Recent developments in the cryptocurrency landscape have kept the market buzzing. Bitcoin prices have crossed the $96,000 mark after a long hiatus, and in a significant move, the second-largest bank in the United States has gained approval for a MiCA license to offer cryptocurrency services to retail customers.
Latest Updates in Cryptocurrency
Germany’s second-largest bank, DZ Bank, has also obtained a MiCA license to provide crypto services to individual customers. This license, mandated by the Markets in Crypto-Assets (MiCA) framework, is required for companies looking to offer crypto services within the European Economic Area. With this approval, DZ Bank will launch its cryptocurrency trading platform, meinKrypto, for its clientele.
DekaBank had initiated its crypto trading and custody services at the end of last year. The increasing interest of established financial institutions in the US and EU in cryptocurrencies highlights the growing appeal of this sector. Last year, BlackRock revealed that its most profitable ETF was IBIT, a BTC ETF, which substantially increased the appetite of other financial organizations, prompting them to ramp up their presence in this market.
Supreme Court Tariff Decision
However, the day’s most significant event is not the DZ Bank’s license. At 6:00 PM, the Supreme Court is expected to announce its decision on customs tariffs. Throughout the week, Trump discussed the potential economic devastation of tariff revocations, although he hinted at having alternative strategies. Given Trump’s limited authority to impose taxes up to 15% and recall the over 100% reciprocal tariffs, these rates may not be particularly daunting for competitors like China.
Cryptocurrency investors have been cautious, wary of the uncertainty and chaos that the tariff decision might bring. Yet, in the last 12 hours, caution has given way to optimism, making it hard to determine if this shift is merely a trap. BTC prices, which had been declining for months due to tariffs, have now bounced back to levels unseen in recent months, coinciding with the day of the tariff ruling.
An increase in volatility is expected in the coming hours, with the possibility for investors to witness substantial liquidations in either direction once again.
