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Cryptocurrency

$119 billion valued investment bank, Goldman Sachs starts Bitcoin trading

Goldman Sachs Group Inc has begun a crypto trading desk that would be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

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Goldman Sachs

The world’s leading investment bank, Goldman Sachs Group Inc, has begun a crypto trading desk that will be handling bitcoin futures and non-deliverable forwards on behalf of its customers.

In a report credited to Reuters, it was revealed that the elite investment team will be positioned under the U.S. bank’s Global Markets division.

The desk is part of the investment bank’s fast-growing crypto-assets sector, which also includes projects involving central bank digital currencies and blockchain technology.

Goldman Sachs is also exploring the creation of a bitcoin exchange-traded fund and has issued a request for information to explore such a crypto service.

READ: Dubai-based hedge fund plans to sell $750 million worth of Bitcoin for Cardano and Polkadot

What you should know: The $119 billion valued investment bank is one of the world’s most elite investment bank, headquartered in New York and known to offer a broad range of financial services across investment trading, banking, securities, and lately consumer banking to a large and diversified client base.

This comes as no surprise, as highly respected business leader, Michael Saylor had earlier revealed that top representatives from about 7,000 companies attended MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.

“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.

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“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.

“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.

READ: The odds against Bitcoin- Goldman Sachs

However, a significant number of traditional finance experts are not buying into the flagship crypto’s bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.

At press time, Bitcoin traded at $49,026.27 with a daily trading volume of $54.6 Billion. Bitcoin is up 5.52% for the day.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Cryptocurrency

    Bitcoin ETF in North America has reached $1 billion in assets

    The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.

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    According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.

    Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.

    More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.

    Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.

    On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.

    There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.

    One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.

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    Cryptocurrency

    Bitcoin is on fire, breaks above all-time high

    The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.

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    Bitcoin on high demand, hits 2-year high, trading $17,000

    Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.

    At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.

    Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.

    BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.

    READ: Why Bitcoin might likely hit $100,000 soon

    READ: Bitcoin produces 4 billionaires worth at least $3 billion each

    More details later…

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