After Bitcoin (BTC) once again stood at US$37,000 yesterday (28th) afternoon, it started a fluctuating upward trend and reached a maximum of US$38,377 around 03:30 this morning (29th). The year's new high is only less than $100 away.
Standard Chartered Bank reiterates: Bitcoin will see $100,000 by the end of 2024
As sentiment in the crypto market improves, major institutions have begun to predict the price Bitcoin will reach in the next bull market. Among them, Standard Chartered Bank reiterated its April prediction in its latest report.
According to CoinDesk, Standard Chartered analyst Geoff Kendrick and his team said that the next catalyst will be the approval of several U.S. Bitcoin spot ETFs, which they expect "may come sooner than expected."
The report reads:
In short, everything works as expected. Bitcoin’s dominance remains intact – its market share of the overall digital asset market capitalization has increased from 45% in April to 50%.
We now expect greater price gains than before in the run-up to the halving, especially with the earlier-than-expected launch of US spot ETFs. This suggests that Bitcoin could reach $100,000 levels by the end of 2024.
In fact, as early as April this year when the encryption market was still in the cold winter, Geoff Kendrick believed that the turmoil at Silicon Valley Bank and other US banks could lead to Bitcoin’s “decentralization, trustless mechanism and scarcity” gaining consensus. It pushed Bitcoin to reach $100,000 by the end of 2024 and claimed that the "cryptocurrency winter" was over.
Extended reading: Standard Chartered Bank: Bitcoin could reach $100,000 by the end of 2024! The crypto bull market is back
Standard Chartered transforms into a crypto-friendly bank
On the other hand, Standard Chartered is also planning to provide custody services for Bitcoin (BTC) and Ethereum (ETH) to institutional clients in Dubai starting in the first quarter of 2024, and previews the creation of a cryptocurrency settlement network road.
Waqar Chaudry, executive director of innovation at Standard Chartered Bank, said in an interview:
Back in 2018, when places like Singapore and the United Arab Emirates were busy with crypto asset inquiries, some other regions hadn’t even differentiated between secure and non-secure status when it came to crypto assets.
For this reason, we are now seeing differences in market maturity, with places such as the UAE, Japan, Singapore and Hong Kong taking more aggressive action. Technically, the Dubai International Financial Center allows us to serve clients around the world, which is a good thing.
Extended reading: Transforming to Crypto-Friendly》Standard Chartered Bank plans to host BTC and ETH for institutional clients in Dubai in 2024
