Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.
With Bitcoin expected to hit the $200,000 mark in 2025, updates on Block’s Bitkey Bitcoin, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Bitcoin Expected to Hit the $200,000 Mark This Year
Standard Chartered’s optimistic crypto analyst still predicts Bitcoin’s price could reach $500,000 during Donald Trump’s presidency, despite a recent selloff that pushed the cryptocurrency to a three-month low.
Geoffrey Kendrick, who leads digital assets research at Standard Chartered, told CNBC that he expects Bitcoin to hit $200,000 this year, with further gains in the years ahead.
“In the crypto ecosystem, what we really need are traditional financial players—like Standard Chartered, BlackRock, and others with ETFs—to step in,” Kendrick said during an interview on CNBC’s Squawk Box Europe on Thursday.
Updates on Block’s Bitkey Bitcoin
In November, Block’s Bitkey self-custody Bitcoin wallet introduced an inheritance feature that allows users to designate a beneficiary for their Bitcoin holdings, offering a straightforward solution for transferring the digital currency in the event of death. This feature was officially launched on Wednesday.
Karsh noted that with other Bitcoin storage solutions, beneficiaries often need to provide extensive legal documentation. Additionally, hardware wallets frequently require users to store seed phrases in ways that expose their Bitcoin to unnecessary risks.
Bitcoin Drops Below $90,000
Bitcoin has fallen below the $90,000 mark, pressured by sell-offs in equities as the crypto market waits for its next catalyst.
The price of Bitcoin was last down by 6%, sitting at $88,333.09, according to Coin Metrics. Earlier, it dropped to $85,899.99, marking its lowest point since November.
Tuesday’s drop leaves the leading cryptocurrency nearly 20% below its all-time high reached on President Donald Trump’s inauguration day.
Bybit Recovers After Hack
Bybit announced that it has replenished its reserves following a $1.5 billion hack last week, which marks the largest breach in the history of the crypto industry.
In under 72 hours, Bybit managed to gather hundreds of thousands of ether tokens through a combination of emergency loans and large deposits. While this swift recovery restored the exchange’s balance and allowed customer withdrawals to remain open, it did not recover the stolen crypto.
