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Bitcoin Nears Golden Cross as Market Enters a New Phase

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Bitcoin is approaching a Golden Cross, a pattern CoinDesk analyst James Van Straten notes often coincides with rallies in the weeks ahead of the cross. ChainCatcher data show both the 50-day moving average and the 200-day moving average are turning upward as the market nears the cross.

Van Straten highlighted that BTC did not break above the 200-day moving average in 2022, but the current market structure appears to be forming a new phase.

A Golden Cross is generally viewed as a medium- to long-term bullish signal, defined by the 50-day moving average crossing above the 200-day moving average. However, it is a lagging indicator used to confirm trend changes rather than forecast short-term moves.

Glassnode data show Bitcoin has historically risen multiple times before the 50-day moving average crosses above the 200-day moving average. BTC is now trading back near the 200-day moving average, signaling a clear departure from the 2022 market cycle.

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BPI urges FinCEN to expand customer ID rules to stablecoin secondary markets

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The Bank Policy Institute, which represents several large U.S. banks including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup, has proposed that FinCEN broaden customer identification requirements to stablecoin secondary markets. The plan would cover exchanges and other platforms that maintain direct account relationships with retail users.

BPI argues these venues handle a substantial portion of trading activity in the payment-stablecoin ecosystem, and that most illicit activity related to stablecoins occurs in these markets.

If adopted, the platforms would be required under the Bank Secrecy Act to collect customer information, and decentralized exchanges could also come under regulation.

FinCEN’s draft rule notes that stablecoin secondary market transactions on blockchains often involve anonymous or pseudonymous identities and lack a centralized node to collect identity information, which limits issuers’ ability to gather customer data from secondary markets.

BPI has also joined other banking groups in opposing the current version of the Digital Asset Market Clarity Act.

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BPI Pushes FinCEN to Extend Customer-ID Rules to Stablecoin Secondary Markets

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The Bank Policy Institute, which represents major banks including JPMorgan, Bank of America, Wells Fargo, and Citi, is asking the U.S. Treasury’s FinCEN to expand the scope of its customer identification program requirements to stablecoin secondary markets.

The proposal targets exchanges and other platforms that maintain direct account relationships with retail users, BPI said, noting that these venues handle a large portion of buying and selling activity in the payment stablecoin ecosystem and are where most illicit activity tied to stablecoins occurs.

Under the plan, these platforms would be required to collect customer information under the Bank Secrecy Act, and decentralized exchanges could also come under oversight if the rules are adopted.

FinCEN’s draft rule notes that stablecoin secondary-market transactions on blockchains typically involve anonymous or pseudonymous identities and lack a centralized node to gather identity data, limiting issuers’ ability to collect customer information from secondary-market users.

BPI has also opposed the current version of the Digital Asset Market Clarity Act alongside other banking groups.

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Circle Issues 7.5B USDC and Redeems 6.7B in Seven Days

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Circle issued about 7.5 billion USDC and redeemed roughly 6.7 billion USDC during the seven days ended August 20, resulting in an increase in circulating supply of around 800 million tokens.

Odaily estimates that total USDC in circulation reached 72.7 billion tokens, with reserves totaling about $72.9 billion.

The reserve mix includes roughly $48.1 billion in overnight reverse repurchase agreements, about $12.7 billion in U.S. Treasuries maturing in under three months, around $11.4 billion deposited at systemically important institutions, and about $700 million in other bank deposits.

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Iranian Envoy to Russia Says U.S. Military Morale Is Low

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A report cited by Jin10 quotes Iran's ambassador to Russia, Jalali, saying in an interview with Sputnik News Agency that U.S. military morale is low.

He added that the Pentagon or other U.S. officials have not confirmed the claim.

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Pony AI H1 Revenue Nearly Doubles as Losses Widen; Robotaxi Fleet Nears 2,000

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Pony AI reported first-half 2026 revenue of $70.47 million, up 98.9% from a year earlier, with a gross margin of 16.9% and a net loss of $98.86 million, according to Jiemian News.

Robotaxi revenue rose 534% to $20.6 million, while the second-quarter net loss attributable to Pony AI Inc. increased to $59.8 million from $53.1 million a year earlier.

As of the end of June, Pony AI’s cash, restricted cash, short-term investments and long-term restricted investments totaled about $1.39 billion, and operating cash outflow in the first half widened to $118 million from $79.57 million a year earlier.

The company had 1,975 Robotaxi vehicles globally at the end of the first half and is targeting more than 3,500 vehicles by the end of 2026.

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