Standard Chartered Slashes Crypto Projections Amid ETF Selloff

Standard Chartered has revised its near-term price projections for major cryptocurrencies due to investor behavior in exchange-traded funds (ETFs). According to Geoffrey Kendrick, head of digital assets research at the bank, Bitcoin is expected to drop to $50,000 before rebounding later this year. This marks a significant downgrade from previous forecasts, with Kendrick initially anticipating Bitcoin reaching $300,000 by year-end.

The bank now expects Ethereum to hit $1,400 before recovering, while other major altcoins like Solana and XRP are also expected to see price drops. Standard Chartered's revised projections come as markets await potential interest rate cuts following a Federal Reserve leadership change in June.

Kendrick noted that the current downturn appears less severe than previous crypto cycles, with institutional participation expanding and major platform collapses absent. However, the bank's long-term outlook remains unchanged, with targets of $500,000 for Bitcoin, $40,000 for Ethereum, and $2,000 for Solana by 2030.