{"id":20688,"date":"2025-01-28T10:51:46","date_gmt":"2025-01-28T08:51:46","guid":{"rendered":"https:\/\/forklog.com\/en\/standard-chartered-says-buy-bitcoin-on-weakness\/"},"modified":"2025-01-28T10:51:46","modified_gmt":"2025-01-28T08:51:46","slug":"standard-chartered-says-buy-bitcoin-on-weakness","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/standard-chartered-says-buy-bitcoin-on-weakness\/","title":{"rendered":"Standard Chartered says buy bitcoin on weakness"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Analysts expect a shift from a &#8220;loss-of-hope&#8221; phase to &#8220;buying the dip&#8221;.<\/li>\n<li>The 30 January meeting of the <span data-descr=\"United States Federal Reserve System\" class=\"old_tooltip\">the Fed<\/span> and Big Tech earnings will be pivotal for market direction.<\/li>\n<li>Arizona\u2019s Senate Finance Committee has passed a bill to create a bitcoin reserve.<\/li>\n<\/ul>\n<\/div>\n<p>Bitcoin\u2019s slide, driven by the DeepSeek factor, should be viewed as a buying opportunity ahead of potential market stabilisation, Standard Chartered has concluded, writes<a href=\"https:\/\/www.theblock.co\/post\/337168\/standard-chartered-bitcoin-nasdaq-buy-the-dip\"> The Block<\/a>.<\/p>\n<p>Analysts noted the asset\u2019s &#8220;painful correlation&#8221; with the Nasdaq index and flagged earnings from Microsoft, Meta and Tesla due on 29 January, as well as a meeting of the <span data-descr=\"United States Federal Reserve System\" class=\"old_tooltip\">the Fed<\/span>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The risk li<\/em>es in <em>continued selling of high-technology stocks, which would push the first cryptocurrency down to the next important support levels. In particular, the average purchase price of <\/em><em>ETF<\/em><em> after <\/em><a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-becomes-47th-president-of-the-united-states-implications-for-the-crypto-industry\"><em>Donald Trump\u2019s election victory<\/em><\/a><em> is $96,400,&#8221; <\/em>the review said<em>.<\/em><\/p>\n<\/blockquote>\n<p>They also pointed to market uncertainty after the US president signed an executive order to create a working group on digital-asset markets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The disappointment was twofold. First, it spoke of a \u2018stockpile\u2019 rather than a \u2018reserve\u2019, which suggests seized rather than purchased assets. Second, any further steps require the involvement of Congress, which will take some time,&#8221;<\/em> the experts explained.<\/p>\n<\/blockquote>\n<p>The market has thus gone through a &#8220;loss-of-hope&#8221; reaction, reducing the risk of a deeper correction and paving the way for a shift to a &#8220;buy-the-dip&#8221; phase.<\/p>\n<p>Earlier, analysts forecast &#8220;digital gold&#8221; and Ethereum could reach $200,000 and $10,000, respectively, by year-end on institutional demand via ETFs, with a &#8220;light&#8221; altcoin season as attention concentrates on the main cryptocurrencies.<\/p>\n<div class=\"wp-block-text-wrappers-update article_update\"><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Fundstrat co-founder Tom Lee <a href=\"https:\/\/www.coindesk.com\/markets\/2025\/01\/28\/tom-lee-calls-monday-s-market-plunge-a-great-buying-opportunity-after-ai-crypto-led-rout\">called<\/a> the 27 January sell-off in US equities an &#8220;overreaction&#8221;. He urged investors to look at Nvidia, calling it &#8220;the biggest buying opportunity since the pandemic&#8221;.<\/p>\n<p>The <a href=\"https:\/\/www.ft.com\/content\/674758d7-ffdf-4b88-bb73-f539b56ac4b1\" title=\"\">Financial Times<\/a> compared Nvidia\u2019s share performance with Cisco, noting similarities up to the point of the <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9F%D1%83%D0%B7%D1%8B%D1%80%D1%8C_%D0%B4%D0%BE%D1%82%D0%BA%D0%BE%D0%BC%D0%BE%D0%B2\" title=\"\">dot-com crash in 2021<\/a>. <\/p>\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1412.webp\" alt=\"1-1412\" class=\"wp-image-250620\" style=\"width:840px;height:auto\"\/><figcaption class=\"wp-element-caption\">Data: Financial Times.<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"wp-block-heading\">A seed of doubt<\/h2>\n<p>QCP Capital questioned whether bullish sentiment can return without confirmation of a Strategic Bitcoin Reserve.