Crypto Market Sees Mixed Movements as Trump Refuses to Pardon Sam Bankman-Fried
🔥 Key Takeaways
- ZEC rebounds 11% as Trump refuses to pardon Sam Bankman-Fried.
- Florida lawmakers revisit the idea of a state-level Bitcoin reserve.
- JPMorgan suggests the recent Bitcoin and Ethereum sell-off may be bottoming.
- Bank of America upgrades Coinbase to “buy” citing improved regulatory clarity.
- Morgan Stanley plans to launch a digital wallet supporting tokenized assets.
Crypto Majors Remain Flat Ahead of Supreme Court Opinion
The crypto market is experiencing mixed movements today, with Bitcoin (BTC) and Ethereum (ETH) seeing minor gains of 1% and 13% respectively. Solana (SOL) and XRP have also seen modest increases of 3% and 1% respectively. However, the top movers of the day are Polygon (MATIC) and Zcash (ZEC), both of which have rebounded by 11%.
Trump Refuses to Pardon Sam Bankman-Fried
In a recent statement, former US President Donald Trump has refused to pardon Sam Bankman-Fried, the founder of FTX. This news has likely contributed to the rebound in ZEC’s price, as the market reacts to the increased scrutiny on the crypto industry.
Florida Revisits State-Level Bitcoin Reserve
Florida lawmakers have renewed their push for a state-level Bitcoin reserve, which could potentially lead to increased adoption and institutional investment in the crypto market. This news has been met with enthusiasm from the crypto community, with many seeing it as a positive step towards mainstream acceptance.
Analysts Suggest Sell-Off May be Bottoming
According to JPMorgan, the recent sell-off in Bitcoin and Ethereum may be bottoming, as positioning and downside pressure begin to ease. This analysis is supported by Bank of America, which has upgraded Coinbase to “buy” citing improved regulatory clarity and growing institutional adoption.
Morgan Stanley to Launch Digital Wallet
Morgan Stanley has announced plans to launch a digital wallet later this year, which could support tokenized assets including private company equity. This move is seen as a significant step towards mainstream adoption of crypto and blockchain technology.
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