The cryptocurrency market has witnessed significant gains, with major coins increasing by approximately 6 to 10 percent. Following Vanguard’s entry into the crypto market and Bank of America’s supportive stance, Bitcoin rose by 6 percent to nearly $92,900. Ethereum surged by 9 percent, Binance Coin by 7 percent, and Solana by 10 percent. Other notable performers include Sui with a 24 percent increase, Pango up 19 percent, and Chainlink rising 18 percent. Ethereum is set to launch the “Fosaka” upgrade today, aimed at enhancing scalability through improved Layer 2 data integration and reduced rollup costs on the mainnet, which is expected to boost network performance and usability. Bank of America has recommended that its clients invest 1 to 4 percent of their portfolios in cryptocurrencies via Merrill Lynch and its Private Bank, reinforcing the asset class’s stability. On the business front, Kraken has agreed to acquire the tokenization platform Backed Finance to accelerate the adoption of tokenized stocks. Additionally, Chainlink has launched a comprehensive tokenization stack called “LINK Everything,” which includes CCIP, compliance tools, and data and compute services. In regulatory and leadership developments, Kevin Hassett is 85 percent likely to be selected as the next Federal Reserve chairman. Binance appointed co-founder He Yi as co-CEO, and the UK introduced a new Property Act establishing a specific property category for crypto and NFTs. These advancements reflect the growing global significance and legal recognition of cryptocurrencies, presenting both opportunities and challenges for investors.
Source: decrypt
