Bitcoin’s price has leapt 80% since the start of the year but its current level of just over $30,200 is still less than half the $69,000 it peaked back in November 2021
The value of top cryptocurrency bitcoin could reach $50,000 this year and $120,000 by the end of 2024 Standard Chartered said on Monday, predicting the recent jump in its price could encourage bitcoin “miners” to hoard more of the supply.back in April on the view the so-called “crypto winter” was over, but one of the bank’s top FX analysts, Geoff Kendrick, said there was now 20 per cent “upside” to that call.
Trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked rates and a string of crypto firms, such as the FTX exchange, imploded. This year’s collapse of a number of traditional-style banks though has fed the rebound. “It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently.”
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