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Bitcoin (BTC) and different integer assets person dropped arsenic portion of a wider macro-driven sell-off successful the marketplace and determination is simply a hazard that forced selling could pb to further weakness, concern slope Standard Chartered said successful a study connected Monday.
The marketplace downturn was triggered by Federal Reserve Chairman Jerome Powell's hawkish property conference successful mid-December.
The slope noted that investors who took connected bitcoin vulnerability aft the U.S. predetermination successful November, are present "only breaking even," and determination is simply a hazard that forced oregon panic selling could adhd to the sell-off. This includes exchange-traded money (ETF) buyers and BTC acquirer MicroStrategy (MSTR).
"The hazard of mark-to-market symptom is building," wrote Geoff Kendrick, caput of integer assets probe astatine Standard Chartered.
If the world's largest cryptocurrency breaks beneath the cardinal $90,000 level, it could retrace 10% little to the debased $80,000s the study said, and different integer assets would besides apt fall.
The slope advises adding bitcoin erstwhile the retracement is over.
Standard Chartered inactive expects bitcoin to deed $200,000 by the extremity of the year, fueled by the resumption of organization inflows nether the caller Trump administration.
Read more: Bitcoin Bull Tom Lee Sees BTC Reaching arsenic High arsenic $250K by Year-End
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