REI

Standard Chartered Bank's Head of Digital Asset Research: Bitcoin's rebound will depend on two major catalysts, namely a recovery in risk assets overall or favorable news such as sovereign purchases

ChainCatcher news, according to The Block, Standard Chartered's Head of Digital Assets Research Geoff Kendrick stated that the recent decline in Bitcoin's price is primarily influenced by the pressure from broader risk assets, rather than issues within the cryptocurrency itself. "From a volatility-adjusted basis, Bitcoin's performance is highly correlated with the 'seven tech stocks plus Bitcoin' portfolio," Kendrick noted in an email on Tuesday, "Tesla performed the worst, while Meta and Apple performed the best, with the rest being similar to Bitcoin."Kendrick believes that Bitcoin's rebound will depend on two main catalysts: a recovery in risk assets overall or Bitcoin-specific positive news (such as sovereign purchases). He pointed out that clearer tariff policies or a rapid rate cut by the Federal Reserve would help boost the market, "the probability of a rate cut in the May meeting rising from the current 50% to 75% could trigger a rebound." Although Bitcoin may quickly test the $69,000 support level if it falls below $76,500 in the short term, he still maintains a target forecast of $200,000 by the end of 2025.Next week's Federal Reserve interest rate decision will be a significant test for Bitcoin. Rohit Jain, Managing Director of CoinDCX Ventures, stated that if the Federal Reserve maintains the current interest rates as expected, it could lead to Bitcoin testing the $70,000 support level.

Binance executives reiterated that a Nigerian lawmaker had demanded a $150 million bribe in exchange for dropping the lawsuit against Binance

ChainCatcher news, Binance's financial crime compliance officer Tigran Gambaryan recently reiterated that a rogue Nigerian lawmaker demanded a $150 million bribe in exchange for dropping the lawsuit against Binance. The relevant lawmaker wanted the funds to be transferred directly to their cryptocurrency wallet, using "fake cameras and media" to make the meeting with visiting Binance executives appear legitimate.In May 2024, reports emerged that Binance CEO Richard Teng accused members of the Nigerian House of Representatives Financial Crimes Committee (HCFC) of soliciting a $150 million bribe. At that time, Nigeria's Minister of Information Mohammed Idris denied the allegations, stating that it was a strategy by the company to "hurry to cover up the serious criminal charges it faces."However, Gambaryan insisted that this attempt was indeed conducted with the involvement of Nigeria's Department of State Services (DSS). He also stated, "The Nigerian government has publicly claimed that there is $26 billion in mysterious funds (through Binance) flowing out of Nigeria, which is completely nonsense. This information was provided at their request; it is merely the cumulative trading data of Nigerians on the platform. This money did not flow out of Nigeria—people are just buying and selling cryptocurrency. For example, if you trade $100 a hundred times, that amounts to $10,000 in trading volume, but in reality, you only used $100. Similarly, this is just another example of their lies to cover up a false investigation."Just after Gambaryan shared these explosive details, Nigeria's Minister of Information Idris issued a statement denying them. However, the statement acknowledged the bribery allegations, but Idris pointed out that it was the Nigerian government that initiated the investigation, "even though no one has formally filed a lawsuit." His statement also revealed that the Nigerian government rejected a U.S. proposal to pay $5 million in exchange for Gambaryan's release.
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