The Daily: Standard Chartered predicts $500,000 bitcoin before Trump leaves office, XRP Ledger temporarily halts and more
2025-02-06
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Wednesday! The crypto market wasn't impressed by Trump's new crypto czar's first press conference on Tuesday, and we'll have to wait 170 days for a concrete plan from David Sacks. However, a sovereign wealth fund proposal from Scott Bessent and Howard Lutnick could be coming within the next 90 days.
In today's newsletter, Standard Chartered expects bitcoin to reach $500,000 by 2028, while CoinShares says Trump's recent tariff orders could boost bitcoin and accelerate global de-dollarization. Plus, XRP Ledger experiences an hour-long halt and more.
Meanwhile, the supply of ether reaches levels not seen since before The Merge, BlackRock reportedly plans to launch a Bitcoin ETP in Europe and MicroStrategy rebrands to simply "Strategy."
Let's get started.
Bitcoin to reach $500,000 before Trump leaves office?
Standard Chartered Head of Digital Assets Research Geoffrey Kendrick predicts bitcoin will reach $500,000 before President Trump leaves office, driven by improved investor access and a decline in volatility.
Trump's tariffs could boost bitcoin, analysts say
President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose universal tariffs on Mexico, Canada and China raises concerns over U.S. dollar dominance, according to CoinShares Head of Research James Butterfill.
XRP Ledger witnesses hour-long halt
XRP Ledger experienced a 64-minute halt late Tuesday, sparking debate between its critics and proponents over consensus tradeoffs.
SEC scales down crypto enforcement unit
The Securities and Exchange Commission is taking steps to downsize its crypto enforcement unit, The New York Times reported, citing five sources familiar with the matter.
Crypto Czar David Sacks praises bitcoin as an 'excellent store of value'
President Trump's Crypto Czar David Sacks said bitcoin is an "excellent store of value," during an interview with CNBC on Tuesday, as speculation mounts regarding the prospect of a strategic national reserve.
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