Bitcoin Stabilizes Near $84,500 as Fed Rate Hike Expectations Ease

The price of Bitcoin stabilized around $84,500 this week as investors anticipated that the Federal Reserve might maintain current interest rates. Approximately $2.4 billion flowed into U.S. spot Bitcoin ETFs during the preceding full trading week.

Citigroup revised its one-year Bitcoin price target from $82,000 to $113,000, citing increased blockchain activity and renewed demand for exchange-traded funds. The financial institution also upgraded its Ethereum price forecast from $2,240 to $3,028.

Regulatory developments in the cryptocurrency sector include a proposed framework by the Securities and Exchange Commission for digital asset custody by registered investment advisers. European authorities are scrutinizing Binance operations, investigating whether the exchange has provided services to customers without proper authorization under the EU's Markets in Crypto-Assets regulatory framework.