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Research and brokerage firm Bernstein remains optimistic about the future of the cryptocurrency market despite the recent slowdown in spot bitcoin exchange-traded fund (ETFs) flows.

What Happened: In a recent research note, Bernstein analysts Gautam Chhugani and Mahika Sapra suggested that the Bitcoin lull is temporary. They expect an upward trajectory, with Bitcoin potentially reaching a $150,000 price target by the end of 2025, The Block reported.

The integration of Bitcoin ETFs into mainstream financial platforms, such as private banks, wealth advisors and brokerages, will require time, they say. These institutions develop the necessary compliance frameworks.

Chhugani and Sapra also point to the impressive $12 billion in net inflows since the launch of spot bitcoin ETFs and the robust performance of leading Bitcoin miners post-halving as indicators of the markets underlying strength. Loading… Loading…

Also Read:Bitcoin Is In Correction Mode,' But That's Necessary For The Chart To Look Good,' Crypto Trader Reassures

Ethereum ETFs: The analysts predict that if the U.S. Securities and Exchange Commission (SEC) denies spot Ethereum ETFs, it would likely be overturned in court.

They drew parallels to the Grayscale Bitcoin ETF case and cited the inconsistent correlation between spot and futures markets.

If the SEC were to deny on the basis of ether being classified as a security, it would create a conflicting situation with the Commodity Futures Trading Commission (CFTC), which views ether as a commodity.

In either scenario, the analysts suggest that an SEC denial could shift the market focus back to ether, which they believe offers an appealing risk-reward profile given its recent underperformance relative to bitcoin. This renewed attention could also benefit ETH-beta Layer-2 tokens, such as Arbitrum ARB/USD , Optimism OP/USD , and Polygon MATIC/USD .

The Bernstein analysts also highlighted the growth potential of various other crypto niches and projects. They noted Solanas SOL/USD strong position in crypto payments, the expanding influence of DeFi platforms like Uniswap UNI/USD , GMX GMX/USD , and Synthetix SNX/USD , and the real-world asset market.

In conclusion, Chhugani and Sapra reaffirmed their projection that the total crypto market cap will surge to $7.5 trillion within the next 18 to 24 months, even amid the current market consolidation. The analysts remain optimistic about the long-term prospects of the asset class and its capacity to transform traditional financial structures.

Whats Next: These topics are expected to be thoroughly explored at Benzingas upcoming Future of Digital Assetsevent on Nov. 19.

Read Next:Bitcoin And Ethereum Take Center Stage According To Coinbase Q2 Crypto Market Guide

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Loading… Loading… Market News and Data brought to you by Benzinga APIs

2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Collapsed crypto firm Ziglu faces $2.7M deficit amid special administration

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Collapsed crypto firm Ziglu faces .7M deficit amid special administration

Collapsed crypto firm Ziglu faces .7M deficit amid special administration

Thousands of savers face potential losses after a $2.7 million shortfall was discovered at Ziglu, a British crypto fintech that entered special administration.

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Heidi Alexander says ‘fairness’ will be government’s ‘guiding principle’ when it comes to taxes at next budget

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Heidi Alexander says 'fairness' will be government's 'guiding principle' when it comes to taxes at next budget

Another hint that tax rises are coming in this autumn’s budget has been given by a senior minister.

Speaking to Sunday Morning with Trevor Phillips, Transport Secretary Heidi Alexander was asked if Sir Keir Starmer and the rest of the cabinet had discussed hiking taxes in the wake of the government’s failed welfare reforms, which were shot down by their own MPs.

Trevor Phillips asked specifically if tax rises were discussed among the cabinet last week – including on an away day on Friday.

Politics Hub: Catch up on the latest

Tax increases were not discussed “directly”, Ms Alexander said, but ministers were “cognisant” of the challenges facing them.

Asked what this means, Ms Alexander added: “I think your viewers would be surprised if we didn’t recognise that at the budget, the chancellor will need to look at the OBR forecast that is given to her and will make decisions in line with the fiscal rules that she has set out.

“We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.”

Ms Alexander said she wouldn’t comment directly on taxes and the budget at this point, adding: “So, the chancellor will set her budget. I’m not going to sit in a TV studio today and speculate on what the contents of that budget might be.

“When it comes to taxation, fairness is going to be our guiding principle.”

Read more:
Reeves won’t rule out tax rises

What is a wealth tax and how would it work?

👉Listen to Politics at Sam and Anne’s on your podcast app👈      

Afterwards, shadow home secretary Chris Philp told Phillips: “That sounds to me like a barely disguised reference to tax rises coming in the autumn.”

He then went on to repeat the Conservative attack lines that Labour are “crashing the economy”.

Please use Chrome browser for a more accessible video player

Chris Philp also criticsed the government’s migration deal with France

Mr Philp then attacked the prime minister as “weak” for being unable to get his welfare reforms through the Commons.

Discussions about potential tax rises have come to the fore after the government had to gut its welfare reforms.

Sir Keir had wanted to change Personal Independence Payments (PIP), but a large Labour rebellion forced him to axe the changes.

With the savings from these proposed changes – around £5bn – already worked into the government’s sums, they will now need to find the money somewhere else.

The general belief is that this will take the form of tax rises, rather than spending cuts, with more money needed for military spending commitments, as well as other areas of priority for the government, such as the NHS.

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Heidi Alexander says ‘fairness’ will be government’s ‘guiding principle’ when it comes to taxes at next budget

Published

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Heidi Alexander says 'fairness' will be government's 'guiding principle' when it comes to taxes at next budget

Another hint that tax rises are coming in this autumn’s budget has been given by a senior minister.

Speaking to Sunday Morning with Trevor Phillips, Transport Secretary Heidi Alexander was asked if Sir Keir Starmer and the rest of the cabinet had discussed hiking taxes in the wake of the government’s failed welfare reforms, which were shot down by their own MPs.

Trevor Phillips asked specifically if tax rises were discussed among the cabinet last week – including on an away day on Friday.

Politics Hub: Catch up on the latest

Tax increases were not discussed “directly”, Ms Alexander said, but ministers were “cognisant” of the challenges facing them.

Asked what this means, Ms Alexander added: “I think your viewers would be surprised if we didn’t recognise that at the budget, the chancellor will need to look at the OBR forecast that is given to her and will make decisions in line with the fiscal rules that she has set out.

“We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.”

Ms Alexander said she wouldn’t comment directly on taxes and the budget at this point, adding: “So, the chancellor will set her budget. I’m not going to sit in a TV studio today and speculate on what the contents of that budget might be.

“When it comes to taxation, fairness is going to be our guiding principle.”

Read more:
Reeves won’t rule out tax rises

What is a wealth tax and how would it work?

👉Listen to Politics at Sam and Anne’s on your podcast app👈      

Afterwards, shadow home secretary Chris Philp told Phillips: “That sounds to me like a barely disguised reference to tax rises coming in the autumn.”

He then went on to repeat the Conservative attack lines that Labour are “crashing the economy”.

Please use Chrome browser for a more accessible video player

Chris Philp also criticsed the government’s migration deal with France

Mr Philp then attacked the prime minister as “weak” for being unable to get his welfare reforms through the Commons.

Discussions about potential tax rises have come to the fore after the government had to gut its welfare reforms.

Sir Keir had wanted to change Personal Independence Payments (PIP), but a large Labour rebellion forced him to axe the changes.

With the savings from these proposed changes – around £5bn – already worked into the government’s sums, they will now need to find the money somewhere else.

The general belief is that this will take the form of tax rises, rather than spending cuts, with more money needed for military spending commitments, as well as other areas of priority for the government, such as the NHS.

Continue Reading

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