It has been a tough week for cryptocurrencies as a sea of red happened on Tuesday morning after the Bank of Japan rate hike. Bitcoin plunged below $66,000, triggering a major meltdown among most altcoins.
Ethereum crashed to $3,420, a sharp crash considering that it peaked at over $4,000 earlier this month. BNB token crashed to $534 while Solana dived to $184. Most big coins, including XRP, Cardano, and Avalanche slipped.
The only well-known cryptocurrencies that soared on Tuesday morning were Contentos, Mantra, and CyberConnect. All these tokens were up by double digits on Tuesday.
Still, there are some positive things happening in the crypto industry. For one, Bitcoin ETF inflows are still continuing. Data shows that the iShares Bitcoin ETF has added over $15.6 billion assets. Other popular funds like FBTC and ARKB have also added over $6 billion and $1.5 billion assets in the past two months.
Meanwhile, an analyst who has constantly been bullish about Bitcoin delivered an extremely bullish statement on Monday. The Standard Chartered pro predicted that Bitcoin would end the year at $150k, meaning that it will more than double from the current price.
The analyst also expects that Bitcoin will continue soaring and reach $250,000 in 2025. His statement added:
"If ETF inflows reach our mid-point estimate of $75billlion, and/or if reserve managers buy BTC, we see a good chance of an overshoot to the $250,000 level at some stage in 2025."
Additionally, the analyst believes that the Securities and Exchange Commission (SEC) will ultimately accept a spot Ethereum ETF. Eight companies like Blackrock, Franklin Templeton, and VanEck have applied for an Ethereum ETF.
Still, as I have warned before, there is a risk that the SEC will not approve an Ethereum ETF because of its staking features. The agency considers staking as a form of security that should be regulated.
Therefore, if the Standard Chartered analyst is correct, it means that Bitcoin and altcoins like Ethereum, Contentos, and Solana will bounce back in the long term.
