and FRONG.

US 30-Year Treasury Yield Hits Highest Since 2007, Rising to 5.34%

US long-term Treasury yields continue to rise, with the 30-year yield breaking through the August 18 high to reach 5.34%, the highest since June 2007. Influenced by factors such as the continued rise in international oil prices, US long-term Treasury bond prices have come under further pressure, accelerating the upward trend in yields.

Probability of Fed Rate Hike in September Rises to 70% After PPI Data Release

The market has increased its bets on a rate hike at the Federal Reserve’s meeting next week. This follows the release of the first key inflation report of the week, which showed that U.S. producer prices rose 5.4% in the 12 months through August. Before this report was released, the market estimated the probability of the Fed raising interest rates by 25 basis points at its September 15-16 meeting at around 65%. Based on the pricing of CME Group’s federal funds futures contracts, the market now estimates this probability has risen to about 70%.

An address re-entered the market after five months, building a position of 1,951 ETH

Address 0xaaa…4a26e re-entered the market after five months, spending 4.82 million USDT to buy 1,951 ETH 6 hours ago at a cost of $2,469.6, which was subsequently deposited into Morpho.

The three major U.S. stock indexes fell collectively, with the Nasdaq dropping 1.26% intraday

According to Binance market data, the three major U.S. stock indexes fell collectively during trading, with the Dow down 0.44% intraday, the Nasdaq down 1.26% intraday, and the S&P 500 down 0.64% intraday.

Analyst: ECB rate hike combined with higher-than-expected U.S. PPI data triggers Bitcoin sell-off

CryptoQuant analyst Darkfost stated that the market received two quite negative pieces of news. First, the European Central Bank announced a 25 basis point rate hike. This is the bank’s second rate hike this year, aimed at addressing rising inflationary pressures. Additionally, the just-released U.S. PPI data also came in higher than expected. Core PPI rose 4.6% year-over-year (expected 4.5%), while headline PPI rose 5.4% year-over-year (expected 5.1%). These data intensified market concerns about worsening inflation, and the market reacted swiftly. This was particularly evident in the Bitcoin futures market: within just one hour, the volume of aggressive sell orders on the Binance platform surged to over $1.4 billion. This sudden selling pressure in the futures market reflects genuine investor concerns; they tend to hedge by betting on a decline in Bitcoin’s price. Accompanying this price volatility, over $60 million in Bitcoin-related positions were liquidated in less than an hour.

Over $100 million liquidated across the network in the past hour, mainly long positions

In the past hour, total liquidations across the network reached $129 million, with long position liquidations accounting for $122 million and short position liquidations accounting for $7.3162 million. Additionally, ETH liquidations reached $48.972 million, and BTC liquidations reached $35.114 million.

Jiang Zhuoer: Expects tomorrow’s CPI data won’t be good either, has prepared to go short

Lubian Mining Pool founder Jiang Zhuoer stated that after the release of the latest U.S. PPI data, the probability of a Fed rate hike has risen to 70%. He expects tomorrow’s CPI data will also not be favorable and has prepared to go short.

“Fed Whisperer”: Friday’s inflation report is key to whether the Fed will raise rates

“New Fed Whisperer” Nick Timiraos said that Waller’s speech at Jackson Hole led investors to believe a rate hike is more likely, but he did not tell them what would trigger a hike. The market filled this information gap, and now the market-anticipated rate hike magnitude is something Waller never committed to. Therefore, Friday’s inflation report is seen as key to deciding whether to raise rates, a decision-making approach Waller has opposed for years.

glassnode: BTC faces resistance from long-term holder selling pressure between $83k and $85k, focus on $75k support level

glassnode stated in a post that BTC is currently facing a resistance wall formed by long-term holder selling pressure in the $83,000 to $85,000 range. However, investors are accumulating at this price level. If the price breaks below this newly formed dense trading range, the key level to watch is $75,000. If this level is lost, the price could see a deep correction, retracing to the $60,000 level.

