Oct 1 : Citigroup raised its 12-month forecasts for bitcoin and ether, citing stronger crypto activity, a supportive macroeconomic backdrop and a resumption of ETF inflows.
The brokerage increased its target for bitcoin to $113,000 from $82,000 and for ether to $3,028 from $2,240.
• Citi said in a note dated Wednesday that it expects crypto inflows to resume at a slower but steadier pace as advisers and brokerages gradually increase allocations to bitcoin
• The brokerage also forecast $5 billion of inflows over the next 12 months
Guess WordCrack the word, one row at a timeBuzzwordCreate words using the given lettersMini SudokuTiny puzzle, mighty brain teaserMini CrosswordSmall grid, big challengeWord SearchSpot as many words as you can Show More Show Less• The US Senate last week failed to advance The Clarity Act, aimed at creating a regulatory framework for digital assets, in a setback for the broader industry
• "The Clarity Act's failure narrowed the path to a market-structure bill, yet spurred Securities and Exchange Commission (SEC) rule announcements that dampened negative sentiment," Citi said
• Bitcoin and ether have rallied nearly 40 per cent and 68 per cent, respectively, in the past 3 months, narrowing their year-to-date losses to about 4 per cent and 9 per cent
• After months of lagging broader risk assets, bitcoin has risen 40 per cent since its July lows as a soft dollar, following the US Treasury's recent move to buy back longer-dated bonds, revived momentum across crypto markets