Skepticism Grows Over U.S. Crypto Reserve Feasibility

JPMorgan strategist Nikolaos Panigirtzoglou expressed doubts about the feasibility of a U.S. strategic cryptocurrency reserve, citing challenges with smaller tokens like XRP and Cardano, despite President Trump's proposal. The crypto market has been highly responsive to regulatory news, with events like the White House Crypto Summit influencing Bitcoin and Ethereum prices and trading volumes. Meanwhile, blockchain's overall hype has diminished, with Gartner noting a shift towards AI and skepticism about blockchain's promised potential. Nonetheless, innovative projects like Zilliqa and Zcash continue to push the boundaries of blockchain technology, offering scalable and secure platforms. XRP and Cardano have seen significant gains due to a more favorable regulatory environment under the new SEC leadership. In parallel, Giancarlo Devasini of Tether maintains significant influence in the crypto sector, highlighting the complex dynamics of power and regulation within the industry.