Standard Chartered Expects BTC Crash to $5K, Blame SBF

• Senior strategist of Standard’s Chartered predicted Bitcoin’s value to fall to as low as $5,000 in 2023
• Gold’s prince on the other hand could surge to 30%
• SBF fall continues to shock the crypto space

According to the global research head and senior strategist of Standard’s Chartered, the value of Bitcoin could fall to as low as $5,000 in 2023.

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As first reported by Bloomberg, in a letter to investors issued on December 4, the chief strategist of the global bank, Eric Robertsen, considered a potential decline in Bitcoin’s value in relation to an increase in physical gold.

Robertsen presented potential possibilities for 2023, including a reversal of interest rate hikes from 2022, additional cryptocurrency industry bankruptcies, and unfavorable sentiment toward the market.

This could result in a further 70% decrease in Bitcoin’s market value over the course of the following year, whilst gold’s per-ounce price could increase by as much as 30% to $2,250.

For the entirety of the cryptocurrency ecosystem, the final months of 2022 have been turbulent. The bankruptcy of Sam Bankman-FTX Fried’s bitcoin exchange and Alameda Research hedge fund sent shockwaves throughout the sector in an already difficult year.

As of the time of writing, Bitcoin trades at a low price below $20K with a 24-hour trading volume of $22 billion. 

In other news, Sam Bankman-Fried appeared to acknowledge facts about the defunct FTX cryptocurrency exchange. SBF admitted that funds were meant to be kept in separate customer accounts with other company businesses.

This made it challenging for investors who believed they had straightforward positions to get their money out as digital asset prices fell early last month.

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