{"id":13308,"date":"2024-05-08T10:26:58","date_gmt":"2024-05-08T07:26:58","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-finds-local-bottom-at-56500-says-standard-chartered\/"},"modified":"2024-05-08T10:26:58","modified_gmt":"2024-05-08T07:26:58","slug":"bitcoin-finds-local-bottom-at-56500-says-standard-chartered","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-finds-local-bottom-at-56500-says-standard-chartered\/","title":{"rendered":"Bitcoin Finds Local Bottom at $56,500, Says Standard Chartered"},"content":{"rendered":"

The situation has improved, with Bitcoin establishing a minimum at $56,500, according to Standard Chartered, reports The Block<\/a>.<\/p>\n

The institution’s experts revised their previous forecast, which anticipated a decline to the $50,000\u201352,000 range.<\/p>\n

Experts confirmed a target of $150,000 by the end of the year and $200,000 by the end of 2025.<\/p>\n

The changes were prompted by a less hawkish decision from the Fed<\/span> than expected and positive signals in the US employment report.<\/p>\n

Such macroeconomic factors were significant enough to trigger an inflow of $595 million into US ETFs, analysts noted. They also recalled an inflow of $246 million<\/a> into similar products in Hong Kong.<\/p>\n

According to experts, in the medium term, the appeal of the leading cryptocurrency is supported by the unstable trajectory of the US federal budget deficit and national debt. As a result, higher values of the US Treasuries curve and higher maturity premiums can be expected. The risk of debt monetization by the Fed will increase.<\/p>\n

\n

\u201cWe believe that such a scenario will generally favor digital assets as investors seek alternatives. [\u2026] Bitcoin will become a good hedge against dedollarization and declining confidence in Treasury instruments,\u201d<\/em> the review states.<\/p>\n<\/blockquote>\n

Standard Chartered identified a potential victory for Donald Trump in the upcoming November US presidential elections as a “positive factor.” If the forecast materializes, one can expect a liberalization of the regulatory environment, specialists added.<\/p>\n

Market participants in Bitcoin options have placed bets on a rise to $100,000.<\/p>\n

Earlier, trader and analyst Rekt Capital stated that the first cryptocurrency’s rate reached a local bottom at $57,000 and entered an accumulation phase.<\/p>\n

Former BitMEX CEO Arthur Hayes suggested that the digital gold’s price could surpass $60,000 and move towards $70,000 by August.<\/p>\n","protected":false},"excerpt":{"rendered":"

The situation has improved, with Bitcoin establishing a minimum at $56,500, according to Standard Chartered, reports The Block. The institution’s experts revised their previous forecast, which anticipated a decline to the $50,000\u201352,000 range. Experts confirmed a target of $150,000 by the end of the year and $200,000 by the end of 2025. The changes were […]<\/p>\n","protected":false},"author":1,"featured_media":13307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1249,1224,842,1347],"class_list":["post-13308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-federal-reserve-system","tag-macroeconomics","tag-politics","tag-standard-chartered-plc"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13308"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13307"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}