$BTC $ETH *Market Updates*
- Bitcoin is trading around $92,599, with a 2.37% increase in the past 24 hours. Ethereum is also up, trading at $3,242 with a 1.42% gain.
- The global crypto market capitalization has edged up 2.54% to $3.14 trillion.
- Layer 2 tokens, Merlin Chain, and Mantle have seen significant gains, rising 4.99% and 4.07%, respectively ¹ ².
*Recent Developments*
- *Do Kwon Sentenced*: TerraUSD creator Do Kwon has been sentenced to 15 years in prison for his role in the $40 billion crypto collapse.
- *RBI's Stance on Crypto*: RBI Deputy Governor T Rabi Sankar emphasized that cryptocurrency "is a piece of code, not a currency," highlighting concerns over its legitimacy and stability ³ ⁴.
- *Standard Chartered's Bitcoin Forecast*: Standard Chartered has lowered its Bitcoin price target for the year to $100,000, citing reduced institutional inflows and slower adoption of Bitcoin exchange-traded funds ⁵.
*Institutional Investments*
- *Institutional Demand*: Spot ETF activity shows early signs of stabilization after weeks of outflows, suggesting easing redemption pressure and potential return of institutional demand toward year-end ².
*Other News*
- *Switzerland's AMINA Bank*: AMINA Bank has become the first European bank to launch Ripple payments.
- *Oasis Protocol's Investment*: Oasis Protocol has made its first strategic investment in SemiLiquid to foster RWA infrastructure ⁶.
