Analysts cite geopolitical relief and SpaceX IPO as catalysts for crypto market recovery following a 53% drawdown from peak levels.
Standard Chartered’s digital asset research head stated Bitcoin’s recent dip to nearly $59,000 likely marked the lowest point for crypto assets, ending an eight-month decline. The drawdown reached 53% from October’s peak of $126,000.
The firm highlighted potential U.S.-Iran peace talks and SpaceX’s $1.75 trillion IPO as key drivers for renewed market momentum. Rising oil prices and higher Treasury yields had previously weighed on risk assets, including cryptocurrencies.
Confirmation of a sustained recovery depends on falling oil prices, renewed Bitcoin ETF inflows, and institutional buying appetite, the note added.