Standard Chartered Sees Bitcoin Dip Below $60k as a Prime Buying Opportunity Amid Geopolitical Tensions

Standard Chartered's Bitcoin Strategy Amid Geopolitical Tensions

According to CryptoSlate, Standard Chartered has advised investors to consider purchasing Bitcoin when its price falls below $60,000. Despite ongoing geopolitical uncertainties affecting global markets, Geoffrey Kendrick from Standard Chartered sees this dip as a buying opportunity. He notes that while Middle East tensions are pushing prices downwards, potential positive outcomes in the US elections could boost post-election prospects for Bitcoin.

Kendrick emphasizes that, unlike traditional assets like gold, which serve as safe havens during political unrests, Bitcoin acts more like equities and is not immune to such concerns. However, it remains a hedge against systemic financial risks such as bank collapses or issues with US treasuries. The interplay of these factors suggests an interesting dynamic where increased Trump election odds might positively influence Bitcoin’s future value.

Sweeping Liquidations Hit Crypto Market

The crypto market faced significant turmoil recently due to mass liquidations impacting over 100,000 traders amidst a downturn reported by CryptoCurrencyNews. On October 3rd alone, the price of Bitcoin briefly dipped below $60k before recovering slightly above this critical threshold, marking instability within the market environment.

This volatility led to approximately $295 million worth of positions being closed in just one day—most notably long positions anticipating rising prices were hit hard, with around $246 million affected, according to coinglass.com data analysis shared by Cryptocurrency News sources online. Many traders shifted towards stablecoins seeking safety amid uncertainty surrounding both macroeconomic events globally and heightened geopolitical tension worldwide.

$450 Million Lost Due To Long Position Liquidation In Bearish Trend

The Tech Report highlights how recent bearish trends have forced massive liquidation among cryptocurrency holders, totaling some staggering amounts exceeding half a billion dollars ($450M). This was primarily driven by declines in BTC values dropping lower than expected levels, causing widespread panic selling behavior amongst various investor groups internationally.

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Article Summary

Standard Chartered suggests buying Bitcoin below $60,000 amid geopolitical tensions, viewing it as a hedge against systemic financial risks despite its volatility similar to equities. Recent market turmoil led to significant liquidations totaling over $450 million due to bearish trends and instability in the crypto environment.