Bitcoin and other digital assets have experienced a significant downturn, caught in a broader market sell-off. This decline was triggered by Federal Reserve Chairman Jerome Powell’s hawkish comments in mid-December. According to Standard Chartered, investors who entered the bitcoin market post the U.S. election are now just breaking even. The bank warns of potential forced or panic selling, which could exacerbate the downturn. This includes investors in exchange-traded funds (ETFs) and companies like MicroStrategy. If bitcoin falls below the critical $90,000 mark, it might drop another 10% to the low $80,000s, with other cryptocurrencies likely following suit. Despite this, Standard Chartered remains optimistic, predicting bitcoin could reach $200,000 by year-end, driven by renewed institutional investments.
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