• Ether ETFs Are Unlikely to Be Approved in May: Standard Chartered
• The bank reiterated its year-end bitcoin and ether targets of $150,000 and $8,000, respectively
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Standard Chartered recently reiterated its year-end bitcoin and ether targets of $150,000 and $8,000, respectively. The bank believes ether ETFs are unlikely to be approved in May.
Background
The SEC has been slow to approve cryptocurrency ETFs due to concerns around volatility, liquidity, custody and potential manipulation in crypto markets. Several companies, including VanEck and Valkyrie, have applied to launch ether ETFs.
Standard Chartered’s Analysis
Standard Chartered analysts said the recent crypto market turmoil makes it even less likely that the SEC will approve an ether futures ETF in the coming months. The analysts believe the SEC will be cautious and wait for more regulatory clarity.
Approval of spot bitcoin and ether ETFs may also be delayed until later this year or 2023. Standard Chartered believes these spot crypto ETFs have a higher chance of being approved after bitcoin and ether futures ETFs start trading.
Bitcoin and Ether Price Targets
Despite regulatory delays for ETFs, Standard Chartered kept its bullish year-end price targets for bitcoin and ether. The bank expects greater adoption of bitcoin and ether as payment mechanisms to drive prices higher.
Standard Chartered predicts bitcoin will reach $150,000 and ether will climb to $8,000 by year-end 2022.
Conclusion
While crypto ETF approvals may be further postponed, Standard Chartered remains optimistic on bitcoin and ether’s long-term growth prospects. The bank reiterated ambitious price targets based on expectations for wider adoption. Regulatory approval of crypto ETFs would likely accelerate adoption and inflows.
