Despite the U.S. Securities and Exchange Commission’s (SEC) temporary withholding of approval for spot Ether ETFs, Standard Chartered bank still remains optimistic about the cryptocurrency market.
The bank’s initial forecast featured May as the month for approval. However, analyst Geoff Kendrick today highlighted potential hang-ups like the recent Uniswap lawsuit and rising Treasury yields, pushing the timeline for approval further.
One prediction market called Polymarket made predictions concluding that the chances of spot Ether ETFs being approved by next month were only ranging around 14%.
Standard Chartered remains positive and views the ongoing market crisis as a temporary setback that will be gone soon. It upholds its end-of-the-year price targets of $150,000 for Bitcoin and $8,000 for Ethereum, with Ethereum being forecast to hit $14,000 by 2025.
Also Read: EU Tightens Anti-Money Laundering Rules for Crypto Exchanges
