{"id":71011,"date":"2022-12-05T17:33:25","date_gmt":"2022-12-05T15:33:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71011"},"modified":"2025-09-08T05:36:12","modified_gmt":"2025-09-08T02:36:12","slug":"standard-chartered-sees-bitcoin-falling-to-5000-in-2023","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/standard-chartered-sees-bitcoin-falling-to-5000-in-2023\/","title":{"rendered":"Standard Chartered sees Bitcoin falling to $5,000 in 2023"},"content":{"rendered":"

FTX collapse<\/a> will continue to weigh on crypto-market sentiment, which in 2023 will lead to Bitcoin’s price dropping to $5,000. This conclusion was reached by Standard Chartered, as reported by Bloomberg<\/a>.<\/p>\n

The bank’s chief strategist at the multinational bank, Eric Robertson, noted a shift of interest from digital gold to its physical counterpart.<\/p>\n

The above conclusion stems from a forecast that gold could rise by 30% to $2,250 per troy ounce.<\/p>\n

This scenario could occur if major central banks halt rate hikes in 2023 after raising them in recent months. An additional factor would be a continued wave of bankruptcies among major crypto players, eroding confidence in digital assets.<\/p>\n

Robertson emphasised that the proposed scenario is not a forecast but merely a plausible deviation from the current market consensus.<\/p>\n

\n

“Gold will benefit from the problems in the crypto industry in the future.”<\/em>, said Nicholas Frappell, global head of institutional markets at ABC Refinery.<\/p>\n<\/blockquote>\n

\\\"Virtual
Bitcoin’s ratio to gold. Data: Bloomberg.<\/figcaption><\/figure>\n
\n

“Our base case assumes that most forced selling has ended, but investors may not be compensated for market risk,”<\/em> said Sean Farrell, head of digital assets strategy at Fundstrat.<\/p>\n<\/blockquote>\n

The expert cited ongoing uncertainty around Digital Currency Group and its OTC platform Genesis.<\/p>\n

According to a Bloomberg MLIV Pulse poll, about 94% of respondents believe that further shocks will follow FTX\u2019s bankruptcy as years of easy credit give way to a tougher business and market environment.<\/p>\n

BlockFi and eight subsidiaries filed bankruptcy filing<\/a> in November.<\/p>\n

Earlier it emerged that Genesis Global Capital debt reached $1.8 billion<\/a> and is likely to rise further, according to media reports.<\/p>\n

Prior to this, Bloomberg reported Genesis creditors were seeking to prevent bankruptcy<\/a> of the organisation.<\/p>\n

Read ForkLog\u2019s Bitcoin news on our Telegram \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX collapse will continue to weigh on crypto-market sentiment, leading in 2023 to Bitcoin’s price dropping to $5,000. This conclusion was reached by Standard Chartered, according to Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":71012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,536,1138],"class_list":["post-71011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-gold","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71011","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=71011"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71011\/revisions"}],"predecessor-version":[{"id":71013,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71011\/revisions\/71013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71012"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}