Standard Chartered Claims Crypto Winter Over as Bitcoin Recovers from $60K Low
Standard Chartered analyst Geoff Kendrick claims the cryptocurrency market has reached its lowest point after Bitcoin's decline to nearly $59,000. He suggests potential catalysts for recovery, including geopolitical developments and a significant IPO by SpaceX, as reported by Decrypt.
In a recent analysis, Standard Chartered’s global head of digital asset research, Geoff Kendrick, asserted that the cryptocurrency market has likely hit its lowest point following Bitcoin's notable drop below $60,000. He referenced the 53% decline from Bitcoin's all-time high of approximately $126,000 recorded eight months prior, stating, "I think we have now seen the low in crypto asset prices. Winter is over."
Kendrick indicated that potential catalysts for a market rebound include signs of a peace agreement between the U.S. and Iran, alongside the upcoming IPO of SpaceX, valued at around $1.75 trillion. He posited that a confirmed turnaround will require ongoing decreases in oil prices, more inflows into Bitcoin exchange-traded funds (ETFs), and an increased interest from investors in purchasing Bitcoin.
Bitcoin's recent performance shows it trading above $64,000, experiencing a 5% increase within a week. However, in the same timeframe, the total market capitalization of all tracked cryptocurrencies slightly declined from $2.29 trillion to approximately $2.277 trillion. Kendrick also noted that external factors, such as surging energy costs attributed to geopolitical tensions, have negatively impacted risk assets, including cryptocurrencies.
Kendrick’s outlook aligns with broader market sentiments as the crypto sector has faced challenges after reaching record highs. Furthermore, he highlighted that developments in international relations, particularly regarding oil supply challenges, could significantly influence market dynamics. He observed that the latest figures indicate West Texas Intermediate crude prices fell by 1.5% to $86 per barrel.
As the crypto landscape continues to evolve, investors may need to watch for indicators such as changes in oil prices, shifts in regulatory landscapes, and significant IPOs that may impact market momentum.
Summary based on original reporting by André Beganski at Decrypt, originally published Jun 12, 2026. SolanaWire does not republish source content.
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