Goldman Sachs Reopens Its Cryptocurrency Desk, as Bitcoin Regains Bullish Steam

Goldman Sachs Reopens Its Cryptocurrency Desk, as Bitcoin Regains Bullish Steam

Reuters reported, on Monday, that Goldman Sachs Group Inc. has just reestablished its cryptocurrency trading desk, as Bitcoin (BTC) trading becomes hot again. The behemoth financial institution noted that the desk would “begin dealing bitcoin futures and non-deliverable forwards for clients from next week.”

The bank also noted that the desk would take on projects related to blockchain technology and central bank digital currencies (CBDC).

The cryptocurrency desk will be situated within Goldman Sachs’ global markets arm and will operate as a market-maker, buying and selling cryptocurrency on behalf of its clients but not actively holding any coins themselves. Meanwhile, the bank is also looking into the potentials for a Bitcoin exchange-traded fund (ETF) and has filed a request for information on how to explore digital asset custody.

As Bitcoin continues to outperform other globally traded assets, more institutional investors and corporations are working towards gaining exposure to the benchmark cryptocurrency. Just yesterday, Microstrategy announced that it had purchased an additional $15 million worth of Bitcoin, bringing its total holding to 90,859 BTC. That said, 42 companies now collectively own about $65 billion worth of Bitcoin.

Former Goldman Sachs CEO Lloyd Blankfein recently cautioned that “If I were a regulator, I would be kind of hyperventilating at the success of it (Bitcoin).” Meanwhile, the current global head of commodities research at Godman, Jeff Currie, noted that the Bitcoin market “is beginning to become more mature,” adding that it is “a retail inflation hedge.”

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 2

Bitcoin is on the verge of a full recovery from last week’s bloodbath, as the cryptocurrency regains stability within the $51,400 – $48,500 pivot zone. BTC bottomed out at $43k just two days ago and has since surged to the $50k level. That said, the cryptocurrency is currently having a difficult time scaling the $50k psychological resistance and has posted two failed attempts today.

A break above the $50k crucial level will likely catapult BTC to the $54k area once again, which could help the cryptocurrency attempt its ATH at $58k. Nonetheless, BTC bulls are safe as long as they hold the cryptocurrency above the $48,500 price point.

Meanwhile, our key resistance levels are at $50,000, $51,400, and $52,500. While our key support levels are at $48,500, $47,500, and $46,000.

Total Market Capitalization: $1.51 trillion

Bitcoin Market Capitalization: $916 billion

Bitcoin Dominance: 60.6%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.