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Bitcoin price prediction as $800 billion banking giant enters BTC spot trading
Traditional financial institutions are showing more and more interest in venturing into crypto sector amid growing customer demand.
In this line, banking giant Standard charter is particularly expanding its cryptocurrency involvement by planning to offer spot trading services for Bitcoin (Bitcoin) and Ethereum (ET), Bloomberg reported on June 21st.
The move will make Standard Chartered, which controls over $800 billion in assets, the first major global bank to set up a spot operation cryptocurrency trading desk. Bloomberg, citing people familiar with the matter, noted that the bank will incorporate trading into its FX unit, which will be based in London.
“We have worked closely with our regulators to support our institutional clients’ demand to trade bitcoin and Ethereum, in line with our strategy to support clients across the entire digital asset ecosystem, from access and custody to tokenization and to interoperability,” the bank said in a statement.
StanChart other crypto ventures
In addition to the planned spot trading desk, Standard Chartered already holds stakes in several cryptocurrency-focused companies, including Zodia Custody and Zodia Markets, which provide cryptocurrency custody and over-the-counter (OTC) trading services.
Additionally, Standard Chartered launched a blockchain unit called Libeara in November to assist institutions in tokenizing real-world assets.
It is worth noting that the bank remains among the leading institutions with a bullish outlook on the overall cryptocurrency industry. For example, how reported by Finbold, Standard Chartered predicted in May that Bitcoin was likely to reach $150,000 in 2024.
To determine how Bitcoin will be traded once the desk is set up, Finbold turned to OpenAI latest and most advanced artificial intelligence tool, ChatGPT-4oto gather ideas. According to the tool, the move is likely to help Bitcoin’s growth as it reflects positive market sentiments. ChatGPT-4 also highlighted that the move will likely increase adoption rates, translating into a price increase.
At the same time, the AI platform noted that Bitcoin could be influenced by other factors such as regulationmacroeconomic elements and competition.
Bitcoin price prediction
As for specific pricing, ChatGPT-4o offered three distinct scenarios. First, from the most bullish perspective, the launch of Standard Chartered’s trading desk could trigger a significant increase in institutional interest and a corresponding increase in market sentiment.
If this scenario plays out, Bitcoin could see a substantial price increase of 20-30%, with the value of the cryptocurrency rising to between $76,800 and $83,200.
The AI platform also suggested a more moderate reaction from the market. In this scenario, the tool found that although the introduction of a trading desk is seen as a positive development, it is not considered revolutionary. The result could be a modest price increase of around 5-10%, bringing the value of Bitcoin to around $67,200-70,400.
On the other hand, if broader market conditions are adverse or the launch fails to generate significant excitement, Bitcoin’s price could remain stable or decline slightly. In this case, the value of Bitcoin could be around $64,000 or fall between $60,000 and $62,000.
ChatGPT-4o Bitcoin Price Prediction. Source: ChatGPT-4o
Meanwhile, Bitcoin is struggling overall bearish sentiments, having corrected by nearly 4% in the past 24 hours to settle at $63,609 at the time of this writing.
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