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Goldman Sachs Partners With Galaxy Digital For Bitcoin Futures

Goldman Sachs furthering investment into bitcoin, and even crypto more broadly, shouldn’t surprise anyone too much by now. The top-tier global investment and financial services firm has emphasized this quarter as the one to get their crypto services in swing, and this recent partnership announcement falls in line with exactly that. The Partnership Perspective: Galaxy Digital According to a CNBC report, Goldman Sachs is teaming up with Mike Novogratz’s crypto merchant bank, Galaxy Digital. The partnership will enable Galaxy Digital to be Goldman’s liquidity provider for bitcoin futures buy and sell orders on the CME Group derivatives exchange. In a…

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Goldman Sachs Becomes First Major U.S. Bank To Begin Trading Bitcoin – Who’s Next?

Despite bitcoin’s apparent lull after plunging over 30% from its historic high in May, institutional interest in bitcoin is still rising. United States investment bank Goldman Sachs has launched a bitcoin (BTC) futures trading product for its clients in partnership with Mike Novogratz’s crypto merchant bank, Galaxy Digital. BTCUSD Chart By TradingView Goldman Sachs’ Bitcoin Adventure Galaxy Digital will provide liquidity to the bank, according to a report by CNBC. Liquidity providers, otherwise known as market makers, scoop up vast amounts of a given asset before selling them to the next interested party. This means that Goldman Sachs’ clients can…

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Goldman Sachs Now Trading Bitcoin Futures With Galaxy Digital

Goldman Sachs is now trading bitcoin futures blocks with Galaxy Digital serving as a liquidity provider, a major institutional BTC offering.Multinational investment bank Goldman Sachs is now trading bitcoin futures blocks with Galaxy Digital Holdings serving as its liquidity provider as well as providing quotes for buy and sell orders.“The trades represent the first time that Goldman has used a digital assets firm as a counterparty since the investment bank set up its cryptocurrency desk last month,” CNBC reported. “The moves by Goldman, the preeminent global investment bank, may reverberate on Wall Street and beyond as banks increasingly face pressure…

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Goldman Sachs to offer Bitcoin futures trading in partnership with Galaxy Digital

Mike Novogratz’s Galaxy Digital will serve as the counterparty entity for Goldman Sachs’s Bitcoin futures trading product. Goldman Sachs has debuted a Bitcoin (BTC) futures trading product for its client in collaboration with crypto investment giant Galaxy Digital.According to CNBC, the move marks the first time the Wall Street bank has partnered with a digital asset-based liquidity provider. Galaxy Digital co-president Damien Vanderwilt said the company offered a gateway to the crypto space allowing a tightly regulated entity like Goldman to offer crypto-related investment products.Goldman will reportedly be offering CME Group Bitcoin futures for its clients, marking another expansion of…

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Goldman Sachs analysts divided over whether Bitcoin is an ‘investable asset class’

Goldman has flip-flopped again declaring crypto assets as unworthy of investment in the same week it expands its crypto trading desk. Wall Street investment bank Goldman Sachs has made another U-turn on its stance toward Bitcoin as it struggles to define the asset’s investment status.The investment bank flip-flopped again in its approach to cryptocurrencies with a report issued earlier this week that claims  they are not a “viable investment”.The report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, concluded Bitcoin is not “a long-term store of value or an investable asset class”.This contradicts their May 21…

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Goldman Sachs Expands Cryptocurrency Trading Desk With Ether Futures and Options

Investment bank Goldman Sachs has reportedly unveiled its plans to expand its cryptocurrency desk to offer ether futures and options trading. The bank says “institutional adoption will continue,” noting that “Despite the material price correction, we continue to see a significant amount of interest in this space.” Goldman Sachs Gets Ready to Offer Ether Futures and Options Trading Goldman Sachs’ head of digital assets, Mathew McDermott, has reportedly revealed that the global investment bank plans to offer futures and options trading in ether (ETH) in the coming months, Bloomberg reported Monday. McDermott said in a phone interview with the publication…

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Goldman Sachs’ crypto trading desk expands to Ether

After being critical of cryptocurrencies, the Wall Street investment bank officially embraced Bitcoin earlier this year. It’s now expanding its offerings to include Ether. United States investment bank Goldman Sachs is planning to offer Ether (ETH) derivatives products in the coming months, setting the stage for wider adoption of the second-largest cryptocurrency and marking a significant departure from the institution’s critical stance on digital assets in the past. Mathew McDermott, Goldman’s managing director of digital assets, confirmed Monday that the investment bank is expanding into Ether options and futures. In an interview with Bloomberg News, McDermott said institutional demand for cryptocurrencies will…

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Goldman Sachs Report: Hedge Funds Now Hate BTC

It looks like bitcoin may be losing some of its popularity – at least among hedge funds, according to a new report issued by financial giant Goldman Sachs. Goldman Sachs Says Hedge Funds Now Dislike BTC The volatility of the world’s number one digital currency by market cap is really coming back to bite it in the rear. The asset – which over the past year has earned the attention of major institutions ranging from software firm MicroStrategy to electric vehicle company Tesla – is now being looked down upon by the world’s biggest hedge funds and investing firms, according…

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Goldman Sachs backs $28M funding round for Blockdaemon

