Multinational bank Standard Chartered considers the potential downsides of Bitcoin in 2023 as a cryptocurrency around the weather facing the fall of FTX.
The value of bitcoin BTC ($17,232) is expected to drop as low as $5,000 in 2023 according to the Standard’s Head of Chartered Global Research and Chief Strategist.
As Bloomberg previously reported, a note to investors was published on December 13. 4 by the head of international banking strategy Eric Robertsen discussed the possible decline in the value of Bitcoin and the increase in physical gold.
Robertsen outlined the forward-looking scenario for 2023 that could see interest rate volatility increase in 2022, the continued lack of cryptocurrency space, and a negative market outlook. This could include another drop for Bitcoin next year, with a 70% drop from its current market value, while gold could see a rise of up to 30% to hit the $2,250 mark. that ounce.
The final months of 2022 have been tumultuous for the broader cryptocurrency ecosystem. The failure of Sam Bankman-Fried’s FTX cryptocurrency exchange and Alameda Research fund has sent shockwaves through the industry in what has already been a difficult year.
FTX’s bankruptcy process has already resulted in contract violations, and cryptocurrency lender BlockFi is following in its footsteps in part due to “significant revelations” at FTX in Alameda and the role of unscrupulous companies in the company. . In the meantime, cryptocurrency supporters gave a different opinion about the space in 2023. But the famous venture capitalist and blockchain investor Tim Draper touted that Bitcoin will hit $250,000 next year, emphasizing his belief that the FTX fiasco will lead to greater decentralization, BTC adoption, and increased independence. – retention of employees. As Cointelegraph previously reported in late November, major market analyst Henrik Zeberg also explained the possibility of a rise in Bitcoin’s value in other risky assets beyond the $100,000 barrier.
Hedge fund manager Mark Yusko also said that Bitcoin’s next big bull run could begin in the second quarter of 2023 as the ecosystem begins to rally around BTC in anticipation of the upcoming wage-decreasing event.
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