The Daily: Standard Chartered warns of further ‘pain and final capitulation’ for BTC and ETH, Binance completes $1B SAFU conversion to bitcoin, and more
Standard Chartered predicts more pain for crypto before a rebound, while Binance finalized its $1B SAFU reserve conversion to Bitcoin.Summary
The Crypto Fear & Greed Index hit a record low of 5, signaling extreme fear in the market. Standard Chartered warns of further 'pain and final capitulation' for digital assets, forecasting Bitcoin could drop to $50,000 and Ether to $1,400 before rebounding later this year, significantly lowering prior year-end targets. In major exchange news, Binance completed the conversion of its $1 billion SAFU reserves entirely into Bitcoin, holding 15,000 BTC. Additionally, Coinbase CEO Brian Armstrong's stock sales over nine months have surpassed $545 million, contributing to a recent slip in COIN shares. Other developments include Trump-linked World Liberty Financial planning a foreign exchange remittance service and Israeli authorities indicting individuals for alleged insider betting on Polymarket using classified military intelligence.
(Source：The Block)