Markets
Bitcoin (BTC) price struggles near $67,000 as cryptos lag stocks
Bitcoin hovered near $67,000 early Friday as the crypto market consolidated. BTC is stuck in a sideways channel after previous rally attempts earlier this week collapsed. In sign of waning investor confidence, U.S.-listed Bitcoin spot exchange-traded funds suffered $226 million in net outflows THURSDAY. Fidelity’s FBTC dominated outflows, with only BlackRock’s IBIT seeing positive, albeit minor, inflows. BTC is down 1.3% in the past 24 hours, while the broader crypto market was also down almost 1%, as measured by the CoinDesk 20 Index (CD20).
Bitcoin will reach $1 million within 10 years, brokerage firm Bernstein said while setting a massive price target for MicroStrategy. BTC, the largest and oldest crypto asset, could reach a high of $200,000 by 2025, on its way to the 2033 forecast. The company 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% upside for the stock, which closed Thursday at $1,480.
Connie Shoemaker, former Goldman Sachs executive joined the board of directors of crypto custody company Anchorage Digital. The company is the only crypto bank licensed 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 growing institutional demand for safe, secure, federal services.” regulated digital asset infrastructure. Shoemaker was global head of strategy for Goldman Sachs during the 2008 global financial crisis, overseeing the growth of Goldman Sachs Asset Management (GSAM), and later served as chief administrative officer.