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Standard Chartered expects Bitcoin to reach $50,000 by the end of 2023 and believes Ethereum could hit $8,000 by 2026.
The latest prediction is an increase from the bank’s previous forecast of $100,000 made in April. Geoff Kendrick, one of the bank’s top analysts, is feeling positive and thinks that Bitcoin could go up by about 20%. In the best-case scenario, he envisions Bitcoin reaching $120,000 by 2024.
The big British bank is now one of the major financial institutions that like Bitcoin. They think the tough times for Bitcoin are over, and miners might be holding onto more of it.
Even though the Bitcoin market has been up and down, it’s gone up by 63.46% so far this year, which is good for miners. They might not sell as much of what they mine.
The analyst from Standard Chartered also says that the estimate of $8,000 for Ethereum is playing it safe. In the long run, he thinks it could go much higher, maybe between $26,000 and $35,000. He believes there are more ways Ethereum can make money that we haven’t seen yet.
One more important thing is that people are hoping for a Bitcoin exchange-traded fund (ETF) in the U.S., and if the regulators approve it, it could make Bitcoin’s price go up.
Bitcoin Predictions Get Bolder
Apart from the optimistic Bitcoin prediction by Standard Chartered, other leading experts are making highly positive forecasts.
Cathie Wood, the founder of Ark Invest, a company that manages assets, is a strong supporter of a significant increase in Bitcoin’s price. She has made a prediction that Bitcoin could reach as high as $1 million by the year 2030. She also set a price target of $160,000 for Ethereum within the same period.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoMarket #Bitcoin #CryptoNews #StandardChartered #Ethereum

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Zodia Custody, the crypto branch of Standard Chartered bank, is introducing a service called “Zodia Custody Yield.” This service allows its clients to earn rewards on their crypto assets.

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They have teamed up with OpenEden to tokenize real-world assets like treasury bills, enabling investors to earn yield while utilizing blockchain advantages.

Zodia Custody’s new yield offering allows institutional investors to benefit from off-chain yield opportunities for their on-chain assets while maintaining the high security standards of Zodia Custody’s platform. This includes the option of staking, where crypto owners lock up their digital assets to secure the blockchain and, in return, earn periodic crypto rewards.

Staking is an attractive way for crypto businesses to earn, but it comes with regulatory challenges for U.S.-based firms. Companies like Kraken and Coinbase have faced legal action from the Securities and Exchange Commission (SEC) for offering similar products to retail customers without providing the necessary risk disclosures.

Growing Interest in Staking Services Among European Firms

European companies are increasingly embracing staking services. Boerse Stuttgart Group, a major German exchange, recently announced a staking service for institutional clients due to the rising interest in staking from institutional investors.

Zodia Custody, in response to institutional demand, is offering a service that provides “low-risk, liquid, and transparent” digital asset products, particularly for stablecoin holders. Stablecoins are blockchain-based tokens backed by traditional currencies like the dollar, making them popular for transferring value and serving as collateral in blockchain and DeFi applications.

Zodia Custody Seeks to Unlock Yield for Stablecoin Investors

Jeremy Ng, co-founder of OpenEden, highlighted the untapped potential of billions of dollars in stablecoins that could be earning returns for investors. OpenEden and Zodia Custody aim to seize this opportunity by offering tokenized financial products that prioritize safety and transparency, particularly for institutional investors.

Julian Sawyer, CEO of Zodia Custody, believes that many aspects of traditional finance can be transitioned to the world of digital assets.

Zodia Custody recently expanded its crypto custody services to Singapore, demonstrating its commitment to serving the global crypto market.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #cryptomarket #StandardChartered #staking

#BinanceTournament Standard Chartered's Zodia Custody has joined Ripple-owned institutional-grade custody firm Metaco's network. XRP price uplifts.Zodia Custody, an FCA-registered institution-first digital asset custodian by #StandardChartered and Northern Trust, has joined Ripple-owned institutional-grade custody firm Metaco’s network. This marks a significant development amid recent changes in Metaco’s ownership and weighted demand for crypto storage and settlement networks amid regulatory concerns.Zodia Custody Joins Metaco’s Crypto Storage & Settlement NetworkZodia Custody has now joined Metaco’s global crypto storage network. The new custody solution gives institutions easy access to crypto storage and settlement, with complete security.Julian Sawyer, CEO of Zodia Custody, Metaco has seen global banks such as Societe Generale, BNP Paribas, and BBVA. This allows the firm to have them safeguard and manage crypto assets for institutions.Zodia Custody had an earlier collaboration with Metaco for institutional crypto custody solutions. Standard Chartered’s investment and ventures arm SC Ventures also had a stake in Metaco but it sold its stake in May this year. Ripple announced the acquisition of Metaco for $250 million in May itself.The integration with Metaco’s network offers global sub-custody, a service when an institution contracts another custodian to hold assets for it.“For example, a client in Brazil, who is a custodian, may want to store some assets in the UK, and they’re not currently in the UK. So they could use us as their sub-custodian and use our regulatory permissions, etc. I think the multiple networks that are out there are really key in terms of linking custodians together, and linking custodians to #exchanges and venues in a compliant manner,” said Sawyer.XRP Price to RallyThe move comes amid a joint venture by SC Ventures and #SBI Holdings. It aims to leverage SC Ventures’ experience in digital assets through ventures such as Zodia Custody and Zodia Markets, and through our investments in fintechs like Ripple and Metaco.XRP price jumped 3% in the past 24 hours, with the price currently trading at $0.63. The 24-hour low and high are $0.618 and $0.634, respectively. Furthermore, the trading volume has increased by 100% in the last 24 hours, indicating interest among traders.The price to upswing amid a broader market rally and mainstream adoption of $XRP in several applications including cross-border transactions.#Airdrop 🗣🗣Empower Our Mission: Tips For Dedicated Service. 🗣🗣👉Users are encouraged to support the mission by offering generous tips.🗣This empowers creators to work even harder, ensuring the continued delivery of top-notch investment advice. @Àża 1

