Crypto Markets Flat as ZEC Surges 11%, Trump Rules Out SBF Pardon

Cryptocurrency markets are trading mostly flat as investors await the Supreme Court's opinion on Trump tariffs. Bitcoin is trading at $90,300 with a 1% increase, while Ethereum shows significant strength with a 13% gain at $3,090. Other major cryptocurrencies show modest movements, with Solana up 3% at $138 and XRP gaining 1% to $2.10.

The market's top performers include Polygon and ZEC, both surging 11%, while Syrup gained 7%. These movements come as major financial institutions announce new crypto initiatives and political figures make statements affecting market sentiment.

Key developments include JPMorgan's analysis suggesting the recent sell-off may be bottoming, Bank of America's upgrade of Coinbase, and Morgan Stanley's plans for a digital wallet. Additionally, Florida lawmakers are renewing efforts to establish a state-level Bitcoin reserve, and Trump has definitively stated he will not pardon Sam Bankman-Fried.

Cryptocurrency markets are showing mixed signals as traders position themselves ahead of the Supreme Court's decision on Trump tariffs. The overall market appears cautious, with most major cryptocurrencies trading in a narrow range.

Bitcoin is currently trading at $90,300, representing a modest 1% increase. Ethereum is showing much stronger performance, gaining 13% to reach $3,090. Other major cryptocurrencies show the following movements:

• Solana (SOL): +3% at $138
• XRP: +1% to $2.10
• Polygon (MATIC): +11%
• ZEC: +11%
• Syrup: +7%

The strong performance of Polygon and ZEC stands out as they lead the top movers with double-digit gains. These tokens are outperforming the broader market, which remains relatively stagnant ahead of the regulatory decision.

Major financial institutions are making significant moves in the cryptocurrency space, signaling continued institutional interest despite market volatility. JPMorgan has provided analysis on the recent market downturn, suggesting that the sell-off in Bitcoin and Ethereum may be reaching its bottom.

The banking giant points to improving positioning and easing downside pressure following early-year weakness. This analysis suggests that institutional investors may see the current price levels as attractive entry points. Bank of America has taken a more direct action by upgrading cryptocurrency exchange Coinbase to a 'Buy' rating.

The upgrade is based on three key factors: improved regulatory clarity, growing institutional adoption, and stronger long-term earnings visibility. This positive sentiment from a major bank could signal increased confidence in the crypto sector's regulatory future.

Morgan Stanley is planning to launch a digital wallet later this year that could support tokenized assets, including private company equity. This move represents a significant expansion of traditional finance into the digital asset space, potentially opening new avenues for investment in tokenized securities.

Political developments are shaping the cryptocurrency landscape at both state and federal levels. Former President Trump has made a definitive statement regarding Sam Bankman-Fried, the founder of the collapsed FTX exchange.

Trump stated that he will not pardon the FTX founder. This statement comes as Bankman-Fried faces legal proceedings related to the collapse of his cryptocurrency exchange. Florida lawmakers are renewing their push for a state-level Bitcoin reserve, indicating continued interest in cryptocurrency adoption at the state government level.

The renewed push suggests that despite market volatility, some policymakers see strategic value in holding Bitcoin as part of state reserves. These political developments could have lasting impacts on how cryptocurrencies are regulated and adopted in the United States.

Several technical and corporate developments are affecting the cryptocurrency ecosystem. Ethereum's validator exit queue has fully cleared, which is significant for the network's operations. This clearance eases delays that had previously impacted liquid staking protocols and validator withdrawals, improving the overall user experience for Ethereum stakers.

Polygon Labs has unveiled the 'Open Money Stack,' an initiative designed to streamline stablecoin payments. This development aims to improve the efficiency and usability of stablecoin transactions within the Polygon ecosystem. Additionally, Polygon is reportedly close to acquiring Coinme, a major Bitcoin ATM operator.

This potential acquisition would expand Polygon's physical presence in the cryptocurrency space and could improve access to digital assets through traditional ATM networks. These developments demonstrate the ongoing evolution of cryptocurrency infrastructure and the expansion of services beyond purely digital offerings.