BITCOIN RISES AS GOLDMAN SACHS PUSHES FORWARD WITH TRADING OPERATION
After weeks of pressure, bitcoin reached a low of $6400 in early April. Since then, the cryptocurrency has been gaining, reaching a high of $9630.
Overnight, the BTC/USD pair continued to rally following a report by New York Times that Goldman Sachs is moving ahead with plans to set up a bitcoin trading operation – the first of its kind at a Wall Street bank.
According to the report, Goldman Sachs will be using its own money to trade with clients in contracts linked directly to the price of bitcoin. If they succeed in getting all regulatory approvals, it could perhaps spark a new trend with other banks looking to follow suit.
The bold move by Goldman Sachs is somewhat surprising considering regulation worries and the recent negative press surrounding crypto trading. Lloyd Blankfein, the CEO of Goldman Sachs, was himself a previous crypto critic arguing that currencies might not be around for a long time.
The recent news from Goldman Sachs comes months after a report by Deal Breaker revealed that the company was looking into joining the crypto frenzy. The company’s entry could lead to more demand by institutional investors which could push the price of bitcoin even higher.