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Bitcoin (BTC) Price Struggles to Reach $67,000 as Cryptocurrencies Lag Behind Stocks
Bitcoin hovered near $67,000 early Friday as the cryptocurrency market consolidated. BTC is stuck in a sideways channel following previous rally attempts earlier this week vanished. In a sign of declining investor confidence, U.S.-listed bitcoin spot exchange-traded funds suffered net outflows of $226 million on Thursday. Fidelity’s FBTC led the outflows, while only BlackRock’s IBIT saw positive, albeit smaller, inflows. BTC is down 1.3% in the past 24 hours, while the broader cryptocurrency market is also down nearly 1%, as measured by CoinDesk 20 Index (CD20).
Bitcoin will reach one million dollars within 10 years, brokerage firm Bernstein said as it set a massive price target for MicroStrategy. BTC, the largest and oldest crypto asset, could reach a cyclical high of $200,000 by 2025, en route to its 2033 forecast. The firm also initiated coverage for Michael Saylor’s MicroStrategy (MSTR), the largest company that owns bitcoin, setting a price target of $2,890 per share with an outperform rating. That would translate to a nearly 100% rally for the stock, which closed Thursday at $1,480.
Connie Shoemaker, former Goldman Sachs executive has joined the board of directors of cryptocurrency custodian Anchorage Digital. The company is the only cryptocurrency bank chartered by the Office of the Comptroller of the Currency (OCC) in the United States. In an announcement Thursday, the company said the addition was part of an effort to “meet the growing institutional demand for safe, secure, federal services.” regulated digital asset infrastructure”. Shoemaker was Goldman Sachs’ global head of strategy during the 2008 global financial crisis, overseeing the growth of Goldman Sachs Asset Management (GSAM), and later served as managing director.