Bitcoin’s correction might extend to $50,000: Standard Chartered

Standard Chartered is warning that the current correction could extend all the way down to the $50,000 to $52,000 range. A mix of crypto-specific factors and broader economic conditions, like stubborn inflation and the reduced likelihood of Fed rate cuts, are putting immense pressure on the alpha crypto.

Meanwhile, an opinion piece from Blockworks says that the Samourai Wallet case “matters more than your memecoins.” The founders are facing some serious heat from state authorities, and the war on crypto mixers is taking a huge turn. The arrests and indictment of the privacy-focused wallet’s co-founders are a big deal, perhaps even bigger than most in the crypto community realize. This case could have far-reaching implications for developers, centralization, and the US as a hub for tech innovation, the op-ed’s author said.

Legal troubles seem to abound in the crypto industry, and the latest headline to catch everyone’s attention is Binance founder Changpeng Zhao. The former crypto exchange boss was sentenced to four months in prison for regulatory failures that allowed cybercriminal and terrorist activities to take place on the platform. It’s a shorter sentence than prosecutors were hoping for, but remains as a reminder that yes, even the biggest players in the space aren’t above the law.

• Bitcoin’s correction might extend to $50,000: Standard Chartered
• Samourai Wallet matters more than your memecoins [op-ed]
• Binance founder Changpeng Zhao sentenced to four months in prison

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