Investors are looking for an easy way out. Ethereum Investment banks may have to wait for via ETF (CRYPTO: ETH) standard chartered We remain optimistic about the future of digital assets.
what happened: Despite revising its previous May schedule for US Ether ETF approval, the bank believes the market is well-positioned for a rebound, CoinDesk reported.prediction market Polymarket There is only a 16% chance of spot approval for Ethereum by May 31st.
Enter to win $500 in stocks or crypto
Enter your email address to get Benzinga's Ultimate Morning Update, a free $30 gift card, and more.
Crypto headwinds and signs of hope
Standard Chartered Analyst jeff kendrickHe previously expected the Spot Ether ETF to be approved on May 23rd, but highlighted several challenges affecting the digital asset.
“U.S. Securities and Exchange Commission (SEC) targets decentralized finance (DeFi) by suing Uniswap, US Treasury yields soar, Federal Reserve rate cut postponed, BTC and ETH are declining due to the escalation of conflict in the Middle East,” Kendrick said in a research note.
This series of negative factors weakens the immediate prospects for Ethereum's integration into mainstream financial products.
Despite these setbacks, Standard Chartered remains optimistic about the future of digital assets.
The bank reassured that the worst may be over for the market, saying: “Bad news is already priced in for Bitcoin and Ether, and we expect positive structural factors to take over once again.” said.
Free Report: How to Learn Options Trading Quickly
In this special report, you'll learn the 4 best options trading strategies, how to stay safe as a complete beginner, a 411% trading case study, and how to access two new winning options trades starting today. Learn.Request your free report here.
They maintain bullish year-end price targets of $150,000 for Bitcoin and $8,000 for Ether, which were trading around $66,800 and $3,237, respectively, at the time of reporting.
Also read: Mt Gox creditors see light at the end of the tunnel
why is it importantThe report also notes that the largest single-day liquidation of leveraged long positions in the Bitcoin futures market since October 2023 occurred on April 13 in response to geopolitical tensions in the Middle East. He also mentioned a major market correction.
This event drained $261 million from the market and signaled a “cleaner” market position going forward.
Additionally, the initial spike in Bitcoin spot ETF inflows has slowed due to macroeconomic factors such as rising U.S. Treasury yields and ongoing geopolitical tensions.
While the first wave of ETF purchases appears to be nearly complete, we expect these funds to be integrated into broader macro funds, although this transition could take some time.
what's next: As the debate about the future of digital assets continues, Benzinga's Future of Digital Assets event on November 19th will delve deeper into these topics and discuss how changing regulations and market conditions will affect cryptocurrencies. We explore the possibility of shaping the trajectory of Bitcoin And Ethereum.
Read next: Crypto lobby group sues SEC over new dealer rules
Image: Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
