Standard Chartered Says Bitcoin Must Hold the Line for DeFi to Beat TradFi | US Crypto News
Welcome to the US Crypto News Morning Briefing—your important rundown of the most vital developments in crypto for the day forward.
Grab a espresso! Standard Chartered’s newest market observe isn’t just about worth targets. Geoff Kendrick, the financial institution’s Head of FX and Digital Assets Research, says Bitcoin now carries the weight of DeFi’s future. If it collapses, so might the dream of decentralized finance.
Crypto News of the Day: Standard Chartered Says Bitcoin Carries the Weight of DeFi’s Future
Standard Chartered’s Head of FX and Digital Assets Research, Geoff Kendrick, has warned that DeFi’s future hinges on one essential situation: that Bitcoin remains structurally sound.
Speaking forward of the Singapore FinTech Festival (SFF), Kendrick described Bitcoin as the “apex asset” underpinning DeFi’s development. He additionally famous that any main collapse would undermine the broader digital finance motion.
“It is truthful to say today I spend most of my time speaking about DeFi taking up TradFi…however for that to be doable, as the apex asset, Bitcoin wants to not collapse,” Kendrick wrote in an electronic mail.
His feedback come as establishments, regulators, and innovators plan to converge in Singapore subsequent week to focus on blockchain infrastructure and the way forward for open finance.
For Standard Chartered, considered one of the few main banks to actively publish digital asset research, Kendrick’s framing represents a shift from speculative to systemic fascinated by Bitcoin’s position in the international economic system.
While many analysts deal with worth targets, Kendrick’s current commentary emphasizes Bitcoin’s stability as a basis for DeFi’s legitimacy.
“DeFi can’t exchange conventional finance if its cornerstone asset is risky or unreliable,” one market observer mentioned in response to Kendrick’s remarks.
Against this backdrop, Kendrick laid out a structured three-step accumulation plan for Bitcoin traders, suggesting that the recent dip below $100,000 “could also be the final one ever.” His proposed technique contains:
- Buying 25% of a goal allocation at present ranges,
- Another 25% if Bitcoin closes above $103,000, and
- The the rest (50%) as soon as the Bitcoin–gold ratio climbs above 30.
It aligns with remarks from a earlier observe to purchasers, the place Kendrick said that Bitcoin’s sub-$100,000 strikes could possibly be its final. As indicated in a US Crypto News publication, the financial institution’s govt famous that it might additionally mark the remaining entry level earlier than a renewed bull part.
Charts of the Day
Byte-Sized Alpha
Here’s a abstract of extra US crypto information to observe as we speak:
- Ethereum whales buy $1.37 billion in ETH amid 12% November worth drop.
- Bitwise CIO Matt Hougan: “Good DATs do exhausting issues — unhealthy DATs Get Punished.”
- Circle bows to Second Amendment strain in latest USDC policy update.
- Robinhood Q3 crypto income surges to $268 million. Will they launch a token?
- Metaplanet defies Bitcoin bear: Leveraging for long-term treasury.
- Chainlink secures main take care of SBI Digital Markets amid LINK supply drop.
- Zcash price breakout extends with quantity assist — No signal of exhaustion but.
- Why Internet Computer’s (ICP) 100% rally might just be getting started.
Crypto Equities Pre-Market Overview
| Company | At the Close of November 5 | Pre-Market Overview |
| Strategy (MSTR) | $255.00 | $252.70 (-0.90%) |
| Coinbase (COIN) | $319.30 | $318.90 (-0.13%) |
| Galaxy Digital Holdings (GLXY) | $31.44 | $32.17 (+2.32%) |
| MARA Holdings (MARA) | $17.33 | $17.09 (-0.23%) |
| Riot Platforms (RIOT) | $18.97 | $19.03 (+0.32%) |
| Core Scientific (CORZ) | $21.80 | $21.96 (+0.73%) |
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