Crypto
Bernstein doubles down on $150,000 target for Bitcoin price By Investing.com
Bernstein analysts are confident that is on its way to $150,000 per coin by mid-2025 despite recent market corrections, the broker said in a research report on Tuesday.
The firm cites a shift from sentiment-driven to structurally-driven demand in Bitcoin markets, led by institutional interest and inflows into ETFs. As Bitcoin resumed its upward trajectory after dipping to a low of around $57,000, Bernstein noted the clearing of excess leverage in futures contracts and a positive reversal in ETF outflows.
A major highlight was the Grayscale Bitcoin Trust (BTC) (NYSE:) reporting its first inflow after 78 consecutive days of outflows, a milestone given its impact on market dynamics.
“Bitcoin’s current position at around $64,000 is just the beginning. The structure of the market is far stronger than during the 2021 euphoria at similar levels, largely driven by clear ETF-driven demand,” the report reads.
The bullish outlook is further supported by the sheer volume of cash flooding into Bitcoin ETFs, amassing nearly $12 billion within just three months of their launch. Bernstein expects this trend to persist, driven by increased allocations from private banks, wealth managers, and institutional investors, projecting around $70 billion in new inflows between 2024 and 2025.
The report also points to favorable regulatory developments and corporate adoption, citing companies like Block integrating Bitcoin into their treasury strategies. Moreover, the stability in Bitcoin’s hash rate post-halving and healthy miner transaction fees indicate a resilient mining sector poised for long-term market growth.
Bernstein expects that higher Bitcoin prices and transaction fees will offer miners a buffer even if production costs double post-halving.
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Mining stocks have lagged behind the Bitcoin rally due to investors favoring a “long Bitcoin, short miners” strategy. The rationale behind this approach is the perceived safety in buying spot ETFs compared to mining stocks, which are susceptible to risks associated with the halving.
“Bitcoin mining dynamics are also supporting the market, with public miners expanding capacity and negotiating favorable terms amidst competitive pressures from AI capital expenditures,” Bernstein added.
With all these factors in place, Bernstein remains confident in their $150K Bitcoin target, viewing current prices as an attractive risk-reward opportunity for investors. The firm believes we are in the early stages of a longer and healthier Bitcoin cycle that could extend well into 2025.
Crypto
Bank of Thailand Backs 1:1 Baht Stablecoin While Tightening Cross-Border Payment Rules
Key Takeaways
- Bank of Thailand plans to hold public hearings by late 2026 for a 1:1 baht-backed stablecoin.
- Regulators suspended 5,000 Alipay and Wechat Pay accounts to curb unauthorized yuan QR transfers.
- Speculative retail forex operations will face stiff fines under Thailand’s 1942 Exchange Control Act.
Baht-Pegged Stablecoin Framework
The Bank of Thailand plans to introduce a stablecoin pegged to the national currency as part of an initiative to support financial innovation, central bank Governor Vitai Ratanakorn announced June 30. Speaking at a financial conference hosted by efinanceThai, Ratanakorn said the central bank will hold a public hearing on the proposal by the end of the year.
Under the initial framework, any operating stablecoin must be fully backed on a 1-to-1 basis by Thai baht reserves. The central bank will limit the first phase of the rollout to financial institutions for settlement purposes only, with broader use cases to be evaluated later.
According to a local report, the central bank is also tightening enforcement on cross-border mobile payment platforms. Ratanakorn reiterated that all personal QR code payments in Thailand must be conducted exclusively in baht.
Regulators have suspended approximately 5,000 accounts used for peer-to-peer yuan transfers via Alipay and Wechat Pay between February 2025 and May 2026. The central bank is currently coordinating with those platforms to review transactions and identify regulatory violations.
Payment service providers that process transactions in unauthorized currencies face corrective measures, fines, suspensions, or the revocation of their licenses, Ratanakorn warned. Additionally, the governor clarified that the central bank will not grant licenses for retail foreign-exchange operations intended for speculative trading.
Facilitating transfers to settle speculative forex transactions may violate the Exchange Control Act of 1942, which carries penalties of up to 3 years’ imprisonment and a $6,012 (200,000 baht) fine. Furthermore, individuals who advertise or promote speculative currency trading could face fraud charges under a 1984 emergency decree, punishable by up to 10 years in prison and significant daily fines.
Ratanakorn said the central bank’s dual objective is to foster financial technology while maintaining strict control over consumer protection and domestic currency flows.
Crypto
UK investors sue Binance in London for £150 million
Crypto
Japanese Yen Sinks to 162.27, Its Weakest Since 1986, Reviving Intervention Bets
Key Takeaways
- The yen fell to 162.27 per dollar on June 30, its weakest level against the greenback since 1986.
- A wide rate gap, the BOJ at 0.75% versus the Fed’s 3.50%-3.75%, keeps pressuring the currency.
- Japan spent a record 11.73 trillion yen ($72.4 billion) on intervention from late April to late May.
A Four-Decade Low
The yen’s slide to a four-decade low has put Japanese authorities back on intervention watch. The currency has been dragged down by a persistent interest-rate gap between Japan and the United States, heavy speculative short positioning, and the limited staying power of Tokyo’s earlier efforts to prop it up.
The mechanics are straightforward given the Bank of Japan (BOJ) typically holds its policy rate at 0.75%, while the U.S. Federal Reserve’s target sits at 3.50% to 3.75%. That spread rewards investors who borrow cheaply in yen and park funds in higher-yielding dollar assets, a so-called carry trade that steadily pressures the Japanese currency.
Japan’s Finance Minister Satsuki Katayama signaled Tokyo’s readiness to act, saying the government was prepared to take appropriate action against excessive currency moves.
Intervention Has Already Failed Once
Tokyo has been here before and recently Japan launched its first yen-buying operation in nearly two years (after the currency punched through the politically sensitive 160 level). Authorities then spent a record 11.73 trillion yen, about $72.4 billion, defending the yen between late April and late May, only to watch it weaken again.
That track record is why traders doubt a fresh round would hold because the forces dragging on the yen are structural, rooted in the rate gap rather than short-term sentiment, and intervention can slow the slide without reversing it. Markets are now watching whether a move toward the 160-to-162 range triggers another defense from the finance ministry.
Where Does Crypto Fit Into All This?
A depreciating home currency has historically nudged some Japanese savers toward alternative stores of value, and bitcoin sits among them. Japan is one of the world’s most active retail crypto markets, and a yen losing ground against the dollar strengthens the argument that scarce, non-sovereign assets can hedge currency risk. Bitcoin priced in yen has tracked far higher than its dollar quote, mirroring the currency’s erosion over time.
The pressure also feeds into global risk appetite since a weaker yen can unwind carry trades suddenly when sentiment shifts, a dynamic that has spilled into crypto and equity markets before, sending leveraged positions scrambling.
In any case, the immediate question is whether Tokyo intervenes again or lets the slide run. With the rate gap unlikely to close soon, the Fed has held rates elevated while the BOJ moves cautiously. That said, the yen’s path ahead depends heavily on the next moves from both central banks and until that spread narrows, the currency’s weakness looks set to persist.
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