MoneyGram launches its first stablecoin-backed Visa card in Colombia

MoneyGram, the 86-year-old global payment company, has launched its first stablecoin-backed Visa card, which is being rolled out first in the Colombian market. This new card marks MoneyGram’s expansion in the stablecoin space from pure remittance services to everyday spending scenarios. The company has been involved in stablecoins since 2021, when it partnered with the Stellar Development Foundation to support “cash-to-USDC” and “USDC-to-cash” exchanges via its network. In June, MoneyGram also launched its own dollar-pegged stablecoin, MGUSD, intended for use within its global network. The new MoneyGram card supports USDC at launch and plans to add support for MGUSD in the near future.

Uniswap Labs launches “StablePair Hook,” designed for stablecoin trading pairs like USDC/USDT

Uniswap Labs has launched “StablePair Hook,” a Uniswap v4 Hook designed specifically for stablecoin trading pairs like USDC/USDT and USDC/USDG. Uniswap Labs stated: “StablePair Hook provides traders with consistent and predictable quotes on every swap, while also allowing LPs to capture a larger share of the value they create.” StablePair Hook uses a dynamic fee instead of a fixed fee, which adjusts based on how far the pool price deviates from a reference price. When the price stays near the reference price, the Hook adjusts fees per trade to maintain a fixed spread between the bid and ask prices. Uniswap Labs said that if the price moves outside this range, trades that further push the deviation will pay no fees, as they effectively provide a more favorable price to the liquidity pool. Trades that bring the price back towards the reference price use a Dutch auction mechanism. The fee starts high and decreases with each block until a trader accepts it. Uniswap Labs stated this allows liquidity providers to retain more of the value generated from price reversion. The first StablePair Hook pools will launch on Ethereum, covering USDC/USDG and USDC/USDT trading pairs.

Mysterious fund bets $14 million on US Treasury sell-off, 10-year yield could break 5%

A “mysterious” large options trade appeared in the US Treasury market on Thursday, betting that the sell-off in US government bonds would push the 10-year yield above 5%. Rising oil prices could further stoke already high inflation, and this options trade is the latest sign of investors stepping up hedging against bond market risks. The sell-off pushed the 10-year yield close to its 2023 peak of just over 5%. The 30-year US Treasury yield rose to 5.35% on Thursday, its highest level since 2007. The premium paid for this options trade was approximately $14 million, a significant size in the derivatives market. Previously, traders noted that a wave of behind-the-scenes hedging activity had already emerged in the market, fueling the sell-off. If the decline continues, investors may further buy put options to protect their portfolios from losses, and may also increase so-called convexity hedging. The trade would break even if the 10-year US Treasury yield rises to about 5.1%; if the yield rises to 5.2%, the profit would increase to about $15 million. The 10-year yield last reached this level in 2007.

AI chip startup Positron raises $875 million at a $5 billion valuation

AI chip startup Positron announced it has raised $875 million at a $5 billion valuation, with the company’s valuation significantly increasing over the past six months. The funding round was co-led by venture capital firms NEA, Atreides Management, Valor Equity Partners, Andra Capital, analyst Dylan Patel’s SemiAnalysis Capital, and Netscape co-founder Jim Clark. Positron raised $230 million in its most recent funding round in February at a $1 billion valuation. Positron stated it has delivered approximately 50 units of its previous-generation server rack Atlas to Oracle, with other customers including financial firm Jump Trading and AI company Parasail. Positron is attempting to gain an edge in the crowded chip industry by bringing its chips to market as quickly as possible.

Prediction Market Kalshi Receives CFTC Approval to Launch Gold and Silver Perpetual Contracts

Prediction market platform Kalshi has launched gold and silver perpetual contract products after receiving approval from the U.S. Commodity Futures Trading Commission (CFTC), further expanding its futures product lineup. This launch means Kalshi’s commodity trading business has expanded from previous event contracts into precious metals derivatives. Kalshi previously disclosed that its monthly trading volume for commodity-related contracts has exceeded $400 million.

SpaceX Discloses Major Adjustments to AI Data Center Construction Plans, Expansion May Slow Down

SpaceX has disclosed that it will make major adjustments to the way it builds AI data centers, which could slow the expansion pace of new data center campuses. According to sources familiar with the matter, Musk recently assigned a group of rocket engineers to oversee data center construction. Unlike his past management style emphasizing “moving fast,” the new team has adopted a more cautious approach to construction. Two years ago, Musk built data centers for his AI business at a record pace, but this adjustment in construction model could extend the construction timeline for new campuses.

