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After receiving a hardcore message of gloom and doom earlier today, it appears not everyone is worried about the state of crypto, and some – such as Standard Chartered – believe assets like bitcoin are well on their way to reaching new highs and the tops of the world’s financial ladders.
Standard Chartered on the State of BTC
Not long ago, Standard Chartered issued a report claiming that the crypto winter of 2022 is officially over, and analysts foresee bitcoin reaching a whopping $100,000 per unit in the coming months. This would make a huge change from where the world’s number one digital currency by market cap was just six months ago.
During that time (the end of 2022), the crypto world was suffering like it never had before. Assets like BTC lost more than 70 percent of their value after reaching all-time highs during the previous November, and the crypto world was in a tailspin of depression. The industry lost more than $2 trillion in overall valuation, and many thought crypto was on the verge of going out for good.
However, 2023 has been a year of incredible turnaround, and while there’s still plenty of healing room, the fact remains that bitcoin and many of its digital assets have really recovered from the bearish trends that took them down heavily during the previous 12 months. BTC has recently hit a ten-month high of about $30K, and many analysts think the time has arrived for the crypto arena to receive its fair dues.
Geoff Kendrick – the head of digital assets research at Standard Chartered – explained in the report:
While sources of uncertainty remain, we think the pathway to the USD 100,000 level is becoming clearer.
He went on to suggest that bitcoin has recently garnered more steam behind its alleged “safe haven” status, which had been thinning out in recent months and years given the ugly state of the industry.
He also believes that bitcoin is once again being viewed as a “relative store of value and a means of remittance,” especially during the aftermath of the banking crisis which resulted in the collapse of roughly three separate banks in the U.S.
What Will Push the Asset Forward?
One of the big things that he thinks will contribute to the surging of bitcoin’s price is the recent set of regulations implemented by the European Union (EU). The continental organization has become the first of its kind to implement new digital currency-related laws on a broad scale as a means of keeping traders secure and reserved when engaging in investing strategies.
The move was clearly a response to the FTX collapse, which occurred last November. As one of the world’s leading digital currency exchanges, FTX resulted in more than $200 billion in crypto being wiped away permanently.
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