The US government continues to be talked about in the Bitcoin and cryptocurrency markets after a seven-year break.
Although the impact of the shutdown is expected to be minimal, Citigroup has revised its year-end expectations for Bitcoin (BTC) and Ethereum (ETH).
Wall Street giant Citigroup updated its year-end ETH target above ETH in a published report, lowering its BTC forecast.
At this point, the bank raised Ethereum’s year-end price target from $4,300 to $4,500, citing strong demand from the ETF and the Department of Digital Asset Treasury.
Citigroup noted that by following in the footsteps of Bitcoin, Ethereum could generate similar investor excitement in the ETF and financial strategy space.
In response, the bank reduced its Bitcoin price forecast from $135,000 to $133,000.
Citigroup said in a report released yesterday that it hopes the Fed will continue to cut interest rates for the remainder of the year despite the risk of missing important economic data due to the US government shutdown. City Economists have shown that the Fed is likely to cut interest rates by 25 basis points in October and December, as shown in the DOT plot.
*This is not investment advice.
