Analysts turn bullish as banking giant DBS prepares to open the floodgates to crypto

  • Singaporean multinational bank DBS is set to open its cryptocurrency office in 2022.
  • DBS joins the league of banking and financial services institutions bullish on Bitcoin and cryptocurrencies.
  • Active users of the Bitcoin network continue to rise, signaling an increase in BTC adoption around the world.
  • Analysts Await Confirmation of Bitcoin Uptrend; reveal a bullish outlook on the asset.

Singaporean megabank DBS manages $500 billion in assets and plans to launch a retail crypto trading desk before the end of 2022. The bank revealed its plans in an earnings call on February 14, 2022.

DBS plans to make a foray into cryptocurrency trading by the end of 2022

Southeast Asia’s largest bank, DBS, has revealed plans to launch a digital asset trading desk for retail clients. The bank launched a trading desk for institutions in 2021 and announced plans to serve retail crypto traders in 2022.

Piyush Gupta, CEO of DBS, said:

We are beginning initial work to expand it beyond the current investor base. And that includes proper consideration of suitability and the potential for fraud…we are looking for a year-end [launch] put something on the market.

DBS retail users are currently calling their bankers and placing and ordering cryptocurrencies; however, the bank plans to automate and introduce a self-service option. Users may be able to withdraw funds to their cryptocurrency wallet.

Banking giants like Wells Fargo and JP Morgan shared a bullish view of Bitcoin and cryptocurrencies in 2022, paving the way for an influx of institutional capital into BTC. Analysts have noted an increase in the number of active users on the Bitcoin blockchain, a catalyst for the BTC price rally.

FXStreet analysts have assessed the Bitcoin price trend and predicted an explosive BTC breakout. Analysts say Bitcoin’s downside risks were limited at the start of the weekend. Bitcoin price could continue to trade sideways or drop to $42,600.

Analysts believe Bitcoin’s price is not far off from initiating another Ichimoku breakout. Ichimoku is an indicator used by day traders to identify resistance and support in cryptocurrency charts. The indicator is used to determine the momentum and direction of the trend. Analysts expect Bitcoin price to enter a massive rally based on the indicator.