Bitcoin and Ethereum are predicted to reach $100,000 and $10,000, respectively, this year, according to Standard Chartered’s head of crypto research Geoffrey Kendrick.
Kendrick explains “the use cases in things like ethereum, for example, haven’t really even played out yet at all. So my backdrop is very, very positive.” His price forecasts for Bitcoin and Ethereum in 2022 are $100,000 and $10,000, respectively, implying a 150 percent and 250 percent increase in value. According to Kendrick, the price of ethereum might increase by more than tenfold to $35,000.
“There’s been a number of market commentators that are saying that, like in previous bitcoin halving cycles, we’re now getting into the second half of that, and — in previous cycles — that has been a bearish signal,” Kendrick said. “I disagree with that logic.”
Bitcoin and Ethereum, according to Standard Chartered’s head of crypto research, have completely different ‘’drivers” than in previous trading cycles, which is why he believes they will rebound this year.
The fact that so-called smart money is streaming into Bitcoin and Ethereum despite their enormous drawdowns since November, according to Kendrick, is maybe the most critical catalyst for the cryptos. He claims that wasn’t the situation in the late 2010s.
“Institutional money is coming and has continued to come despite the sell-off, which obviously, at its most aggressive, was more than 50% in bitcoin and ethereum,” Kendrick said. “So that, for me, says, ‘This time is different.”
If Bitcoin becomes a widely recognized store of wealth that accounts for around 2% of the world’s assets, it might reach the high end of this price projection, according to the research head. The Central African Republic has approved Bitcoin as legal tender. It is the first African country to accomplish so, and the world’s second after El Salvador.
Meanwhile, Kendrick believes that Ethereum will gain from its upcoming network upgrade dubbed “the merge”. At the time of publication, Bitcoin and Ethereum were trading down 3.43% and 4.64% at $38,433 and $2798 respectively.
In a recent ruling, Judge Analisa Torres of the United States District Court for the Southern District of New York established a briefing timetable for Ripple and the United States Securities and Exchange Commission.
On April 29, the parties presented a joint proposed schedule to the court for approval. After reviewing the parties’ letter, Judge Torres ordered that all motions excluding expert testimony be fully briefed by the end of August. Any motions for summary judgment must be filed by September 2022. Ripple and the Securities and Exchange Commission will have a little more than a month to file their oppositions and motions.
Motions for summary judgment must be fully briefed by Nov. 15, a month sooner than the original deadline specified by the parties. This might suggest that the outcome for the XP lawsuit may be gotten this year, which remains yet another positivity.
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