{"id":21208,"date":"2023-04-25T00:13:34","date_gmt":"2023-04-25T00:13:34","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/bitcoin-could-hit-100000\/"},"modified":"2023-04-25T00:14:02","modified_gmt":"2023-04-25T00:14:02","slug":"bitcoin-could-hit-100000","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/bitcoin-could-hit-100000\/","title":{"rendered":"Bitcoin could hit $100,000 by end-2024, Standard Chartered says"},"content":{"rendered":"

By Elizabeth Howcroft<\/p>\n

LONDON (Reuters) -Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called “crypto winter” is over.<\/p>\n

Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its interest rate-hiking cycle and improved profitability of crypto mining, Standard Chartered’s head of digital assets research Geoff Kendrick said in a note. <\/p>\n

“While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer,” Kendrick wrote. <\/p>\n

Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months. Its gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked rates and a string of crypto firms imploded. <\/p>\n

Predictions of sky-high valuations have been commonplace during bitcoin’s past rallies. A Citi analyst said in November 2020 that bitcoin could climb as high as $318,000 by the end of 2022. It closed last year down about 65% at $16,500.<\/p>\n

In Monday’s note, Standard Chartered said that bitcoin has benefited from its status as a “branded safe haven, a perceived relative store of value and a means of remittance.”<\/p>\n

Kendrick said the European Parliament’s backing of the European Union’s first set of rules to regulate crypto asset markets “should provide a tailwind” for bitcoin.<\/p>\n

JPMorgan said in a note on April 5 that a technical change to the bitcoin blockchain in April 2024, known as its “halving”, could boost its price by making it more expensive to produce, causing a “positive psychological effect”.<\/p>\n

JPMorgan said that cryptocurrency prices have already benefited from crypto enthusiasts interpreting the recent U.S. banking crisis as a “vindication of the crypto ecosystem”. Crypto supporters say stablecoins are “less susceptible to runs”, JPMorgan said.<\/p>\n

U.S. regulators have previously told banks to be alert for liquidity risks coming from crypto-related deposits, such as stablecoin reserves, which could be subject to rapid outflows.<\/p>\n

(Reporting by Elizabeth Howcroft; editing by Tom Wilson, Louise Heavens and Jonathan Oatis)<\/p>\n

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By Elizabeth Howcroft LONDON (Reuters) -Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called “crypto winter” is over. Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S. Federal Reserve ends its interest rate-hiking […]<\/p>\n","protected":false},"author":8,"featured_media":22082,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-21208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3O007-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=21208"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21208\/revisions"}],"predecessor-version":[{"id":22083,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21208\/revisions\/22083"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/22082"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=21208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=21208"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=21208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}