Cryptocurrency Prices by Coinlib

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Bitcoin to 100k? When? Standard Chartered analysts might have the answer.

Financial services corporation Standard Chartered has prepared a brand new cryptocurrency studies group that expects Bitcoin to double to $100,000 via way of means of the early subsequent year.

The group brought that withinside the long term that determines should upward push to as lots as $175,000. The financial institution additionally stated it “structurally” valued Ethereum at $26,000-$35,000. Geoffrey Kendrick, who’s additionally the worldwide head of its rising marketplace foreign money studies, leads the brand new crypto unit.

“As a medium of change, bitcoin might also additionally grow to be the dominant peer-to-peer charge approach for the worldwide unbanked in a destiny cashless world,” the group stated in a note. “Cyclically, we count on a top around $100,000 in past due 2021 or early 2022.”

Standard Chartered services:

Just in advance this summer, Standard Chartered introduced the release of a virtual asset brokerage and change platform. The U.K.-primarily based totally change will offer to get entry to crypto markets for the institutional traders. It is ready to release in Q4 2021 however nevertheless stays challenge to regulatory approval.

The platform, meant for the U.K. and European institutional and company customers, changed into a joint mission among SC Ventures and BC Group. SC Ventures is the innovation unit of Standard Chartered, at the same time as virtual asset company BC Group manages Hong Kong-certified crypto change OSL.

According to statistics gathered via way of means of Standard Chartered, the overall extent of buying and selling on foremost exchanges averages over $four billion in line with day. The statistics additionally said over $1 trillion throughout all crypto assets. With the change, Standard Chartered intends to put itself inside this developing marketplace, especially for institutional investors.

With this goal phase in thought, Standard Chartered hopes to rival American crypto exchanges Gemini, BitGo, and London-primarily based totally LMAX Digital. It additionally joins funding banks Morgan Stanley, Goldman Sachs, and BNY Mellon amongst Wall Street names becoming a member of the action. Several of those creditors found out plans to release cryptocurrency buying and selling desks for customers in advance this year.

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