Winning Bizness Desk

Mumbai. The new year can be even worse for the world's largest cryptocurrency Bitcoin. Standard Chartered, one of the world's largest banks, has estimated that in the new year, Bitcoin investors may shed more tears and its price may fall by 70 percent. The bank said that in the year 2023, the price of bitcoin (Bitcoin Price) can come near $ 5 thousand, which is currently trading around $ 17,500. The question of what lies ahead for digital assets has arguably never been harder to answer following the collapse of Sam Bankman-Fried's FTX exchange and sister trading house Alameda Research. Due to this explosion, there is a danger of a fall in the prices of crypto companies and buffet tokens.

Forced selling is now over

Sean Farrell, head of digital asset strategy at Fundstrat, wrote in a note on Friday that forced selling is now over in the crypto market. Farrell pointed to the ongoing uncertainty surrounding Digital Currency Group, the parent company of embattled crypto brokerage Genesis. Creditors of Genesis are exploring options to save the brokerage from bankruptcy.

Gold can get benefit

Robertson of Standard Chartered said that the fall in the crypto currency market can benefit the price of gold. He said that next year the price of gold can be seen at $ 2,250 an ounce, which is currently less than $ 1850 an ounce. In the last few days, there has been a good increase in the price of gold. Layoffs continue in the crypto sector. Digital-asset exchange Bybit is planning to cut 30 per cent of its workforce. On the other hand, about 94 percent of Bloomberg's MLIV Pulse survey believes that more explosions can be seen after the bankruptcy of FTX. At present, bitcoin stable is visible. Coin is trading at $17,317.79, up 1.76 percent, according to MarketCap.com.