.BankofAmerica says an excessive focus on regulatory headwinds, spot bitcoin ETF approval in the U.S. and illicit activity is overshadowing the development of blockchain technology. willcanny99 reports.
The rally in risk assets continues, but digital assets have underperformed the Nasdaq stock index by 24% since the beginning of May after gaining 52% from the start of the year, Bank of America said in a Friday research report.
“Digital asset sentiment remains poor as the U.S. Securities and Exchange Commission’s enforcement actions create regulatory uncertainty, pressuring token prices,” analysts Alkesh Shah and Andrew Moss wrote, adding that “digital asset trading platforms are just one piece of the broader ecosystem.”
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