Followers | 686 |
Posts | 142584 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
![](https://investorshub.advfn.com/uicon/35728.png?cb=1539773763)
Monday, March 01, 2021 12:46:18 PM
By: Reuters | March 1, 2021
By Anna Irrera, Iain Withers and Lawrence White
LONDON (Reuters) - Goldman Sachs Group Inc (NYSE:GS) has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said.
The team will sit within the U.S. bank's Global Markets division, the person said.
The desk is part of Goldman's activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said.
As part of this work, the bank is also exploring the potential for a bitcoin exchange traded fund and has issued a request for information to explore digital asset custody, the source said.
The trading desk reboot comes amid growing interest by institutions in bitcoin, which has soared more than 470% over the past year. The largest cryptocurrency is seen by investors and some companies as a hedge against inflation as governments and central banks turn on the stimulus taps.
While its price has risen significantly over the past year, bitcoin remains highly volatile. The virtual currency smashed through $58,000 on February 21 then fell back by as much as 25% but has recovered some lost ground.
This makes the coin and related derivatives attractive for investors willing to take riskier long or short positions as they hunt for yield in a record-low interest rate environment.
Non-deliverable forwards are a type of derivative that allows investors to take a view on bitcoin's future price.
Goldman first set up a cryptocurrency desk in 2018, just as bitcoin's price was falling from record highs, muting investor interest in digital coins.
Since then, market infrastructure for bitcoin and other large cryptocurrencies has significantly matured, with many established financial institutions offering products and services, including CME Group Inc (NASDAQ:CME), Intercontinental Exchange (NYSE:ICE) Inc and Fidelity.
The developments have helped to attract more mainstream companies to the sector, ranging from those offering crypto services to retail or institutional investors, to companies opting to hold bitcoin on their balance sheets
Last month, electric car manufacturer Tesla (NASDAQ:TSLA) Inc said it had bought $1.5 billion worth of bitcoin, while Bank of New York Mellon (NYSE:BK) Corp said it had formed a new unit to help clients hold and transfer digital assets.
Read Full Story »»»
![](http://studentaid.gov/universal-navigation/assets/us_flag_small.png)
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GS News
- SEC Closes Paxos Investigation, Trump Joins Bitcoin Conference, Ether ETFs Anticipation Soars • IH Market News • 07/11/2024 07:23:29 PM
- U.S. Futures Fall Ahead of CPI Report; Oil Prices Rise on Falling Inventories and Stronger Demand • IH Market News • 07/11/2024 10:21:45 AM
- Microsoft and Apple Exit OpenAI Board, TSMC Exceeds Forecasts with Record Revenue, and Other Key Updates • IH Market News • 07/10/2024 10:42:17 AM
- TAIT announces equity investment from Goldman Sachs Alternatives' Private Equity Business • PR Newswire (US) • 07/09/2024 01:00:00 PM
- TAIT announces equity investment from Goldman Sachs Alternatives' Private Equity Business • PR Newswire (Canada) • 07/09/2024 01:00:00 PM
- Nike Stock Drops 14% in Pre-Market; Nokia Acquires Infinera for $2.3 Billion, and More News • IH Market News • 06/28/2024 10:50:25 AM
- Dow Dips, Nasdaq Gains, Oil Prices Rise • IH Market News • 06/26/2024 11:00:03 AM
- SolarEdge Stock Falls 13%, Wegovy Approved in China, Grail Nasdaq Debut, Apple Rejects Meta Chatbot • IH Market News • 06/25/2024 10:36:11 AM
- Trump Media Resells Stocks and Warrants; KB Home Exceeds Q2 Expectations, and More News • IH Market News • 06/20/2024 10:55:11 AM
- Fisker Files for Bankruptcy, Chegg Stocks Rise on 23% Workforce Reduction, and More • IH Market News • 06/18/2024 11:02:13 AM
- Goldman Sachs Raises S&P 500 Forecast for 2024; Disney Secures Deadpool & Wolverine in Chinese Cinemas, and More • IH Market News • 06/17/2024 10:49:12 AM
- Adobe Soars 15% Pre-Market; Visa and Mastercard Encounter Hurdles in $30 Billion Agreement, and More • IH Market News • 06/14/2024 11:21:47 AM
- iPhone Sales Skyrocket in China, Nvidia Surges in Pre-Market Following xAI Fundraising, and More News • IH Market News • 05/28/2024 11:37:48 AM
- Workday Shares Drop 12%, VF Corp Divests Assets for Cash Boost, and More • IH Market News • 05/24/2024 12:42:24 PM
- OpenAI and News Corp Seal Partnership, DuPont de Nemours Announces Division, and More News • IH Market News • 05/23/2024 11:40:51 AM
- Nvidia Profits Set to Challenge Historic High Market; GE Aerospace Announces New Hires, and More News • IH Market News • 05/22/2024 10:37:09 AM
- Ethereum ETFs Decision Nears, Peter Mintzberg Named New Grayscale CEO, and More Crypto News • IH Market News • 05/20/2024 08:12:13 PM
- Li Auto Stocks Drop Post Earnings; Calhoun Re-elected to Boeing Board, and More News • IH Market News • 05/20/2024 11:03:22 AM
- OpenAI’s Reddit Partnership Boosts Shares by 14%, Microsoft Embraces AMD Chips for AI, and More News • IH Market News • 05/17/2024 11:36:28 AM
- Chubb Stock Soars 9% with Berkshire Acquisition, AST SpaceMobile jumps 37% on AT&T deal, and More News • IH Market News • 05/16/2024 11:27:07 AM
- Walmart Corporate Job Cuts and Office Centralization, GameStop and AMC Surge, and More News • IH Market News • 05/14/2024 11:26:02 AM
- Arm Sets 2025 Target for AI Chip Development, Amazon and Microsoft Commit Billions to French Investments, and More • IH Market News • 05/13/2024 11:16:03 AM
- Meta Platforms Expands AI Ads, Apple Boosts iPhone Shipments, and More Highlights • IH Market News • 05/08/2024 12:27:48 PM
- Tesla’s April Sales Down 18% in China, Amazon’s Multi-Billion Dollar Cloud Expansion in Singapore, and More News • IH Market News • 05/07/2024 11:44:00 AM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Provide Positive Developments on Marijuana Breathalyzer Testing • Jul 11, 2024 8:21 AM
ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • ECGI • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM