Daily News | Standard Chartered Predicts that ETH Will Break $8K, the Total Amount of BTC Held by Long-term Holders Reaches A Historic High, Focus on Today’s CPI Data

2023-10-12, 04:59

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## Crypto Daily Digest: Standard Chartered predicts that Ethereum will break $8K, JPMorgan Chase will provide its first collateral tokenization service

According to The Block, Standard Chartered Bank has stated that by the end of 2026, the price of ETH, the native cryptocurrency of <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> blockchain, may rise from around $1,600 to $8,000.

Geoffrey Kendrick, head of foreign exchange and cryptocurrency research at Standard Chartered Bank, stated in a report on Wednesday that we believe that Ethereum's established dominance in smart contract platforms, as well as its emerging uses in gaming and tokenization, may push ETH up to $8,000 by the end of 2026 (five times the current price of $1,600).

Kendrick stated that the expected ETH price will reach $8,000, a first step towards the bank's previously set "long-term structural valuation" range of $26,000 to $35,000. Although long-term valuation assumptions suggest that Ethereum's future use cases and revenue streams may not yet emerge, the real use cases of gaming and tokenization should support their development.

Yesterday, Tyrone Lobban, head of Onyx Digital Assets at JPMorgan Chase, said in an interview that BlackRock used JPMorgan Chase's Tokenized Collateral Network (TCN) to convert the stocks of one of its money market funds into tokens, which were then transferred to Barclays Bank as collateral for over-the-counter derivative trading between the two institutions.

Tyrone Lobban stated that using the bank's blockchain network, Onyx Digital Assets, collateral can be transferred almost instantaneously, rather than in traditional areas within a day. He said that if the scale expands, the technology will improve efficiency by releasing locked-in funds for use as collateral in ongoing transactions.

ARK has just submitted an updated prospectus for its <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF. A few weeks ago, the SEC emailed the issuer, raising comments and questions about the S-1 form. Likely, ARK has already responded to these issues in this submission. Balchunas pointed out some changes in the new prospectus, such as the non-compliance of NAV calculations with GAAP accounting principles, and a de_script_ion of how assets are stored independently in the 'wallet' and not mixed with other client assets.

In the past two days, the BigTime game has started gold farming mode, and the community has been very popular for a while. According to current on-chain data, it will return to its original level within two days. The total amount of Bigtime is 5 billion. According to current on chain data, circulation is part of the market and airdrop, totaling about 100 million. However, this data is not 100% accurate. Based on on-chain data statistics, the current FDV is over $800 million, and the market value of circulation is less than $20 million. This market value will continue for a period of time without any bugs or problems, So users who are interested in it can experience the game.

According to the latest Glassnode report, long-term investors in Bitcoin continue to buy BTC, resulting in insufficient market liquidity. The HODLer net position change indicator shows that long-term investors or wallets holding coins for at least 155 days hoard 50,000 BTC ($1.35 billion) monthly. The total number of BTCs held by long-term holders has reached a historic high, exceeding 14.859 million, accounting for 76% of BTC circulation.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1697091333BTC.png)
In line with the scenario mentioned in yesterday's live broadcast, it is expected that this week's price will drop to the $26,510 support level. Yesterday, there was a rapid sell-off with increased volume, and the price reached a low of $26,530, nearly hitting the crucial support level. Once the short-term drop is complete, a minor rebound is expected, which should continue until the end of the week.

### ETH
![](https://gimg2.gateimg.com/image/article/1697091355ETH.png)
The medium-term structure continues to break lower, and profits have been sustained from the suggested short position entry point at the $1,631 support level. The maximum expected decline is down to $1,465, and short-term trading volume remains weak. A conservative strategy would involve taking profits, and an entry strategy at current levels should strictly observe the $1,590 support level.

### BIGTIME
![](https://gimg2.gateimg.com/image/article/1697091376BIGTIME.png)
The entry strategy from yesterday was closely tied to the $0.07150 resistance level. With very limited market circulation at lower levels, there is the potential for significant gains, possibly tenfold. The upcoming price targets are $0.1405, $0.1642, and $0.2026. It is advised to consider taking profits at higher levels.

## Macro: The Federal tends to have a hawkish stance, focusing on tonight's CPI data

The release of the minutes of the Federal Reserve meeting echoes the hawkish tone of the September meeting. Federal Reserve officials were divided when they decided last month to keep their benchmark policy interest rates unchanged, unsure whether they needed to raise interest rates again this year. The minutes of the Federal Reserve policy meeting on September 19-20 show that most participants believe that raising the federal funds target rate again at future meetings may be appropriate. However, some officials also believe that further interest rate hikes may not be necessary.

Some officials say that changes in the financial market may reduce their workload, so they may wait to see the development of interest rates before making a decision. The minutes of the meeting also showed that officials are more balanced about the risk of raising interest rates too much or too little, compared to the situation since the start of raising borrowing costs last year.

Although officials expect inflation to continue to slow in the coming months, many believe that if their predictions are inaccurate, it will be because inflation is higher than expected, which may require more tightening policies.

Meanwhile, officials also believe that although growth violates economists' expectations of weak growth this year, there is still a risk of growth falling below expectations.

The meeting minutes show that officials believe the risks of achieving low inflation and strong employment targets are more balanced. Officials are considering how long they need to keep interest rates at or near current levels before lowering them. Some officials have stated that the focus of policy should shift from raising policy interest rates to maintaining policy interest rates at restrictive levels for a period of time.

All officials agree that the economy needs to be restricted for a period of time until they are confident that inflation can return to the target level of 2%. We are closely monitoring the actual federal funds interest rate after the inflation adjustment. If nominal interest rates remain unchanged and inflation decreases, the actual interest rate may rise.

Focus on today's 12:30 (UTC), the US September CPI data will be released, with a previous value of 3.7% and a forecast of 3.6%.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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