Live updates: Bitcoin closing out best quarter since 2024, ether its best since 2021
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Standard Chartered has initiated coverage of Ethena's ENA token, predicting its price could rise to $2 by the end of 2028, marking an increase of nearly 670% from its current market price of 26 cents. The bank cited growing demand for yield-bearing stablecoins and tokenized assets as drivers, while noting risks like slower adoption and weaker growth in real-world assets. Meanwhile, Bitcoin trades below $84,000 ahead of U.S. PCE inflation data, with traders cautious amid recent oil-driven rate-hike bets and rising Treasury yields.
Why it matters
The development highlights increasing institutional interest in emerging blockchain assets such as Ethena’s ENA token, tied to the broader expansion of tokenized assets and stablecoins in finance. The anticipation around U.S. inflation data and Federal Reserve rate decisions underscores ongoing macroeconomic influence on cryptocurrency and traditional markets alike. However, no explicit market impact is detailed beyond these observations.
Key context
Ethena’s USDe stablecoin reached a market capitalization of $10 billion in its first nine months, with projections that supply could grow to $40 billion by 2028. The Federal Reserve’s preferred inflation gauge, the PCE price index, is expected to show core inflation rising 0.3% month-over-month and 3.3% year-over-year. Recent market dynamics include a sharp deterioration in S&P 500 stock breadth and Bitcoin spot demand shrinking by about 170,000 BTC over the past 30 days.
Key numbers and entities
Standard Chartered bank; Ethena’s ENA token priced currently at $0.26, forecast to reach $2 by 2028; Ethena’s USDe stablecoin with $10 billion market cap; Bitcoin trading near $83,700; core PCE inflation expected 0.3% MoM, 3.3% YoY; 30-year U.S. Treasury yields at highest since 2002; Micron Technology reporting earnings after U.S. market close.
What remains unclear
Details on the methodology behind Standard Chartered's ENA price target and potential catalysts driving such growth remain unspecified. The source does not provide specific market reactions to the initiation of ENA coverage or further analysis on how inflation data might impact cryptocurrencies besides general caution.