Standard Chartered Forecasts All-Time Highs for Bitcoin and Ethereum Following Approval of ETH ETF

Ethereum (ETH) exchange-traded funds are expected to receive approval from the Securities and Exchange Commission this week, according to Standard Chartered. The bank believes that the prices of both ETH and Bitcoin (BTC) will surge as a result.

Geoff Kendrick, the digital assets researcher at the British multinational bank, stated on Tuesday that if the SEC approves ETH exchange-traded funds (ETFs) as scheduled on Thursday, the price of the asset could soar to $8,000 by the end of the year.

Currently, ETH is trading at $3,770, as reported by CoinGecko. After speculation circulated yesterday about the imminent release of a spot Ethereum ETF in the U.S. market, the price surged by 22% within 24 hours.

Furthermore, Kendrick suggested that Bitcoin could see a significant upward movement as well. He stated, “An approval of an ETH ETF will increase the credibility of the sector, which will benefit BTC as well.” He added that he anticipates a new all-time high for BTC over the weekend.

BTC’s current price is $70,314 per coin. Although it reached an all-time high of $73,737 in March, it had stayed below the $70,000 mark for most of the past month.

Ethereum is the platform behind the second-largest digital asset, ETH. Several major asset managers have submitted applications to the SEC for the launch of a spot ETH ETF in the U.S.

If approved, this fund will enable retail investors to purchase shares that are traded on a stock exchange and monitor the price of ETH through brokerage accounts. VanEck, BlackRock, and Franklin Templeton are among the firms seeking approval.

In January, the SEC reluctantly approved 11 BTC ETFs, which subsequently attracted significant inflows and boosted the price of BTC.

However, there has been uncertainty regarding the approval process for ETH ETFs, leading industry analysts to anticipate delays. This changed on Monday, with reports from Bloomberg suggesting imminent approval—a sentiment now echoed by Standard Chartered.

In April, Standard Chartered predicted that BTC would reach $150,000 per coin this year, and ETH could reach $8,000 and then $14,000 per coin by the end of 2025.

The bank reaffirmed this projection in today’s report.

Edited by Andrew Hayward

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source link

#Bitcoin #Ethereum #Hit #AllTime #Highs #ETH #ETF #Approval #Standard #Chartered #Decrypt