GBTC - Bitcoin Ether slide after flash crash; more room for another leg higher?
The world's largest cryptocurrency Bitcoin (BTC-USD) edges lower 0.6% to $46.4K in the past 24 hours following Tuesday's 17% drop to $43K after El Salvador adopted BTC as legal tender. But a crypto research team at Standard Chartered still predicts BTC will hit $100K by early 2022, Reuters reports. The second largest crypto by market cap Ethereum (ETH-USD), meanwhile, rises 1.4%; other cryptos are mixed: Cardano (ADA-USD +2.8%), Binance Coin (BNB-USD -1.1%), Ripple (XRP-USD +2.0%), and Solana (SOL-USD +0.3%). Standard Chartered also "structurally" valued Ether (ETH-USD) at $26K-35K, which means BTC would need to reach $175K, likely over the long-term. The bank expects a near-term peak in BTC at ~$100K in late 2021 or early 2022, Reuters noted. Despite Bitcoin's (BTC-USD) sell-the-news event on Tuesday, Pete Humiston, manager at Kraken Intelligence, also keeps his bullish outlook. "While these moves look dramatic, they can be a sign of a healthy market," Humiston told Markets
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Bitcoin, Ether slide after flash crash; more room for another leg higher?