Standard Chartered Stands by $8000 ETH Prediction for 2024 Amid Optimistic Outlook for Ethereum ETF Approval 🚀
Standard Chartered, a British multinational banking giant, remains confident in its forecast of Ethereum reaching $8000 in 2024. Recent developments have seen an unexpected surge in optimism surrounding the approval of an Ethereum ETF, bolstering the outlook for the leading cryptocurrency.
Predicting Inflows for Ethereum ETFs
Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered, predicts substantial inflows for Ethereum ETFs once approved. With a high level of confidence, the bank estimates inflows of 2.39-9.15 million ether in the first year, equivalent to $15 billion to $45 billion in USD.
- Spot ETF Approval Expected This Week
- Ethereum ETFs set to go live in the United States
- 80% to 90% confidence in approval
Positive Trends for Bitcoin and Ethereum
Despite facing challenges in the past, Bitcoin and Ethereum are poised for significant growth in the coming years. Standard Chartered’s bullish outlook remains strong, with predictions of Bitcoin reaching $150,000 by the end of 2024 and Ethereum hitting $8,000.
- ETH/BTC Price Ratio Analysis
- Expected ratio of 0.054 until year-end
- Predictions for BTC at $200,000 and ETH at $14,000 by 2025
Industry Response to SEC’s Call for Ether Spot ETFs
The recent directive from the Securities and Exchange Commission (SEC) requesting exchanges to accelerate the listing of Ether spot ETFs has generated significant industry buzz. This proactive step hints at a potential approval before the May 23 deadline, signaling a shift in the SEC’s regulatory approach.
- Bitcoin ETF Inflows and Market Performance
- $12.8 billion net inflows in U.S. since January
- Price and ETF flows positively impacted by SEC’s engagement
The Path Ahead: A Promising Future for Ethereum
As the crypto market continues to evolve, Ethereum stands out as a promising investment opportunity. With growing institutional interest and regulatory support, the path ahead looks bright for Ethereum and the broader cryptocurrency ecosystem.
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