Bitcoin (BTC) crossed $80,000 for the first time since May on Tuesday, reaching a local high of $81,265 before retreating to $80,601. The flagship cryptocurrency’s recovery has seen it gain around 38% since falling to a low of $58,000 in late June.

Market watchers and analysts are cautiously optimistic about the rally translating into a bull market, primarily because of prevailing geopolitical uncertainty and inflation concerns.

Bitcoin Reaches Multi-Month High

Bitcoin (BTC) crossed $80,000 for the first time in 15 weeks, continuing its recent rally and gaining around 28% in little over a week. The flagship cryptocurrency’s rally has added $350 billion to its market capitalization as buyer interest returned after a period of subdued activity. The rally triggered market confidence, with the Bitcoin Fear & Greed Index rising to 81 on CoinMarketCap, firmly in “Extreme Greed” territory. While BTC’s rally has erased the losses accumulated since May, it now enters a zone that has previously witnessed heavy selling.

BTC is currently testing the resistance zone between $80,000 and $82,000. A close above these levels will confirm that demand persists. However, if the price fails to hold above $80,000, it could retrace towards $76,000, the nearest support zone. Several indicators support the short-term bullish structure. The Money Flow Index is currently above 77, indicating significant buyer interest. However, it is close to its overbought level, indicating chances of a reversal.

Analysts Cautiously Optimistic

While analysts and market watchers are optimistic, they believe the current rally is a catch-up trade rather than the beginning of a new bull cycle. Min Jung, associated researcher at Presto Research, stated,

“While it’s too early to call this a full-blown bull market, the move above $80,000 and the ETF inflows look like a catch-up trade since bitcoin has been lagging other risk assets for a while now.”

Jeff Mei, COO of BTSE, also struck a cautious note, highlighting tight liquidity conditions, inflation, and geopolitical uncertainty. Mei added they would consider a bull market only if BTC holds above $100,000, and the Federal Reserve cuts interest rates.

“I’d presume a bull market only after we sustain $100,000 for a month and the Fed signals rate cuts, which are still uncertain.”

Bitcoin’s Bull Case

However, some analysts believe Bitcoin’s rally and robust spot ETF inflows present a good case for a sustainable rally and bull market. Additionally, the broader cryptocurrency market has also rallied, with Ethereum (ETH), Ripple (XRP), and Solana (SOL) recording substantial double-digit increases. Justin d’Anethan, head of research at Arctic Digital, stated,

“The strength of the move, creating a large bullish engulfing candle on the daily, weekly, and potentially soon on the monthly, seems to hint at a radical trend change, from the boring accumulation to an ‘up’ market.”

d’Anethan added that the US Treasury’s decision to double bond buybacks is a strong indicator of easing monetary and liquidity conditions, which could fuel the rally further.

“More importantly, the key driver of this move (the U.S. Treasury decision to artificially lower rates by buying back bonds) sends a powerful and solid signal that monetary conditions and thus capital are easing up. It’s easy to see why BTC, which underperformed in the first half of 2026, would be the prime beneficiary of this.”

What Does Bitcoin Need For A Sustained Rally

Dominick John, analyst at Zeus Research, highlighted the macroeconomic conditions needed to sustain the current rally. According to the analyst, softer inflation numbers, lower treasury yields, and a weaker dollar were crucial to sustain the rally.

“A softer-than-expected reading could boost risk assets, while a hotter print could pressure yields and liquidity.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

India is reportedly preparing to test the issuance of tokenized corporate bonds, with a pilot expected to begin as early as September. The initiative centers on blockchain-based bond transactions that would be settled using India’s central bank digital currency (CBDC), according to Reuters.

REC Limited, a state-controlled power infrastructure finance company, is said to plan an initial bond issuance of less than 5 billion Indian rupees (about $57 million). Reuters reported the figure after consulting three sources familiar with the plans.

Key takeaways

• REC Limited is reportedly preparing India’s first tokenized corporate bond issuance as part of a September pilot.
• The pilot is expected to use India’s central bank digital currency for purchasing the tokenized bonds.
• Investors may need two separate digital accounts: a wholesale CBDC wallet and a new electronic securities wallet.
• India’s securities depositories are developing “DEMAT 2.0” to track bond ownership using distributed ledger technology.
• An initial three-month lockup is expected, with secondary-market trading targeted for development by December.

