{"id":606401,"date":"2024-05-03T15:00:38","date_gmt":"2024-05-03T15:00:38","guid":{"rendered":"https:\/\/ktsl888.com\/?p=606401"},"modified":"2024-06-11T07:00:16","modified_gmt":"2024-06-11T07:00:16","slug":"standard-chartered-bitcoin-50000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/standard-chartered-bitcoin-50000\/","title":{"rendered":"Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Leading international cross border bank, <\/span><a href=\"https:\/\/bitcoinist.com\/shift-to-crypto-401k-market-poised-to-enter-bitcoin-etfs-standard-chartered-analyst-says\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Standard Chartered<\/span><\/a><span style=\"font-weight: 400\"> has predicted steep price declines for <\/span><span style=\"font-weight: 400\">Bitcoin<\/span><span style=\"font-weight: 400\">, foreseeing a pessimistic future outlook for the pioneer cryptocurrency amidst broader market downturn.<\/span><\/p>\n<h2>Bitcoin Could Plummet To $50,000<\/h2>\n<p><span style=\"font-weight: 400\">As of writing the price of Bitcoin is trading above $59,000, according to CoinMarketCap. The cryptocurrency has been <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-suffers-sharp-decline\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">experiencing massive price drops<\/span><\/a><span style=\"font-weight: 400\"> after the <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/fourth-bitcoin-halving-completed\/\"><span style=\"font-weight: 400\">Bitcoin halving<\/span><\/a><span style=\"font-weight: 400\"> on April 20, 2024, further exacerbated by the Federal Reserve\u2019s (FED) decision to keep interest rates unchanged during the Federal Open Market Committee (<\/span><a href=\"https:\/\/bitcoinist.com\/crypto-fomc-meeting-most-important-in-years\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">FOMC<\/span><\/a><span style=\"font-weight: 400\">) meeting On Wednesday, May 1.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/cardano\/when-cardano-price-reach-45\/\">Crypto Prediction Website Reveals When The Cardano Price Will Reach $45<\/a><\/div>\n<p><span style=\"font-weight: 400\">Standard Chartered bank has cautioned investors of more price drops in the future, predicting that Bitcoin\u2019s price could settle between $50,000 and $52,000, recording more than $20,000 loss from it&#8217;s all time high of over $73,000 in March, 2024. This new forecast follows the bank&#8217;s previous projection which anticipated <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/standard-chartered-150000-bitcoin-price-target-year-end\/\"><span style=\"font-weight: 400\">Bitcoin rise to $150,000 by the end of 2024<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The head of Standard Chatered\u2019s forex and digital assets research, Geoffery Kendrick revealed a combination of factors that could drive <\/span><a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-settles-60k\/\"><span style=\"font-weight: 400\">Bitcoin\u2019s decline<\/span><\/a><span style=\"font-weight: 400\"> in a statement to The Block on Wednesday. Kendrick highlighted broader macroeconomic influences and crypto-specific factors impacting the price of Bitcoin, particularly challenges like the reduction of liquidity measures within the United States since mid-April.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8220;Liquidity matters when it matters, but with a backdrop of strong US inflation data and less likelihood of Fed rate cuts, it matters at the moment,&#8221; Kendrick stated.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Standard Chartered also cited the series of massive <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-spot-etfs-record-outflow\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">outflows witnessed by Spot Bitcoin ETfs<\/span><\/a><span style=\"font-weight: 400\"> in the US, as well as the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-ethereum-etfs-sluggish-start-hong-kong\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">lackluster performance of Ethereum Spot ETFs<\/span><\/a><span style=\"font-weight: 400\"> in Hong Kong, China.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On May 1, approximately 10 US Spot Bitcoin ETFs recorded staggering outflows, collectively totaling $563.7 million. Kendrick also disclosed that \u201cmore than half of the Spot ETF positions are underwater.\u201d He suggests that the risk of liquidity should be considered, especially as investor sentiment may be shifting away from these digital assets.<\/span><\/p>\n<h2>BTC Price Jumps Over $1,000 Amidst Market Downturn<\/h2>\n<p><span style=\"font-weight: 400\">At some point on May 2, Bitcoin had witnessed significant price decreases that pushed its value below $58,000. However, currently the cryptocurrency has recorded more than 1.56% increase, spiking by more than $1,000 in just a day.