Well, well. Word on the grapevine is that Goldman Sachs is all set to jump back into cryptocurrency trading, after halting a similar effort that it started in 2018. The team will sit within the Global Market division of the US bank.
Not that surprising a development, this, considering the recent surge in value of Bitcoin.
According to the report, Goldman Sachs Group has restarted its cryptocurrency trading desk, and will begin dealing Bitcoin futures and non-deliverable forwards from clients from next week. This is, according to a source that declined to be named.
A stark change from the time when crypto was shunned by elite firms like Goldman Sachs.
Not to mention investors like Paul Tudor Jones, Stan Druckenmiller, and Elon Musk piling in.
Goldman first set up a cryptocurrency desk in 2018, just when the price of Bitcoin had started to fall from record highs. That muted interest from investors in digital coins. This trading desk reboot comes at a time when Bitcoin has soared around five times its value over the past year.
But while its price has risen significantly, the original cryptocurrency remains highly volatile. It smashed through the $58,000 barrier on February 21, then fell back by as much as 25%, before gaining ground.
Goldman Sachs has also outlined plans for other activities in the fast-growing digital assets sector, including projects involving blockchain technology and central bank digital currencies.
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