A pilot designed around CBDC settlement

Reuters says the tokenized bonds would be bought using India’s central bank digital currency, with participating investors required to hold two digital accounts. One would be a wholesale CBDC wallet provided by a bank, while the other would be a new electronic securities wallet that supports ownership records for the tokenized instruments.

This structure matters because it aims to connect two distinct parts of the financial plumbing: settlement (via CBDC) and securities ownership tracking (via a securities wallet built for tokenized assets). If the pilot proceeds as described, it would provide a practical test of whether wholesale CBDC can be used smoothly to move funds in tandem with tokenized bond transfers.

DEMAT 2.0 and the move toward distributed ownership records

A key component of the plan is the development of “DEMAT 2.0,” according to Reuters. The upgrade is being built by Indian securities depositories to record bond holdings using distributed ledger technology.

While tokenization is often discussed as a technical upgrade, the operational question is whether existing depository infrastructure can be adapted to manage tokenized securities reliably. The reported creation of DEMAT 2.0 suggests Indian market infrastructure providers are focusing on a more direct, ledger-based approach to tracking ownership—potentially reducing friction between issuance, transfer, and settlement workflows.

Reuters also reported that India’s central bank and securities regulator are involved: the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are working with relevant stakeholders on the initiative.

Who will participate and how trading could evolve

The Reuters report indicates the initial pilot may be limited to a select group of investors, and that details could be unveiled during an annual financial technology event in Mumbai in September.

In addition, Reuters says the tokenized bonds would carry a three-month lockup period at the start. It also reports that exchanges are expected to develop a secondary market for the tokenized bonds by December.

That timeline points to a phased approach. First comes controlled issuance and settlement for a narrow group of investors, followed later by efforts to enable broader liquidity through secondary-market trading. For market participants, secondary-market availability is often the difference between a tokenized instrument that remains largely experimental versus one that can become a functional part of credit markets. Investors will likely watch whether secondary trading is implemented as expected and whether it supports price discovery comparable to traditional bond venues.

Regulators and the next checkpoint

Reuters reported that Cointelegraph contacted the RBI, SEBI, and REC for comment on the plans but had not received responses at the time of publication. That leaves some specifics—such as eligibility criteria for participating investors beyond “a select group,” and the precise mechanics of the secondary market—unclear.

Even so, the core framework described by Reuters is clear: tokenized corporate bonds would be issued by a major state-controlled finance entity, settled using wholesale CBDC, and tracked through a new ledger-enabled securities wallet (DEMAT 2.0). The next question for investors and builders is whether the pilot demonstrates operational readiness at each step—issuance, settlement, custody/recordkeeping, and eventual transfer into a secondary market.

For readers following crypto’s relationship with regulated finance, the key watch items are whether India’s pilot launches on schedule in September, how tightly the lockup/secondary-trading plan is executed, and what the RBI and SEBI ultimately confirm about the infrastructure and investor access requirements.

Goldman Sachs has backed Coinbase and Robinhood shares as Bitcoin’s 26% weekly rally has lifted the cryptocurrency above $80,000 despite an extended decline in market trading volume.

Goldman Sachs expects crypto activity to recover

Goldman Sachs said in its latest Americas Brokerage and Crypto Industry report, circulated on X, that crypto trading volumes dropped 30% in July and another 21% in August. Analysts described the current slowdown as longer than the previous five volume contractions examined by the bank.

Trading activity has fallen by roughly 75% from its recent peak, according to the report. During the past week, however, the total cryptocurrency market capitalization has recovered about 21% to $2.8 trillion.

Goldman analysts said trading volumes could begin recovering if the market maintains its current valuation. Rising asset prices can bring more retail and institutional activity to exchanges, providing additional transaction revenue for platforms such as Coinbase and Robinhood.

Although the bank remains cautious about weak volumes, its view of the crypto sector has become more positive for the second half of 2026. The report pointed to stronger token prices, developing US regulations, and new products that allow trading platforms to earn revenue outside conventional spot markets.

