Bitcoin Stabilizes in Asian Trading, Holds Above $66,000
According to Bloomberg, Bitcoin stabilized during Friday's Asian trading session, holding above the $66,000 mark. This came after Standard Chartered issued a warning that Bitcoin could see further weakness in the near term, causing short-term market volatility.
In the New York trading session, Bitcoin fell as much as 4%, hitting $65,118, which marked the weekly low. However, the price later rebounded, showing resilience and stabilizing investor sentiment.
Standard Chartered Predicts Bitcoin Could Drop to $50,000
- Standard Chartered previously forecast that Bitcoin might drop to $50,000 before staging a real recovery.
- The bank also revised its year-end price target down to $100,000 from earlier estimates.
- While this outlook pressured the market in the short term, it didn’t entirely shake investor confidence.
Coinbase Reports Quarterly Loss, Adds to Market Concerns
In addition, Coinbase, the largest cryptocurrency exchange in the U.S., reported a loss in the fourth quarter, further contributing to market concerns. This, combined with Standard Chartered’s cautious outlook, added pressure on Bitcoin’s price movement in the short term.
However, as the price stabilizes, the market appears to be reassessing the outlook for risk assets, and Bitcoin may be entering a phase of consolidation in the near term.