Price action remains muted with no lows and no highs versus the previous week’s move. Bitcoin is expected to move between $36,000 and $44,000 in the short term. Fears of stagflation for Europe and the crisis it is facing after the war between Russia and Ukraine infected the whole world and could begin to weigh more on the cryptocurrency market. Analysts estimate that there are possibilities of a downward breakout.
Goldman Sachs opens the door to Bitcoin and Ethereum
During this week, it became known that Goldman Sachs, one of the largest investment banks on a global scale, plans to launch new cryptocurrency services. These will be offered to their high value investors and they will gain access to Bitcoin and Ethereum.
It is basically a Goldman Sachs options market. It aims to manage the risks of these portfolios (which are by nature volatile) and increase their returns.
The bank also filed with the United States Securities and Exchange Commission for an Ethereum fund through Galaxy Digital. An investment firm in cryptocurrencies that, in addition, allied with Goldman Sachs to provide liquidity in its futures offer. This fund is already available and is called “Galaxy Institutional Ethereum Fund” and to invest, you need a minimum of $250,000 in Bitcoin.
This strategy was highlighted in a Galaxy presentation on Tuesday. In which Goldman was listed as receiving introductory fees for referring clients to the fund.
However, this is not the first foray into cryptocurrency investment deals for Goldman. Last June, the investment banking firm also partnered with Galaxy Digital to launch and manage Goldman’s Bitcoin futures offering.
Meanwhile, the senior president of Goldman Sachs, Lloyd Blankfein, referred to the cryptocurrency market and on his Twitter account raised his astonishment that cryptocurrencies are not having a “good time” in light of the high inflation rates and frozen individual bank accounts around the world.
More news about Bitcoin and cryptocurrencies
Six months of Bitcoin in El Salvador: how was the experience with the legal tender cryptocurrency?
Despite its downfall, Apple co-founder says Bitcoin is ‘pure gold’
Chaco: they will start mining Bitcoin with solar energy
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
