Standard Chartered Predicts BTC Value at $100K by 2024

• Bitcoin's Projected Surge and Crypto Market Updates
• Bitcoin's Upcoming Halving Event
• Genesis and DCG Reach Repayment Plan Amid Legal Dispute
• Philippines SEC Warns Against Binance Operations

Bitcoin's Projected Surge and Crypto Market Updates

The market predictions surrounding the cryptocurrency sector point towards a bullish trend according to Standard Chartered Bank. It was reinforced that their April forecast of Bitcoin$42,260 -0.64% (BTC) reaching a valuation of $100,000 by 2024 is still feasible. The bank's team, led by Geoff Kendrick, suggested that the approval of several U.S.-based spot bitcoin exchange-traded funds (ETF) could be the next significant catalyst. Kendrick and his team anticipate the approval of multiple spot ETFs in the first quarter of 2024 that will pave the way for institutional investment in both Bitcoin and Ethereum$2,315 -2.42% (ETH).

Bitcoin's Upcoming Halving Event

The team also highlighted the next 'halving' event in the Bitcoin network, expected to occur in late April 2024, as a potential trigger for further price appreciation. Halving refers to a mechanism that limits the cryptocurrency supply, which often leads to an increase in value.

Genesis and DCG Reach Repayment Plan Amid Legal Dispute

Genesis Global and Digital Currency Group (DCG) have agreed on a repayment structure to settle their ongoing lawsuit, as revealed in a recent bankruptcy filing. Genesis, a lending firm, sued DCG in September, accusing them of wrongfully possessing over $620 million in loans and demanding repayments, interest, and fees during the firm's bankruptcy proceedings. To date, DCG has repaid approximately $227.3 million of the total amount. The agreement involves DCG paying an additional $275 million to Genesis in three instalments, using a combination of U.S. dollars and bitcoin, with a deadline set for April. The agreement also includes a $35 million upfront payment and a $10 million holdback from the recent sale. The filing also indicated that Grayscale Trust shares would be used as collateral by DCG. However, approval from the creditors is still needed for the deal to proceed.

Philippines SEC Warns Against Binance Operations

The Philippines Securities and Exchange Commission has issued a warning regarding Binance's operations in the country. The regulatory body stated that it might soon restrict access to Binance due to the exchange operating without an appropriate license. The regulator cautioned that Binance is not authorized to offer or sell securities to the public. The warning was extended to Binance's promotional activities targeting Filipinos on social media, stating that such acts could potentially lead to criminal liability. In a recent development, Binance agreed to pay U.S. authorities $4.3 billion to settle charges of failing to uphold a proper anti-money laundering program, operating an unlicensed money-transmitting business, and violating sanctions law.

Edited by Jonathan Stoker