{"id":61719,"date":"2026-06-12T17:17:11","date_gmt":"2026-06-12T17:17:11","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/61719\/"},"modified":"2026-06-12T17:17:11","modified_gmt":"2026-06-12T17:17:11","slug":"winter-is-over-standard-chartered-calls-crypto-bottom-as-bitcoin-recovers-from-60k-fall-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/61719\/","title":{"rendered":"‘Winter Is Over’: Standard Chartered Calls Crypto Bottom as Bitcoin Recovers From $60K Fall"},"content":{"rendered":"\n

The crypto market has taken a heavy beating since Bitcoin<\/a> notched all-time highs eight months ago, though it\u2019s likely past its nadir, according to Standard Chartered\u2019s Geoff Kendrick.<\/p>\n

The investment bank\u2019s global head of digital asset research posited in a Friday note that Bitcoin\u2019s recent fall to nearly $59,000 marked crypto winter\u2019s most frigid conditions\u2014representing a 53% drawdown from its peak price of $126,000 in October.<\/p>\n

\u201cI think we have now seen the low in crypto asset prices,\u201d he wrote. \u201cWinter is over.\u201d<\/p>\n

Developments on Friday are shaping up as catalysts for a crypto market that has proved tepid in recent months, Kendrick added, pointing to signs of a potential peace deal between the U.S. and Iran ahead of next week\u2019s G7 summit, as well as SpaceX\u2019s historic $1.75 trillion IPO<\/a>.<\/p>\n

Since war in the Middle East began choking global oil supplies, surging energy costs have coaxed U.S. Treasury yields higher, punishing risk assets like crypto as guaranteed, risk-free government debt has become relatively attractive, Kendrick noted.\u00a0<\/p>\n

The investment bank issued a $100,000 price target for Bitcoin in February.<\/p>\n

Bitcoin recently changed hands above $64,000, a 5% increase over the past week, according to CoinGecko. Over the same period, the total value of all cryptocurrencies tracked by the crypto data aggregator had edged down to $2.277 trillion from $2.29 trillion.<\/p>\n

Although President Trump has claimed numerous times that the U.S. and Iran are close to establishing an arrangement that would signal an end to the three-month conflict, he announced on Thursday that a breakthrough could come this weekend, per AP News.<\/p>\n

\u201cIf true, [it] may sound the end to higher oil prices,\u201d Kendrick wrote.<\/p>\n

Elon Musk’s SpaceX IPO: The Bull and Bear Case for Bitcoin<\/a><\/p>\n

West Texas Intermediate crude fell 1.5% on Friday to $86 per barrel, according to Trading Economics. On Myriad, a prediction market owned by Decrypt\u2019s parent company Dastan, traders grew confident<\/a> that the U.S. oil benchmark will fall to $55 before $120.<\/p>\n

In recent weeks, exchange-traded funds that track Bitcoin have seen some of the sharpest selling \u201csince inception,\u201d Kendrick wrote. Indeed, the Wall Street vehicles have posted roughly $5 billion in net outflows since mid-May, according to CoinGlass.<\/p>\n

Kendrick argued that some of the selling likely stems from investors looking to hitch a ride on Elon Musk\u2019s rocket company, \u201cselling to free up cash to enter the IPO.\u201d<\/p>\n

Still, Kendrick wrote that his call requires some signs of confirmation. That includes net inflows for Bitcoin ETFs on Friday, a continued decline in oil prices, and an announcement from Strategy<\/a> on Monday that the Bitcoin-buying firm expanded its holdings.<\/p>\n","protected":false},"excerpt":{"rendered":"The crypto market has taken a heavy beating since Bitcoin notched all-time highs eight months ago, though it\u2019s…\n","protected":false},"author":2,"featured_media":61720,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[3408,29829,25404,22793,20677],"class_list":["post-61719","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-bitcoin","tag-crypto-asset-prices","tag-geoff-kendrick","tag-kendrick","tag-standard-chartered"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116738276917426416","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/61719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=61719"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/61719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/61720"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=61719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=61719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=61719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}