Connect with us

Bitcoin

Goldman Sachs Group Inc (NYSE:GS) Introducing Cryptocurrencies to Wall Street

Published

on

Goldman Sachs Group Inc (NYSE:GS)
READ LATER - DOWNLOAD THIS POST AS PDF

The worlds’ leading banking giant Goldman Sachs makes a debut in the cryptocurrency market by opening a trading desk next year. If successful, it may revolutionize the banking industry.

The importance of the decision is based on trading patterns observed in Wall Street in 2017. Cryptocurrencies have been slowly gaining a foothold and pulled several institutions to the crypto platform. Latest to be pulled into the fold is two US exchanges -CBOE and CME

According to the latest report by Bloomberg, the financial giant plans to set up a cryptocurrency trading desk by the middle of next year. A financial framework of how this can be actualized by the bank is being crafted including asset storage which is central to the success of this arrangement.

Bitcoin, which is the market leader in the crypto market, has been doing rounds with retail investors for a long time. However, major investors have been reluctant to embrace Bitcoin due to huge volatility and price swings.

Goldman Sachs is the first to venture into the cryptocurrency market by immediately clearing Bitcoin future contracts offered by CBOE and CME. Other banks keenly watching the space include Citigroup and Bank of America with a view to offering an avenue for trading in the future.

Bloomberg reported that Goldman Sachs is already assembling a team in New York to specifically handle the crypto platform once it is fully operational. It is not yet clear where the trading desk will be placed but insiders say it may operate within the fixed income, currencies and commodities unit. The firms’ strategic investment group manual indicated that the firm is “…also looking at other opportunities in a similar space”, an insider Darren Cohen commented.

Goldman spokesman Michael Duvaley in response to a question from a client was of the view that the bank has a keen interest in serving clients interested in the cryptocurrency market. However, Goldman CEO Lloyd Blankfein has been sceptical about the success of Bitcoin and the cryptocurrency space arguing that it is riddled with a lot of volatility, hence the need to tread carefully as they observe market trends.

Currently, the bearish run may not last and investors are cautious in their predictions.

After Bitcoin hit a high of $20,000, it has dipped by a huge margin, slipping to $12,800 within 24 hours. Trading volumes stand at $18 billion as the market capitalization of Bitcoin slipped to $215 billion down from $300 billion last week. Other celebrated currencies such as Ethereum, Litecoin and Ripple have suffered a similar dip.

Many analysts fear there could be a market bubble and are sending alarm bells to investors to remain alive to this reality. Depending on one’s view, Goldman could either be late to the party or getting in before the next leg higher. We are of the opinion that Bitcoin will end 2018 around $50,000.

We will be updating our subscribers as soon as we know more. For the latest on cryptocurrencies, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Henning Klokkerasen via Flickr

Bitcoin

Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

Published

on

Cryptocurrency Fraud is Evolving
READ LATER - DOWNLOAD THIS POST AS PDF

In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

Continue Reading

Bitcoin

IE Option – 91% Profit on BTC Fluctuations in Every 60s

Published

on

BTC
READ LATER - DOWNLOAD THIS POST AS PDF

On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage. 

Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility? 

BTC Option is a profitable trading product that you can turn to!

What is Option?

Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price. 

For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit. 

IE Option – Get…

Continue Reading

Bitcoin

4 things you should know about bitcoin casinos

Published

on

Bitcoin casinos
READ LATER - DOWNLOAD THIS POST AS PDF

Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.  

Trusted casinos have fast withdrawals

Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.

In BTC Casinos anonymity matters 

Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…

Continue Reading

Press Release