Bitcoin Reaches New All-Time High of 123,667 USD in a Month
Bitcoin (BTC) has surpassed its previous record of 123,231 USD, setting a new all-time high. This milestone comes just one month after July 14.
On the morning of Thursday, at 8:35 a.m., Bitcoin’s price on Binance reached 123,667 USD, marking its highest point ever.
As of 8:40 a.m., the price of Bitcoin on Bithumb reached 168,425,000 KRW (about 121,806 USD) in South Korea, a 2.47% increase from the same time the previous day.
The surge in Bitcoin’s price is attributed to heightened expectations for a September rate cut following the Consumer Price Index (CPI) announcement in July. This upward trend coincided with gains in the New York stock market.
On Tuesday, the U.S. Department of Labor reported that the CPI for July rose by 2.7% compared to the same month last year, matching June’s rate. Market observers are now anticipating the release of July’s Producer Price Index (PPI) on Thursday.
The steady influx of institutional investment into Bitcoin and Ethereum exchange-traded funds (ETFs) has also fueled this upward momentum.
Farside Investors reported that on Tuesday, U.S. Bitcoin spot ETFs saw a net inflow of 65.9 million USD. Ethereum spot ETFs recorded an impressive net inflow of 523.9 million USD, marking six consecutive days of positive inflows.
Standard Chartered Raises Ethereum’s 2028 Price Target from 7,500 USD to 25,000 USD
As Ethereum (ETH) experiences a record-breaking rally, Standard Chartered (SC) has significantly increased its price forecast for Ethereum from 7,500 USD to 25,000 USD by the end of 2028. The bank also raised its year-end forecast from 4,000 USD to 7,500 USD.
SC cited several factors for this upward revision, including the surge in institutional purchases of Ethereum and the accelerated adoption of stablecoins due to evolving U.S. regulations.
The bank noted that much has changed since its last Ethereum forecast adjustment in March. They view the involvement of two key institutions in the Ethereum ecosystem, the Ethereum Foundation and Etherealize, as a positive signal for the industry.
Google Searches for Altcoin and Ethereum Spike
Google searches for altcoin and Ethereum have reached their highest levels since 2021. Search volume is often considered an indicator of investor interest and potential market trends.
On Wednesday, Cointelegraph reported that Google Trends data showed searches for altcoin hitting a peak not seen since 2021. Searches for Ethereum also reached a two-year high.
In early 2021, the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs) sparked a crypto boom, leading to a surge in searches for altcoin.
MetaMask Prepares to Launch Dollar-Pegged Stablecoin
Reports indicate that MetaMask, the world’s largest cryptocurrency wallet, is gearing up to launch its own stablecoin pegged to the U.S. dollar.
On Wednesday, CoinDesk, citing a source familiar with the matter, reported that MetaMask could launch its stablecoin mUSD as early as this week.
MetaMask is reportedly collaborating with fintech company Stripe and stablecoin issuance protocol M^0 to prepare for the launch of this new digital asset.