Bitcoin and Ethereum could reach all-time records this week. Standard Chartered projections. The projections are indeed a reality. financial The company believes that the approval of Spot Ethereum ETF will drive these assets up to historic price levels.
SEC has revealed that it changed its mind about Ether ETFs. The switch early on Tuesday surprised many who had anticipated rejection or delays. Bloomberg’s approval chances increased from 25% up to 75%. Standard Chartered then believes this will boost the value of two major assets on the market.
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Bitcoin & Ethereum to Set New All-Time Highs This Week
The United States received its first crypto-based ETF at the beginning of this year. Then, the focus quickly shifted to which asset would receive this ETF. next approval. This question appears to have been answered now, as the SEC will likely approve Ether’s version of the investment.
Arrival of Spot Ethereum ETF will have an impact on market. Standard Chartered Bank has predicted that Bitcoin and Ethereum would both reach record highs in the wake of its arrival.
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“I would expect a fresh all-time high in Bitcoin by the weekend, through the 14 March $73,798 level,” Geoff Kendrick’s, Standard Chartered Bank, Head of FX Research & Digital Asset Research told The Block. Further, he said that the recent development reinforced expectations that BTC would reach $150,000 at the end of this year.
The bank also states that this product’s arrival will have a significant impact on ETH. It is expected that the response of Bitcoin to this investment vehicle will be similar. Three months after the asset was issued, it reached its highest level.
This news will surely benefit the whole sector. The top two tokens in particular are leading the way. This news not only helps legitimize the whole industry but increases exposure for institutional investments. It should therefore lead to an overall market rally, similar to the one that took place in January.
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Source: watcher.guru