According to a report from “The Block,” an analyst from Standard Chartered Bank stated that the approval of an Ethereum spot ETF this week will further legitimize the cryptocurrency industry and therefore benefit Bitcoin as well.
Geoff Kendrick, Head of Forex Research and Digital Asset Research at Standard Chartered Bank, stated in an email to The Block:
Kendrick added that the optimistic sentiment surrounding the potential approval of an Ethereum spot ETF this week has given him more confidence in his price predictions for Bitcoin, which are $150,000 by the end of 2024 and $200,000 by the end of 2025. Kendrick also pointed out that the recent days have been more constructive, with increased inflows into Bitcoin spot ETFs, reaching a record-breaking $12.9 billion.
Related article: “Standard Chartered Bank highlights two catalysts in the cryptocurrency market: US fiscal dominance risks and Trump’s victory.”
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