Standard Chartered According to your estimates, Bitcoin and Ethereum will reach new record highs this week. The financial services company believes that the approval of the Spot Ethereum ETF will add to both assets.
US Securities and Exchange Commission (SEC) Ethereum ETF He unexpectedly changed his stance on their applications. While many people expected rejection or delay, expectations in this regard have now changed. Bloomberg raised the probability of approval from 25% to 75%. Upon this development, Standard Chartered thinks that the value of the two leading assets in the market will increase.
Bitcoin and Ethereum Will Reach New Record Levels This Week
At the beginning of the year, Bitcoin gained acceptance into the first crypto-based ETF in the United States. Soon, it became a matter of curiosity which entity would receive approval next. Now, the answer to this question seems obvious; The SEC is expected to approve this investment product of ETH.
The introduction of the Spot Ethereum ETF will have a huge impact overall. According to Standard Chartered Bank, Bitcoin and Ethereum are expected to reach new record highs following the launch of the product.
“I expect Bitcoin to hit a new record high by the weekend, surpassing the March 14 high of $73,798,” Geoff Kendrick, Head of Currency Research and Digital Asset Research at Standard Chartered Bank, told The Block. He also stated that this development strengthens the expectations that BTC will reach $ 150,000 by the end of the year.
According to the bank, the arrival of the product will also have an inevitable impact on ETH. There are expectations that Bitcoin will reflect its response to the investment vehicle. Three months after the product was launched, the asset had reached its own record level.
This news will benefit the industry overall, led by two top-ranked tokens. It will not only further legitimize the industry but also increase market access for institutional investors. This should lead to a market-wide rise, as it did in January.
