Bitcoin is stabilising between $96K-$98K, with significant bullish predictions from Standard Chartered, forecasting a rise to $500K by 2028 under Trump. Meanwhile, meme coins exhibit increasing volatility, and Bitcoin reached an all-time high in network value at $850 billion. Miners are facing production challenges, and the FDIC is reconsidering its crypto regulations after revealing past correspondence.
Bitcoin has stabilised between $96,000 and $98,000 after a period of significant volatility. This calmness is notable as even meme coins consist primarily show signs of respite. Despite the seeming tranquillity in the markets, substantial developments are occurring privately, particularly those related to Standard Chartered’s bullish outlook on Bitcoin’s future.
Standard Chartered projects Bitcoin could reach $500,000 by 2028, largely driven by the policies of a future Trump presidency. The bank argues that Bitcoin could attain approximately 50% of gold’s market value, potentially overtaking major technology firms such as Apple and Microsoft. A successful Bitcoin ETF is cited as a pivotal factor in this forecast.
Despite major cryptocurrencies remaining relatively stable, meme coins are experiencing bullish trends. The TRUMP token surged by 12.4% post a meeting with Netanyahu, while a novelty coin, FARTBOY, saw a staggering 66.8% increase amidst National Fart Day celebrations. Such erratic movements in meme coin value can raise questions, especially when typical market behaviour appears subdued.
Bitcoin has achieved a new milestone, surpassing $850 billion in network value, with capital inflows of $450 billion since November 2022. Although Bitcoin is settling around $9 billion daily, analysts expect this bull market may differ from prior cycles due to minimal retail participation, suggesting that the driving force is large institutional investments.
The mining sector is confronting challenges as Bitcoin network difficulty rose to approximately 110 trillion. Major players like Hut 8 saw a 27% decline in production, while Mara and Bitfarms reported decreases of 12.5% and 4.7%, respectively. Only Riot Platforms managed to post an increase of 2.1%, attributed to their new facility in Texas.
The FDIC has unveiled 790 pages of past correspondence that illustrate its previously cautious stance on cryptocurrencies, with banks facing significant hurdles in obtaining approvals for crypto services. In contrast, recent statements from Acting Chairman Travis Hill indicate an ongoing reevaluation of the FDIC’s perspective on cryptocurrency engagement. However, the repercussions of the FDIC’s earlier stance are still in question.
