Market sentiment is weak, and cryptocurrencies face risks.
Jeff Kendrick of Standard Chartered Bank said that as risk appetite wanes, Bitcoin and Ethereum may face further declines. Weakness in the U.S. economy, reduced market expectations for a Fed rate cut before June, and a decline in digital asset ETF holdings are all putting pressure on the market. Kendrick believes Bitcoin could fall to $50,000, and Ethereum could drop to $1,400. Bitcoin recently traded at $67,869, having hit a 16-month low of $60,008 last week; Ethereum traded at $1,984, having previously touched a 9-month low of $1,751.
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