Bitcoin is on the rise, with Standard Chartered predicting a potential price target of $120,000 amidst increased ETF inflows. Gold investments are declining as Bitcoin emerges as a preferred asset during market volatility. Other notable trends include solid returns on Bitcoin’s circulating supply and ongoing developments in blockchain technology.
Welcome to your morning update on US crypto news—a quick guide to key happenings in the realm of cryptocurrency, especially focusing on Bitcoin’s latest trends amidst shifting investment sentiments.
Bitcoin is surging in popularity, particularly as concerns grow around gold’s dependable status. Analysts at Standard Chartered have raised eyebrows, predicting Bitcoin (BTC) could reach targets of up to $120,000 in the near future. The price of Bitcoin appears on track to ascend, supported by breakouts from established technical patterns.
According to the latest insights by Standard Chartered, Bitcoin’s current push is seeing it push past resistance levels, with signs of a robust market rally. Should Bitcoin clear the hurdle at $95,765, it could potentially shoot up another 20% toward about $102,239. The optimism in Bitcoin is linked to escalating global trade tensions, especially the impact of US tariffs which are fuelling market volatility and prompting liquidity shifts away from traditional dollar-dependant assets.
Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, reported a significant uptick in Bitcoin ETF inflows. This shift comes at a time when gold’s exchange-traded products are declining—marking a stark change in investment preferences. Kendrick believes Bitcoin is emerging as a stronger hedge, particularly noted during the same period leading up to the US elections a couple of years ago.
“Bitcoin’s path is reminiscent of that post-election surge,” Kendrick stated in correspondence with BeInCrypto. He highlighted that with sustained inflows into Bitcoin ETFs, the cryptocurrency is well-positioned to rise, with expectations solidifying around a bullish target of $120,000 by the second quarter of the year. Beyond that, a ceiling of $200,000 by the end of 2025 has also been suggested.
Meanwhile, further data illustrates that over 85% of Bitcoin’s circulating supply is currently profitable, signalling healthy investor sentiment—while noted investor Ray Dalio warns of looming instability in the global monetary framework due to tariffs and socio-economic shifts.
Interestingly, Tether has made headlines with its latest report, revealing that its tokenized gold product has substantial backing, with over 7.7 tons of physical gold. In ETF news, Bitcoin has seen a solid influx, amassing more than $500 million across consecutive days; still, futures trading indicates a cautious outlook with some investors leaning towards bearish positions.
In tech developments, BNB Chain has sped up block times to an impressive 1.5 seconds on its BSC, establishing itself as a frontrunner in the speed race, while Ethereum faces some contention within its developer community.
In other areas, questions loom over the authenticity of stablecoin transaction volumes, which experts suggest might be inflated due to trading tactics such as wash trading.
Lastly, the performance of the crypto market remains dynamic, with Virtual Protocol’s native token seeing an impressive increase of 161% recently as interest in AI and its applications surges.