ARK Invest: Stablecoin Competition Has Entered a “Winner-Takes-All” Phase, A Battle of Two Giants Possible at the Hundred-Billion-Dollar Level

Stablecoins exhibit significant network effects. Although thousands of stablecoins exist in the market, as the market cap threshold increases, the number of tiers quickly flattens. Currently, the ones truly worth watching are stablecoins with a market cap exceeding $10 billion, gradually moving towards the $100 billion and $500 billion levels. Data shows that the number of stablecoins with a market cap over $1 billion has only increased from single digits to the current 12 since 2021, while the number of stablecoins with a market cap over $10 billion has actually decreased from its 2022 peak, leaving only those under Tether and Circle. Lorenzo Valente believes that entering the $10 billion market cap club is already very difficult. For the $100 billion level, competition may be limited to just two players for a long time to come, and for the $500 billion level, only one stablecoin might achieve it over the next two years or more.

Analysis: Market Bets on October Rate Hike, Adding Uncertainty to Next Week’s Fed Meeting

The U.S. August PPI year-on-year rate came in at 5.4%, higher than the market expectation of 5.3%, while the August core PPI month-on-month rate was 0.2%, lower than the market expectation of 0.3%. This sends mixed signals as Fed officials debate whether to raise interest rates next week. Following the PPI data release, the market fully expects the Fed to raise rates in October. This PPI report was released one day before the latest CPI data, which is expected to show relatively moderate so-called core inflation. Some Fed officials have hinted that the interest rate decision at the September 15-16 meeting may depend on what this week’s reports reveal. In a speech last month, Fed Chair Waller stated that if policymakers cannot be confident that underlying inflation trends are significantly improving, the Fed “still has work to do.” Amid ongoing hostilities between the U.S. and Iran, another rise in oil prices could further complicate the outlook.

U.S. Midterm Election Season Nears End, Wall Street Bets on Divided Congress as Best Market Scenario

The U.S. midterm election season has entered its final stage, and Wall Street is busy strategizing for a range of scenarios. Prediction markets currently favor the Democrats winning control of the House. However, the Senate race has become more competitive, with Republicans currently holding a slight lead on Kalshi and Polymarket. Futures markets linked to the CBOE Volatility Index show increased demand for protection against S&P 500 volatility in early November. Evercore ISI advises traders to position for potential market volatility through so-called straddle options on the State Street SPDR S&P 500 ETF Trust. Additionally, the market expects the Fed to raise interest rates twice by early 2027. However, by a stroke of luck, the most favorable outcome for the market also seems the most likely. Investors are increasingly confident that Democrats will take the House in November, while believing Republicans hold only a slight advantage in the Senate. In the view of many market observers, this is the most ideal combination with the least risk of disruptive policies. Although confidence in this outcome is not unfounded, it is far from a sure thing.

Bonk Guy Bullish on USELESS: Outperforms PEPE, DOGE, Could Be “This Cycle’s King”

Bonk Guy posted on platform X, stating that he recently re-examined the relative performance of USELESS against mainstream Meme coins and found that USELESS’s price ratios against PEPE, DOGE, PENGU, WIF, FARTCOIN, BONK, SPX, and SOL are all at all-time highs. Bonk Guy stated that almost all observable indicators suggest USELESS could become “this cycle’s Meme coin king,” with its market cap potentially reaching tens of billions of dollars. Additionally, during this market correction, USELESS continues to attract a large number of new holders. He believes that before the fourth quarter arrives, as long as the price remains within the current range, any pullback in USELESS is worth actively buying.