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">QCP: As for BTC, we do not foresee a break higher without confirmation on a Strategic Bitcoin Reserve. The Trump administration&#8217;s evaluation for a &#8216;national digital asset stockpile&#8217; was not enough to sustain bullishness. However with China&#8217;s Deepseek threatening the US market, we\u2026 <a href=\"https:\/\/t.co\/7Goy5DxtTA\">https:\/\/t.co\/7Goy5DxtTA<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1883813947712925911?ref_src=twsrc%5Etfw\">January 27, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>They pointed to the options market, where the skew shifts in favour of calls starting with March expiries. The picture could change if Trump seeks to &#8220;play the hero&#8221; to neutralise the DeepSeek effect, they added.<\/p>\n<p>In their view, markets are nervously awaiting the <span data-descr=\"United States Federal Reserve System\" class=\"old_tooltip\">Fed<\/span> meeting scheduled for 29 January. Investors are watching for possible changes in monetary policy that could affect financial markets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Bitcoin should remain relatively resilient as prices stay within a familiar range,&#8221;<\/em> the comment said.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">A US bitcoin reserve: now more than rhetoric<\/h2>\n<p>On 28 January the Arizona Senate\u2019s Finance Committee approved a bill allowing state funds to be invested in digital gold and other cryptocurrencies.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BIG BREAKING: I can confirm that Arizona has become the 1st state in the nation to pass out of committee a bill to create a &#8216;Strategic Bitcoin Reserve&#8217;.<\/p>\n<p>The bill will soon move to a floor vote in the Senate. Congrats to co-sponsors <a href=\"https:\/\/twitter.com\/WendyRogersAZ?ref_src=twsrc%5Etfw\">@WendyRogersAZ<\/a> and <a href=\"https:\/\/twitter.com\/JeffWeninger?ref_src=twsrc%5Etfw\">@JeffWeninger<\/a> for their\u2026 <a href=\"https:\/\/t.co\/nUjt5HccbZ\">pic.twitter.com\/nUjt5HccbZ<\/a><\/p>\n<p>\u2014 Dennis Porter (@Dennis_Porter_) <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1884012987515822086?ref_src=twsrc%5Etfw\">January 27, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The document has moved to the upper chamber\u2019s Rules Committee, which will set parameters for debate and amendments. If the full Senate approves it, the bill will go to the House of Representatives.<\/p>\n<p>According to Dennis Porter, co-founder and CEO of Satoshi Action Fund, Arizona is the first state where a legislative committee has backed the initiative.<\/p>\n<p>He estimates that 15, or even 16, states are considering creating a bitcoin reserve, up from zero just three months ago.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I can confirm that at least 15 states will introduce \u2018Strategic Bitcoin Reserve\u2019 legislation. Maybe even 16. <\/p>\n<p>As a reminder, only 3 months ago this number was zero.<\/p>\n<p>\u2014 Dennis Porter (@Dennis_Porter_) <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1883345343489966189?ref_src=twsrc%5Etfw\">January 26, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, drafting of bills to launch a bitcoin reserve began in, among others, the legislatures of <a href=\"https:\/\/forklog.com\/en\/news\/ohio-proposes-bitcoin-reserve-legislation\">Ohio<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/texas-proposes-bitcoin-reserve-sparking-interest-in-other-states\">Texas<\/a>.<\/p>\n<p>In January, mining firm MARA<a href=\"https:\/\/forklog.com\/en\/news\/mara-advocates-for-bitcoin-reserve-across-the-united-states\"> reported<\/a> lobbying for the initiative across all 50 states and the US federal government.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts expect a shift from a &#8220;loss-of-hope&#8221; phase to &#8220;buying the dip&#8221;. The 30 January meeting of the the Fed and Big Tech earnings will be pivotal for market direction. Arizona\u2019s Senate Finance Committee has passed a bill to create a bitcoin reserve. Bitcoin\u2019s slide, driven by the DeepSeek factor, should be viewed as a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1641,1146,1150,1326,36,1347],"class_list":["post-20688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-reserves","tag-cryptocurrency-market-forecasts","tag-news-plus","tag-qcp-capital","tag-regulation","tag-standard-chartered-plc"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20688"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20687"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}