Although the SEC has put on hold its decision to approve a spot Ether ETF from Standard Chartered Bank, the financial institution continues to be hopeful about the future of the cryptocurrency market.
New Development: Standard Chartered Bank now doubts the approval of a US Ethereum ETF by MayHowever, here are their predictions for year-end prices• Bitcoin (BTC): $150,000• Ethereum (ETH): $8,000Do you concur with these estimates?— BlockNews.com (@blocknewsdotcom) April 23, 2024
The bank’s initial forecast featured May as the month for approval. However, analyst Geoff Kendrick today highlighted potential hang-ups like the recent Uniswap lawsuit and rising Treasury yields, pushing the timeline for approval further.
According to prediction market Polymarket, the probability of Ethereum-based ETFs getting approved by next month is roughly estimated to be about 14%.
Standard Chartered maintains an optimistic outlook, regarding the current market turmoil as a short-lived issue that will pass. They continue to stand firm on their year-end predictions for Bitcoin and Ethereum: $150,000 for Bitcoin and $8,000 for Ethereum. Ethereum is forecasted to reach $14,000 by 2025 according to their estimates.
Standard Chartered has changed its stance and believes it’s uncertain that the SEC will give approval for Ethereum spot ETFs in the upcoming month based on their latest research.
— BSCN (@BSCNews) April 23, 2024
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2024-04-25 04:23