Standard Chartered: Don't rush to buy the bottom, Bitcoin may drop to $80,000

Odaily Planet Daily News: Bitcoin prices fell to around $86,000 on Tuesday, hitting the lowest level since November last year, down more than 20% from the all-time high in January. As risk aversion in the market intensified, the expected surge in cryptocurrencies due to Trump's inauguration failed to materialize. Data from JPMorgan Chase showed that cryptocurrency ETFs saw outflows of $544 million last week, indicating that market pessimism is spreading. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, warned: "Don't rush to buy the bottom. Bitcoin may fall to a low of $80,000. $90,000 is a key support level for Bitcoin, and a break below this level could cause the world's largest cryptocurrency to fall further. Although Bitcoin has remained above $90,000, supported by optimism about the Trump administration's support for cryptocurrencies, the appeal of cryptocurrencies has been weakened as the president's promises have failed to be fulfilled and macroeconomic uncertainty has increased." (thecryptobasic)