Standard Chartered said that since the bitcoin price has fallen below the $60,000 mark, it is currently hovering around $57,000 and could fall further to around $50,000.
Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered, said that the bitcoin price appropriately broke through $60,000 and has now reopened the way to the $50-5.2 million range. The driver appears to be a combination of cryptocurrency-specific and broader macro factors.
As funds continue to flow out of the U.S., Kendrick said that spot bitcoin ETFs, with the current average purchase price of an ETF below $58,000, present a risk of liquidation. More than half of the spot ETF positions are underwater, so the liquidation risk of some of these positions must also be taken into account.
Standard Chartered: Bitcoin Price Could Fall Further to $50,000
2024-05-01 10:11:41
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