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- Standard Chartered Predicts Bitcoin to Double to $200,000 by 2025
Standard Chartered Predicts Bitcoin to Double to $200,000 by 2025
News on the Blockchain
December 06, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 764
Market Cap: $3.59T (-2.71%)
24h Volume: $301.45B (-16.24%)
Bitcoin Dominance: 54.23%
Ethereum Dominance: 13.04%
ETH Gas Price: 14.31 Gwei
Fear & Greed Index: 81 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $97,956.37 | -4.56% | $1.94T | $120.83B |
Ethereum (ETH) | $3,873.61 | -1.16% | $466.55B | $51.58B |
Tether (USDT) | $1.00 | 0.00% | $136.74B | $248.67B |
BNB (BNB) | $719.05 | -2.06% | $103.55B | $2.98B |
Solana (SOL) | $236.61 | -0.11% | $112.47B | $8.76B |
💹 Market Highlights:
Total DeFi Volume: $21.79B (7.23% of 24h volume)
Stablecoins Volume: $279.61B (92.75% of 24h volume)
Coin with Highest % Change: ZRX (+25.42%)
📈 Preview On Today’s News:
- Standard Chartered Predicts Bitcoin to Double to $200,000 by 2025
- $1.10 Billion Crypto Liquidation Triggered by Sudden Bitcoin Crash
- USDC Leads as First Stablecoin Compliant with Canada’s New Listing Regulations
Keep reading for more!
Today’s News:
1)
Standard Chartered Predicts Bitcoin to Double to $200,000 by 2025
Standard Chartered Bank has forecasted that Bitcoin will double in value to reach $200,000 by 2025, following its historic surge in 2024 where it achieved a six-figure price for the first time and grew over 140% year-to-date. This optimistic outlook is driven by anticipated favorable regulations, increased institutional investments, and significant contributions from major investors like MicroStrategy. The positive momentum was further supported by President-elect Donald Trump’s appointment of a pro-crypto SEC chair, which is expected to enhance regulatory conditions and attract more corporate involvement in Bitcoin. With ongoing institutional flows and continued market enthusiasm, Bitcoin’s upward trajectory appears promising for the coming year.
Bitcoin’s 2024 Surge and Institutional Interest: Bitcoin experienced a remarkable increase of over 140% in 2024, reaching six figures for the first time and attracting significant institutional investments, including the first crypto-based ETF in the US.
Positive Regulatory Developments and Future Projections: Favorable regulatory changes, such as the appointment of a pro-crypto SEC chair, along with continued institutional flows, underpin Standard Chartered’s prediction that Bitcoin could reach $200,000 by 2025.
2)
$1.10 Billion Crypto Liquidation Triggered by Sudden Bitcoin Crash
A significant $1.10 billion cryptocurrency liquidation occurred following a sharp decline in Bitcoin's price, which fell by 5.47% from $98,338 to $92,957 within minutes. This massive sell-off saw Bitcoin alone account for $565 million in liquidations, with $417 million from long positions and $145 million from short positions, according to on-chain analytics firm Coinglass. Other major cryptocurrencies like XRP, Solana, and Ethereum also experienced substantial liquidations, exceeding $54.11 million, $30.15 million, and $108 million respectively. The largest single liquidation order was an $18.94 million BTCUSDT pair on OKX, with bulls being the most affected. Additionally, Bitcoin's inability to maintain the $100,000 mark led to the liquidation of over 208,389 traders' positions. Despite the rapid price drop, Bitcoin has shown some recovery, currently trading near $96,935 with a 2.10% decline over the past 24 hours and a 98% surge in trading volume. The market remains uncertain about the reasons behind the crash and whether further declines or a rebound will follow.
Massive Liquidations: A $1.10 billion crypto liquidation was triggered by Bitcoin's rapid 5.47% price drop, with BTC accounting for $565 million and significant impacts on XRP, Solana, and Ethereum.
Market Volatility and Recovery: Despite the crash, Bitcoin is rebounding near $96,935 with a 98% increase in trading volume, though market uncertainty persists regarding future movements.
3)
USDC Leads as First Stablecoin Compliant with Canada’s New Listing Regulations
Circle, the issuer of the USDC stablecoin, has announced that USDC is the first stablecoin to comply with Canada’s new listing rules established by the Canadian Securities Administrators (CSA). This compliance ensures that USDC will remain listed on licensed Canadian crypto trading platforms beyond the 2025 deadline. USDC met all requirements of the Value-Referenced Crypto Asset (VRCA) regime and achieved full compliance with the Ontario Securities Commission, positioning it to enhance cross-border payments and improve Canada’s retail and institutional settlement systems. With a market cap exceeding $40.3 billion, USDC is second only to Tether (USDT) in the stablecoin market, which grew nearly 10% in November with trading volumes surpassing $1.8 trillion. Additionally, Circle is expanding its global presence by complying with the European Union’s MiCA framework and securing a payment institution license in Singapore. The broader crypto community is also active, with initiatives like Vancouver’s plan to add Bitcoin to its balance sheet and various new developments highlighted in recent industry articles.
USDC Compliance and Market Position: USDC becomes the first stablecoin to meet Canada’s CSA Value-Referenced Crypto Asset regulations, ensuring its continued listing on Canadian crypto platforms and enhancing its role in cross-border payments. It holds a market cap of over $40.3 billion, second only to Tether, amidst a nearly 10% growth in the stablecoin market.
Global Expansion and Industry Developments: Circle is extending its compliance achievements to the EU’s MiCA framework and obtaining a payment institution license in Singapore. Additionally, the crypto community is witnessing significant developments, including municipal investment in Bitcoin and various new market opportunities.
