Cryptocurrency forecast. Goldman Sachs will add tools based on the first cryptocurrency
The price of Bitcoin (BTC) has reached the level of $59000. Ethereum (ETH) rose to the price mark of 1925 Dollars, and the price of Ripple (XRP) strengthened to the resistance of 0.56 USD. The total capitalization of the digital currency market was $1.88 trillion.
Investment bank Goldman Sachs will add tools based on the first cryptocurrency to the list of products in the second quarter of 2021. In the future, the bank plans to provide a full range of investments in cryptocurrencies. These include traditional products, derivatives, and physical backed instruments. It is assumed that the new service will be available to customers of the bank's private capital management division with assets of at least $25 million. Recall that in March 2021, the management of Goldman Sachs noted the growing interest of customers in digital assets, although a year ago, Goldman Sachs analysts doubted that bitcoin and other cryptocurrencies could be considered as an independent asset class.
The Chicago Mercantile Exchange (CME) Group plans to launch Bitcoin futures with a nominal value of 0.1 on May 3. This will expand traders ' access to the digital asset market. The exchange opened trading in bitcoin contracts in December 2017. Then the size of one contract was set at 5 Bitcoins. At the current exchange rate, this is almost $300,000, and only large investors can trade such contracts. A fractional derivative financial instrument based on bitcoin will be launched after regulatory approval. Small contracts will reduce the risk of traders in the spot market, so that they can more effectively implement their trading strategies. As a result, users of the trading platform will have a wider choice of regulated Bitcoin futures.
In the forecast, I expect further growth of Bitcoin to the level 60000 USD. Ethereum will rise to the level 2000 USD, and Ripple will reach the price value 0.60 USD.