Goldman sachs Financial News

As crypto company valuations are affected by the recent FTX debacle, financial services firm Goldman Sachs is looking to swoop in and invest millions to purchase or invest in crypto firms while the prices are low.

Bitcoin (BTC) has been consolidating inside the $18,000-$20,000 price range since mid-June, pausing a strong bear market that began after the price peaked at $69,000 in November 2021.

A sequence of macro warnings coming out of the Goldman Sachs camp puts Bitcoin (BTC) at a risk of crashing to $12,000.

gold. Bitcoin is often referred to as “digital gold” by supporters who feel it can provide a store of value just like bullion. Similarities like limited supply and worldwide acceptance show that Bitcoin is on the path to becoming an attractive option but it has to undergo its own trajectory to emerge as a strong competitor to gold. Earlier this year, Goldman Sachs in a note made a strong pitch by comparing Bitcoin to gold. The note said Bitcoin could be the new gold and in the coming years, it has the potential to grow 2.5 times its current value. The note further added that the organisation sees Bitcoin as having applications beyond a store of value. By definition, a store of value is an asset that has the potential to maintain its value over time, such as oil and precious metals. It is important to understand why Bitcoin is being compared to gold in the first place. Both gold and Bitcoin are in limited supply. While gold has been in use for centuries, it is available in a finite supply. Similarly, the total number of Bitcoins that can be mined is exactly 21 million, ensuring its perpetual scarcity as demand rises.

On Sept. 6 Bitcoin (BTC) price crumbled below $20,000 and the asset looks ready to undergo further decline in September due to a strong U.S. dollar and an ominous technical analysis pattern.

After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls' dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant. 

John Haar, a former asset manager at financial institution Goldman Sachs believes the lack of support from “legacy finance” for Bitcoin stems from a poor understanding of the cryptocurrency. 

Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak.

Celsius (CEL) has repaid a substantial amount of its outstanding debt to Maker (MKR) protocol since the beginning of the month, signaling that the troubled crypto lending platform was trying to stave off a complete collapse amid credible rumors of insolvency. 

Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock.

Shares of Coinbase Global Inc. (COIN) have been downgraded by analysts at Goldman Sachs after plunging cryptocurrency prices affected the exchange’s underlying business, underscoring the challenges posed by the bear market. 

China’s pandemic-hit economy needs all the help it can get after a surge in COVID-19 infections triggered mass lockdowns across the country. In an attempt to revive consumption, the southern city of Shenzhen used Beijing’s central bank digital currency, or CBDC, to airdrop free money to local residents. A similar strategy was used in the northern Hebei province, where even more digital yuan was deployed. Think of all the things governments can do when they have full control over fiat money on-ramps. 

Global insurers aim to maintain a risk-on investment approach, with higher allocations to private equity, green bonds, and middle-market corporate loans, but also cryptoassets, according to a report by Goldman Sachs Insurance Asset Management.

United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Goldman Sachs, one of the leading investment banks in the United States is reportedly trying to onboard some of its derivatives products into FTX.US crypto derivatives offerings.

Has there ever been a worse time to be in crypto? It depends on how you look at it. Amid Terra’s death spiral, Bitcoin (BTC) recording seven-consecutive weekly red candles, over $1 trillion in lost market cap across the ecosystem and an aggressive Federal Reserve hell-bent on reversing the chaos it created, major banks are quietly increasing their exposure to the sector. You’re going to love this: Goldman Sachs — once the most passionate Bitcoin detractors — and Barclays are doing some strategic buying as they prepare for the future of crypto trading. 

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.______

Banking giants Goldman Sachs and Britain’s Barclays have joined a $70 million Series A funding round for the institutional crypto trading platform Elwood Technologies, founded by billionaire British hedge fund manager Alan Howard.

America’s largest crypto exchange Coinbase has been revealed as the mystery firm that took out Wall Street’s first Bitcoin-backed loan from Goldman Sachs.

The American investment banking heavyweight Goldman Sachs has granted a customer a cash loan backed by bitcoin (BTC).