Global banking giant Standard Chartered is setting up a trading desk for Bitcoin and Ethereum. This makes it one of the first major international banks to get into spot cryptocurrency trading. The new trading desk will operate from London and is expected to start soon. It will be integrated into the bank’s existing FX trading unit.
Standard Chartered has been working closely with regulators to ensure compliance and support for this new venture. According to reports, the bank said:
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.
This decision aligns with the bank’s broader strategy to integrate cryptocurrencies into its services. The trading desk will offer a seamless experience for institutional clients, allowing them to trade Bitcoin and Ethereum efficiently and securely, the bank said.
Related: BlackRock’s Bitcoin ETF Surpasses Silver Trust
Standard Chartered has made some bold predictions about Bitcoin. The bank forecasted that BTC could reach an all-time high of $250,000 by 2025. They also predicted that the price would stabilize around $200,000 after this peak.
Standard Chartered also revised its 2024 forecast for Bitcoin, raising the expected price from $100,000 to $150,000. This adjustment is based on a detailed analysis that draws parallels between the price movements of Bitcoin and gold after the introduction of gold exchange-traded funds (ETFs) in the United States.
The bank’s analysis indicates a strong correlation between ETF inflows and Bitcoin prices. It stated that, “We think the gold analogy – in terms of both ETF impact and the optimal portfolio mix – remains a good starting point for estimating the ‘correct’ BTC price level medium-term.”
Jai Hamid
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