Crypto UP 7-10%, Bank of America recommends crypto, Kalshi raise $11B
Overview
The cryptocurrency market has experienced a significant uptick, with major cryptocurrencies rising between 6% and 10%. This surge follows Vanguard’s entry into the crypto space and a positive stance from Bank of America regarding crypto investments.
Recent Developments
Price Increases for Major Cryptocurrencies
The price of Bitcoin has increased by 6%, reaching $92,900, while Ethereum has risen by 9% to $3,070. Binance Coin and Solana have also seen notable gains, with BNB up 7% to $899 and SOL increasing by 10% to $142. Additionally, SUI has experienced a remarkable gain of 24%, PENGU has risen by 19%, and LINK has increased by 18%.
Ethereum’s Fusaka Upgrade
Ethereum is set to launch its Fusaka upgrade today. This upgrade aims to enhance the mainnet’s capacity to handle Layer 2 data and reduce the costs associated with rollups, which is expected to improve scalability for the Ethereum network.
Bank of America’s Crypto Recommendation
Bank of America has recommended that clients allocate between 1% to 4% of their portfolios to cryptocurrency investments. This recommendation applies to clients of both Merrill Lynch and the Private Bank, indicating a growing acceptance of cryptocurrencies in traditional finance.
Corporate Developments
In corporate news, Kraken has announced its acquisition of Backed Finance, a tokenization platform. This move is intended to promote the adoption of tokenized stocks. Meanwhile, Chainlink has launched its “LINK Everything” initiative, which includes a comprehensive tokenization stack featuring cross-chain interoperability protocols, compliance tools, and enhanced data and compute services.
Regulatory and Leadership Changes
In the regulatory landscape, Kevin Hassett, who is considered crypto-friendly, is now viewed as an 85% favorite to succeed Jerome Powell as the next Federal Reserve Chair. Additionally, Binance has appointed cofounder He Yi as Co-CEO. In the UK, a new property category for cryptocurrencies and NFTs has been established through the recently passed Property Act.
Impact on the crypto market
- Major cryptocurrencies are experiencing a significant rally, indicating growing investor confidence.
- The positive endorsement from Bank of America may encourage more traditional investors to consider cryptocurrency.
- Ethereum’s upgrade could lead to improved scalability, potentially boosting its utility and adoption.
- Corporate acquisitions and initiatives suggest a trend towards mainstream acceptance and integration of cryptocurrencies in various sectors.
- Leadership changes and regulatory developments could shape the future landscape of cryptocurrency in traditional finance and governance.
Updated: 12/3/2025, 7:21:23 PM
