Standard Chartered Bank Forecasts BTC To Reach $50,000 In 2023
By the end of 2023, Standard Chartered Bank, a reputable financial organization with over $800 billion in assets, predicts that Bitcoin’s value might soar to $50,000. This declaration coincides with the ongoing discussion of over-regulating and integrating cryptocurrencies into established financial markets.
In its cautious approach to accepting cryptocurrencies, the Securities and Exchange Commission (SEC) has repeatedly rejected proposals for Bitcoin Exchange-Traded Funds (ETFs) that are not based on futures contracts. According to Standard Chartered, “the future of Bitcoin is still bright, despite this regulatory obstacle.”
The bank first predicted $120,000 for Bitcoin by the end of 2024 in April, indicating its long-term positive view on digital assets. Revisions to the bank’s forecast by renowned Foreign Exchange (FX) specialist Geoff Kendrick point to a 20% possible increase in Bitcoin’s value.
Kendrick’s study considers the recent surge in institutional interest in Bitcoin, partly sparked by investing giant BlackRock’s June 15 application to U.S. authorities for a Bitcoin spot ETF. BlackRock’s decision to investigate a Bitcoin ETF has caused waves throughout the financial sector, with many institutions now acknowledging the increasing significance of cryptocurrencies.
In a commentary, Jordan Major, CoinGape cryptocurrency analyst, said that BlackRock’s investment in Bitcoin has elevated the digital currency to the forefront of established finance, which now has over $800 billion in assets. If accepted, the Bitcoin ETF would give investors a more controlled and convenient way to access Bitcoin’s potential.
Bitcoin Market Maintains Normalcy Amid Standard Chartered’s Forecast
The cautious stance taken by the SEC against Bitcoin ETFs based on futures contracts may provide a problem, but Standard Chartered’s forecast implies that the market’s attitude is changing. The bank is certain that Bitcoin’s value will rise due to growing institutional adoption and its potential to act as a hedge against inflation and economic instability.
The recent projection from Standard Chartered contributes to the rising confidence regarding Bitcoin’s future as cryptocurrency discussion rages. If the forecast is accurate, the digital currency will achieve a critical milestone by hitting $50,000 by the end of 2023, establishing its status as a legitimate asset class within the global financial system.
Information also shows that the Securities and Exchange Commission (SEC) has continuously turned down the proposal for BTC ETFs – especially those without future contracts. This development has been linked to the prospective market manipulations found in the spot BTC marketplace.
BlackRock has made some practical moves to address these concerns by agreeing with Nasdaq on the proposed Exchange Traded Fund (ETF) listing platform. The said agreement contains “surveillance-sharing” of a BTC trading platform.
Also included in BlackRock’s ETF proposal is the introduction of the EDX Markets: a type of digital asset specifically designed for accredited investors. Further looking into EDX Markets features shows that it is backed by major companies like Citadel Securities, Fidelity, and Charles Schwab.
Meanwhile, it has been gathered that the inflows of cryptocurrency assets for three straight weeks, including the monthly Moving Average Convergence Divergence (MACD) showing the green indicator, portray a positive prospect for the price of BTC. Data from CoinGape shows that the total cryptocurrency assets investments recorded an overall $136 million last week in net profit.
On BTC market performance, the current price of Bitcoin was traded at $30,193 in the last 24 hours – but has been hovering around $29,985 – $30,427 before arriving at the current price level. The trading volume also experienced a boost, with a 30% increase in the last 24 hours.
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