Goldman Sachs Jumps into Bitcoin Futures, Signals Bull Run
2022.07.07 05:25
Goldman Sachs Jumps into Bitcoin Futures, Signals Bull Run
- Goldman Sachs (NYSE:GS) executed the first Bitcoin Futures and Options block trade in Asia.
- Bitcoin is trading sideways in a triangular range.
- The transaction is the first-ever intermediated block trade of the CME Group (NASDAQ:CME) Bitcoin options contracts in the Asian markets.
While Bitcoin and Ethereum are reeling from the recent bloodbath and collapse of crypto lenders and VCs, Goldman Sachs jumped into Bitcoin Futures trading. The leading global investment bank recognized the opportunity that the asset class offers and executed the first block trade of Bitcoin futures in Asia.
The trade was intermediated by GFI Securities LLC, a subsidiary of brokerage provider BGC Partners (NASDAQ:BGCP). The Bitcoin Futures block trade is a watershed moment for BTC holders because this marked the first occasion when CME Group Bitcoin options contracts were traded in the Asian market.
Brad Howell, CEO of Asia Pacific for BGC, was optimistic about partnering with Goldman Sachs. Howell was quoted as saying:
This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class.
While crypto investment firms and VCs are retracting from cryptocurrencies and the risk introduced by the asset class in an investors’ portfolio, Goldman Sachs has shown interest in Bitcoin. Back in December 2021, Goldman pioneered the use of Bitcoin as collateral for offering loans to institutions.
Bitcoin price chart reveals the formation of a triangular pattern. After consistent consolidation for the past eight weeks, Bitcoin’s price has recovered from the slump. The bullish upside target in a massive price rally is $28,604. Bitcoin price is expected to continue its uptrend.
BTC-USD Price Chart (Source: TradingView)
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies
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