Bitcoin plunge draws market attention, Standard Chartered Bank warns of possible drop to $50,000
Recently, the price of Bitcoin broke through the $60,000 mark and is currently hovering around $57,000. Standard Chartered Bank issued a warning that it may fall further to around $50,000. Geoffrey Kendrick, head of foreign exchange and digital asset research, said that the price of Bitcoin has reopened the road to the $5-52,000 range, and the driving factors involve crypto-specific and broader macro factors.
Standard Chartered Bank pointed out that funds have continuously flowed out of the US spot Bitcoin ETF, resulting in the average purchase price of the ETF being below $58,000, and there is a liquidation risk. It is said that more than half of the spot ETF positions are underwater, so the liquidation risk of some of these positions must be considered.
This news has attracted widespread attention and heated discussion in the market. For investors, Standard Chartered Bank's warning reminds them of the uncertainty and risks of the cryptocurrency market. In particular, the liquidation risk of spot Bitcoin ETFs needs to be highly valued by investors. In addition, the macro factors mentioned by Geoffrey Kendrick are also one of the important factors affecting Bitcoin prices. Investors should pay close attention to the global economic situation and political dynamics.
Although the price of Bitcoin has plummeted, for long-term investors, this may be an opportunity to buy low and sell high. In the context of market fluctuations, rational thinking and cautious action are the strategies that investors should adopt. At the same time, paying close attention to market dynamics and the views of professional institutions will help investors make wise decisions and respond to market changes.
