According to DL News, Bitcoin has fallen 10% in the past 24 hours, trading slightly below $74700 as US President Trump's trade war continues to impact global markets. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, warned that "the trend of cryptocurrencies on Sunday often indicates the performance of the stock market on Monday. If the pattern is confirmed, the opening today will be very tragic." Last Friday, the Nasdaq 100 index plummeted by 5%, and the Dow Jones index plummeted by more than 2200 points. CNBC's "Mad Money" host Jim Cramer directly pointed out that this is a "man-made catastrophic collapse," and its trend is surprisingly similar to the first three days of "Black Monday" in 1987.
Despite the market downturn, Kendrick believes that Bitcoin will benefit in the long run. He expects Bitcoin to soon rebound to last Friday's level of $84000 and proves that although it is not "digital gold", it still has hedging capabilities during market turbulence. Kendrick emphasized in the report that "Bitcoin will become a tariff risk hedging tool in this round of trade war. The isolationist policies of the United States will exacerbate the risks of holding fiat currencies, ultimately benefiting Bitcoin