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Standard Chartered’s Chief Analyst Commentary on Bitcoin

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Jeffrey Kendrick, research manager of foreign exchange and digital assets at British banking giant Standard Chartered, said today’s decline, along with news from China, provided a buying opportunity.

“Now is the time to buy dips…”

Kendrick, who gave a statement to US media outlet The Block, attributed today’s decline specifically to the Bitcoin-Nasdaq correlation. Pointing out that Bitcoin is more correlated with the Nasdaq than gold, the analyst said, “Bitcoin shows a strong correlation with the Nasdaq. The crypto policies of the Trump administration are now clear. The uncertainty is over.” “Now is the time to buy dips,” he said.

“Trump Was Disappointing”

Stating that he was disappointed by the Trump administration’s crypto decrees and actions last week, the veteran analyst said:

“It was disappointing that it was called ‘stock’ instead of ‘reserve’. So, for now, a move through cryptocurrencies in stock instead of new purchases is being considered. Also the decree The phase is over, so the next steps will be through Congress. “Of course, it will take time.”

“Altcoin bulls can be mild,” he said

As you may recall, Kendrick said in his last report about the “altcoin bull” that had high expectations, “The altcoin bull may remain weaker and milder than expected, as institutions and large companies buy Bitcoin. And will turn more towards the ether.”

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