Crypto Markets Tread Water as Traders Eye Supreme Court
Digital asset prices held mostly steady this week, with investors keeping a close watch on the U.S. Supreme Court as it deliberates over the legality of the Trump administration's tariff measures. Bitcoin edged up about 1% to roughly $90,300, while Ethereum outpaced its peers with a 13% surge to around $3,090.
Elsewhere in the top ranks, gains were more restrained. Solana advanced 3% to $138, and XRP added 1% to trade near $2.10. The standout performers of the day were Polygon and Zcash, both jumping 11%, with Syrup close behind at a 7% climb.
Ethereum led the charge among majors, but the real fireworks came from Polygon and Zcash, each rocketing 11%.
Wall Street's Shifting Tone
Some of the biggest names in traditional finance offered upbeat takes on the sector this week. JPMorgan suggested that the recent pullback in Bitcoin and Ethereum could be nearing a floor, citing improved market positioning and reduced selling pressure following a difficult stretch earlier in the year.
Bank of America echoed the optimism, lifting its rating on Coinbase to a buy. The bank's analysts pointed to a clearer regulatory environment, deepening institutional participation, and stronger long-term earnings prospects for the exchange.
Morgan Stanley is also gearing up to roll out its own digital wallet before year-end. The offering could accommodate tokenized assets, possibly including equity stakes in private firms — another example of how legacy finance keeps pushing further into crypto territory.
Development News and a Political Snub
On the technical front, Ethereum fully cleared its validator exit queue, easing a backlog that had bogged down liquid staking services and held up validator withdrawals.
Polygon Labs stayed active as well, introducing its Open Money Stack to simplify stablecoin transactions. The firm is also said to be nearing a deal to acquire Coinme, among the largest Bitcoin ATM operators in the market.
Rounding out the day's notable headlines:
- Former President Trump indicated he has no intention of pardoning convicted FTX founder Sam Bankman-Fried.
- Florida is once again exploring the creation of a Strategic Bitcoin Reserve.
- Zcash notched an