There was a time when I thought it would be impossible to break the six-figure mark, but here we are Bitcoin You can learn more about it here. trading below Last week, the coin was priced at $94,000.
Standard Chartered Bank, a British multinational banking institution, believes that the rate can still fall.
Geoff Kendrick, the firm’s researcher on digital assets, wrote that there will be more pain to come. The biggest coin could drop as low as $88700. What is the reason? The reason?
“I think the catalyst yesterday [for Bitcoin’s price decline] was a post Bessent announcement (for Treasury) reduction in U.S. Treasury term premium,” He wrote. U.S. treasuries are The rallying of the troops Scott Bessent was selected by Donald Trump as the U.S. Treasury’s secretary. Yields have dropped more than 10 basis point across maturities from 5 to 30 years.
Kendrick said that Bitcoin’s rise could be tempered in the near term because “one of [Bitcoin’s] core uses is to hedge against [traditional finance] issues (banking sector related or Treasury related).”
Hedge fund manager Bessent is considered a fiscal conservative by Wall Street, which could mean more sensible monetary policy—especially when it comes to tariffs. Donald Trump, the president-elect of the United States, had pledged a policy that would impose tariffs or import taxes. Economists say that American treasuries have retreated because tariffs lead to inflation.
Market analysts believe that Bessent will tame Trump’s policy and lead to the recovery of Treasuries.
Most investors view the largest digital asset in terms of market capitalization as an insurance against inflation and bad government policy. But with U.S. treasuries rallying, investors are—at least for now—liking what they see in traditional financial markets.
Bitcoin went on an incredible run after Donald Trump’s surprise election win Voting victory Last week, the price of Bitcoin reached a new record-high level at $99 645. BTC traded below $70,000 before Trump’s win was confirmed on Election Night.
The Republican former president won the popular vote, and all of the swing states. Investors are now bullish, as the real-estate mogul promised tax cuts and deregulation to benefit the digital assets industry.
It has fallen fast in the last week, but it was still below $100,000.
Kendrick added that it would continue to grow in the future. He said that Bitcoin will reach $125,000 per coin before the end this year, and $200,000.00 by 2025.