The Daily: Standard Chartered warns of further ‘pain and final capitulation’ for BTC and ETH, Binance completes $1B SAFU conversion to bitcoin, and more

In today’s crypto market digest, Standard Chartered analysts have issued a sobering forecast for the near-term price action of Bitcoin (BTC) and Ethereum (ETH). Geoffrey Kendrick, the bank’s head of digital assets research, noted that the market may need to endure a period of ‘pain and final capitulation’ as investor sentiment shifts and spot ETF inflows cool off. Meanwhile, Binance has announced the successful completion of its Secure Asset Fund for Users (SAFU) conversion. The exchange moved the fund’s total assets, valued at approximately $1 billion, into USDC and Bitcoin to ensure long-term stability and transparency for its insurance reserve. Other notable developments include increased regulatory scrutiny in various jurisdictions and a general trend of consolidation across the altcoin market as traders brace for upcoming macroeconomic data releases.

Source: The Daily: Standard Chartered warns of further ‘pain and final capitulation’ for BTC and ETH, Binance completes $1B SAFU conversion to bitcoin, and more