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Let’s have coffee! Standard Chartered’s latest market note is not just about price targets. Jeff Kendrick, head of foreign exchange and digital asset research at the bank, says Bitcoin now carries the weight of DeFi’s future. If that collapses, the dream of decentralized finance could also collapse.
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Today’s crypto news: Standard Chartered says Bitcoin carries weight in DeFi’s future
Jeff Kendrick, head of currency and digital assets research at Standard Chartered, warned that the future of DeFi depends on one key condition: Bitcoin remains structurally sound.
Speaking ahead of the Singapore FinTech Festival (SFF), Kendrick described Bitcoin as the “pinnacle asset” supporting the growth of DeFi. He also noted that a major failure would undermine the broader digital finance movement.
“It’s safe to say that these days I spend most of my time talking about DeFi taking over TradFi…but for that to be possible, Bitcoin as an apex asset needs to not collapse,” Kendrick wrote in an email.
His comments come as institutions, regulators and innovators are scheduled to gather in Singapore next week to discuss the future of blockchain infrastructure and open finance.
For Standard Chartered, one of the few major banks to actively publish its digital asset research, Kendrick’s framework represents a shift from speculative to systemic thinking about Bitcoin’s role in the global economy.
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While many analysts are focused on price targets, Kendrick’s recent comments highlight Bitcoin’s stability as the foundation of DeFi’s legitimacy.
“DeFi cannot replace traditional finance if the core assets are unstable and unreliable,” one market source said in response to Kendrick’s remarks.
Against this backdrop, Kendrick laid out a structured three-step accumulation plan for Bitcoin investors and suggested that the recent drop below $100,000 “may be the last ever.” Strategies he suggests include:
Buy 25% of your target allocation at current levels, another 25% if Bitcoin closes above $103,000, and the remaining (50%) if Bitcoin to gold ratio exceeds 30.
This is in line with what Kendrick said in an earlier note to clients, where he said Bitcoin’s price movement below $100,000 could be the last. As indicated by the US Crypto News publication, the bank’s executives said that this is also the last entry point before entering another bullish phase.
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Here’s a rundown of US crypto news to follow today.
