- Standard Chartered predicts a new all-time high for Bitcoin prices by the weekend.
- The forecast emerges amid potential approval of spot Ethereum ETFs, expected to legitimize the crypto sector further.
- “I expect Bitcoin to reach its all-time high of $73,798 by the weekend,” Geoff Kendrick, head of FX Research and Digital Assets at Standard Chartered, stated in a recent email.
This article discusses Standard Chartered’s prediction of Bitcoin reaching new price heights, influenced by the potential approval of spot Ethereum ETFs.
Impending Bitcoin Price Surge
According to Geoff Kendrick, Standard Chartered’s prediction comes with the anticipation of the cryptocurrency reaching unprecedented levels by the end of this week. The optimism is partly due to the potential regulatory approval of spot Ethereum ETFs which could bring more stability and legitimacy to the crypto market.
Role of Ethereum ETFs in Crypto Market Dynamics
The approval of Ethereum ETFs is seen as a pivotal moment for the cryptocurrency industry. These funds are expected to provide a safer, more regulated way of investing in digital assets, potentially attracting a new wave of institutional investors.
Record Inflows into Crypto Funds
Kendrick also highlighted recent surges in investments into spot Bitcoin ETFs, which have reached a total of $12.9 billion, marking an all-time high. This influx is a direct result of the growing confidence among investors about the future of cryptocurrencies.
Upcoming Deadlines and Regulatory Developments
The Securities and Exchange Commission (SEC) has recently requested updates on the 19b-4 filings for spot Ethereum ETFs, indicating a potential forward movement in their approval. Notable deadlines for these ETFs are rapidly approaching, with VanEck’s final submission due on May 23 and Ark Invest/21Shares on May 24.
Conclusion
The potential approval of Ethereum ETFs could mark a significant milestone for the cryptocurrency market, influencing Bitcoin’s price positively. As deadlines approach, the industry watches closely, anticipating the impact of these developments on the broader market dynamics.