Insider Responds to “Moonshot AI Considering Dual Listing in Hong Kong and Shanghai”: Rumor Unfounded

Regarding the news that leading domestic large model company Moonshot AI is considering a dual listing in Hong Kong and Shanghai to secure more funding, an insider responded that the rumor is unfounded. Previously, the South China Morning Post, citing two sources, reported that Moonshot AI might consider a dual listing in Hong Kong and Shanghai to seek more financing and enhance market visibility. One source said that after discussing specific arrangements for a Hong Kong IPO with investors in July, Moonshot AI also hinted at an intention to further list on the mainland after the Hong Kong listing. Another source revealed that Moonshot AI might target the tech-focused STAR Market of the Shanghai Stock Exchange for its mainland listing, with related consultations potentially starting soon. The STAR Market has recently attracted a number of Chinese tech star companies like ChangXin Memory Technologies and Unitree Robotics, and is also awaiting well-known companies like DeepSeek and Yangtze Memory Technologies to join.

trade.xyz Launches Events Market, Initially Covering Stocks, Commodities, and Pre-IPO Assets

Trade.xyz, a trading platform based on Hyperliquid, announced the launch of its Events market, aiming to integrate trading on real-world events such as sports, politics, economics, and financial markets into a unified account. Users can deposit spot BTC, borrow USDC via portfolio margin, trade perpetual contracts for Pre-IPO assets like SpaceX, and use event contracts to hedge specific event risks like earnings reports or predict sports outcomes from a single account. The initial batch of Up/Down event contracts covers stocks, commodities, and Pre-IPO assets, with liquidity and continuous price discovery provided by perpetual contract markets deployed by trade.xyz on Hyperliquid HIP-3. The contracts will use the XYZ market price as the basis for outcome determination, without relying on external oracles. The platform stated that more event categories and contract types will be added in the future.

Fed September Rate Hike Probability at 71.3%

According to the CME FedWatch Tool: The probability of the Fed maintaining the current rate in September is 28.8%, and the probability of a cumulative 25 basis point rate hike is 71.3%. The probability of the Fed maintaining the current rate in October is 17.6%, the probability of a cumulative 25 basis point rate hike is 54.8%, and the probability of a cumulative 50 basis point rate hike is 27.6%.

Nikkei 225 Index Falls 2.28%, South Korea’s KOSPI Index Falls 3.29%

South Korea’s KOSPI index touched 7000 points to the downside, falling 3.29% in early trading. SK Hynix and Samsung Electronics both fell about 4%. The Nikkei 225 index fell below 64,000 points, down 2.28% intraday. Meanwhile, the yield on Japan’s 10-year government bond rose 5.5 basis points to 2.965%.

U.S. Senate Releases 630-Page New Version of Clarity Act Amendment, Requiring Non-Decentralized DeFi Protocols to Register with the CFTC

U.S. Senate Republicans Release 630-Page Clarity Act Revision Text; Senate to Hold First Procedural Vote on the Bill on September 15. The new version requires non-decentralized DeFi protocols to register with the CFTC, with the CFTC and Treasury Department formulating detailed rules; DeFi provisions are limited to spot and cash digital commodity transactions to address tribal governments’ concerns about prediction markets; and clarifies the crypto business authority of credit unions.

Bitwise Announces Liquidation of Its Dogecoin Spot ETF BWOW, October 14 is the Last Trading Day

The Bitwise Dogecoin ETF (BWOW) will be liquidated and closed, with October 14 as its last trading day on NYSE Arca. On October 22, investors will receive the net asset value distributed in cash. Bitwise stated this move is to continuously optimize its product line to meet changing investor demands.

OpenAI Launches GPT-Live-1 API, Supporting Full-Duplex Voice Conversations

OpenAI announced the launch of the GPT-Live-1 full-duplex voice model in its API, capable of simultaneously listening to and generating speech, improving handling of interruptions, pauses, background noise, and long conversations, and supporting phone call scenarios. Developers can control tone, speaking speed, and conversation style via system prompts, and can delegate deep reasoning and tool calls to backend text models like GPT-6 Astra or third-party models. OpenAI states that GPT-Live-1’s performance on the Full Duplex Bench is 30 percentage points better than GPT-Realtime-2.1; early tests by language learning platform Speak show the model reduces erroneous interruptions of learners’ thinking pauses by nearly 80% compared to traditional turn-based systems. GPT-Live-1 is now available via API, with the front-end voice layer priced at $0.05 per minute, plus separate fees for backend models and agent frameworks.

