Standard Chartered Bank Claims Bitcoin May Hit $50K by End of 2023
Banking enterprise Standard Chartered has recently issued some major bullish predictions for the Bitcoin market. The report issued by the firm projects a $50K per unit price for Bitcoin before the end of the current year.
At the same time, the firm has maintained that the flagship currency is going to reach a staggering all-time high of $120K before the last quarter of 2024 closes.
It is important to note that this is not the first time that the bank has issued a major bullish prediction for Bitcoin. Last year, the firm maintained that the first-born crypto will set at $100K per unit before the end of 2024 this April. The bank also maintained that the long-lasting crypto winter or the bear market has bottomed and alluded to the start of a Bull Run.
Geoff Kendrick is a forex market analyst who claimed that there is a 20% upside to the April price projections for Bitcoin. To this end, the analyst has confirmed great prospects for Bitcoin prices in accordance with a report published in Reuters.
Recently a statement by major Bitcoin mining rig Marathon Digital indicated that the enterprise sold around 700 Bitcoins to cover expansion costs. The CEO of the mining farm maintained that there is a likelihood of more Bitcoin sales to compensate for the operational and energy charges.
However, the recent projections issued by Standard Chartered and Reuters may entice Bitcoin miners to HODL their Bitcoin reserves.
Kendrick noted in his analysis that positive price movement predictions for Bitcoin will encourage the miners to increase their hashrates. At the same time, miners are likely to hold their Bitcoin reserves for longer to maximize their profits.
Bitcoin miners normally consider maintaining a regular amount of cash flow and keep the net Bitcoin supply at exchanges relatively conservative. Recently, Bitcoin has experienced a visible surge in commercial interest since the announcement of BlackRock’s spot ETF application with the SEC.
SEC to Delay Spot Bitcoin ETF Applications
The regulatory agency has gained a considerable amount of notoriety on account of its antagonism towards the crypto sector. SEC has yet to approve the first spot Bitcoin ETF application and has rejected the application submitted by BlackRock.
The financial giant started a sort of race among major financial enterprises to become the first with an approved Bitcoin spot ETF. The news has made a positive impact on the price movement of Bitcoin sending it to the price point of $30K for the first time since the last Bull Run.
It is worth noting that BlackRock has also nominated Coinbase as its official exchange partner to resubmit the spot ETF application with SEC. The firm is also working with NASDAQ to address SEC’s regulatory reservations. The latest changes in the re-filed Bitcoin spot ETF application by BlackRock may include surveillance-sharing via trading forums.
At the same time, the cryptocurrency community is also intrigued by the emergence of EDX Markets which is a digital exchange reserved for high-net-worth and accredited investors only. It is backed by Fidelity, Citadel, and Charles Schwab. Meanwhile, SEC officials have maintained that they are postponing the approval of Bitcoin spot ETFs on account of possible market manipulation.
