The crypto market has taken a heavy beating since Bitcoin notched all-time highs eight months ago, though it’s likely past its nadir, according to Standard Chartered’s Geoff Kendrick.

The investment bank’s global head of digital asset research posited in a Friday note that Bitcoin’s recent fall to nearly $59,000 marked crypto winter’s most frigid conditions—representing a 53% drawdown from its peak price of $126,000 in October.

“I think we have now seen the low in crypto asset prices,” he wrote. “Winter is over.”

Developments on Friday are shaping up as catalysts for a crypto market that has proved tepid in recent months, Kendrick added, pointing to signs of a potential peace deal between the U.S. and…