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First Mover Americas: Standard Chartered Bank Thinks BTC Will Reach $100K by End of 2024
The latest price moves in crypto markets in context for Nov. 29, 2023.
Updated Mar 9, 2024, 5:43 a.m. Published Nov 29, 2023, 1:01 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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For crypto, things are going as expected, according to Standard Chartered Bank, which reiterated its April forecast that bitcoin [BTC] would reach $100,000 by the end of 2024. The bank's Geoff Kendrick and team wrote the next catalyst will be the approval of several U.S.-based spot bitcoin exchange-traded funds (ETF). “We think a number of spot ETFs will now be approved in Q1-2024 for both BTC and [ETH], paving the way for institutional investment,” they said. The team also noted that the next Bitcoin ‘halving’ – a mechanism to limit supply and expected to take place in late April 2024 – will be another source of price upside.
Digital Currency Group (DCG) and Genesis Global have reached a repayment plan to settle their lawsuit, according to a new bankruptcy filing. In September, lending firm Genesis filed a lawsuit against DCG, alleging wrongful possession of over $620 million in loans and seeking repayment, interest, and fees amid Genesis' bankruptcy proceedings. So far, DCG has paid approximately $227.3 million of the $620 million it owes. The deal would see DCG pay another $275 million to Genesis in three installments, partially in U.S. dollars and bitcoin, due by April. The deal also includes a $35 million upfront payment and a $10 million holdback from the recent sale of CoinDesk. According to the filing, DCG is also pegging Grayscale Trust shares as security. The deal still needs to be approved by creditors.
The Philippines Securities and Exchange Commission is warning users in the country that it may soon block access to Binance as the exchange is operating without a license. In a notice, the regulator said that Binance is not authorized to sell or offer securities to the public. The regulator also said Binance is actively promoting crypto trading to Filipinos on social media, an offense that may make the promoter criminally liable. Binance recently agreed to pay U.S. authorities $4.3 billion to settle charges that it failed to maintain a proper anti-money laundering program, operated an unlicensed money-transmitting business, and violated sanctions law.
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Michael Saylor's Strategy purchased $168 million in bitcoin last week
The company's stack is now 717,131 bitcoin acquired for $54.52 billion, or $76,027 per coin. Bitcoin's current price is $68,000.
What to know:
- Strategy (MSTR) added 2,486 bitcoin for $168.4 million in the last week.
- The company's holdings now foot to 717,131 BTC acquired for $54.52 billion, or $76,027 per coin — substantially below the current price of $68,000.
- Last week's buys were funded via common stock sales and the sale of the STRC preferred series.
