Banks

The Nasdaq-100 recovered Friday, but the broader market tone remains shaped by elevated long-end yields and a rotation away from rate-sensitive technology. Banks and materials led improved breadth, while oil above $93, PCE, Jackson Hole and Nvidia earnings now form the next major test for risk appetite.

Uphold has reduced its global workforce by 17% as the digital asset platform redirects resources toward its enterprise business. The company says offices remain open and customer services continue as demand from banks, fintechs and broker-dealers grows.

Europe’s crypto market is moving from the race for regulatory approval into a phase defined by compliance capacity, balance sheet strength and institutional partnerships. As MiCA takes hold and the U.K. advances its own framework, smaller firms may face pressure to merge, sell or align with banks already built for regulation.

Russia’s State Duma has approved a comprehensive cryptocurrency framework that will regulate exchanges, depositories, mining and digital asset services. The law keeps domestic crypto payments banned but allows limited use of digital currencies in foreign trade and other specified transactions.

September E-mini S&P 500 Index futures are edging higher as the market holds above a short-term retracement zone and its 50-day moving average. Traders are watching Wednesday’s PPI release and the next wave of earnings to determine whether buyers can push through resistance and challenge the record high.

Former Ethereum Foundation institutional privacy researchers have launched EthSystems, a for-profit company focused on confidentiality tools for banks and other financial institutions using Ethereum. The move comes as Ethereum’s ecosystem redistributes key responsibilities through new independent organizations amid rising institutional interest in public blockchain infrastructure.

A new nonprofit, Ethereum Institutional, has launched to help banks, asset managers and enterprises evaluate Ethereum for tokenization and stablecoins. The move arrives as the Ethereum Foundation narrows its focus to the core protocol.