The head of crypto at British bank Standard Chartered, Geoff Kendrick, spoke about the factors that could drive the price of Bitcoin to $100.0000 next year. This and more news in this handy daily digest to keep you up to date with the latest events happening in the crypto world.
Bitcoin could hit $100.000 next year
📍‌London-based British bank Standard Chartered projects Bitcoin's price to reach $100.000 by 2024. Standard Chartered's head of cryptocurrency research, Geoff Kendrick, believes that events in the banking system, with the collapse of institutions such as Silicon Valley Bank and Signature Bank, have rekindled investor interest in Bitcoin as a safe haven.
The US banking crisis has bolstered the market's most capitalized cryptocurrency as investors are once again placing their trust in the decentralized and scarce crypto asset, Kendrick said, according to The Block.
Based on this analysis, Kendrick estimates that the winter that has accompanied Bitcoin and the main cryptocurrencies in the market since the beginning of 2022 has come to an end, so BTC may be preparing to reach new highs next year.
In addition to this, the Standard Chartered executive stated that interest rate hikes by the Federal Reserve and the arrival of the next Bitcoin halving are also crucial to the rise that the cryptocurrency could experience in 2024. The halving, one of the most important events on the Bitcoin network, will halve the current block reward received by miners, making the cryptocurrency scarcer.
At the time of writing this article, the price of Bitcoin is around $27.300 per unit, with a correction of 7% per week. However, since the beginning of this year, the price of Bitcoin has appreciated by 72%.
MiCA, a “clear and sensible regulation” for crypto
📍‌More experts support MiCA regulatory environment. Last week, Europe approved the MiCA bill in its final vote, leading to the creation of a unified regulatory framework for the cryptocurrency industry across the 27 countries that make up the European Union.
Recently, Cristina Carrascosa, an expert in taxation and technology law, indicated that the new law will create clear rules for companies participating in the crypto industry in the region.
The new rules will provide greater clarity and boost growth and capital investment, she said, while noting that investors, traders and participants in the crypto industry will also enjoy greater transparency and security.
In addition to Carrascosa, Circle’s EU director of strategy and policy Patrick Hansen said last week that MiCA has brought the most comprehensive regulatory framework in existence for the crypto industry worldwide.
Ethereum catches interest from Visa
📍‌Multinational payments and financial services company Visa is hiring Ethereum experts. Visa has posted a job opening to complement its cryptocurrency team with software developers experienced in the Ethereum blockchain and Web3.
In job offerThe multinational company clarified that it is building a strong team for the development of innovative next-generation applications with which it can offer new and profound value to all its clients.
Continue reading: European Parliament approves MiCA law and Travel Regulation for cryptocurrencies
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
