Will Canny is a finance reporter at CoinDesk.n
Standard Chartered said that the digital asset is not a safe haven against geopolitical risk.price and push it below the $60,000 level before the weekend, still, the dip should be bought, investment bank Standard Chartered said in emailed comments Thursday."Gold is a geopolitical hedge," wrote Geoff Kendrick, global head of digital assets research at Standard Chartered, adding that"BTC is a hedge against TradFi issues such as bank collapses or de-dollarisation/U.S.
The bank noted that geopolitical concerns depressed the bitcoin price while at the same time increasing Donald Trump's odds of winning the U.S. election in November,"which improves BTC's post-election probabilities." Options market activity also supports this view, with open interest for the bitcoin December expiry at 80,000 jumping in recent days, the report noted.
Bitget Research echoed this positive sentiment."Despite the general downturn, institutional investors continue to buy digital currency at a rate at par or higher than the quantity mined daily," said Ryan Lee, chief analyst of Bitget Research, in emailed comments. Bitcoin was trading around $60,500 at publication time, falling about 0.4% on the day, while broader crypto market index CoinDesk 20 (in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Safe-haven yen rallies, Aussie sinks as markets brace for US payrolls testSafe-haven yen rallies, Aussie sinks as markets brace for US payrolls test
Read more »
No safe haven for cyclists | Morning NewsletterA rural Jersey cycling destination is grappling with safety issues after the Gaudreau brothers were killed while riding there. Plus, Pennsylvania's electoral 'diploma divide.'
Read more »
On 9/11 anniversary Afghan opposition leader warns country once again a 'safe haven for terrorists'Afghan National Resistance Front leader Ahmad Massoud is warning U.S. leaders not to be complacent and that the threat of terrorism from Afghanistan 23 years after 9/11 still persists.
Read more »
Baby Surrendered to First Safe Haven Baby Box Ever InstalledSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
'I feel a lot safer': Hurricane Helene evacuees find safe haven on Treasure CoastHurricane Helene evacuees have found temporary refuge along the Treasure Coast.Among them is a group of college students from Eckerd College in St. Petersburg.
Read more »
Gold Surges 40% as Global Uncertainty Drives Safe-Haven DemandGold prices have surged nearly 40% over the past year, outpacing the stock market's gains. The rally is attributed to global uncertainty, a weakening US dollar, and anticipation of further interest rate cuts by the Federal Reserve.
Read more »