Bitcoin has been picking up pace again, and the cryptocurrency is also getting to be accepted by major banks. And as the retail investors start to treat bitcoin as an asset, Goldman Sachs resumes their cryptocurrency desk. The fun fact is that Goldman Sachs started the crypto desk back again at their bank after Coinbase grew larger than them. And now they know what is more profitable and what is not.
More about the Goldman Sachs resuming cryptocurrency desk
Image Source: Coindesk
This is not the first time that Goldman Sachs has started trading in cryptocurreny. Their cryptocurrency desk that is meant to deal with bitcoin futures and other various crypto assets will begin operations. The exponentially fast-growing digital asset sectors made them reconsider their decision to trade in Bitcoin with their clients. At the same time, the bank is also working on projects involving blockchain technology and central bank digital currencies.
Reports suggest that the bank is also looking into a Bitcoin exchange-traded fund and has also issued a request on information for having digital asset custody. As the interest in Bitcoin and other cryptocurrencies grows, the bank had to resume the trading desk to grab the opportunity, “In retrospect, it was inevitable.” This has also resulted in the again sharp rise of Bitcoin yesterday. And half of the losses of the last week have recovered in the last two days.
Citibank’s comment on Bitcoin
The point where Bitcoin is right now, it can either become the global currency or see a massive problem. Tesla’s investment in Bitcoin started the era of Bitcoin’s global acceptance. At the same time, Visa and Mastercard have also started to accept Bitcoin as a payment method on their platform. According to Citibank, there could be a lot of issues with Bitcoin, which means there will be problems in the way. But as the investment in Bitcoin increases and the currency goes mainstream, Citibank says it is at its “tipping point.”
Bitcoin has also recovered considerably in the last two days. It went from $58,000 to as low as $43,000 and experienced mass selling. At the same time, institutional investors also took the opportunity to buy more Bitcoins. For example, Microstrategy made a purchase of $1 billion, and at the same time, Square invested $170 million in BTC. Even just yesterday, Microstrategy purchased yet another $15 million worth of Bitcoin.
After Elon Musk tweeted that the prices of Bitcoin and Etheriun do seem high, the markets collapsed. Bitcoin lost its $1 trillion market cap due to the huge dip and saw the worst weekly loss since March 2020. But slowly, it is reaching back there again. And it seems that we might not be very far away from a huge rally.
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