Goldman Sachs has finally relaunched its cryptocurrency trading desk…
Making the banking powerhouse the latest and largest institutional player to jump on the crypto bandwagon that’s caused Bitcoin to rise sharply over the past several months.
I don’t usually spend a lot of time talking about things like crypto. But it’s something you need to hear, so let’s talk about Goldman Sachs crypto trading desk…
Goldman Sachs Crypto trading desk will be part of its global market segment within the digital asset sector, which also houses projects involving blockchain technology and central bank digital currencies.
It was the bank’s largest division by asset and revenue at the end of 2020. And it’ll serve as a market maker, buying and selling securities on behalf of clients but not actively managing cryptocurrencies itself.
Goldman Sachs previously planned to launch its crypto desk in 2017, but put those plans aside when Bitcoin’s price crashed nearly 70% in early 2018.
We all remember that one, right?
But it looks like the new wave of institutional adoption and inflationary concerns have helped Bitcoin’s price soar higher. It’s making new highs, even with the volatility that tends to come with the asset.
And based on price action over the past several months, it seems like the COVID-19 crisis only intensified the adoption of cryptocurrencies as investors look to hedge their portfolios against the risk of rising inflation.
But that’s just a little about Goldman Sachs crypto trading desk. To get even more details about it, check out my short video below and feel free to leave your thoughts in the comments section.
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