Reported by Reference News on April 26thAccording to Reuters London on April 24th, Standard Chartered Bank said on the 24th that by the end of 2024, the price of the top cryptocurrency Bitcoin may reach $100000, marking the end of the so-called "cryptowinter".Jeff Kendrick, Director of Digital Asset Research at Standard Chartered Bank, said in an investment briefing that Bitcoin may benefit from several factors, including the recent banking turmoil, the stabilization of risky assets brought about by the Federal Reserve's end to the rate hike cycle, and the increased profitability of cryptocurrency mining
Reported by Reference News on April 26thAccording to Reuters London on April 24th, Standard Chartered Bank said on the 24th that by the end of 2024, the price of the top cryptocurrency Bitcoin may reach $100000, marking the end of the so-called "cryptowinter".
Jeff Kendrick, Director of Digital Asset Research at Standard Chartered Bank, said in an investment briefing that Bitcoin may benefit from several factors, including the recent banking turmoil, the stabilization of risky assets brought about by the Federal Reserve's end to the rate hike cycle, and the increased profitability of cryptocurrency mining.
Kendrick wrote, "Although the sources of uncertainty still exist, we believe that the path to the $100000 level is becoming increasingly clear
According to the report, Bitcoin has shown an upward trend so far this year, reaching over $30000 in April for the first time in 10 months. These increases represent a partial recovery in the cryptocurrency sector since the loss of trillions of dollars in 2022 due to central bank interest rate hikes and a series of crypto enterprise implosions.
The report points out that in the past rise of Bitcoin, predictions of skyrocketing valuations have become commonplace. An analyst at Citibank said in November 2020 that the price of Bitcoin may climb to $318000 by the end of 2022. As a result, it fell by about 65% last year and closed at $16500.
In its investment briefing on the 24th, Standard Chartered Bank stated that Bitcoin benefits from its position as a "branded safe haven, a relatively valuable tool in the eyes of the world, and a means of remittance".
Kendrick stated that the European Parliament supports the EU's first set of rules regulating the crypto asset market, which "should provide a free ride for Bitcoin".
JPMorgan Chase stated in an investment briefing on April 5th that the technological transformation of the Bitcoin blockchain in April 2024- known as "halving" - may make Bitcoin production costs higher, thereby driving up prices and creating a "positive psychological effect".
JPMorgan Chase said that cryptocurrency prices have benefited from cryptocurrency enthusiasts interpreting the recent US banking crisis as "proof of the cryptocurrency ecosystem". JPMorgan Chase said supporters of cryptocurrencies say that stable currencies are "less susceptible to runs".
US regulatory agencies have previously required banks to be vigilant about the liquidity risks associated with cryptocurrency related deposits, such as stable currency reserves.
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