Standard Chartered Enters Crypto Market with Bitcoin Spot Trading: Analysts Predict Bullish Trends
According to Bloomberg, global banking giant Standard Chartered is set to make a significant move into the cryptocurrency market by launching a Bitcoin and Ethereum spot trading desk. This initiative positions Standard Chartered among the first major global banks to directly engage in trading basic crypto assets.
The newly established trading unit is strategically integrated into the bank’s foreign exchange trading department and is located in the global financial hub of London. This new venture marks Standard Chartered as one of the few major global banks to facilitate actual spot trading of Bitcoin and Ether, differentiating itself from the more common crypto derivatives trading.
In an official statement, Standard Chartered said, “We have been working closely with regulators to support institutional clients’ demand for Bitcoin and Ethereum trading. This aligns with our strategy to support clients across the digital assets ecosystem, from access and custody to tokenization and interoperability.”
Given the strict regulatory environment, major global banks have historically approached this sector with caution. Standard Chartered’s entry into Bitcoin and Ethereum spot trading reflects its positive outlook on the future of cryptocurrencies. Geoffrey Kendrick, an analyst at Standard Chartered, has made remarkably optimistic predictions about Bitcoin’s price trajectory. He stated, “With the upcoming U.S. election, I anticipate Bitcoin’s price to reach $100,000 by year-end, and if Trump wins, this could rise to $150,000.”
Kendrick also predicts that by the end of 2025, Bitcoin’s price could reach $200,000, driven by robust and sustained investment inflows from the newly launched Bitcoin spot ETF, which he believes will attract continuous pension fund-type investments.
Currently, Bitcoin is showing signs of weakness, having fallen to a one-month low after reaching a record high. Bitcoin hit an all-time high of nearly $74,000 in March but has since dropped by about 14%. Fluctuating expectations regarding U.S. interest rate cuts have reduced demand for most high-risk assets, leading to a more sluggish market.
On Friday, Bitcoin fell by as much as 2.4%, reaching $63,442, its lowest level since May 15, and has declined approximately 3% since the previous Friday.
