Citigroup Boosts Bitcoin and Ether Forecasts Amid Cryptocurrency Revival

Citigroup has increased its 12-month price forecasts for Bitcoin and Ether, citing a pick-up in cryptocurrency activity.

The bank raised its target for Bitcoin from $82,000 to $113,000 and its forecast for Ether from $2,240 to $3,028, according to a Reuters report.

This comes after the US Senate failed to advance The Clarity Act, which aimed to establish a digital asset framework.

Citigroup notes that the Clarity Act's failure has narrowed the path to a market-structure bill, but has spurred SEC rule announcements that have dampened negative sentiment.