Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, Web3 and crypto regulation.

Today in crypto, Standard Chartered analyst Geoff Kendrick said Bitcoin could climb to $100,000 by year-end as US Treasury bond buybacks improve liquidity, while spot Bitcoin exchange-traded funds added $189 million to push August net inflows toward $1 billion. Meanwhile, the Financial Accounting Standards Board proposed guidance for classifying certain stablecoins as cash equivalents.

Standard Chartered analyst sees Bitcoin hitting $100,000 as Treasury boosts bond buybacks

Bitcoin surged more than 6% toward $69,000 on Wednesday as Standard Chartered analyst Geoff Kendrick said improving liquidity conditions could propel BTC to $100,000 by the end of 2026.

Kendrick identified $65,500 as a key technical threshold, arguing that a sustained break above it could confirm Bitcoin has already reached its cycle low.

His bullish outlook also follows the US Treasury’s decision to at least double the maximum size of liquidity-support buybacks for longer-dated government bonds. From Sept. 9 through Nov. 4, the Treasury plans to raise maximum buybacks of certain 10- to 30-year securities from $2 billion to at least $4 billion per operation.

The announcement pushed long-term Treasury yields lower after a sharp bond-market selloff. Kendrick said such liquidity interventions have historically been favorable for Bitcoin, while the cryptocurrency’s fixed supply may strengthen its appeal as protection against monetary debasement.

Bitcoin ETFs add $189M as August net inflows approach $1B

US-listed spot Bitcoin ETFs drew $189.3 million in net inflows on Tuesday, lifting August net inflows to about $951 million.

The latest gains followed $297.6 million in net inflows on Monday, bringing the two-day total to $487 million, or more than half of the funds’ net inflows so far this month, according to SoSoValue data.

BlackRock’s iShares Bitcoin Trust led the day’s inflows with $143.6 million, while Fidelity’s Wise Origin Bitcoin Fund added $23.9 million.

The rebound followed three consecutive sessions of net outflows from Aug. 12 through Aug. 14, when the funds shed about $250 million.

Cumulative net inflows into US spot Bitcoin ETFs stood at about $52.28 billion, while total net assets reached roughly $79.3 billion.

Meanwhile, spot Ether ETFs recorded $71.5 million in net inflows on Tuesday, bringing August net inflows to about $345 million.

US accounting board FASB proposes conditions for stablecoins as cash equivalents

The FASB has proposed guidance outlining when companies may classify certain stablecoins as cash equivalents under generally accepted accounting principles in the United States.

On Tuesday, the FASB said the proposed Accounting Standards Update would add illustrative examples to the current definition, addressing inconsistent treatment of digital assets such as stablecoins. The definition itself would remain unchanged.

The proposal says a qualifying digital asset would need an on-demand contractual redemption right, a direct redemption right with its issuer for a known cash amount and at least one-to-one segregated reserves held in short-term, highly liquid assets.

One example said active secondary markets would not be enough if the holder lacks a direct issuer redemption right. Another example said reserves comprising crypto assets and gold would disqualify a token due to valuation risks.

Companies would retain the choice of whether to present qualifying assets as cash equivalents and would need to consider relevant laws and regulations.

FASB is accepting public comments on the proposed update until Nov. 19. The organization will set an effective date after reviewing stakeholder feedback.