Goldman Sachs To Launch Crypto Trading Operation This Month After

Banking powerhouse Goldman Sachs is setting up a cryptocurrency trading desk after backing away from a previous effort to enter the market after bitcoin crashed in 2018, making it the latest institutional player to plow into cryptocurrencies amid an eye-popping surge in their values. A wave of institutional adoption and inflationary concerns have helped bitcoin prices–and the cryptocurrency market–soar to new highs this year, though not without the usual volatility. Business analytics company MicroStrategy, one of bitcoin's biggest corporate holders, announced another $1 billion investment in bitcoin last Wednesday, and about a week prior, Bloomberg reported that Morgan Stanley's $150 billion investment arm is eyeing adding bitcoin to its portfolio–taking it one step further than Goldman. The price of bitcoin has surged nearly 10% in the past 24 hours, but the world's largest cryptocurrency is still a staggering 20% lower than a record high from just last week. Despite their recent plunge–which some analysts have pinned to criticism from Tesla CEO Elon Musk–bitcoin prices are still up about 1,200% from their mid-2018 lows. In a report published Monday, Citibank analysts said bitcoin is at a “tipping point” between widespread adoption or a “speculative implosion," going as far as to say that it could become the "currency of choice for international trade."“There is little doubt that Bitcoin is increasingly being accepted as an established asset class," Anatoly Crachilov, the cofounder and CEO of Nickel Digital Asset Management said in a note on Monday. "The COVID crisis has intensified this adoption, as investors increasingly look to hedge their portfolio against the tale risks of rising inflation and currency debasement.”As Crypto Markets Plunge $400 Billion, Coinbase Reveals Major Bitcoin And Ethereum Price Risks (Forbes)Bitcoin Poised For 'Massive Transformation' Into The Mainstream, Citi Says (Forbes)One Of Bitcoin's Biggest Backers Just Spent $1 Billion Buying More (Forbes)Dow Jumps 500 Points After House Passes Biden's $1.9 Trillion Stimulus Plan (Forbes)


All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/jonathanponciano/2021/03/01/goldman-sachs-to-launch-crypto-trading-operation-this-month-after-bitcoins-big-surge/


#bitcoin #newsyoutube #newstodayfox #newstodaydonaldtrump #newsworldfox #usnewsworldreport#