Skip to main content

Goldman Sachs readying Bitcoin product for clients — BTC bounces above $58K

Cryptoassets will be available to Goldman investors at some point in Q2, comments from an incoming senior executive quoted by CNBC suggest.

Bitcoin (BTC) and some altcoins will soon be available to Goldman Sachs clients, according to a new  mainstream media report.

Released by CNBC on March 31, comments from an interview with Mary Rich, global head of digital assets for the bank's private wealth management division, confirm plans to offer cryptoassets to investors.

Goldman exec: Crypto access coming in "near term"

The move will make Goldman the second major lender to open up the world of cryptocurrency to its clients, and comes weeks after a pioneering move by Morgan Stanley.

″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term,” CNBC quoted Rich as saying.

Morgan Stanley's rollout is due to launch in April, with Goldman later in Q2. Both banks have the potential to bring large amounts of new capital into the Bitcoin ecosystem via participation in crypto-focused funds.

Continuing, Rich highlighted demand as a driving force behind Goldman's decision.

“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that,” she added.

“There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”

Like many major banks, Goldman has changed its tune on Bitcoin this year, going from a solid skeptic to embracing the phenomenon — noticeably in contrast to central banks including the United States Federal Reserve.

"Eventually they will have to offer bitcoin services to everyone," Morgan Creek Digital co-founder Anthony Pompliano commented on the news.

BTC/USD gets instant boost after crash

Bitcoin price action reacted warmly to the news, passing $58,000 once more after Wednesday produced a flash crash of more than $2,000 in minutes.

As Cointelegraph reported, analysts remain little concerned about the lack of momentum, pointing to solid fundamentals and the need to shake out overleveraged positions before grinding towards all-time highs. 

$68,000 and $73,000 are points of interest for a potential breakout.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview


from https://ift.tt/2PqmpKx
https://ift.tt/2PNEm5u
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300. Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels. The price is now trading above $2,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone. Ethereum Price Is Showing Positive Signs After forming a base above $2,000, ethereum started a steady increase . ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average. The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin . A high is formed near $2,285 and ether is now correcting lower. There was...
Post a Comment
Read more

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more