- Goldman Sachs now supports BTC futures trading in Asia
- The banking giant is betting big on crypto
- BTC price might be headed for a rally
Goldman Sachs, announced that it had just executed its first ever intermediated block trade of BTC futures in Asia. According to the official press release, this was made possible by the partnership between the banking giant and Cumberland DRW CC.
The partnership was a result of efforts by GFI securities, a subsidiary of BGC Partners, a leading brokerage service active in the global cryptocurrency market.
While commenting on the announcement, BCG CEO said, “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.”
Move by Goldman Sachs is unexpected in the bear market
As the current bear market continues, many institutional investors have been moving away from the volatile digital assets. However, others are boldly taking the risk and investing in crypto assets.
Goldman Sachs has long been considered a global leader in investments and many are taking its latest move as an indicator for what’s to come in the crypto world.
Late last year, the banking giant announced it would start exploring the use of Bitcoin as collateral for loans alongside other top companies in the US.
Could this be the end of the bear run?
Many analysts are taking the move by the global bank as a strong indicator for the crypto markets.
For the last few weeks, the price of Bitcoin has been on a downward trend, spiraling below the $20,000 support mark. But, after an 8-week consolidation period, BTC seems to be rallying for a price rally.
It’s still unclear whether BTC and the crypto markets, in general, have recovered from the price slump. However, it seems institutional giants like Goldman Sachs are betting on the digital assets market, a move that could heavily influence retail investors too.
