The trade war initiated by US President Donald Trump******, especially global markets, has also negatively affected Bitcoin and cryptocurrency markets.
Bitcoin has fallen to levels not seen since November 2024, while Standard Chartered stated that Bitcoin dropping to $74,700 means the markets will become ugly.
According to DL News, Standard Chartered’s head of digital assets Geoff Kendrick stated in today’s note that the declines could be a harbinger of bad things when the US markets open.
"Sometimes the movements of cryptocurrencies on Sunday tell you what stocks will do on Monday.
If the situation is the same again, the stock market opening on Monday could be uglier.
Despite all the declines, Kendrick stated that Bitcoin will eventually serve as a hedge against customs duties.
Kendrick stated that the decline could benefit Bitcoin in the long run, adding that the recent wave of selling in Bitcoin will decrease and that BTC could return to its Friday close of around $84,000 unless there is a broader risk-off movement in traditional markets.
On the cryptocurrency betting platform Polymarket, the likelihood of Bitcoin’s price being below $78,000 on April 11 is priced at 55%.
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