Return to News Categories

ALL NEWS SECTIONS:
MOST POPULAR SECTIONS:
Commentary and Educational Cattle - Hogs / Livestock News Currencies News Energy News Grain News Index News Interest Futures News Metals Futures News Reports: Crops, CFTC, etc Soft Commodities News

Futures and Commodity Market News

Surging Bitcoins Attracts Goldman Sachs Exploring Opportunities

Nov 09, 2017 (AB Digital via COMTEX) --

Recently headlined on various global mainstream media, Bitcoin had climbed into a high value at nearly US$7,600, which also drew the attention of International Monetary Institution, IMF.

Not everyone appreciated the rationality of what made Bitcoin booming exponentially, nonetheless, the market approved its recognition. Bitcoin, featured with decentralisation and the attached value in the blockchain applications, has earned more and more supporters since its inception.

Despite different attitudes toward Bitcoin and its applications, and strict restrictions of the cryptocurrency trading in some countries, Bitcoin’s technical infrastructure and application frame (particularly in blockchain applications) have been recognised across a wide range of industries and global organisations. Government institutions as well as global corporate giants started to invest huge resources into the research of the blockchain technology.

Dubai has recently established the first government-backed cryptocurrency in the world. JP-Morgan, Microsoft, Intel and other thirtyish global organizations initiated a new blockchain alliance.

The world top three credit card issuers (VISA, Master, American Express) have joined the Hyperledger project. Goldman Sachs considers introducing Bitcoin and other cryptocurrencies into Wall Street. If so, Goldman Sachs will be the first global investment bank operating the cryptocurrency transactions in Wall Street.

In addition to the bitcoin transactions, words run around the market that Goldman Sachs is also interested in launching a cryptocurrency exchange and has taken some market researches on some existing cryptocurrency exchanges in the US, Japan, Australia and the UK, such as Coinbase, BitFlyer, Bitfinex, Poloniex, potential consideration of acquisitions or investments in some emerging exchanges, like XBrick or Binance. However, Goldman Sachs has not confirmed any of these actions.

The total market value of cryptocurrencies is estimated nearly US$120 billion, of which there are 9 cryptocurrencies with a market value of over US$1 billion respectively, according to the Goldman Sachs statistics.

Bitcoin has the market capitalization of US$55.5 billion, accounting for nearly 50% of the total cryptocurrency market value, which positions itself #1 cryptocurrency with no doubt. To date, no mainstream commercial bank has announced to join the cryptocurrency market, neither top tier organisations have engaged in setting up cryptocurrency exchanges.

The violent volatility of Bitcoin prices builds up the dreams of becoming rich instantly and quick returns on investments, which may perfectly match what the Wall Street investors are looking for. On the other hand, this is exactly the issue that the regulators will focus on. Efficient supervision and disciplines are needed to guide this valuable market to sustainability.

Media Contact
Company Name: Global News Online
Contact Person: Media Relations
Email: info@globalnewsonline.info
Country: United States
Website: http://www.globalnewsonline.info/



********************************************************************** As of Sunday, 11-05-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-17-2012 for AXP @ $56.53. For more inform

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX.

Lt Crude 57.99
Nat Gas 2.970
Corn 345 2/8
Cotton #2 71.14
Gold 1293.5
Copper 3.1370
Euro 1.18355
USD Index 93.180
SP500 E-mini 2597.00
DJIA E-mini 23509
close_icon
open_icon