Bitcoin
Goldman Sachs issues ‘surprising’ Bitcoin and Ethereum ETF forecast after price ‘turning point’
Bitcoin
Bitcoin
and ethereum have surged in exchange-traded fund (ETF) prices on Wall Street this year (which could be about to be eliminated by China).
The price of bitcoin has returned to its previous high, helped by a surprise “seismic shift” in Washington this caused a Crypto Clash Between President Joe Biden and 2024 Republican Nominee Donald Trump.
Now, as traders brace for a ‘crucial’ U-turn from the Federal ReserveWall Street giant Goldman Sachs
Goldman Sachs
is leaning towards bitcoin, ethereum and crypto after the “surprising success” of bitcoin ETFs.
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Wall Street giant Goldman Sachs is leaning into bitcoin, ethereum and crypto after spot ETF… [+] price rise this year.
SOPA/LightRocket Images via Getty Images
“The bitcoin ETF has obviously been a surprising success,” said Mathew McDermott, global head of crypto at Goldman Sachs. he said on stage at the Coindesk Consensus crypto conference in Austin, Texas, adding that the approval of the spot bitcoin ETF was a “huge psychological turning point.”
The price of bitcoin has soared this year, rising 60% since the approval of a fleet of spot bitcoin ETFs in January. Last week, the US Securities and Exchange Commission (SEC) surprised traders when it greenlit a handful of spot ethereum ETFs.
“This is a natural progression of Ethereum being approved to be a fully tradable ETF,” McDermott said, although he downplayed the chances of the spot Ethereum ETF opening “the door to everyone else” like Solana, XRP
XRP
and other major cryptocurrencies.
“From my perspective, our clients typically only focus on bitcoin and ethereum – they are the two products that have tradable futures on the CME. That’s why you can see a positive reading [on ethereum ETFs]. In terms of others, I think we could be positive, but I think it’s too early to say.”
Bitcoin and Ethereum ETFs are the first step in what the world’s largest asset manager, BlackRock
Black stone
said is his plan for the digitalization of financial markets.
“This is extremely powerful,” McDermott said. “As you get clarity on regulations, more people come into the sell side and start to show the viability of the market in the chain. You can then start to build and explore these other asset classes where the value proposition is probably great,” he added, pointing to real estate and green debt issuance.
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The price of bitcoin has risen over the last year, driven by the arrival of Wall Street via spot… [+] Bitcoin ETFs and Ethereum ETFs imminent.
Forbes Digital Assets
BlackRock stole Grayscale’s crown as issuer of the world’s largest bitcoin fund after its new spot bitcoin exchange-traded fund (ETF) IBIT surpassed $20 billion, was reported by Bloomberg, dethroning the $19.6 billion Grayscale Bitcoin Trust (GBTC).
However, there is still a lot of racing ahead, with Bernstein analysts estimating a report seen by Coindesk that bitcoin and ethereum spot ETFs could grow to a $450 billion market.