Jeffrey Kendrick from Standard Chartered explained the recent crypto market crash. Key reasons:
- High correlation between Bitcoin and the stock market, which took a hit after DeepSeek unveiled its new AI model
- Nasdaq plunge and tech giant losses, including NVIDIA and OpenAI
On January 27, Bitcoin dropped below $99,000, with liquidations exceeding $700 million
Kendrick called this a buying opportunity and reaffirmed Standard Chartered’s forecast: $200,000 for Bitcoin and $10,000 for Ethereum by the end of 2025.