Welcome to the Morning Crypto News from the US—where we provide the most important crypto information for today.
Enjoy a cup of coffee as we analyze Standard Chartered's Bitcoin (BTC) price forecast. According to the bank, Bitcoin could reach $500,000 as global institutions accumulate MSTR stocks of Strategy for indirect Bitcoin exposure.
Crypto News of the Day: Standard Chartered's Bold Bitcoin Prediction
Bitcoin is currently trading at $105,178, slightly increasing by 2.27% in the past 24 hours. Recently, the market capital of this pioneering currency has reached an All-Time-High of $2.09 trillion.
Bitcoin price chart for 3 months. Source: BeInCryptoTo some extent, macro factors like PBOC rate cuts and US credit downgrade by Moody's create favorable conditions.
However, analysts believe institutional interest is closely related to Bitcoin's value increase. First, Bitcoin ETFs provide Traditional Finance (TradFi) investors indirect BTC exposure, driving institutional interest.
Similarly, institutions are gaining indirect Bitcoin exposure through Strategy's MSTR stocks. A recent US Crypto News publication indicates Strategy (formerly MicroStrategy) held 576,230 BTC as of 05/19.
With a large Bitcoin holding on their balance sheet, Strategy's MSTR stock price closely correlates with Bitcoin price fluctuations.
MSTR performance compared to BTC in the past year. Source: ivanhoff.com on XAnalysts suggest this correlation stems from Bitcoin being the fundamental layer while MSTR operates as a vehicle with different risks, mechanisms, and rewards.
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