Romain Costaseca / Hans Lucas / AFP via Getty Images The price of a bitcoin topped $125,000 over the weekend. Bitcoin (BTCUSD) is giving crypto stocks a lift after its price topped $125,000 over the weekend, reaching a new record. The world's largest cryptocurrency had been on a weeklong rally, validating bitcoin bulls' anticipation of fresh highs after September-end swoons. Bitcoin treasury Strategy (MSTR), crypto exchange Coinbase Global (COIN), and stablecoin issuer Circle (CRCL) were up at least 2% M ...

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Market Overview - The ongoing US government shutdown is causing delays in the release of key economic reports, including payroll and inflation data, which could lead to increased jobless claims and a rise in the unemployment rate to 4.7% [2] - Higher bond yields are limiting stock gains, with the 10-year T-note yield rising to 4.15% [3] - Stock indexes are mostly higher, with the Nasdaq 100 reaching a new all-time high, driven by gains in chipmakers and AI-infrastructure stocks [4] Economic Indicators - The S&P 500 Index is up by 0.20%, while the Dow Jones is down by 0.10%, and the Nasdaq 100 is up by 0.60% [5] - Market focus includes developments regarding tariffs, trade, and the government shutdown, with upcoming releases of FOMC meeting minutes and consumer sentiment index [6] Corporate Earnings - Over 22% of S&P 500 companies have provided guidance for Q3 earnings that are expected to exceed analysts' expectations, although Q3 profits are projected to rise by only 7.2%, the smallest increase in two years [7] Interest Rates - The market is pricing in a 95% chance of a 25 basis point rate cut at the next FOMC meeting [8] - December 10-year T-notes are under pressure due to stock strength and upcoming Treasury auctions [9] European Market - European government bond yields are rising, with the 10-year German bund yield at 2.720% and the UK gilt yield at 4.734% [10] Stock Movements - Advanced Micro Devices (AMD) shares surged over 26% after signing a deal with OpenAI, leading gains in chipmakers and AI-infrastructure stocks [12] - Cryptocurrency-exposed stocks rallied as Bitcoin prices rose above $125,000, benefiting companies like Coinbase and Galaxy Digital [13] - Comerica (CMA) shares increased by over 15% following an acquisition agreement with Fifth Third Bancorp [14] - Micron Technology (MU) rose more than 6% after an upgrade from Morgan Stanley [14]

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Core Insights - Coinbase is considering applying for a federal bank charter, joining other crypto firms like Circle, Ripple, and Paxos in seeking a trust charter [3][5] - Currently, Anchorage Digital is the only crypto firm with a trust bank charter, which was approved by the OCC in January 2021 [4] - A trust bank charter has a limited scope compared to a traditional bank charter, focusing on asset management and trust administration without the ability to lend or take insured deposits [5] Company Developments - Coinbase has $425 billion in assets on its platform as of June 30, indicating its significant market presence [5] - The OCC charter is expected to streamline oversight for new offerings and foster innovation in integrating digital assets into traditional finance [6] - Coinbase aims to launch new products beyond crypto custody, including payments and other services, with regulatory clarity if the charter is secured [7] Industry Reactions - Bank trade groups have expressed concerns about the trust charter applications from crypto firms, labeling them as risky and potentially destabilizing to consumer confidence in the banking system [6][7] - The Independent Community Bankers of America has urged the OCC to postpone decisions on these applications, highlighting the perceived risks associated with uninsured deposit-like accounts [6][7]

Cryptocurrency exchange Coinbase has revealed plans to apply for a national trust company charter from the Office of the Comptroller of the Currency. The development was confirmed by Coinbase vice-president of institutional product, Greg Tusar in a blog post, which was published on the company’s website. The charter is intended to facilitate the company's expansion into payment and related services, while maintaining that it does not plan to become a bank. Tusar said: “Coinbase has no intention of bec ...

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Group 1 - Coinbase is intensifying its opposition to traditional financial institutions regarding stablecoin rewards, with CEO Brian Armstrong criticizing banks for attempting to eliminate these rewards [1][3] - The American Bankers Association and other banking groups have labeled stablecoin reward programs as a loophole in the GENIUS Act, which prohibits stablecoin issuers from paying interest to users [2] - The banking groups argue that allowing stablecoin rewards could lead to significant deposit outflows, potentially amounting to $6.6 trillion, which would adversely affect banks' lending capabilities [3] Group 2 - Armstrong asserts that banks are trying to suppress competition, which ultimately harms U.S. consumers, emphasizing that competition benefits consumers [3][4] - Coinbase is actively engaging with lawmakers, with Armstrong advocating against bank bailouts and encouraging the cryptocurrency community to voice their opposition [4][5] - The message from Coinbase highlights the inconsistency in banning crypto rewards while allowing credit card rewards, reinforcing their stance on the importance of maintaining competitive practices in the financial sector [5]

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