Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are trading higher Tuesday morning amid positive commentary from Bank of America analysts and the anticipated regulation of crypto in Brazil.
Bank of America said that cryptocurrency is too large to ignore and pointed to potential investment opportunities in the space. The analyst firm called blockchain the “most exciting new market in years.”
“We believe crypto-based digital assets could form an entirely new asset class. Bitcoin is important with a market value of [about] $900 billion, but the digital asset ecosystem is so much more,” Bank of America analysts Andrew Moss and Alkesh Shah wrote in a research report.
Related Link: Bank Of America Bullish On Bitcoin, Says Crypto Market Too Large To Ignore
Bank of America noted that it believes regulation could be positive for crypto in the long-term.
Brazil is set to vote on a cryptocurrency regulation bill this week that could make Bitcoin legal tender in the South American country.
BTC, ETH Price Action: Bitcoin is up 20.76% over a 1-week period. Ethereum is up 20.64% over a 1-week period.
Bitcoin was up 3.84% at $50,086 and Ethereum was up 1.45% at $3,446.29 over a 24-hour period at time of publication.
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