Buy Биткоин BTC
Bitcoin (BTC)
Buy Эфир ETH
Ethereum (ETH)
Buy BNB
BNB (BNB)
Buy Ripple XRP
Ripple (XRP)
Buy Tron TRX
Tron (TRX)
Buy Polygon Matik
Polygon (MATIC)
Buy Solana SOL
Solana (SOL)
Buy Dogecoin DOGE
Dogecoin (DOGE)
Buy Avalanche AVAX
Avalanche (AVAX)
Buy Cardano ADA
Cardano (ADA)
Buy Polkadot DOT
Polkadot (DOT)
Buy Syscoin SYS
Syscoin (SYS)

Standard Chartered allows Bitcoin to fall to $50,000

Bitcoin: Standard Chartered allows Bitcoin to fall to $50,000

Financial experts at Standart Chartered Bank are predicting a possible continuation of the downward trend in bitcoin's value, anticipating a potential drop to the $50,000 threshold. The analysts cite various trends in the cryptocurrency market and broader economic indicators as contributing factors, The Block reports.

Representatives of Standart Chartered emphasize that bitcoin's fall below the $60,000 mark has set the stage for a move to lower price levels for the major digital currency. In particular, the prospect of a decline in the value of the asset to a range between $50,000 and $52,000 is being discussed.

According to the Standart Chartered team, a significant catalyst for this downward trajectory is the continuous outflow of capital from spot #bitcoin-ETFs over a five-day period. Notably, by April 30, 2024, losses in this asset class exceeded $161 million. Expert analysis shows that last month, only nine trading days remained in positive territory.

In addition, the financial sector's subdued reaction following the introduction of cryptocurrency ETFs in #Hong Kong on April 30, 2024 also contributed to bitcoin's prolonged decline. Despite entering the market, these investment products registered a modest total trading volume of just over $12 million on launch day.

Jeffrey Kendrick, head of forex and digital assets research at Standard Chartered, expressed fears of a possible widespread #liquidation of crypto fund positions as the average ETF purchase price falls below $58,000.

In addition to these factors, analysts have noted various macroeconomic factors affecting bitcoin's decline. These include reduced liquidity inflows to the US, rising #inflation, and a decreased likelihood of a Federal Reserve #interest rate cut, among others.

Notably, Standard Chartered recently revised its forecast for spot #Ethereum-ETFs to a more pessimistic one, suggesting that the launch of this new asset class in May 2024 may not happen as expected.

It's worth noting that bitcoin ended April with a 14.7% decline, while Ethereum experienced a more significant drop of 17.2% over the same period.

Share this news and win 10 USDT with daily contest on CryptoFingers Telegram.
Make crypto bots for trading
Press Releases: Gate.io Announces Lead Asia Demo Day to Empower Innovative Blockchain Projects
Gate.io, the world's leading crypto exchange, is excited to announce the Lead Asia Demo Day in Seoul, a strategic initiative aimed at propelling the future of blockchain technology..
Regulation: Binance, following MICA, will introduce restrictions on a number of stablecoins for European traders
Cryptocurrency trading platform Binance has announced that it intends to restrict access to “unauthorized stablecoins” to customers in the European Economic Area (EEA) from June 30, 2024.
Press Releases: ChainGPT Pad launches $COOKIE to introduce MarketingFi - a transparent, decentralized, and user-centric approach to marketing
$COOKIE, powered by Cookie DAO, is a token that enters the Cookie3 three-platform stack, creating a complete Cookie MarketingFi ecosystem. As the “Google Analytics” of Web3, Cookie3 helps..
Press Releases: Blockchain Life 2024 to Take Place in Dubai at the Peak of the Bull Run
The legendary Blockchain Life 2024 will return for its 13th edition on October 22-23. As Dubai gains a reputation as a global crypto hub, the forum is set to be the central event of this..