ZEC Rebounds 11%! Trump says he won’t pardon Sam Bankman-Fried! Florida revisits it’s Strategic Bitcoin Reserve!
In the latest developments within the cryptocurrency sector, major digital assets have shown stability ahead of a key Supreme Court decision regarding tariffs related to former President Donald Trump. Bitcoin (BTC) has experienced a slight uptick of 1%, trading at $90,300, while Ethereum (ETH) increased by 13% to reach $3,090. Other cryptocurrencies such as Solana (SOL) and XRP also reported modest gains of 3% and 1%, respectively, with Polygon (MATIC) and Zcash (ZEC) leading the pack with impressive rebounds of 11%.
JPMorgan analysts have suggested that the recent downturn in Bitcoin and Ethereum might be reaching its conclusion, citing improved market conditions and diminished downward pressure following a turbulent start to the year. In a positive turn for the cryptocurrency exchange sector, Bank of America has upgraded Coinbase to a "buy" rating, highlighting enhanced regulatory clarity, rising institutional interest, and a more favorable outlook for long-term earnings.
In a significant move for the digital asset ecosystem, Morgan Stanley has announced plans to introduce a digital wallet later this year, which will support tokenized assets, including equity from private companies. This development signals a growing trend among traditional financial institutions to embrace digital currencies.
Meanwhile, in Florida, state legislators are renewing efforts to establish a state-level Bitcoin reserve, indicating a commitment to integrating cryptocurrency into the state’s financial framework. Additionally, Ethereum has resolved its validator exit queue, which had previously caused delays for liquid staking protocols and validator withdrawals, streamlining the process for users.
Polygon Labs has also made headlines by launching the Open Money Stack initiative, aimed at enhancing stablecoin payment systems. Furthermore, reports suggest that Polygon is in advanced discussions to acquire Coinme, a notable Bitcoin ATM operator, which could expand its influence in the cryptocurrency infrastructure space.
On the political front, Donald Trump has publicly stated that he will not grant a pardon to Sam Bankman-Fried, the founder of FTX, amidst ongoing legal challenges facing the former cryptocurrency mogul.
Key Takeaways
- Major cryptocurrencies saw modest gains, with ZEC and MATIC leading at 11%.
- JPMorgan indicates the Bitcoin and Ethereum sell-off may be stabilizing.
- Bank of America upgraded Coinbase, citing improved market conditions and regulatory clarity.
- Florida lawmakers are pushing for a state-level Bitcoin reserve initiative.
This article was inspired by reporting from Decrypt. · Report an issue