Bitcoin could surge 300% to $120,000 next year as miners reduce token sales, Standard Chartered says
may be primed for a $120,000 valuation by the end of 2024, as miners reduce sales of the top cryptocurrency, according to Standard Chartered analyst Geoff Kendrick.by next year, but now thinks that could be too conservative when accounting for miner profitability.
In a follow-up email to Insider, Kendrick said a price of $120,000 is valid, representing nearly 300% upside from current levels. He also expects bitcoin to jump 67% this year to $50,000. Kendrick estimated that just under 100% of all bitcoin mined was sold in the second quarter, but he expects miners will start to sell fewer over time. Historically, this occurs when bitcoin's price exceeds the average all-in cash cost of mining, as is happening
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin halving bullish for Saylor’s MicroStrategy: Berenberg CapitalAnalysts from Berenberg Capital Markets say that the upcoming Bitcoin halving could be a major positive for value of shares in saylor’s enterprise analytics firm MicroStrategy.
Read more »
Bitcoin Mining Difficulty Set to Surge: Record-Breaking Increase Looms, Erasing Recent Reduction – Mining Bitcoin NewsStatistics recorded on July 9, 2023, indicate that the next Bitcoin mining difficulty adjustment is scheduled for July 12, 2023.
Read more »
At least 300 migrants missing at sea near Spanish Canary Islands, aid group saysAt least 300 people who were travelling on three migrant boats from Senegal to Spain's Canary Islands have disappeared, migrant aid group Walking Borders said on Sunday.
Read more »
Iowa Resident Scammed of $6,600 in Bitcoin ATM Scheme, Police Launch Investigation – Bitcoin NewsThe Clive Police Department insists that the scammers utilized cryptocurrencies due to the challenges in tracking these assets.
Read more »
Bitcoin Falls Below $31K After Late Monday SurgeBitcoin soared above $31K at one point on Monday for the first time in four days before retreating back below the threshold. The head of research for digital asset management firm 3iQ said that investors are riding June tailwinds. JPRubin23 writes
Read more »
Lawyer Outlines What Would Happen if SEC Wins Lawsuit Against Ripple Over XRP – Regulation Bitcoin NewsA lawyer has outlined what would happen if the SEC wins its lawsuit against Ripple Labs and $XRP is declared a security. crypto
Read more »