The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
I hope you had a great weekend, folks. Even tradfi now appears to be piling in on the bearish sentiment toward Ethereum as the second-largest cryptocurrency enters its "midlife crisis."
In today's newsletter, Standard Chartered cuts its 2025 ether price target by 60% to $4,000, South Korea's central bank rules out a bitcoin reserve, acting SEC Chair Mark Uyeda directs staff to reconsider a proposed crypto rule change for the second time this month and more.
Meanwhile, Solana futures debut today on the CME: Here's what you need to know.
Let's get started.
International bank Standard Chartered has slashed its 2025 ether price target by 60% from $10,000 to $4,000, citing factors like Base's growing market share.
The Bank of Korea has ruled out the idea of creating a bitcoin reserve, citing its high volatility.
Acting Securities and Exchange Commission Chair Mark Uyeda has directed staff to reconsider a proposed rule that would tighten cryptocurrency custody requirements for registered investment advisers.
Global crypto investment products saw a further $1.7 billion in net outflows last week, as their worst-ever negative streak hit $6.4 billion.
Strategy (formerly MicroStrategy) bought another 130 BTC for $10.7 million at an average price of $82,981 per bitcoin last week, according to an 8-K filing with the SEC — far less than its recent purchases, which have run into the billions.
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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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