Digest

• Bank of America (NYSE) announces crypto research. Inflows to institutions of BTC increase by 7 weeks
• NFT sales jump, reaching a new ATH, India’s crypto market grows by 641%.
• Update on case: XRP holders are available for future briefings.
• Swiss Post launches Switzerland’s first crypto stamp.

Bank of America Announces Crypto Research. Inflows to Institutions of BTC Reach 7-Weeks

As crypto adoption increases, the Bank of America, one of Wall Street’s largest banks, has launched a research coverage for digital assets. Alkesh Shah is the bank’s specialist in crypto, and has created a unit to meet growing institutional demand.

According to the BoA, the $2 trillion market cap crypto industry has the “potential to transform every industry by improving efficiency and reducing friction across transactions.”

Institutional investment has seen seven weeks straight of inflows. Reports indicate that institutional investors are more open to receiving supportive statements from regulators, resulting in an increase in investment.

Inflows to institutions in the crypto sector reached $90.2million in the past week. This was as of October 1. Bitcoin was the biggest contributor, contributing $69 million. The crypto inflows have hit $390 million over seven weeks. By 2021, they will be $6.1 billion.

Flipsider

• CEO of JP Morgan Jamie Dimon claimed Bitcoin has no intrinsic value, and regulators will “regulate the hell out of It.”

What You Need to Care About

With the Federal Reserve’s increasingly accommodating comments and U.S. SEC statements, institutional investors have become more involved in the crypto market.

NFT Sales Jump, Reaching a New ATH, India’s Crypto Market Grows By 641%

In 2021 NFTs have become so popular that it is almost impossible to talk about cryptocurrency without mentioning NFTs. They are popular because of their multiple uses and widespread adoption by celebrities.

The NFT mania drove Q3 2021’s sales volumes to record $10.7 billion, according to a report. NFT sales rose by over 8x in Q3 in comparison to Q1’s $1.3 billion, $1.2 million and Q2’s $1.2 billion.

As the crypto market expands, a report has identified India as one of the world’s fastest-growing crypto regions. According to a Chainanalysis Study, India’s crypto market has grown by 641% over the past year.

According to the study, Indians love Decentralized Finance. They participate in 59% activities on DeFi platforms. Institution-sized transactions of more than $10 million accounted for 42%.

Flipsider

• While India’s market grew by 641% over the past year, Pakistan eclipsed that growth with 711% over the same period.

What You Need to Care About

These news are confirmations of the growing adoption of cryptocurrency and other products.

Ripple Case Update – XRP Holders will Assist in Future Briefings

We have yet to receive a final decision nine months after Ripple was accused of offering unregistered securities. The case took a new turn with XRP holders getting involved.

The SEC vs Ripple case judge has granted power to a prominent XRP advocate and lawyer, representing many of the cryptocurrency’s holders, to be a part of the ongoing legal battle.

In subsequent court hearings, John Deaton, a lawyer who represents XRP token holders, and XRP holders will be able to act as “friends of the court.”

Heaton holders and XRP holders are expected to assist the court with briefing the court on legal matters relevant to the case. These legal matters must be approved by the court in advance.

Flipsider

• The court denied the motion to allow XRP owners to speak out in the matter. The court has ruled that the community will not be allowed to present witnesses or offer evidence.

What You Need to Care About

The entire cryptocurrency industry will be affected by the result of the case between Ripple (the SEC) and its long-running proceedings. Decentralization would benefit from a victory for Ripple.

Swiss Post Launches Switzerland’s First Crypto Stamp

In an exciting turn of events, Switzerland’s postal service has announced the launch of the first crypto stamp. To bridge the gap between physical and digital stamps, Swiss Post launched crypto stamps.

There are thirteen different design options for stamps. Swiss Post will make 175,000 stamps. Each of these unique stamps will launch with a digital version and will be sold at 8.9 Swiss francs (~$10) in a ‘blond box’ format.

The stamps are similar to NFT collectibles and can be traded or collected as well as exchanged online. Owners can send regular postal items using them, just like regular stamps. Swiss Post stated that actual stamps can be used digitally.

Flipsider

• Swiss Post’s crypto stamps are not the first of their kind. In 2019, Austria’s Österreichische Post released a digital stamp.

What You Need to Care About

Switzerland is taking a crypto-friendly approach and recently approved the first cryptocurrency asset fund. The nation’s stand towards cryptos could encourage the greater adoption of crypto in the region.

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