Goldman Sachs to Offer Ethereum (ETH) Futures Trading
The cryptocurrency market is showing some good price momentum currently with the Bitcoin (BTC) price surging past its crucial resistance of $40,000. At the same time, the altcoin market is also showing strength with Ethereum (ETH) and other altcoins registering an upward momentum.
Earlier today, the Ethereum (ETH) price surged past $2600 levels on the news that Wall Street banking giant Goldman Sachs is planning to offer Ethereum (ETH) futures and options trading in the coming months.
Earlier in March 2021, Goldman Sachs restarted its crypto trading desk while allowing its clients to deals in public-traded Bitcoin futures. In a phone interview with Bloomberg, Goldman’s head of digital assets Mathew McDermott said:
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective. Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”
This move from Goldman Sachs will certainly boost the trading volumes for the world’s second-largest cryptocurrency. On the other hand, Ethereum’s on-chain data is also showing strength. The Ethereum whale addresses holding 10K-100K ETH coins continue to hover around its all-time high, however, the mid-tier addresses continue falling.
Ethereum-ETH-Whale-Addresses (Courtesy: Santiment)
Bitcoin (BTC) Breaks Past $40,000, MicroStrategy Proposes $1 Billion Bitcoin purchase with Stock Salen
Earlier today, Bitcoin moved past its crucial resistance of $40,000 for the first time since May 26. The work’s largest cryptocurrency touched a 3-week high and saw a major upward push following a major Bitcoin outflow from the exchanges. This was the major reason behind the bullish momentum in the Bitcoin price today.
Bitcoin-BTC-Exchange-Outflow (Courtesy: Santiment)
However, chartists are currently looking at the crucial levels of $42,500 which represent the 200-day moving average. If Bitcoin manages to surge past this level, it will be setting up its next journey to $50,000 levels.
At the same time, there have been some important developments taking place with the Bitcoin network as well as its institutional adoption.
The Bitcoin miners globally have collectively voted to push the Taproot upgrade for the Bitcoin blockchain. The Bitcoin Taproot upgrade will bring higher transaction efficiency and privacy to the Bitcoin blockchain. Besides, the Taproot upgrade will also bring smart contract functionality to the Bitcoin network making it ready for the decentralized finance (DeFi) market. The activation of the Taproot upgrade will happen this year in November 2021. On Monday, June 14, MicroStrategy successfully completed the $500 million corporate bond sale and announced that the net proceeds for the same will go towards buying Bitcoin (BTC). On the same day, the company also submitted a filing to the U.S. SEC proposing the public sale of $1 billion worth of class A common stock through the Open Market Sale Agreement.
In the filing, the firm wrote: “We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin”.
American billionaire and hedge fund manager Paul Tudor Jones called Bitcoin (BTC) a great portfolio diversifier and sees it as a wealth protector in the long run. The billionaire is planning to assign an equal weightage of 5% in other hedge assets like gold, cash and commodities.
During his interview with CNBC Squawk Box, Tudor Jones said: “I like bitcoin as a portfolio diversifier. For me, it’s just a way of kind of foundationally looking at how do I protect my wealth. Over time it’s a great diversifier. Again, I look at bitcoin as a story of wealth. I look at crypto as a story of wealth. Others will argue this is a different ecosystem. It’s transactional in nature.”
DeFi and NFT News: Billionaire Mark Cuban Praises DeFi Yield Farming, Luxury Carmaker Porsche Dabbles With NFTs
In his latest blog post, American billionaire Mark Cuban went on praising the decentralized finance (DeFi) yield farming. