Here is what happened yesterday in the crypto market:
FDIC Reverses U.S. Crypto Banking Policy
The Federal Deposit Insurance Corp. (FDIC) has reversed its 2022 policy requiring banks to obtain prior approval before engaging in crypto activities, effectively easing restrictions on institutional involvement in the crypto space. This change could lead to increased participation from traditional financial institutions.
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UK Regulator Plans to Authorize Crypto Firms in 2026
The UK’s financial regulator announced that it intends to start authorizing crypto firms in 2026. This gives the crypto industry just over a year to prepare for a stricter regulatory regime in the UK. This move signals increasing regulatory scrutiny and formalization of the crypto sector in the UK.
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Bitcoin Plunges Below $84K After $115B Sell-Off
Bitcoin experienced a significant drop, falling below $84,000 after a $115 billion sell-off that erased weekly gains. The market-wide downturn reflects volatility and sensitivity to macroeconomic factors as well as potential profit-taking.
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Grayscale Files for Spot Avalanche ETF on Nasdaq
Grayscale has filed with the SEC to list a spot Avalanche (AVAX) ETF on Nasdaq. This move indicates growing interest in offering diverse crypto investment products and expanding access to altcoins through traditional financial instruments.
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French State Bank Bpifrance Plans $27M Investment in Digital Assets
Bpifrance, a French state-owned investment bank, is set to invest $27 million in digital assets to bolster the blockchain industry in France. This investment highlights increasing institutional support and confidence in the growth and development of blockchain technology within the country.
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