Regulatory uncertainty remains the most common concern among institutional investors surveyed by the bank. According to Goldman, 35% of respondents identified uncertain rules as the largest barrier to entering the market, while 32% named regulatory clarity as the main catalyst that could encourage adoption.

Recent developments in Washington have addressed parts of that concern. The Securities and Exchange Commission has proposed Regulation Crypto Assets, a framework covering certain investment contracts involving digital assets.

As previously reported by crypto.news, the proposal includes one exemption allowing qualifying startups to raise up to $5 million over four years. A separate route would permit eligible issuers to raise as much as $75 million during a rolling 12-month period.

The SEC framework also includes disclosure requirements and a conditional safe harbor. It would not automatically exempt every cryptocurrency or token transaction from federal securities laws, and interested parties will receive 60 days to submit comments after the proposal completes the required publication process.

Coinbase and Robinhood receive buy ratings

Against that regulatory and market backdrop, Goldman Sachs maintained buy ratings on Coinbase Global and Robinhood Markets. Analyst James Yaro raised the bank’s Coinbase price target to $196 from $173, while Goldman set a $124 target for Robinhood.

Coinbase shares have gained more than 21% over the past week, while Robinhood has risen about 12%, according to the supplied market report. The advances followed Bitcoin’s recovery and renewed demand for US-listed companies connected to digital assets.

Goldman’s positive assessment was not based only on expectations for higher cryptocurrency trading. Analysts also pointed to the companies’ expansion into tokenized stocks, prediction markets, perpetual futures, and other financial products.

Such additions can provide income when spot cryptocurrency volumes weaken. They can also expose both companies to new regulatory questions involving derivatives, securities, and event contracts in the United States.

Coinbase’s prediction-market business reached $100 million in annualized revenue less than two months after its launch, according to a July examination of the company’s fastest-growing product. Sports-related contracts produced much of the early activity, although several state regulators have challenged whether certain contracts amount to unlicensed gambling.

Robinhood has also expanded its prediction-market operation while developing products tied to tokenized securities. Bernstein projected in June that Robinhood’s prediction-market revenue could increase from $150 million in 2025 to $586 million in 2026, supported in part by trading linked to the FIFA World Cup.

The brokerage launched Robinhood Chain in July as an Ethereum layer-2 network built for tokenized stocks and other financial assets. Eligible users can trade supported products outside normal US market hours, although tokenized instruments may not provide the ownership, voting, and shareholder rights attached to ordinary shares.

Coinbase, meanwhile, has pursued its “everything exchange” strategy by adding event contracts and time-based prediction markets. The company has also expanded its derivatives business, reducing some of its dependence on fees from spot crypto trading.

Goldman Sachs rebuilds its XRP ETF exposure

Goldman Sachs has also returned to XRP-linked exchange-traded funds after reporting no positions in the products during the first quarter.

The bank disclosed approximately $86.5 million across five spot XRP ETFs in its second-quarter Form 13F, according to figures cited in the supplied report. Its holdings covered funds offered by Franklin Templeton, Bitwise, Canary Capital, 21Shares and Grayscale.

Goldman previously reported $153.8 million across four XRP funds at the end of 2025. By the end of the first quarter, however, the bank had removed all reported XRP and Solana ETF positions from its filing.

A June review of Goldman’s XRP ETF exit found that the bank had also increased its positions in several crypto-related stocks during the first quarter. Its reported holdings included shares of Coinbase, Circle, Bullish, Strategy, and MARA Holdings.

Form 13F reports disclose certain long US securities positions held by qualifying institutional investment managers at the end of each quarter. They do not show every transaction made during the reporting period, identify whether positions are held for clients or the bank itself, or reveal trades opened and closed between filing dates.

The second-quarter disclosure therefore confirms that Goldman held the XRP ETF positions at the end of June. It does not establish that the bank made a directional bet on XRP or intends to maintain the holdings.

Apart from the reported XRP ETF positions, Goldman is adding crypto-linked products to its asset-management business. In August, the bank agreed to acquire Neos Investments for as much as $2.25 billion, subject to regulatory approval.

