2024-9-7 14:59 |
Total crypto market cap was $2.02 trillion at the end of August, a 24% decline from this year's peak of $2.67 trillion in March, the report said.
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The Wall Street bank updated its models and price targets for the miners to account for second quarter results and changes in the price of bitcoin and the network hashrate.
Total value locked across the crypto ecosystem is expected to reach an all-time high in the first half of next year, the report said.
The total market cap of the fourteen publicly listed mining stocks the bank tracks fell 18% since the end of last month, the report said.
Stablecoin issuer Tether has attracted regulatory scrutiny in the past due to its lack of transparency about the composition of its reserves, the report said.
The cryptocurrency is now trading below the average spot ETF purchase price of about $58K, and this could trigger liquidations, the report said.
The bank reiterated its year-end bitcoin and ether targets of $150,000 and $8,000, respectively.