800 billion banking giant enters BTC spot trading sparking Bitcoin price prediction
Mainstream financial institutions are increasingly expressing interest in entering the cryptocurrency sector due to rising client demand. Leading bank Standard Chartered is taking significant steps to expand its involvement in cryptocurrencies by planning to introduce spot trading services for Bitcoin (BTC) and Ethereum (ETH), as reported by Bloomberg on June 21. This move will make Standard Chartered the first major global bank to establish a spot cryptocurrency trading desk, given its vast assets exceeding 800 billion.
According to Bloomberg’s sources, the bank will integrate trading activities into its FX unit, with operations primarily based in London. Standard Chartered stated, “We have been working closely with our regulators to support demand from our institutional clients to trade bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”
In addition to the planned spot trading desk, Standard Chartered has existing stakes in crypto-focused firms like Zodia Custody and Zodia Markets, offering crypto custody and over-the-counter trading services. Moreover, the bank launched a blockchain unit named Libeara in November to aid institutions in tokenizing real-world assets.
Standard Chartered maintains a positive outlook on the general crypto sector, with predictions like Bitcoin potentially reaching $150,000 by 2024. To analyze Bitcoin’s future trading behavior post the desk’s launch, Finbold consulted OpenAI’s advanced artificial intelligence tool, ChatGPT-4o. The tool suggested that the move will likely boost Bitcoin’s value by reflecting positive market sentiments and driving adoption rates, leading to increased prices.
However, the AI platform highlighted that Bitcoin’s price could also be influenced by factors such as regulation, macroeconomic elements, and competition. ChatGPT-4o provided three scenarios for Bitcoin’s price post the launch of Standard Chartered’s trading desk. In the most bullish outlook, Bitcoin could experience a significant surge of 20-30%, bringing its value to $76,800 to $83,200. A moderate scenario could result in a 5-10% increase, with Bitcoin’s value ranging from $67,200 to $70,400. Conversely, adverse market conditions could lead to stability or a slight decline in Bitcoin’s value, hovering around $64,000 or dropping to $60,000 to $62,000.
Despite these predictions, Bitcoin is currently facing bearish sentiments, with a 4% correction in the last 24 hours, trading at $63,609 at the time of writing. It is essential to note that the content on this site should not be considered investment advice, as investing in cryptocurrencies is speculative and carries risks to your capital.