213-year-old Wall Street giant trims Bitcoin, Ether price targets

<p>As the legislative process regarding crypto assets slows in the United States, Citigroup (NYSE: C) has cut its 12-month price targets for both Bitcoin (BTC) and <a href="https://thestreet.com/crypto/ethereum">Ethereum</a> (ETH).</p>
<p>Founded as the City Bank of New York in June 1812, Citigroup is the third-largest banking institution in the United States by assets.</p>
<p>
<a href="https://finance.yahoo.com/news/citi-announces-crypto-custody-2026-020400174.html">Related: Citi announces crypto custody in 2026, JPMorgan stays cautious</a>
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<p>The bank highlighted that Washington is delaying the CLARITY Act due to the banking and crypto industries not reaching an agreement over stablecoin rewards and the window for approval in 2026 is narrowing, <a href="https://www.reuters.com/business/finance/citigroup-cuts-12-month-bitcoin-ether-targets-us-crypto-legislation-stalls-2026-03-17/">Reuters reported</a> on March 17.</p>
<p>It requires at least seven Democrats to vote in favor of the legislation to get it passed in the Senate. But if Democrats gain more seats in Congress in the November midterm elections, it would become more difficult for the bill to get passed.</p>
<p>Some Democrats have pushed for the bill to include provisions restricting elected officials from profiting ​from crypto businesses but President Donald Trump's family is involved with several crypto ventures such as World Liberty Financial.</p>
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<h2>Citi revamps Bitcoin and Ether price targets</h2>
<p>Citigroup predicted that Bitcoin and Ether could drop to $58,000 and $1,198 under a ​recessionary scenario.</p>
<blockquote>
<p>"Bitcoin is likely ⁠to ​range-trade anticipating legislative news flow with (about) $70,000 an important ​level representing the pre-U.S. election price," Citi said.</p>
</blockquote>
<p>In a bullish scenario, Bitcoin and Ether could rally as high as $165,000 and $4,488, the bank said.</p>
<blockquote>
<p>"ETH will be ​especially sensitive to user activity metrics, which have been weak recently, but stablecoin and tokenization ‌trends ⁠may increase interest and usage," the bank added.</p>
</blockquote>
<p>While Bitcoin has emerged as a store of value for some traders, Ethereum has built its reputation as the primary blockchain network to build decentralized applications (dApps).</p>
<p>The Wall Street giant further ​lowered its 12-month Bitcoin price forecast by more than 20% from $143,000 to $112,000. It also trimmed its 12-month Bitcoin price forecast by more than 25% from $4,304 to $3,175.</p>
<p>At press time, Bitcoin was trading at $74,073.25 and Ethereum at $2,327.05.</p>
<p>Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.</p>