Citigroup cuts Bitcoin forecast, shares slide 1.78%, plans double-digit dividend hike
C•Citigroup’s research arm lowered its Bitcoin price forecast and cut its strategy target, sending shares down 1.78%. After passing the Federal Reserve’s annual stress test, Citigroup joined two peers in planning double-digit percentage dividend increases.
1. Bitcoin Forecast Revision
Citigroup’s strategy team reduced its Bitcoin price target, citing increased regulatory scrutiny and market volatility. The announcement triggered a 1.78% drop in Citigroup’s share price as investors reassessed the bank’s crypto-related revenue outlook.
2. Double-Digit Dividend Increase
Following approval of its capital plan in the Fed stress test, Citigroup joined two other large banks in announcing double-digit percentage hikes to its quarterly dividend. The move signals management’s confidence in its capital buffers and commitment to returning cash to shareholders.
