Standard Chartered Bitcoin Forecast: $120,000 🤑

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• Standard Chartered Bitcoin Forecast: $120,000 🤑

• 20% of Ethereum Supply Currently Staked Ξ

• Dox To Earn? 🕵️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Standard Chartered Forecasts A Bitcoin High of $120,000

We’re starting today’s issue with a hefty dose of hopium. We’re bullish on Bitcoin in the coming years, especially with the BlackRock ETF filing. This however, is a gargantuan number (that some may have already been thinking) coming from a TradFi institution. There certainly have been stranger takes such as that of Arthur Hayes.

As of right now, Bitcoin is trading in a range around $30,000 USD. Standard Chartered is of the belief that it could hit $50,000 this year and $120,000 by the end of 2024. This would be a rapid ascent, but with the Bitcoin halving (the next in 2024) preceding cycles anything could happen. Even Larry Fink, CEO of BlackRock, is saying that Bitcoin is a better investment than gold. Rosy predictions coming from TradFi institutions are a departure from past sentiment and arouse a degree of suspicion.

Of The Total Ethereum Supply, 20% is Now Staked

This year, staked Ethereum and its derivatives (LSDs) have been a primary narrative keeping investors interested. Countless protocols now offer their own derivative as they seek to get a piece of the pie that Lido controls. You even have on-chain staked ETH indexes coming to market.

Last month, we saw the first institution announce their intention of offering staked ETH in an ETF. There is no shortage of desire for staked ETH as everyone wants to get a piece of the yield. Earlier this year, staked ETH and LSDs became the largest market sector in DeFi that builders continue to build upon. Stables minted from staked ETH are a popular primitive seen in more than one token. We do expect this number to climb further.

Arkham Intelligence Offers New Service Where Identity Data Can Be Traded

Arkham Intelligence released a promo video yesterday that sought to tease a new service they would be offering. This new initiative would allow for trading of information surrounding owners of wallets. This would also come with a bounties feature where users could offer a reward for information on a certain wallet. What ensued may have been the most ironic day on Crypto Twitter in some time.

Arkham Intelligence clearly didn’t pause to consider edge cases that this service would create.

Ironically enough, Arkham got to work quickly. In the tweet above, it was found that those who were sharing referral links were doxxing themselves. Karma works quickly. The universe certainly has a sense of humor.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.