ChatGPT-4o Sets Ethereum Price as $800 Billion Bank Enters ETH Spot Trading
Ethereum (ETH) continues to attract interest from big players in traditional finance, particularly institutional investors. Standard Chartered, a major global bank managing over $822 billion in assets, is now stepping into the crypto space.
Standard Chartered's Move to Crypto
According to a Bloomberg report, Standard Chartered plans to offer Ethereum (ETH) and Bitcoin (BTC) trading through a new crypto trading desk. This ambitious step will make it the first large, international bank to provide such a service.
“We have been working closely with our regulators to support demand from our institutional clients to trade bitcoin and Ethereum. This aligns with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” Standard Chartered stated.
Investing in Crypto Startups
Standard Chartered is not new to the crypto world. It holds stakes in crypto-centric firms like Zodia Custody and Zodia Markets. The bank also started Libeara, a blockchain unit, to help institutions tokenize real-world assets – a process that Ethereum is well-suited for.
Bullish Predictions for Bitcoin and Ethereum
Standard Chartered is optimistic about the future of cryptocurrencies. The bank has predicted that Bitcoin could reach $150,000 by 2024. In light of this, we asked ChatGPT-4o for its Ethereum price prediction given the significant support from Standard Chartered.
ChatGPT-4o's Ethereum Price Prediction
ChatGPT-4o, renowned for its analytical capabilities, provided price projections for Ethereum under three scenarios:
Bullish Scenario: If everything goes well, including positive regulations, successful Ethereum spot ETFs, and increased institutional demand, ETH could trade between $6,000 and $9,000 by mid-2025.
Moderate Scenario: If the influx of institutional funds continues at a steady rate without accelerating, ETH could trade between $4,500 and $6,000 by mid-2025.
Bearish Scenario: If expectations are not met, ETH could stay between $3,000 and $4,000.
Current Market Status
As of now, Ethereum is trading at $3,496 per token, showing strong performance with an 86% increase compared to last year. The future could bring up to 157% gains from current prices if the conditions play out favorably.
Investor Caution Advised
Despite the promising predictions, ChatGPT-4o can be wrong, and Ethereum's success largely hinges on network demand. Given the rapidly evolving crypto market, some new cryptocurrencies may offer advantages over Ethereum. Investors must remain cautious and conduct thorough research to stay updated with market changes.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and your capital is at risk.
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