Bitcoin
Bitcoin (BTC) Price Struggles Near $67,000 as Cryptocurrencies Lag Stocks
Bitcoin hovered near $67,000 on Friday morning as the crypto market consolidated. BTC is stuck in a sideways channel after previous bullish attempts earlier this week failed. In a sign of waning investor confidence, spot bitcoin exchange-traded funds listed in the U.S. suffered US$226 million in net outflows On thursday. Fidelity’s FBTC led the outflows, with only BlackRock’s IBIT recording positive, albeit smaller, inflows. BTC is down 1.3% in the last 24 hours, while the broader crypto market is also down nearly 1%, as measured by CoinDesk 20 Index (CD20).
Bitcoin will reach $1 million within 10 years, broker Bernstein said in setting a huge price target for MicroStrategy. BTC, the oldest and largest crypto asset, could reach a cycle peak of $200,000 by 2025, on track for the forecast 2033. The firm also initiated coverage for Michael Saylor’s MicroStrategy (MSTR), the largest owner bitcoin corporate, setting a price target of $2,890 per share with an outperform rating. That would translate into a nearly 100% rally for the stock, which closed Thursday at $1,480.
Former Goldman Sachs executive Connie Shoemaker joined the board of directors of crypto custody firm Anchorage Digital. The company is the only crypto bank licensed by the Office of the Comptroller of the Currency (OCC) in the US. In an announcement on Thursday, the company said the addition was part of an effort to “meet growing institutional demand for safety, security and federally regulated digital asset infrastructure.” Shoemaker was global head of strategy at Goldman Sachs during the 2008 global financial crisis, overseeing the growth of Goldman Sachs Asset Management (GSAM), and later served as managing director.