Both Bitcoin and Ethereum are projected to hit new all-time highs this week, according to Standard Chartered projections. Indeed, the financial services company expects the impending Spot Ethereum ETF approval to drive both assets to landmark price points.
The US Securities and Exchange Commission (SEC) had surprisingly changed its tune on the Ether ETF filings. Many had expected rejection or delay, with the switch taking place early Tuesday. Specifically, Bloomberg increased its approval odds from 25% to a whopping 75%. Subsequently, Standard Chartered believes that will drive the value of the market’s two leading assets.
Also Read: SEC Informs Exchanges It May Approve Spot Ethereum ETFs
Bitcoin & Ethereum to Set New All-Time Highs This Week
At the start of the year, Bitcoin received the inaugural crypto-based ETF in the United States. Shortly after, all eyes were directed to what asset could receive the next approval. Now, that question seems to be answered, with the SEC likely to approve Ether’s iteration of the investment product.
The arrival of a Spot Ethereum ETF should have a profound impact on the market overall. Indeed, Bitcoin and Ethereum are both projected to reach all-time highs following the product’s arrival, according to Standard Chartered Bank.
Also Read: Dogecoin Creator Predicts $100,000 for Ethereum
“I would expect a fresh all-time high in Bitcoin by the weekend, through the 14 March $73,798 level,” Standard Chartered’s Bank Head of FX Research and Digital Asset Research, Geoff Kendrick, told The Block. Moreover, he stated that the development reinforces expectations that BTC will reach $150,000 by the end of the year.
Moreover, the bank states that the arrival of the product will undoubtedly have an impact on ETH. There are expectations that it could mirror Bitcoin’s response to the investment vehicle. Just three months after issuance, the asset reached its all-time high.
The news is bound to benefit the entire sector, with the top two tokens leading the charge. Not only does it further legitimize the industry as a whole, but it also increases institutional investment exposure. Therefore, that should lead to a market-wide rally similar to what took place in January.