Citigroup has reportedly reduced its 12-month forecast for bitcoin and ethereum.
The downgrade is due in part to slow progress on cryptocurrency legislation in the U.S., Reuters reported Tuesday (March. 17).
Movement on the crypto market structure legislation known as the Clarity Act has stalled in the Senate amid disagreement over stablecoin rules, leading Citi to lower its 12-month bitcoin price forecast to $112,000 from $143,000 and its ethereum projection from $4,304 to $3,175.
“Regulatory catalysts will drive further adoption and flows but the window of opportunity for U.S. legislation this year is narrowing,” Citi strategist Alex Saunders said in a note, per Reuters.
The bank said that in a recessionary macro…
