An 8.8 bolt has an ultimate tensile strength of 80 Kg/mm2 (785N/mm2) and a yield strength of 80% x 80Kg/mm2 = 64 Kg/mm2 (628N/mm2)
Surely an allowable shear stress of 70% x ultimate tensile stress is much too high. This 550 N/mm2.
Generally, the shear stress is equal to 60% x yield stress. This gives a shear stress of 375 N/mm2. This stress only applies to factored loads.
If using unfactored loads, I would use half this valus, 185 N/mm2.
Regards