Daily Market Wrap | Oct. 08

Hot Topics

• Intercontinental Exchange, owner of the NYSE, is set to invest $2B in Polymarket, valuing it at $9B, potentially aiding its U.S. market return.
• S&P Dow Jones Indices launches a hybrid index blending 15 cryptocurrencies and 35 crypto-linked stocks, with Dinari issuing a blockchain-based token to track it.
• Bitcoin faces pressure as Japan's 10-year bond yield hits a 17-year high of 1.70%, yen weakens, and Abenomics policies may impact global markets.
• SEC Chair Paul Atkins plans to formalize an "innovation exemption" rulemaking by end-2025 or Q1 2026 to boost crypto innovation, despite delays from the U.S. government shutdown.

Market Updates

• BNY Mellon tests tokenized deposits on blockchain to speed up $2.5T daily payments and cut costs, joining banks like JPMorgan.
• Gold-backed crypto tokens like PAXG and XAUT surpass $3B market cap with $640M in daily trading volume as gold hits a record $4,007 per ounce, outpacing Bitcoin's performance.