800 billion banking giant joins BTC spot trading sparking Bitcoin price prediction
Conventional financial institutions are increasingly intrigued by the potential of the crypto industry due to rising demand from clients. One major player, Standard Chartered, is taking significant steps to expand its involvement in crypto. According to a report by Bloomberg on June 21, the banking giant is planning to introduce spot trading services for Bitcoin (BTC) and Ethereum (ETH).
This strategic move will position Standard Chartered as the first major global bank to launch a spot crypto trading desk, leveraging its control over assets exceeding $800 billion. The bank aims to incorporate trading activities into its FX unit, with operations based in London, as revealed by sources familiar with the matter cited by Bloomberg.
In a statement, the bank expressed its commitment to working closely with regulators to meet the demand from institutional clients to trade Bitcoin and Ethereum. This initiative aligns with Standard Chartered’s broader strategy to support clients within the digital asset ecosystem, covering access, custody, tokenization, and interoperability.
Apart from the upcoming spot trading desk, Standard Chartered has existing investments in various crypto-focused companies, including Zodia Custody and Zodia Markets, offering services such as crypto custody and over-the-counter (OTC) trading. Additionally, the bank launched Libeara, a blockchain unit, in November to assist institutions in tokenizing real-world assets.
Standard Chartered maintains a bullish outlook on the overall crypto sector and has made predictions regarding Bitcoin’s future price movements. According to a report by Finbold, the bank forecasted that Bitcoin could reach $150,000 by 2024.
To analyze how Bitcoin might perform once the trading desk is operational, Finbold consulted OpenAI’s advanced artificial intelligence tool, ChatGPT-4o. The tool indicated that the launch of the trading desk is likely to contribute to Bitcoin’s upward trajectory by reflecting positive market sentiments and boosting adoption rates.
ChatGPT-4o presented three potential scenarios for Bitcoin’s price movement. In the most optimistic scenario, the launch of the trading desk could lead to a substantial surge in institutional interest, resulting in a price increase of 20-30%, with Bitcoin’s value ranging between $76,800 and $83,200. Alternatively, a more moderate reaction could lead to a price increase of 5-10%, with Bitcoin’s value reaching $67,200 to $70,400.
On the other hand, if market conditions are unfavorable or the launch fails to generate excitement, Bitcoin’s price could remain stable or experience a slight decline, hovering around $64,000 or dropping to $60,000-62,000.
Despite these predictions, Bitcoin faces bearish sentiments in the market, with a 4% correction in the last 24 hours, bringing its value to $63,609 at the time of writing. It is essential to note that the content provided should not be considered as investment advice, as investing in cryptocurrencies carries inherent risks.