OpenAI Launches Investment Banking Version of ChatGPT, Integrating Data from PitchBook and LSEG News

OpenAI announced the launch of ChatGPT for Financial Services, a ChatGPT Work service customized for financial institutions and professional teams. It combines the reasoning capabilities of GPT-6 Astra with built-in financial data to support investment research, building financial models, and creating client materials. The product includes professional financial data from institutions such as Daloopa, PitchBook, and LSEG News. Users can trace numbers and conclusions in analyses back to specific paragraphs, tables, and cited sources, and preview the original text of relevant evidence. Additionally, teams can use their organization’s own Excel, Word, and PowerPoint templates to generate editable financial models, research notes, and pitch materials.

Ethereum Developers Tentatively Set Glamsterdam Activation on Sepolia for October 6, Still Depends on Devnet-10

According to the minutes of Ethereum’s ACDC #186 meeting, developers have tentatively set the Glamsterdam upgrade activation on the Sepolia testnet for 13:53 UTC on October 6, but this timeline still depends on the stability of subsequent tests. Currently, no stable Glamsterdam devnet exists. Devnet-9, containing 1000 validators, is still unable to finalize normally; previously, Devnet-8 discovered a major consensus layer vulnerability that could cause the entire network to stop running, and execution layer EIP-8037 was also found to have issues requiring implementation updates from each client. Developers plan to continue launching Devnet-10; if it remains unstable, the Sepolia upgrade timeline may be delayed. Upgrade dates for the Hoodi testnet and Ethereum mainnet have not been determined. Developers still hope to complete the mainnet launch by December, but there are currently no signs that client implementations have reached mainnet deployment conditions.

Kalshi Plans to Seek Regulatory Approval to Offer Regulated Perpetual Futures Tied to Individual Stocks Like Nvidia

Kalshi plans to seek regulatory approval to offer regulated perpetual futures tied to individual stocks such as Tesla, Apple, and Nvidia.

Codex Product Lead: OpenAI to Pause New Subscriptions for $200 Pro Plan to Ensure Astra User Experience and Access Stability

OpenAI Codex product lead Tibo posted this morning: To ensure the user experience and access stability of the AI assistant Astra for existing users, the team has decided to pause new subscriptions for the $200 per month Pro plan, which puts the most pressure on system re available. Existing accounts will not be affected, and we are working to add more capacity as quickly as possible

10-Year US Treasury Yield Rises to 4.97%, Approaching the 5% Threshold

Ahead of the release of US inflation data, bond bears are pushing the benchmark Treasury yield towards the closely watched 5% level; the data will determine market expectations for the Fed’s rate hike next week. This week, the 10-year Treasury yield has climbed 18 basis points, trading just below this psychological threshold. This level could either attract bargain hunters or trigger further selling, potentially impacting global markets. On Friday, the yield reached as high as 4.97%, its highest level since 2023, and is approaching its peak since 2007. The yield surge comes as traders grapple with rising oil prices and inflation pressures that have remained above the Fed’s target for five years. Friday’s US CPI report will be a key focus, as the market currently prices in about a 70% probability of a Fed rate hike at its September 16 meeting. “A 10-year yield hitting 5% looks like a done deal, not just a forecast,” said Padhraic Garvey, Head of Americas Research at ING. “This is a worrying time for the bond market.”

Coinbase Abandons Social Experiment, Rebrands Base App Back to Self-Custody Wallet Coinbase Wallet

Coinbase has renamed its Base App back to Coinbase Wallet, positioning the self-custody app as a multi-chain trading gateway and “test kitchen” for launching products and assets not yet available on its centralized exchange. Coinbase Wallet now supports over 10 networks, including Base, Robinhood Chain, Solana, Bitcoin, Ethereum, BNB Chain, Monad, Optimism, Arbitrum, Polygon, and Avalanche, and integrates perpetual contract trading provided by Hyperliquid, while also supporting long-tail assets, prediction markets, and tokenized stocks. Coinbase states the wallet emphasizes “no KYC, no waiting, no borders,” but some features remain geographically restricted. The team will conduct strict product and compliance reviews for new asset classes like prediction markets and tokenized stocks, generating fee revenue through on-chain trading and social copy trading.