Neos manages more than $30 billion across 19 options-based income ETFs. Three of its products provide exposure linked to Bitcoin and Ethereum while using options strategies to generate income. The acquisition is expected to close during the first quarter of 2027 if regulators approve the transaction.

Bitcoin breakout supports crypto stocks

Bitcoin has risen about 26% over the past week, reaching an intraday high of roughly $81,255 before easing toward $79,000. The move has supported cryptocurrency-linked stocks and helped the total digital asset market recover from its recent decline.

As discussed in our previous Bitcoin analysis, the pullback followed a rapid rally and profit-taking around $81,000. Bitcoin briefly moved below the psychological $80,000 level after reaching its multi-month high, though it retained most of its weekly advance.

Trading volume increased by almost 75% over the latest 24-hour period, according to the supplied market data. Coinbase and Robinhood shares advanced alongside the cryptocurrency, giving Goldman’s stock recommendations additional attention as US investors sought regulated exposure to the market recovery.

The rally began after the US Treasury doubled the size of its long-dated bond buyback operations, which pushed Treasury yields lower and supported risk assets. President Donald Trump’s renewed call for Congress to pass the CLARITY Act also added regulatory momentum to the move.

Goldman CEO David Solomon has supported advancing the CLARITY Act even as banking groups have raised concerns about stablecoin rewards. A July report on the bill’s Senate vote prospects said Solomon backed federal market-structure legislation despite disagreements within the banking industry.

The legislation would establish rules for determining whether certain digital assets fall under SEC or Commodity Futures Trading Commission oversight. It faces a procedural Senate vote scheduled for Sept. 15, with lawmakers still divided over stablecoin incentives, consumer protections and provisions involving public officials’ crypto interests.

Investors are also awaiting Wednesday’s US personal consumption expenditures inflation report. The Federal Reserve’s preferred inflation measure can influence Treasury yields and expectations for interest rates, affecting Bitcoin and US-listed crypto shares, including Coinbase and Robinhood.

Bitcoin has entered the early stages of a new bull market after a 24% rally pushed key onchain and demand indicators into bullish territory, according to CryptoQuant.

The analytics firm’s Bull Score jumped to 80 from 30 over the past week, hitting its highest level since October 2025 as eight of the index’s 10 underlying indicators now flashing bullish.

Bitcoin (BTC) climbed above $80,000 during the rally, but CryptoQuant said a weekly close above its 365-day moving average, currently around $83,000, is needed to confirm the shift to a new bull market.

The shift has been supported by accelerating spot demand, while spot and futures demand are growing together for the first time since early October 2025, CryptoQuant said.

LMAX Group market strategist Joel Kruger also pointed to the May 2026 high of $82,820 as the next important level for Bitcoin.

“A clear break above that level would reinforce the view that a meaningful cycle low is now in place and shift attention towards the next major move through $100,000 and, ultimately, the 2025 record high,” Kruger told Cointelegraph.

At the time of writing, Bitcoin was trading around $79,000, according to CoinGecko data.

Bitcoin Bull Score Index. CryptoQuant report

Related: Bitcoin ETFs add $338M as six-day inflow streak hits $2.26B

Whales take profits as Bitcoin rally heats up

Despite the bullish signals, CryptoQuant warned that the rally may be overheated in the short term, pointing to rising trader profits, heavy profit-taking by whales and a spike in Bitcoin deposits to exchanges.

Traders’ unrealized profit margins have climbed to 20.5%, their highest since June 2025. CryptoQuant noted that Bitcoin fell about 30% after the metric reached 19% in early May, when BTC was trading near $82,000.

Short-term holder whales realized about $1.2 billion in profits between Aug. 20 and Aug. 22, including a record $614 million on Aug. 20, as Bitcoin traded near $78,000 to $79,000, according to the report.

Bitcoin exchange inflows also climbed to roughly 53,000 BTC, their highest since June, signaling that more coins are moving onto trading platforms where they could be sold.

Magazine: Korean bank taps Ripple for payments, Pakistan opens crypto licensing: Asia Express