🌙 Bitcoin Could Drop to $50,000

Standard Chartered has forecasted a potential significant decline in Bitcoin prices, suggesting a downturn to as low as $50,000.

Author

Mike Gavela
May 01, 2024

Crypto Roundup - May 1

In recent cryptocurrency news, the outlook for Bitcoin appears somewhat bearish with predictions suggesting a potential drop to as low as $50,000, according to Standard Chartered. This forecast comes amidst a backdrop of Bitcoin currently trading below its typical spot ETF purchase price, which could trigger further sell-offs. Meanwhile, the overall market sentiment is showing signs of stabilization, with Bitcoin and Ethereum trading sideways after the Federal Reserve decided to leave interest rates unchanged. In a separate development, the crypto space is seeing increased activity in decentralized identity solutions and ordinals inscriptions, with companies like Orange and MicroStrategy exploring new applications and adoption strategies​

Top Stories:

  • Bitcoin could drop to $50,000: Standard Chartered has forecasted a potential significant decline in Bitcoin prices, suggesting a downturn to as low as $50,000.

  • Market stabilizes as Fed holds rates: Both Bitcoin and Ethereum have shown minimal movement, trading sideways following the Federal Reserve's decision to maintain current interest rates.

  • Advancements in decentralized identity: The adoption of decentralized identity solutions and ordinals inscriptions is growing, with notable corporate interest enhancing the applications and utility of blockchain technology.

TOP STORIES

Bitcoin Could Drop Further to as Low as $50K, Standard Chartered Says

The cryptocurrency is now trading below the average spot ETF purchase price of about $58K, and this could trigger liquidations, the bank said in a report.

www.coindesk.com/business/2024/05/01/bitcoin-could-drop-further-to-as-low-as-50k-standard-chartered-says

Bitcoin, Ethereum Trade Sideways as Fed Leaves Interest Rates Untouched - Decrypt

Amid signs of stubborn inflation in the U.S., the central bank kept its key interest rate at its highest level in more than 23 years.

decrypt.co/229041/bitcoin-ethereum-trade-sideways-as-fed-leaves-interest-rates-untouched

MicroStrategy Is Building ‘Decentralized ID’ on Bitcoin Using Ordinals-Like Inscriptions - Decrypt

Michael Saylor announced the Orange protocol for decentralized identification, hoping to anchor digital identities in the dominant blockchain.

decrypt.co/229087/orange-decentralized-identity-ordinals-inscriptions-microstrategy

FUNDRAISES

OTHER HEADLINES

Tether nets record $4.5B profit in Q1 2024 — majority from Bitcoin and gold

The majority, or $3.52 billion, of the profit stemmed from the firm’s financial gains on Bitcoin and gold, while the additional $1 billion came from operating profits.

cointelegraph.com/news/tether-record-4-52-billion-profit-q1-2024

DOJ charges Roger Ver with tax fraud

The DOJ is seeking Roger Ver’s extradition for a trial in the US, and he was arrested in Spain on US criminal charges. 

blockworks.co/news/roger-ver-tax-fraud-charges

Bitcoin miner Riot Platforms reports record $211M Q1 net income

Bitcoin miner Riot Platforms reported a $211 million net income in Q1 2024 thanks to Bitcoin’s price jump over the quarter.

cointelegraph.com/news/riot-platforms-q1-results-record-211-million-net-income

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