The trade war initiated by US President Donald Trump has negatively affected global markets, especially Bitcoin and cryptocurrency markets.
As Bitcoin plunges to levels not seen since November 2024, Standard Chartered says a drop to $74,700 means markets are about to get ugly.
According to DL News, Geoff Kendrick, head of digital assets at Standard Chartered, said today's downgrades could be a sign of bad things to come when U.S. stock markets open.
“Sometimes the cryptocurrency movement on Sunday tells you what stocks will do on Monday.
If the situation remains the same, the stock market opening on Monday could be even uglier.”
Despite the decline, Kendrick said Bitcoin will ultimately be a hedge against tariffs.
Kendrick noted that the decline could benefit Bitcoin in the long run, adding that the recent sell-off in Bitcoin will subside and BTC could return to its Friday close of around $84,000 unless there is a broader risk-off move in traditional markets.
Cryptocurrency betting platform Polymarket also prices a 55% chance that Bitcoin’s price will trade below $78,000 on April 11.
*This is not investment advice.
