Monat: Mai 2024

Veröffentlicht am

Standard Chartered anticipates spot Ethereum ETFs approval this week

  • Standard Chartered expects SEC approval of Ethereum ETFs this week.
  • The bank predicted inflows of $15-45 billion that could drive ETH price to $8,000 by the end of 2024.
  • Ether’s price has surged 19% in the past 24 hours, reflecting the optimism in the market.

Standard Chartered expects the U.S. Securities and Exchange Commission (SEC) to approve Ethereum (ETH) ETFs this week.

If it happens, it could herald a substantial influx of capital into the ether market, with projections estimating inflows between $15 billion and $45 billion in the first 12 months post-approval.

The critical ether ETFs proposal deadlines

The SEC is approaching critical deadlines for several ether ETF proposals, with VanEck’s submission due on May 23 and Ark Invest/21Shares’ on May 24.

Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, stated that the approval of spot ether ETFs could drive significant market activity, with anticipated inflows ranging from 2.39 million to 9.15 million ether.

Kendrick emphasized that these inflows, as a percentage of market capitalization, are comparable to those seen with bitcoin ETFs, which have proven to be accurate predictors of market behaviour.

Ethereum (ETH) price forecasts

In light of this, Standard Chartered has reiterated its ambitious price target for Ethereum (ETH), forecasting it to reach $8,000 by the end of 2024. This projection is based on maintaining the current 5.4% price ratio between ether and bitcoin, with bitcoin itself expected to hit $150,000 by year-end.

The bank’s outlook extends even further, predicting that by the end of 2025, Ethereum (ETH) price could soar to $14,000, assuming Bitcoin reaches a staggering $200,000.

These optimistic targets underscore the potential impact that ETF approvals could have on the broader cryptocurrency market.

SEC requested updates to the 19b-4 spot Ethereum ETFs filings

The momentum towards approval gained additional support on Monday when the SEC requested updates to the 19b-4 filings for spot ether ETFs.

This move suggests progress, albeit without guaranteeing approval. However, the likelihood of approval has been bolstered significantly.

As a result of the SEC’s move, Bloomberg ETF analysts James Seyffart and Eric Balchunas increased their approval probability estimates from 25% to 75%.

Reflecting the growing optimism, Ethereum’s price surged over 19% in the past 24 hours, reaching $3,782.68 as of 12:28 P.m. ET on May 21.

The broader cryptocurrency market also reacted positively, with the GM 30 Index, which tracks the top 30 cryptocurrencies, rising by 9.25% to 148.75.

The post Standard Chartered anticipates spot Ethereum ETFs approval this week appeared first on CoinJournal.

Veröffentlicht am

Bitcoin surges above $70k again as Bitbot’s presale officially hits $3.5m

Key takeaways

  • BTC is now trading around $71k per coin after adding 6% to its value.
  • Bitbot’s presale has officially crossed the $3.5 million mark as it draws closer to its end.

Bitcoin hits $71k as it eyes new all-time high

Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well over the past few days. It is up by more than 14% in the last seven days, allowing it to break past the $70k psychological level once again.

At press time, the price of Bitcoin stands at $71,388, up by more than 6% today. The rally comes as the broader crypto market embarks on a recovery. If BTC continues with its recent momentum, it could set a new all-time high in the near term. 

What is Bitbot?

With the crypto market in a bull run, several projects are emerging that seek to make it easier for users to interact with the ecosystem. Bitbot is one of the projects that could change how cryptocurrency traders approach the market.

Bitbot is a Web3 project designed solely for crypto traders. It is a telegram trading bot that allows users to access high-end trading features.

With Bitbot, retail crypto traders can have access to a wide range of cryptocurrency pairs via their cold wallets on Telegram. The trading bot will leverage Telegram thanks to its position as the leading messaging platform for crypto users. 

The team revealed that the tool will provide retail traders with world-class features to help them manage and grow their trading portfolios. 

With the total cryptocurrency market cap now at $2.6 trillion, Bitbot intends to leverage the exceptional growth in trading volume to gain massive adoption in the coming months and years.

Bitbot to offer high-end features to retail traders

While there are several trading tools available to retail traders, Bitbot intends to provide them with high-end features that would allow them to improve how they view the market and trade crypto pairs. 

Bitbot will integrate Knightsafe into its system, allowing it to offer a self-custody solution, eliminating the typical risks associated with Telegram trading. The anti-MEV and anti-rug solutions currently in development will ensure user assets are safe at all times. 

This Telegram trading bot will also come with ultra-flexible wallet management powered by non-custodial API technology to provide an added layer of security to the users.

In addition to that, the Copy Trading feature will be easily available to novice traders. This would allow them to copy the trades of the strongest-performing wallets based on on-chain activities.

Bitbot’s presale surpasses $3.5m

The Bitbot presale is in the 14th stage and has already raised over $3.5 million. The 14th stage will end once the amount raised reaches $3.924 million. 

The presale continues to attract more investors as the crypto market embarks on a recent rally. Currently, the $BITBOT token is going for $0.0189 but is set to increase to $0.02 once the next round commences.

Per the project tokenomics, the development team will hold 20% of the total token supply and will use it to fund ongoing development. 14% of the total token supply has already been allocated to marketing & CEX listings while 3% goes to exchange liquidity provision.

Click here to read more about Bitbot’s upcoming presale.

Could $BITBOT rally after listing on exchanges?

The Bitbot presale is only one stage away from completion, after which the team will look to list the token on centralised and decentralised exchanges. The listing could see the token surge higher in the short to long term,

The crypto market has been bullish over the last couple of months and market analysts are expecting a bigger pump in the coming months. If this happens, altcoins could rally higher in the medium to long term. 

Bitbot could be a big winner in the market if it rolls out its products and lists on exchanges. The project is set to take advantage of the growing trading volume in the market to obtain a sizable market share.

The post Bitcoin surges above $70k again as Bitbot’s presale officially hits $3.5m appeared first on CoinJournal.