Standard Chartered Bank Increases Bitcoin Price Target to $120,000

Standard Chartered Bank, a leading global financial services company, has increased its #bitcoin price target to $120,000 by the end of 2024. The bank's previous price target was $100,000. #StandardChartered

The bank's research report cited an increase in miner profitability as one potential tailwind that could trigger an appreciation in the price of the cryptocurrency. Miners are the entities that validate transactions on the bitcoin network and are rewarded with newly minted bitcoins. $BTC

The report's, estimated that miners have recently been selling 100% of their new coins. However, if the price of bitcoin reaches $50,000, they would probably only sell 20-30% of their new coins. This would reduce the supply of bitcoin on the market, which could drive up prices.

The report also noted that bitcoin is becoming increasingly institutionalized. This means that more and more large financial institutions are investing in bitcoin. This trend is likely to continue, which could also drive up prices.

Overall, the report's findings suggest that bitcoin is poised for further upside in the coming years. However, it is important to note that the cryptocurrency market is volatile and that prices could fluctuate significantly in the short term. #BTC

Conclusion

Standard Chartered Bank's increased price target for bitcoin is a bullish signal for the cryptocurrency. The bank's analysis suggests that miner profitability and institutional adoption are two factors that could drive up prices in the coming years. However, it is important to note that the cryptocurrency market is volatile and that prices could fluctuate significantly in the short term.

#GOATMoments #Binance

$BNB $SOL

#StandardChartered Says BTC can fall to 5000On-chain analytics platform CryptoQuant has identified three crucial factors contributing to the ongoing market slump, including Bitcoin miner capitulation.
The crypto market is grappling with severe sell-offs, erasing gains from the last bullish wave.
This downturn has persisted for weeks, with Solana and Cardano each losing over 13% in their weekly performance.
The meme coin market has fared even worse, with Shiba Inu plummeting over 20% in seven days.
This sharp decline has caused significant distress among market participants, driving positive sentiment toward large-cap crypto to its lowest level this year.
As bearish pressure shows no signs of abating, market participants ponder the factors behind this trend. IT Tech, a CryptoQuant analyst, recently identified three key elements that are contributing to the recent market dip based on on-chain data.
Bitcoin Miners Dumping Holdings to Cover Costs
Firstly, the report highlights that the market-wide collapse was influenced by developments surrounding Bitcoin, although BTC itself experienced a less severe price drop.
A major contributing factor is Bitcoin miners dumping more BTC than usual. This sell-off results from miners struggling with lower revenue, exacerbated by the latest halving cycle, which further cut profits by half.
Nvidia Can't Drive the Market Alone, Says Sonders
With Bitcoin miners’ revenue declining by 55%, they have been forced to sell more of their earned BTC to cover operating costs. For instance, in an update, analyst Ali Martinez highlighted that miners offloaded 1,200 BTC, worth approximately $80 million, in a single day.
Meanwhile, pundits argue that the current miner capitulation is nearing its end, projecting a smoother uptrend for #BTC in the near term.
Stablecoin Issuance Stalls
Furthermore, CryptoQuant observed a decrease in the issuance of USDT and USDC stablecoins, identifying this as another factor contributing to the downturn. The report argued that the lack of stablecoin issuance indicates an absence of new money entering the market.
Notably, tracking platform Whale Alert last called attention to a significant transfer of USDT from Tether treasury four weeks ago.
Bitcoin ETF Outflows Extend
The final factor influencing the market dip is the observed outflows from Bitcoin spot ETFs. For example, at the end of yesterday’s trading, the U.S. Bitcoin spot ETF market registered outflows worth around $146 million, marking the third consecutive trading day of negative flows. 
While the negative was influenced by Fidelity and Ark Invest, other issuers like #BlackRock , WisdomTree, and Valkyrie recorded zero intraday inflows on Monday.
Bitcoin Could Collapse to $62K
The report concluded that with current conditions causing fear and triggering sell-offs among short-term investors, the support level at $62,400 should be watched closely.
This level represents the average realized price for short-term holders and is expected to help stabilize prices in the near term. At press time, #bitcoin hovers around $64,925, with a 3% drop since last week.
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