Standard Chartered Bank: Bitcoin price may fall to around $50,000

BlockBeats news, May 1, according to The Block, Standard Chartered Bank said that as the price of Bitcoin fell below the $60,000 mark and is currently hovering around $57,000, it may fall further to around $50,000. Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said: "The price of Bitcoin fell below $60,000 and has now reopened the path to the $50,000-$52,000 range. The driving factors appear to be a combination of cryptocurrency-specific and broader macro factors." Concerns about cryptocurrencies include five consecutive days of outflows from the U.S. Bitcoin spot ETF and the market's poor response to the launch of Bitcoin and Ethereum spot ETFs in Hong Kong.