BITCOIN IN SLOW ASCENT AS INSTITUTIONAL SUPPORT GROWS
Wall Street juggernaut Goldman Sachs is exploring whether to launch a new trading operation dedicated to bitcoin and other digital currencies. Goldman, which is still mulling the idea, would become the first blue-chip Wall Street firm to deal directly in the booming crypto market.
Meanwhile, BlackRock CEO Larry Fink told Bloomberg he sees “huge opportunities” for cryptocurrency despite its apparent connection with money laundering and speculation.
Bitcoin prices have scaled back from multiweek highs, but continue to show upward momentum as the likes of Goldman Sachs and BlackRock show a willingness to embrace the digital currency.
The BTC/USD exchange rate last traded near $4,235, according to Bitstamp. Prices fluctuated within a narrow range through the Asian trade.
At present values, bitcoin has a total market value of $70.3 billion on supplies of 16.6 million.
Despite the apparent uptrend, the BTC/USD has seen its price action weaken in recent sessions, with the 50-day moving average crossing below the 200-day SMA.