A British bank expects Bitcoin to rise to $120,000 in 2024

Standard Chartered expects the price of Bitcoin, the most popular digital currency, to reach $50,000 this year, and raises its price forecast for next year. It believes that rising prices may encourage virtual currency miners to retain more supply.

According to a recent report issued by the British Bank, the value of Bitcoin may rise to $120,000 by the end of next year 2024, after it was expected in April that it would reach $100,000.

Jeff Kendrick, head of Forex Research at the bank, said in a report, according to Reuters: Increasing the profitability of miners per unit of Bitcoin means that they can sell fewer units while maintaining cash inflows, reducing net supply and pushing prices higher.

Cryptocurrency prices declined during Tuesday's trading, with the price of the dollar declining, with traders' attention turning to the US inflation data that will be released tomorrow and may affect the Federal Reserve's view on interest rates.

Bitcoin fell 1% at $30,530.25, according to CoinPass data. Ethereum also fell 0.81% to $1,879.93, and Ripple fell 0.61% at 47.56 cents.

In an interview with CNBC, former Chairman of the Commodity Futures Trading Commission Timothy Massad called for regulating cryptocurrencies and protecting investors without waiting years for lawsuits to end.