Goldman Sachs to Open BTC Futures Trading Desk

The exact date of launch of the new service is still unknown, but the board of directors of the bank has already approved the initiative
03 May 2018   1088

In the coming weeks, leading investment bank Goldman Sachs will begin using its own capital to trade bitcoin futures on behalf of customers, the New York Times reports.

The exact date of launch of the new service is still unknown, but the board of directors of the bank has already approved the initiative. Goldman Sachs also plans to create its own flexible version of the futures, known as the" settlement forward ", which will offer customers.

According to one of the managers of Goldman Sachs, Rana Yared, the decision was made against the backdrop of a growing number of client requests and an interest in buying bitcoin as an alternative asset.

I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.

Rana Yared

Executive, Goldman Sachs

Representatives of the bank stressed that further deepening of Goldman Sachs into the cryptocurrency sector, including operations directly with bitcoin, will be possible only after full approval by US regulators.

The first trader of digital assets, which the bank hired for a new initiative, was Justin Schmidt. Prior to that, he was engaged in trading in the hedge fund Seven Eight Capital, but last year he left the organization and began working with cryptocurrencies

Goldman Sachs to Give Bullish BTC Forecast

Goldman Sachs experts expect to see bitcoin near the $ 13,971 mark
12 August 2019   914

While Wall Street representatives sometimes come back to criticize Bitcoin, the well-known investment bank Goldman Sachs gives its own forecast for the price of cryptocurrency. To the surprise of many, it turned out to be bullish.

A note for Goldman Sachs customers on Twitter shared by Three Arrows Capital CEO Su Zhu.

As follows from the publication, in the short term, Goldman Sachs expects to see bitcoin near the $ 13,971 mark.

An unnamed analyst builds his forecast based on the Elliott Wave Theory. According to him, with a high degree of probability, bitcoin will rebound from the level of $ 11,094 in the coming days. After this, the opportunity will arise “for at least one more leap to $ 12,916 and $ 13,971”.

On the other hand, a pullback from the indicated levels should be considered as an opportunity to buy cryptocurrency against the backdrop of weakness, if its rate does not fall below $ 9,084.

What is more surprising: that Goldman Sachs has a bullish target on BTC, that they have any target at all, or that they use Elliott Wave Theory? I'm personally most surprised they cant be bothered to use a chart that includes weekend price action.

Su Zhu
CEO, Three Arrows

Short-term stop orders for long positions should be placed at $ 10,791, according to Goldman Sachs.