Bitcoin hit $87,000 on Friday before falling back below $84,000 overnight, as weaker-than-expected U.S. job creation (29,000 versus 90,000 forecast) fueled expectations for a Federal Reserve rate cut. Fifteen institutions surveyed by Bitwise, including sovereign wealth funds and pension funds, allocate between 0.5% and 13% of their assets to cryptocurrencies, with none planning to sell despite falling prices. The ECB and the European Banking Authority propose extending the stablecoin yield ban to lending, borrowing, and staking, directly targeting DeFi, while Aave has filed a legal challenge against this measure. Morgan Stanley opened a laboratory to study DeFi and stablecoins within its wealth management division overseeing $8 trillion, and the $388 million Bitget hack was made possible by a vulnerability in a third-party security product exploited as early as August 31.
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