Google Gemini Desktop App Arrives on Windows

According to Google’s official blog, following the macOS version launch in April, the Gemini desktop app is now available on Windows 10 and 11. Users can summon Gemini anytimet polishing, summarization, creative generation, and image/video creation, and can connect to linked apps as a personal agent. The company states it will continue to introduce more native desktop features in the future

SBF Appeals to US Supreme Court, Seeking Retrial and Reversal of $11 Billion Forfeiture Order

FTX founder Sam Bankman-Fried (SBF) has filed an appeal with the US Supreme Court, seeking a retrial and the reversal of the ruling ordering him to forfeit $11 billion, arguing that the forfeiture order violates the Excessive Fines Clause of the Eighth Amendment to the US Constitution. The appeal also raises technical objections regarding the admission of evidence in the original trial. The Second Circuit Court of Appeals previously rejected these claims. The Supreme Court is expected to hear the case within the year.

UK House of Lords passes amendment mandating a digital assets strategy

The UK House of Lords passed an amendment to the Financial Services and Markets Bill by a vote of 194 to 138, requiring the Treasury to formulate and publicly consult on a digital assets strategy within 12 months of the bill coming into effect. The strategy will cover crypto assets, stablecoins, tokenized securities, and digital financial infrastructure, focusing on innovation, consumer protection, and institutional access to banking, payment, and clearing services. The amendment was proposed by Conservative peer Baroness Neville-Rolfe and opposed by the Labour government, which argued it was insufficient to address the rapid development of digital assets and the need for an overall regulatory framework. The bill must still return to the House of Commons for further consideration on whether to accept the amendment.

BIS General Manager: AI investment boom relies on opaque debt, may threaten global financial stability

Pablo Hernández de Cos, General Manager of the Bank for International Settlements (BIS), stated that if companies fail to deliver the returns expected by investors, the rapidly growing and increasingly debt-financed artificial intelligence investment boom could threaten global financial stability. Hernández de Cos said the five largest tech companies plan to invest over $1 trillion in AI projects between 2025 and 2026, with global AI-related investment expected to grow from approximately $500 billion currently to between $3 trillion and $4 trillion by 2030. Capital expenditures by major AI companies are exceeding their own cash flows, with financing increasingly reliant on debt and private credit; there are also “circular financing” relationships among chipmakers, cloud computing giants, and AI companies, including cross-shareholdings and computing power procurement, with related risks being relatively opaque and interconnected. He warned that if AI investment returns fall short of expectations, the capital expenditure boom could turn into an investment contraction; a significant correction in highly concentrated AI stocks could depress household consumption through the wealth effect and, due to the high weight of US stocks in global markets, transmit to other economies. However, he did not assert that the AI bubble will inevitably burst, noting that AI has already shown potential for productivity gains in areas such as programming, consulting, and professional writing, but the scale, speed, and reliance on future commercial returns of the current investment boom warrant caution.

Bybit plans to launch “super app” in Europe, offering bank accounts, stocks, and derivatives services

Crypto trading platform Bybit plans to launch a “super app” in Europe integrating bank accounts, cryptocurrencies, stocks, and derivatives trading. Bybit founder and CEO Ben Zhou stated that the company has obtained an Electronic Money Institution (EMI) license from the Austrian Financial Market Authority (FMA) and already holds a MiCA license covering the EU market, with expectations to obtain a MiFID license within approximately two months. Relying on the EMI license, users will be able to open personal accounts with an IBAN on Bybit in the future for receiving salaries, paying bills, and making local and third-party transfers, while also using stablecoins and other crypto assets. After obtaining the MiFID license, the platform also plans to offer regulated derivatives and direct US stock investment services, allowing users to hold stocks such as Apple and Tesla, and trade products like CFDs, gold, silver, commodities, and oil. Founded in 2018, Bybit currently has over 80 million users. Zhou stated that the company’s cooperation with xStocks on tokenized stocks will continue, and it may offer direct stock trading services through partners such as Alpaca or Saxo Bank.

Source: www.panewslab.com