Bitcoin Price Prediction: $800 Billion Banking Giant Enters BTC Spot Trading
Traditional financial institutions are increasingly showing interest in venturing into the crypto sector amid growing client demand. One major player stepping into the arena is Standard Chartered. This banking giant, managing over $800 billion in assets, is expanding its crypto services by planning to offer spot trading services for Bitcoin (BTC) and Ethereum (ETH).
A Bold Move by Standard Chartered
This development makes Standard Chartered the first major global bank to set up a spot crypto trading desk. The bank is incorporating this trading into its Foreign Exchange (FX) unit in London.
“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,” the bank stated.
Other Crypto Ventures by Standard Chartered
In addition to its planned trading desk, Standard Chartered holds stakes in several crypto-focused firms:
- Zodia Custody: Provides crypto custody services.
- Zodia Markets: Offers over-the-counter (OTC) trading services.
Moreover, Standard Chartered launched a blockchain unit called Libeara in November to assist institutions with tokenizing real-world assets. The bank remains bullish on the crypto sector, predicting that Bitcoin could hit $150,000 by 2024.
Insights from ChatGPT-4o on Bitcoin's Future
To gauge how Bitcoin might react to the new trading desk, insights were gathered from OpenAI’s latest and most advanced AI tool, ChatGPT-4o. According to the AI:
- The launch is likely to positively impact Bitcoin’s rise as it reflects positive market sentiments.
- The move could drive adoption rates and increase prices.
- However, Bitcoin's price will also be influenced by factors such as regulation, macroeconomic elements, and competition.
Bitcoin Price Prediction Scenarios
The AI provided three distinct scenarios for Bitcoin's price:
Bullish Outlook:
- If the trading desk triggers substantial institutional interest:
- Bitcoin could see a price increase of 20-30%.
- Value could rise to between $76,800 and $83,200.
Moderate Reaction:
- If the trading desk is seen as a positive but not revolutionary:
- Bitcoin might increase modestly by 5-10%.
- Value could go to approximately $67,200 to $70,400.
Stable or Slight Decrease:
- If market conditions are adverse or the launch doesn't generate excitement:
- Bitcoin's price might stay stable or drop slightly.
- Value could hover around $64,000 or decline to between $60,000 and $62,000.
Current Market Sentiment
Currently, Bitcoin is experiencing a bearish trend, having corrected by almost 4% in the last 24 hours to trade at $63,609 by press time.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