Goldman Sachs has backed a Series A $28 million funding round for Blockdaemon, and invested $5 million in the blockchain infrastructure firm. Goldman Sachs has backed a $28 million Series A funding round for blockchain infrastructure firm Blockdaemon. The funding was led by Greenspring Associates and included participation from crypto lending firm BlockFi, and crypto-asset broker Voyager Digital Ltd, along with a $5 million investment from Goldman Sachs. Goldman Sachs is an American multinational investment bank with a net worth of $131 billion. The banking giant appears to be paying a significant amount of attention to crypto of late. In…

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Asian hedge fund managers favor growth over Bitcoin: Goldman Sachs survey

One third of participants see Bitcoin as the least preferable investment asset. Earlier this week, a Bank of America survey found that American hedge fund managers favor Bitcoin (BTC) over tech, but Goldman Sachs' poll with the Asian chief investment officers tells a different story. Goldman Sach Global Investment Research published a new survey polling 25 chief investment officers from different hedge funds. The results show that Bitcoin is the least favorite investment class for 35% of the participants. “We held two CIO roundtable sessions earlier this week, which were attended by 25 CIOs from various long-only and hedge funds,”…

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Goldman Sachs Survey: Chief Investment Officers Say Bitcoin Is Their Least Favorite Investment

Investment bank Goldman Sachs recently held two roundtable sessions for chief investment officers of hedge funds. The bank found that they see bitcoin as their least favorite investment. In contrast, the latest Bank of America Fund Manager Survey found that “long bitcoin” was the most crowded trade. CIOs Reveal Their Most and Least Favorite Investments Goldman Sachs published a note Saturday after conducting a survey to find out what investments chief investment officers (CIOs) favor in the current market. Goldman Sachs strategist Timothy Moe wrote: We held two CIO roundtable sessions earlier this week, which were attended by 25 CIOs…

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Bitcoin is risky digital ‘copper’, it’s not gold — Goldman Sachs commodities boss

Jeff Currie, the global head of commodities research at Goldman Sachs, described Bitcoin as a “risk-on” asset that is similar to copper as a hedge against inflation. Jeff Currie, the global head of commodities research at Goldman Sachs, has dismissed comparisons between Bitcoin and gold as an inflation hedge, and described BTC as more akin to a “risk-on” asset like copper. Speaking on CNBC’s Squawk Box Europe on June 1, Currie noted that copper and Bitcoin both work as “risk-on assets” for hedging due to their volatility while describing gold as a more stable “risk-off” hedge”: "Digital currencies are not…

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Crypto is Not a Substitute for Gold but Copper: Goldman Sachs Head of Commodity Research

Jeff Currie – the Global Head of Commodities Research at Goldman Sachs – shared his thoughts on Bitcoin being a gold replacement. According to him, digital assets are substitutes for copper. From Gold to Copper In a recent CNBC interview, Jeff Currie warned that cryptocurrencies are risky and people should not consider them as a gold substitute. He opined that copper is a much more similar asset to be compared to digital assets: ”Digital currencies are not substitutes for gold. If anything they would be a substitute for copper. They are pro-risk, risk-on assets.” Currie explained that Bitcoin is very…

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Goldman Sachs: Ethereum Could Be the World’s Dominant Crypto

With bitcoin continuing to slip into oblivion, it is no wonder why so many financial analysts and firms seem to believe that the world’s number one digital currency by market cap is going to get overtaken in the coming weeks and months, and according to a new report from monetary powerhouse Goldman Sachs, executives firmly believe that Ethereum may be on the verge of being king of the crypto space. Goldman Sachs Seems to Think ETH Will Come Out on Top Earlier in the month, Ethereum – which is presently the world’s second largest cryptocurrency and the number one competitor…

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Lack of knowledge is main barrier to crypto adoption, new survey says

55% of survey respondents said that they were aware of crypto despite never owning or using cryptocurrencies. Among the many complications associated with cryptocurrencies like Bitcoin (BTC), a lack of knowledge and understanding of crypto is the biggest obstacle for wider adoption, according to a new survey. The Economist Intelligence Unit, the research and analysis division of the Economist Group, released a new report called “Digimentality 2021.” The study was commissioned by major payment and cryptocurrency platform Crypto.com and contains a consumer survey of 3,053 people conducted from February to March 2021. According to survey results, 51% of respondents said…

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Goldman Sachs: Here’s why Ethereum will overtake Bitcoin (BTC) – Buy ETH Now?

A leaked report from Goldman Sachs claims that smart contract platform Ethereum has a high chance of surpassing Bitcoin as a store of value. The report even refers to Ethereum as the ‘Amazon of Information.’ The crypto crash of the past week or so has led to a whopping $1.3 trillion worth of cryptocurrencies being wiped off the market. Bitcoin lost nearly 50% of its value during the recent crash, after hitting an all-time high of almost $65,000 in April. Number 2 crypto by market cap, Ethereum also lost nearly half of its value after falling back from its all-time…

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Banks cautious about crypto ahead of COVID-19 testimony before US Senate

CEOs of major American banking institutions are heading to Washington to face legislators' questions about how they will aid a post-pandemic economic recovery. Major Wall Street bank executives will appear before the United States Senate Banking Committee on Wednesday to discuss the role of their financial institutions in the recovery of the American economy. Democratic lawmakers plan to grill a number of major bank execs, whose firms saw record profits during the COVID-19 pandemic while average Americans struggled to make ends meet.  In prepared testimonies posted on Tuesday, CEOs at the Bank of America, Citigroup and Wells Fargo described their…

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