As Ethereum gains mainstream adoption and institutional attention, financial players prepare for ETF-like products for the world’s second-largest crypto.
The person familiar with the matter said that the crypto trading desk will function as part of Goldman’s Global Markets division. Goldman is also looking to offer custodial solutions along with plans of a Bitcoin ETF in future.
Big financial institutions are warming up to Bitcoin slowly as its gains mainstream acceptance. Citi sees Bitcoin as major part of global trade transactions in the future.
The tech-heavy Nasdaq dropped as much as 3.5%, a figure not seen since October, and the S&P declined 2.5%. Cryptocurrencies continue to slide with Bitcoin testing its $45,000 support.
The newly-launched platform provides registration-free access to unlimited trades in more than 210 coins and about 45,000 currency pairs.
Munger said that Bitcoin doesn’t serve well as a medium of exchange and called it an “artificial substitute for gold”.
Most of the market’s cryptocurrencies have seen a sharp drop in prices, mostly caused by decreasing momentum and traders worldwide taking profits. In fact, the initial downtrend commenced after a miner decided to sell several millions USD worth of bitcoin.
Powell assured that the Federal Reserve will have a public dialogue while proceeding with its CBDC plans.
All the four central banks will be exploring the use of distributed ledger technology (DLT) thereby facilitating “business use cases in a cross-border context using both domestic and foreign currencies.”
After almost an unstoppable market rally this year, crypto markets have finally entered deep red correction with the overall crypto market cap down 15% in just 24-hours.