'Winter Is Over': Standard Chartered Calls Crypto Bottom as Bitcoin Recovers From $60K Fall
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- Geoff Kendrick (Standard Chartered's global head of digital asset research) said the crypto market has reached its lowest point after Bitcoin fell to nearly $59,000, declaring “crypto winter is over.”
- Bitcoin dropped 53% from its October peak of $126,000, hitting a low of about $59,000 before climbing 5% to above $64,000 in the past week.
- U.S.-Iran peace talks are cited as a possible catalyst that could lower oil prices, with a breakthrough expected before the G7 summit.
- SpaceX plans a $1.75 trillion IPO, which may be prompting investors to sell Bitcoin to free up cash.
- West Texas Intermediate crude fell 1.5% to $86 per barrel, reflecting the potential impact of a peace deal on energy prices.
- Bitcoin ETFs have seen about $5 billion in net outflows since mid‑May, reflecting investor pressure on crypto assets.
- Strategy is expected to announce an expansion of its Bitcoin holdings, which Kendrick sees as a confirmation signal for a market turnaround.
Why it matters: Investors holding Bitcoin may see upside as the analyst’s bottom‑point view aligns with falling oil prices and potential inflows, while ETF providers and crypto‑selling investors face continued outflows and pressure to reallocate cash for the SpaceX IPO and could shift capital toward alternative assets, underscoring the market’s sensitivity to macro‑political developments.
