Markets
Bitcoin Price Prediction as $800 Billion Banking Giant Enters BTC Spot Trading
Traditional financial institutions are showing more and more interest in venturing into the crypto industry in the face of growing customer demand.
In this line, banking giant Chartered standard particularly develops its crypto involvement in planning to offer spot trading services for Bitcoin (BTC) and Ethereum (ETH), Bloomberg reported June 21st.
The move will make Standard Chartered, which controls more than $800 billion in assets, the first major global bank to establish a cryptocurrency trading desk. Bloomberg, citing people familiar with the matter, noted that the bank will integrate trading into its FX unit, which will have its operations based in London.
“We are working closely with our regulators to meet our institutional clients’ demand to trade Bitcoin and Ethereum, in line with our strategy to support clients across the digital asset ecosystem, from from access and custody to tokenization and interoperability,” the bank said. in a report.
StanChart other crypto projects
In addition to the planned spot trading desk, Standard Chartered already has stakes in several crypto-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 help institutions tokenize real-world assets.
It should be noted that the bank remains among the main institutions with a bullish outlook on the general crypto industry. For example, like reported According to Finbold, Standard Chartered predicted in May that Bitcoin would likely reach $150,000 in 2024.
To determine how Bitcoin will be traded once the office is set up, Finbold turned to OpenAI latest and most advanced artificial intelligence tool, ChatGPT-4o, to collect information. According to the tool, this move will likely contribute to Bitcoin’s rise as it reflects positive market sentiments. ChatGPT-4 also pointed out that the move would likely lead to increased adoption rates, which would translate into higher prices.
At the same time, the AI platform noted that Bitcoin is likely to be influenced by other factors such as regulationmacroeconomic elements and competition.
Bitcoin Price Prediction
Regarding specific pricing, ChatGPT-4o offered three distinct scenarios. Firstly, at the most optimistic outlook, the launch of Standard Chartered’s trading desk could spark a surge in institutional interest and a corresponding rise in market sentiment.
If this scenario were to occur, the price of Bitcoin could see a substantial increase of 20-30%, with the value of the cryptocurrency rising to between $76,800 and $83,200.
The AI platform also suggests a more moderate reaction from the market. In this scenario, the tool notes that while the introduction of a trading desk is considered a positive development, it is not considered revolutionary. The result could be a slight price increase of around 5-10%, bringing the value of Bitcoin to around $67,200 to $70,400.
On the other hand, if general market conditions are unfavorable or the launch does not generate significant enthusiasm, the price of Bitcoin could remain stable or decline slightly. In this case, the value of Bitcoin could hover around $64,000 or drop to between $60,000 and $62,000.
ChatGPT-4o Bitcoin Price Prediction. Source: ChatGPT-4o
Meanwhile, Bitcoin Struggles Overall bearish sentiments, after correcting nearly 4% in the past 24 hours to trade at $63,609 at press time.
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