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/ripple-unlocks-1-billion-xrp\/\">Ripple Unlocks 1 Billion XRP From Escrow \u2013 How Will This Impact Price?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Various analysts have predicted more plunges for the cryptocurrency, expecting <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bottom-20-decline\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin to reach its bottom<\/span><\/a><span style=\"font-weight: 400\"> during this bearish period. Analysts like <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/14905880?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ali Martinez<\/span><\/a><span style=\"font-weight: 400\"> and Michael van de Poppe anticipate a few more price corrections before the broader market settles, paving the way for Bitcoin to prepare for a potential <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-make-or-break-moment-trading-guru-predicts\/\"><span style=\"font-weight: 400\">bullish rebound.<\/span><\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ISq6on6p\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">BTC price jumps above $60,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from MarketWatch, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Leading international cross border bank, Standard Chartered has predicted steep price declines for Bitcoin, foreseeing a pessimistic future outlook for the pioneer cryptocurrency amidst broader market downturn. Bitcoin Could Plummet To $50,000 As of writing the price of Bitcoin is trading above $59,000, according to CoinMarketCap. The cryptocurrency has been experiencing massive price drops after the Bitcoin halving on April 20, 2024, further exacerbated by the Federal Reserve\u2019s (FED) decision to keep interest rates unchanged during the Federal Open Market Committee (FOMC) meeting On Wednesday, May 1. Related Reading: Crypto Prediction Website Reveals When The Cardano Price Will Reach $45 Standard Chartered bank has cautioned investors of more price drops in the future, predicting that Bitcoin\u2019s price could settle between $50,000 and $52,000, recording more than $20,000 loss from it&#8217;s all time high of over $73,000 in March, 2024. This new forecast follows the bank&#8217;s previous projection which anticipated Bitcoin rise to $150,000 by the end of 2024. The head of Standard Chatered\u2019s forex and digital assets research, Geoffery Kendrick revealed a combination of factors that could drive Bitcoin\u2019s decline in a statement to The Block on Wednesday. Kendrick highlighted broader macroeconomic influences and crypto-specific factors impacting the price of Bitcoin, particularly challenges like the reduction of liquidity measures within the United States since mid-April. &#8220;Liquidity matters when it matters, but with a backdrop of strong US inflation data and less likelihood of Fed rate cuts, it matters at the moment,&#8221; Kendrick stated. Standard Chartered also cited the series of massive outflows witnessed by Spot Bitcoin ETfs in the US, as well as the lackluster performance of Ethereum Spot ETFs in Hong Kong, China.\u00a0 On May 1, approximately 10 US Spot Bitcoin ETFs recorded staggering outflows, collectively totaling $563.7 million. Kendrick also disclosed that \u201cmore than half of the Spot ETF positions are underwater.\u201d He suggests that the risk of liquidity should be considered, especially as investor sentiment may be shifting away from these digital assets. BTC Price Jumps Over $1,000 Amidst Market Downturn At some point on May 2, Bitcoin had witnessed significant price decreases that pushed its value below $58,000. However, currently the cryptocurrency has recorded more than 1.56% increase, spiking by more than $1,000 in just a day.\u00a0 Related Reading: Ripple Unlocks 1 Billion XRP From Escrow \u2013 How Will This Impact Price? Various analysts have predicted more plunges for the cryptocurrency, expecting Bitcoin to reach its bottom during this bearish period. Analysts like Ali Martinez and Michael van de Poppe anticipate a few more price corrections before the broader market settles, paving the way for Bitcoin to prepare for a potential bullish rebound. BTC price jumps above $60,000 | Source: BTCUSD on Tradingview.com Featured image from MarketWatch, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790,8780],"class_list":["post-606401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-standard-chartered"],"acf":[],"yoast_head":"\n<title>Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000<\/title>\n<meta name=\"description\" content=\"Standard Chartered has predicted steep price declines for Bitcoin, foreseeing a pessimistic future 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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