BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

Pump.fun co-founder Alon addressed the platform’s $15 million Callout rewards program in a post, noting that the initiative launched two months ago, but its initial mechanism inadvertently incentivized improper behavior—spurring low-quality spam and discouraging users from creating high-quality content. Pump.fun has since adjusted its reward algorithm to prioritize quality over quantity: the more Callouts a user posts daily, the lower their marginal returns. The mechanism is evolving in the right direction through iterations, but significant work remains to sustain consistent high-quality content creation among a large user base. The rewards have been distributed to both top accounts and those with fewer than 10 followers, with no favoritism or preferential treatment. Alon advised users to focus on recommending high-quality tokens, building trust with traders via their content, and earning rewards based on trading volume attributed to their Callouts. He emphasized that spamming Callouts or dumping tokens on followers will not work.

According to GMGN market data, Robinhood ecosystem AI-themed token ORBIO has exceeded $100 million in market capitalization, currently standing at $102 million, with a more than 40% gain in the past 24 hours and a trading volume of $8.5 million over the same period. ORBIO is issued on the Pons platform and uses Nvidia's stock tokens as its underlying pool. Public information indicates that the project aims to build an affordable AI points trading market, providing discounted points transactions for over 400 AI models including Claude Fable and GPT Astra. BlockBeats reminds users that the relevant token has low trading volume and high price volatility, so users should exercise caution when investing.

Grayscale Research Head Zach Pandl wrote that the AI crypto sector rose 54% in September, significantly outperforming the overall crypto market’s 24% gain. Even after this rally, the sector’s market capitalization remains only around $15 billion, making it the smallest among the six crypto segments categorized by Grayscale. Among the sector’s representative tokens: NEAR surged 183% in September, Venice (VVV) rose 70%, World (WLD) gained 47%, and Bittensor (TAO) increased 37%. These projects respectively cover agent-based commerce, privacy AI applications, human identity verification, and an open AI network spanning inference, agents, data, and computing. Grayscale believes public blockchains can provide open infrastructure for agent payments, identity, privacy computing, and verifiable records, complementing the current AI development ecosystem concentrated in a handful of companies. The AI crypto sector may see one or more major winners emerge over the next five years, and recent performance indicates investors are starting to price in blockchain’s infrastructure role in the emerging agent economy.

Stablecoin payment infrastructure company OpenPayd CEO Iana Dimitrova said the firm expects to complete its merger with Titan Acquisition Corp. and list on the Nasdaq by the end of the year, with the stock ticker OP. The transaction is in the final stages of review by the U.S. Securities and Exchange Commission (SEC), pending conditions including the effectiveness of the registration statement and approval from Titan’s shareholders. The listing will provide funding for the company’s U.S. business expansion, with OpenPayd targeting a launch of services for U.S. clients by April 2027. The firm previously incorporated MSB USA Inc. and its money transmission licenses across 43 U.S. states into its group. OpenPayd offers infrastructure for accounts, foreign exchange, domestic and cross-border payments, and fiat-to-stablecoin fund transfers, with clients including Kraken, B2C2, and OKX. Dimitrova noted the company is scouting for acquisition targets that can complement its licenses or technical capabilities and accelerate market entry. The listing will also grant the company access to capital markets, and enable it to use its public stock for transactions and partnerships. OpenPayd is also considering private financing ahead of the merger. Per the announced transaction terms, the implied pro forma equity valuation of the combined entity is up to $1.1 billion.

U.S. Treasury Secretary Bessent said the recent uptick in U.S. Treasury yields aligns with global trends, advising against overreacting to the move. During an interview with Axios on Saturday, he remarked: “I would be concerned if there was some kind of unusual, specific rise. We are not seeing people dumping U.S. Treasuries to buy German or Japanese bonds. I can’t control the bond market. What I can do is get people to slow down and think.” Separately, Bessent pushed back against fears of an AI bubble, arguing that major tech players including Microsoft, Google and Meta are pouring significant capital into the space and driving robust revenue growth for firms like Anthropic and OpenAI.

Weak U.S. non-farm payrolls data and sharp turmoil in French financial markets have reduced the urgency for Federal Reserve and European Central Bank (ECB) policymakers to follow through on additional rate hikes at their respective meetings this month. Both central banks will release minutes from their September meetings in the coming days; at those sessions, they raised interest rates over concerns about rising inflation pressures. The Fed’s September meeting minutes are likely to show many policymakers were deeply worried about underlying price trends at the time, and projected at least one more rate hike before the end of the year. However, Friday’s non-farm payrolls figures showed job additions came in below expectations and wage growth remained sluggish, further indicating the labor market is not fueling current inflationary pressures. Earlier this week, government revisions to the Personal Consumption Expenditures (PCE) index revealed inflation has been running slightly lower than previously estimated this year. Economists say the bar for an October rate hike is now very high. Even if the minutes remind markets of the hawkish stances officials took in September, subsequent data has strengthened the case for patience. While services inflation may keep a December rate hike on the table, the Fed will likely need clearer evidence that price pressures are resurgent before raising rates again. (Jin10)