Daily Crypto Signals: Bitcoin Hits Record $124,451 High as Ethereum Targets $7,500
The cryptocurrency market reached new milestones as Bitcoin surged to an all-time high of $124,451 following favorable inflation data, while
Quick overview
- Bitcoin reached an all-time high of $124,451, driven by favorable inflation data and increased institutional interest.
- Standard Chartered raised its Ethereum price target to $7,500 for 2025, citing growing institutional adoption and stablecoin usage.
- Google Play will implement new licensing requirements for crypto wallet developers, exempting non-custodial wallets from these regulations.
- Solana's price struggles to maintain above $200 despite a rise in transactions, while Ethereum continues to dominate in ETF inflows.
The cryptocurrency market reached new milestones as Bitcoin BTC/USD surged to an all-time high of $124,451 following favorable inflation data, while Standard Chartered dramatically raised its Ethereum ETH/USD price target to $7,500 for 2025. Meanwhile, Google Play implemented new licensing requirements for crypto wallet developers, though non-custodial wallets remain exempt from the regulations.
Crypto Market Developments
This week, there were big changes in the cryptocurrency world in terms of regulations, institutions, and technology. Starting on October 29, Google Play will require crypto wallet providers to get new licenses in more than 15 places, including the US and the EU. As money services businesses or money transmitters in the US and as crypto-asset service providers (CASPs) in the EU, developers must register with local regulators. But once the community spoke out, Google made it clear that these rules don’t apply to non-custodial wallets.
There was still a lot of interest from institutions, and Bitcoin and Ethereum spot ETFs saw a lot of money come in. Bitcoin ETFs had $65.9 million in net flows, while Ethereum ETFs had their first $1 billion inflow day, with $523.9 million worth of shares bought on Tuesday alone. Since Friday, the total amount of money that has gone into Bitcoin ETFs has surpassed $1.02 billion. This shows that institutions are still interested in Bitcoin even though the market has been volatile recently.
The Bank Policy Institute and other banking companies asked Congress to fix what they see as a flaw in the GENIUS Act that may let stablecoin issuers offer yields through affiliates. The associations cautioned that if yield-bearing stablecoins become popular, $6.6 trillion might leave existing banks. This shows how traditional finance and cryptocurrency innovation are still at odds with each other.
Bitcoin Tests New High Above $124,000
Bitcoin (BTC) reached a new all-time high of $123,231 on Wednesday. This was because the US Consumer Price Index data showed that inflation was keeping steady at 2.7% year-over-year. The inflation number was lower than the expected 2.8%, which made people more confident in the market and raised hopes for interest rate cuts by the Federal Reserve. The CME FedWatch tool said that the chances of a rate cut in September rose to 93.9%, which was good news for risky assets like Bitcoin.
The rise picked up speed since there was a lot of selling pressure. Hyblock data shows that Bitcoin broke through short liquidation clusters starting at $122,500. CoinGlass data shows that if Bitcoin breaks over the $122,800 to $125,500 range, around $2 billion in short positions might be liquidated. This forced buying from liquidations put more upward pressure on the market, pushing Bitcoin’s market cap past $2.45 trillion and adding to the record total crypto market worth of $4.15 trillion. Traders think that President Trump’s economic plans could help Bitcoin even more by making people spend more and raising their forecasts of inflation.
Ethereum Price Prediction: $7,500
Standard Chartered made a big change to its Ethereum price projection for 2025, upping the objective from $4,000 to $7,500 based on the fact that more institutions are starting to use it and stablecoins are growing. The bank said that since early June, Ethereum treasury firms and ETFs have bought up 3.8% of all ETH in circulation. This is almost twice as fast as the fastest rate at which Bitcoin was bought up by similar groups throughout the 2024 election cycle. The GENIUS Act’s recent clarification of US regulations, along with institutional buying pressure, has made it easier for Ethereum to expand.
The bank talked on some important technical changes, like Vitalik Buterin’s plans to make Ethereum’s layer-1 throughput ten times faster. This would let more high-value transactions settle on-chain while lesser ones are sent to layer-2 networks. Standard Chartered pointed out that stablecoins make up 40% of all blockchain fees and that more than half of them are issued on Ethereum. This means that the network will profit from more people using stablecoins. But Ethereum is seeing more and more competition as layer-2 networks like Arbitrum (3.4 million transactions) and Base (8.6 million transactions) currently have more daily transactions than Ethereum’s mainnet (1.7 million transactions).
Solana Struggles at $200
Solana’s native coin SOL/USD temporarily reached $205 after a strong 18% rise in less than two days, but it had trouble staying above the psychological $200 level. The network showed great fundamental growth, with the number of transactions rising by 48% over the past 30 days. This was much better than BNB Chain’s 41% drop during the same time period. Network fees also went up by 43%, which shows that more people using the network is good for the economy and helps keep the price going up.
Even while the on-chain indicators are good, the derivatives data shows that traders are wary of Solana’s potential to stay over $200. The annualized funding rate for perpetual futures is 12%, which is just at the line between neutral and bullish mood. This shows that people aren’t really excited about taking on leveraged bets. Also, DEX volumes on Solana fell for the third week in a row to $20.6 billion. This is a little less than Ethereum’s $116.2 billion when layer-2 activity is included. The REX-Osprey Solana staking ETF has gained $161 million in assets since it started in July. This is a little amount compared to the $2.33 billion in net inflows that Ethereum ETFs have seen since August 5. This shows that Ethereum has a regulatory edge in traditional financial markets right now.
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