🔥 Key Takeaways
- Global crypto market cap reaches $3.22 trillion with a 2% increase.
- XRP leads the majors with a 12% increase to $2.37.
- Bank of America launches crypto recommendations for wealth clients, and Morgan Stanley files for a Solana Trust.
- Japan’s finance minister endorses deeper crypto integration, including lower taxes and exchange-level reforms.
- Vitalik Buterin claims Ethereum has solved the “Blockchain Trilemma” through its Layer-2 roadmap.
Global Crypto Market Sees Significant Gains
The global crypto market cap has pushed another 2% to reach $3.22 trillion, with major cryptocurrencies continuing their upward trend. Bitcoin (BTC) is up 1% at $93,780, while Ethereum (ETH) has increased by 2% to $3,240. Solana (SOL) has also seen a 3% increase to $139. However, the biggest gainer among the majors is XRP, which has surged 12% to $2.37.
Significant Moves in the Crypto Space
Several significant moves have been made in the crypto space, with Bank of America formally launching its crypto recommendations for wealth clients, suggesting a portfolio allocation of up to 4%. Morgan Stanley has filed for a Solana Trust with the SEC, further indicating institutional interest in cryptocurrency. Additionally, Goldman Sachs has upgraded Coinbase to a ‘Buy’ rating, while downgrading eToro. These moves demonstrate the growing mainstream acceptance of cryptocurrency.
Regulatory Developments and Security Concerns
Japan’s finance minister has endorsed deeper crypto integration, including lower taxes and exchange-level reforms, which is expected to boost the adoption of cryptocurrencies in the country. However, security concerns have arisen, with Kraken investigating reports of customer data being sold on the dark web following a potential security exploit. Ledger users are also on high alert due to a data breach involving its e-commerce partner, Global-E, which has exposed customer contact details.
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