Standard Chartered “dips create buying opportunities”

Geoffrey Kendrick, the currency and digital assets research manager at the British banking giant Standard Chartered, stated today that the recent declines triggered by news from China have created buying opportunities for Bitcoin and other cryptocurrencies. He emphasized that these market fluctuations could allow investors to acquire digital assets at more favorable prices, potentially leading to significant gains as the market stabilizes.

In an interview with The Block, Kendrick attributed today’s decline primarily to the correlation between Bitcoin and Nasdaq. He noted that Bitcoin is showing a stronger correlation with Nasdaq rather than gold, stating, “Bitcoin continues to demonstrate a strong correlation with Nasdaq. The crypto policies of the Trump administration have now become clear. The uncertainty has dissipated. It’s time to buy the dips.”

“Trump Disappointed”

Kendrick expressed disappointment regarding the recent crypto-related decisions and actions taken by the Trump administration, saying, “The use of ‘stock’ instead of ‘reserve’ was disappointing. This indicates that, for now, the focus is on existing crypto assets rather than new purchases. Additionally, the executive order phase has concluded, meaning that future steps will proceed through Congress, which will naturally take time.”

“Altcoin Bull Market May Be Weak”

Kendrick previously mentioned in his latest report that the anticipated “altcoin bull market” may be weaker than expected, stating, “Institutions and large companies are likely to focus more on Bitcoin and Ether, which could result in a less robust and subdued altcoin bull market.”