- Bitcoin holds near $77,373 as August Bitcoin ETF inflows hit $3.5 billion.
- 21 major banks, including Citi and Goldman Sachs, plan a joint stablecoin venture.
- Nvidia in advanced talks to acquire Hugging Face in a deal worth $14 billion.
Bitcoin traded near $77,373, down 1.1% over the past 24 hours and down 2.0% for the week, briefly falling to $76,393 intraday after facing resistance near $80,000. Ethereum fell 2.1% to $2,410, also down 2.1% weekly. XRP slipped 1.7% to $1.34, though it also remains down 6.4% for the week.
Solana dropped 3.1% to $99.85, still holding a 3.0% weekly gain. Total crypto market capitalization stood at $2.70 trillion, down 1.6% over the past day, with 24-hour trading volume reaching $83.70 billion.
Trending Searches
Pons led trending searches, up 24.1%, followed by Cash Cat, up 21.6%, and Uniswap, up 18.2%. Among top gainers, TENDIES surged 54.0%, MarsCoin added 43.2%, and UnifAI Network gained 52.8%.
Banking Giants Move Toward a Joint Dollar Stablecoin
21 major international financial institutions, including Bank of America, Citi, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS, Santander, BBVA, and MUFG Bank, announced plans to form a new joint venture in the second half of 2026 to launch a fully bank-reserve-backed stablecoin.
The initial product will be dollar-denominated, with plans to expand to G7 currencies including the euro, targeting compliance with the GENIUS Act and MiCA and a market launch in the first half of 2027.
G20 finance ministers and central bank governors, in a statement issued through US Treasury Secretary Scott Bessent, formally recognized digital assets’ growth potential and committed to a clearer path for “responsible innovation,” while also pushing for faster cross-border payment infrastructure and awaiting the Financial Stability Board’s assessment of global stablecoin risks.
Bitcoin ETF Inflows Hit 13-Month High
US-listed Bitcoin ETFs pulled in roughly $3.5 billion in August, the largest monthly inflow since July 2025, coinciding with Bitcoin’s 25% monthly gain, its best since November 2024. Bitwise’s chief investment officer attributed the rally to Treasury Secretary Bessent’s expanded long-term bond buybacks alongside Trump’s push for Senate crypto market-structure legislation.
Citi strategists said Bitcoin has rebounded near the weighted average ETF investor purchase price of $80,000-$83,000, with fund flows now a key price driver, though resistance near $80,000 pulled Bitcoin back to as low as $76,393 this week.
Nvidia Nears Blockbuster Hugging Face Acquisition
Nvidia is reportedly in advanced talks to acquire AI startup Hugging Face in a deal that could reach roughly $14 billion, with an agreement possibly landing as early as this week. The move would extend Nvidia’s aggressive push into AI infrastructure and open-source model ecosystems.
Willy Woo’s $5 Million Bitcoin Thesis
Analyst Willy Woo argued that if Bitcoin fully assumes gold’s role as the global monetary anchor, a roughly $103 trillion valuation, its per-coin price would work out to about $5 million. Woo said gold’s status as a mere “financial asset” is a modern framing pushed by the US government and Wall Street, arguing gold functioned as money for thousands of years compared to the fiat system’s roughly 55-year run.
Security Incidents and Investigations
Sui-based DeFi protocol Full Sail said it will wind down operations following a Switchboard oracle exploit that hit affiliated protocol Virtue Money for approximately $455,000, liquidating 45 users. Switchboard has not provided technical details or compensation commitments as of September 1, and Mysten Labs declined to provide financial support.
Payment Card Classification Under Scrutiny
An investigation by The Block found that Robinhood Wallet and the Fomo app let users buy meme coins via credit card through Apple Pay and Google Pay without identity verification, by classifying transactions under a “digital goods media” merchant code rather than the crypto-specific code card networks require. Chase Bank flagged the practice to Visa, and the New York Attorney General’s office said it is reviewing the matter. Crossmint, the infrastructure provider behind the transactions, defended the classification.
Corporate and Market Developments
TRM Labs secured a $95 million no-bid contract from the US Department of Homeland Security for crypto tracking services, prompting competitor Chainalysis to sue the Trump administration over the award process. Bitfinex Securities listed five tokenized notes backed by shares of Bitcoin treasury companies including Strategy, Metaplanet, and Capital B. Circle, Riot Platforms, MARA, and Coinbase shares each fell roughly 5% intraday.
Pons, a token launch platform on Robinhood Chain, generated $4.73 million in single-day fee revenue, more than Hyperliquid, Polymarket, and Fomo combined.
Related: 21 Banks Join Forces to Launch a Dollar Stablecoin in First Half of 2027
Related: Bitcoin Has a New Problem: Strategy Is Buying, But Macro Is Fighting Back
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