KUWAIT CITY, June 25: Cryptocurrencies experienced further declines in Monday morning trading, driven by waning interest among investors in risky assets, reports Al-Jarida daily. The Bitcoin dropped by 4.67% to 61,100.86 points, Ethereum fell by 5.50% to $3,284.85, and Ripple declined by 1.70% to 47.15 cents. This trend comes amidst uncertainty surrounding the Federal Reserve’s monetary policy, prompting cautiousness among investors regarding Bitcoin funds listed on US stock exchanges. The Bloomberg data shows a composite index of the top 100 crypto assets by market value decreased by approximately 5 percent over the past week, marking its most significant decline since April.

Last week marked the cryptocurrency market’s second-worst performance of 2024, reflecting subdued demand for Bitcoin funds amid lingering uncertainty over US monetary policy. In contrast to this cautious sentiment, Standard Chartered Bank is reportedly gearing up to launch a department dedicated to trading Bitcoin and Ethereum. This move positions the bank as one of the first global institutions to engage directly in spot trading of cryptocurrencies. The new department, slated to operate within the bank’s foreign exchange trading unit, is set to commence operations soon in London, according to sources familiar with the matter who requested anonymity.

While banks like Goldman Sachs have been active in trading cryptocurrency derivatives, stringent regulations have historically limited direct involvement in underlying assets. The Basel Committee on Banking Supervision’s requirement for a 1250% risk weight on un-hedged cryptocurrency investments underscores the challenges banks face in this sector. In an email statement, Standard Chartered emphasized its collaboration with regulatory authorities to meet institutional clients’ demand for Bitcoin and Ethereum trading