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Crypto

BoA, Deutsche Bank, UBS and others form stablecoin alliance of 21 global financial institutions

Twenty-one major global financial institutions have begun work to jointly establish a stablecoin issuer, with a plan to launch a U.S. dollar-based stablecoin in the first half of 2027. Participants include Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG and Fidelity Investments. The group plans to focus first on a dollar stablecoin and later expand to products based on other G7 currencies, with a euro stablecoin listed next.

Crypto

Bitcoin up 24 percent in August, strongest since 2017 despite U.S.-Iran clash

Bitcoin posted its strongest August rise since 2017, gaining more than 24 percent to trade around $78,000, despite renewed U.S.-Iran military clashes and a hawkish turn by the Federal Reserve. Brent crude climbed to around $91 a barrel after strikes and retaliation, stoking inflation worries. Analysts said oil supply disruption risks remain limited. Market data showed spot trading volumes stayed weak, though activity stabilized and some exchanges saw modest month-on-month increases.

Crypto

Fidelity says bitcoin bottom signal nears accumulation zone

Fidelity Investments’ global macro director Julien Timmer said bitcoin may have reached a psychological and mathematical bottom as it nears a long-term support line. He wrote on X that bitcoin could be in an accumulation phase and is moving closer to the power law support line around $60,000. Fidelity’s model views moves near the lower band as a key buying opportunity and uses indicators including price deviation and a bitcoin-gold ratio Z-score.