Bitcoin On Track To Hit New All-Time High By Weekend, Says Standard Chartered Analyst
Portfolio Pulse from Benzinga Neuro
Bitcoin is expected to reach a new all-time high by the weekend, according to Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered. The potential approval of spot ether ETFs is also seen as a factor that could further legitimize the cryptocurrency sector. Recent inflows into spot Bitcoin ETFs have reached a new all-time high of $12.9 billion. The SEC's request for updates to filings for spot Ethereum ETFs has increased the chances of approval from 25% to 75%.
May 22, 2024 | 3:40 am
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Bitcoin is expected to reach a new all-time high by the weekend, driven by increased inflows into spot Bitcoin ETFs and potential approval of spot ether ETFs.
The prediction by a prominent analyst and the recent surge in ETF inflows are strong indicators of a potential price increase. The potential approval of spot ether ETFs adds further legitimacy to the sector.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Dogecoin continues its rally alongside other cryptocurrencies, driven by overall positive sentiment in the market.
Dogecoin's performance is benefiting from the overall positive sentiment in the cryptocurrency market, although it is not directly impacted by the ETF news.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
The potential approval of spot ether ETFs is seen as a factor that could further legitimize the cryptocurrency sector, boosting Ethereum's performance.
The increased likelihood of spot ether ETF approval is a significant positive development for Ethereum, potentially driving its price higher.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80