NEW YORK CITY, New York: Citigroup has lowered its 12-month price forecasts for bitcoin and Ethereum, citing stalled progress on U.S. crypto legislation that was expected to support broader adoption and investment flows.

The Wall Street brokerage said delays in passing market-structure rules in the United States are reducing the likelihood of regulatory catalysts that could boost demand, particularly through exchange-traded funds and institutional participation.

Citigroup cut its bitcoin price target to US$112,000 from $143,000 and lowered its Ethereum forecast to $3,175 from $4,304.

“Regulatory catalysts will drive further adoption and flows, but the window of opportunity for U.S. legislation this year is narrowing,”…