- Standard Chartered updates its projection for Bitcoin, estimating a value between $100,000 and $120,000 by the end of 2024, reflecting optimism.
- Interest in cryptocurrency ETFs such as Ether, which rose to $3,490, shows the growing legitimization of cryptoassets in markets.
On Monday, Bitcoin managed to surpass a significant threshold in value, reaching over $66,000.58. This increase represented the highest level reached by the cryptocurrency in two years, specifically since the end of 2021.
During Asian trading hours, Bitcoin peaked at $64,285 before settling at $63,850, which indicated a 2% increase for that trading session, but as of this morning’s trading hours on March 4, it hit the $66,000 mark, all while this article is being written.
Bitcoin’s upward trend reflects the current market dynamics and also the perception of its long-term value among investors, as we have previously mentioned on ETHNews.
Recall that the enthusiasm surrounding Bitcoin’s rise has been fueled by the approval of Bitcoin spot ETFs, as well as anticipated changes to its mining process scheduled for late April.
Standard Chartered has revised its projections for Bitcoin, setting its future value at an estimated range of $100,000 to $120,000 by the end of 2024. This update reflects an optimistic assessment regarding the performance of Bitcoin mining and its effect on the global cryptocurrency market.
In addition, interest in developing ETFs for other cryptocurrencies, such as Ether, which has seen a substantial increase in price, reaching $3,490, suggests a growing acceptance and legitimization of cryptocurrencies as an asset class.
This increase, reflecting 50% year-to-date growth, and approaching its value peaks of the last two years, illustrates the positive dynamics of the cryptocurrency market .
The Influence of Powell’s Statements on Bitcoin’s Future
Federal Reserve (Fed) Chairman Jerome Powell’s scheduled remarks before key U.S. congressional committees come at a time when bitcoin has surpassed $66,000, approaching its previous record high of $69,000 .
This situation has raised expectations about the continuation of Bitcoin’s uptrend. There is a consensus that the Fed’s interest rate policy exerts an impact on the cryptocurrency market, especially on the price of Bitcoin.
It is anticipated that Powell will maintain a conservative strategy regarding interest rate adjustments in response to recent Personal Consumption Expenditures (PCE) Price Index data, which shows a continuation of inflationary pressures.
The investment community remains vigilant for signals that may indicate changes in monetary policy, mindful of their potential effect on the value of Bitcoin and the cryptocurrency arena.
The current price of Bitcoin (BTC) is approximately 66,061 USD, experiencing an increase of 2,919 USD or approximately 4.62%. Today, it has seen a change of 4.44%.
