Standard Chartered Bank recently urged customers to be aware of the risks associated with aging. Bitcoin Investors should take advantage of the opportunity to buy if prices fall below $60,000 In fact, the bank said that it is clear to see how the top crypto can be used as a hedge against an economic downturn. It is still an effective investment for traders, even though it’s not yet a safe haven.
Early October saw the token struggling in an unexpected way. BTC was expected to reach its $70,000 highs of 2024 this month. However, geopolitical tensions and macroeconomic factors have drove the price lower. Standard Chartered says that this could be good news for certain traders.
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Standard Chartered Says Bitcoin Below $60,000 ‘Should be Bought Into’
The year 2024 was a big one for the crypto industry. The industry leader has been BitcoinThe perception has been completely changed, and it is now a popular investment. The price of the car rose above the record $73,000 set earlier in this year.
It has faltered a little, but still holds high expectations of challenging the mark. Throughout August and September, the asset suffered along with its entire sector. According to, the asset has dropped more than 6,9% over the past seven days. CoinMarketCap.
Standard Chartered Bank, which has Bitcoin trading currently at $66,600, believes that the fall of Bitcoin below $60,000.00 is a great opportunity to buy. Standard Chartered Bank shared a memo with DecryptThe potential for the asset was discussed by the bank, while the current market situation could prove to be a major factor in the decision of some readers.
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Geoff Kendrick is the Global Head of Digital Asset Research at the bank. He discussed this asset’s potential to be a safe haven. Kendrick says that although it cannot be relied upon to hedge geopolitical risk, it can act as a hedge against bank failures, US Treasury worries, and de-dollarization.
“Risk concerns related to the Middle East seem destined to push BTC below 60k before the weekend,” Kednirdk noted. But he also noted the interest that is shown by BTC as a way to circulate. “the dip should be bought into.”
It has been expected for a long time that the drop at the beginning of October will be temporary. The bank also highlights the way that crypto can protect against upcoming US economic worries. Bitcoin is likely to play a significant role in the months ahead, given recessionary concerns and rising debt levels.
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Source: watcher.guru
