Ethereum
Goldman Sachs Releases ‘Stunning’ Forecast for Bitcoin and Ethereum ETFs After Price ‘Turning Point’
Bitcoin
Bitcoin
and Ethereum have seen rising prices for spot exchange-traded funds (ETFs) on Wall Street this year (which could be about to be kicked out of the water by China).
The price of Bitcoin returned to its previous all-time high, helped by a surprise “seismic shift” in Washington this triggered a crypto showdown between President Joe Biden and Republican 2024 candidate Donald Trump.
NOW, as traders prepare for ‘crucial’ reversal from Federal ReserveWall Street giant Goldman Sachs
Goldman Sachs
turns to bitcoin, ethereum and crypto after the “astonishing success” of bitcoin ETFs.
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Wall Street giant Goldman Sachs looks at bitcoin, ethereum and crypto after spot ETF… [+] price increase this year.
SOPA Images/LightRocket via Getty Images
“The Bitcoin ETF has obviously been a stunning success,” said Mathew McDermott, global head of crypto at Goldman Sachs. said on stage at the Coindesk Consensus crypto conference in Austin, Texas, adding that the timely approval of the Bitcoin ETF was a “big psychological turning point.”
The price of Bitcoin has soared this year, increasing 60% since the approval of a fleet of spot Bitcoin ETFs in January. Last week, the U.S. Securities and Exchange Commission (SEC) surprised traders by giving the green light to a handful of Ethereum spot ETFs.
“This is a natural progression that Ethereum will hopefully be approved to become a fully tradable ETF,” McDermott said, while downplaying the chances that the Ethereum spot ETF will open “the door to the whole world” like Solana, XRP.
XRP
and other major cryptocurrencies.
“From my perspective, our clients generally focus only on Bitcoin and Ethereum – these are the two products that have tradable futures on the CME. This is why you may see a positive reading. [on ethereum ETFs]. For the others, I think we could be positive, but I think it’s too early to say.”
The Bitcoin and Ethereum ETFs are the first step in what BlackRock, the world’s largest asset manager,
black rock
announced its project to digitize financial markets.
“It’s extremely powerful,” McDermott said. “As the regulations become clearer, more and more people come to the seller side and start to show the viability of the on-chain market. You can then start to develop and exploit these other asset classes where the value proposition is probably it’s great,” he added, highlighting real estate and green debt issuance.
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The price of Bitcoin has surged over the past year, pushed higher by the arrival of Wall Street via spot… [+] Bitcoin ETF and Ethereum ETF imminent.
Forbes Digital Assets
BlackRock stole Grayscale’s crown as issuer of the world’s largest Bitcoin fund after its new IBIT spot Bitcoin exchange-traded fund (ETF) surpassed $20 billion. reported by Bloomberg, dethroning the Grayscale Bitcoin Trust (GBTC) by $19.6 billion.
There is still a long way to go, however, with Bernstein analysts estimating report Coindesk saw that Bitcoin and Ethereum spot ETFs could reach a $450 billion market.