Crypto Weekly: 21 Capital Plunges, Bank of America Expands Crypto Access

21 Capital's Debut and Market Pressure

• 📉 21 Capital, majority owned by Tether and Bitfinex, saw its shares plunge on its first day of trading following a merger with a blank check firm.
• ⚠️ This debut comes as crypto-related stocks face mounting pressure, indicating broader market jitters.

Regulatory Guidance on Crypto Transactions

• 🏦 A US bank regulator has issued new guidance allowing banks to act as intermediaries on crypto transactions.
• 🔑 This guidance permits banks to engage in riskless principal transactions involving crypto assets without regulatory scrutiny, a step by the Trump administration to bridge traditional finance and crypto.

Bitcoin and Market Sentiment

• ⚡ Bitcoin fell back below the $90,000 threshold on Thursday, signaling renewed market jitters.
• 📈 This dip occurred as fresh concerns about artificial intelligence profits weighed on technology stocks, impacting overall risk sentiment after Oracle's outlook missed forecasts.

Bank of America's Crypto Expansion

• 🚀 Bank of America is set to expand crypto access by allowing its wealth advisers to recommend allocations to crypto in client portfolios starting January 5th.
• 💰 Advisers from Bank of America Private Bank, Merrill, and Merrill Edge will be able to suggest several crypto exchange-traded products without an asset threshold, a significant development for the digital asset sector.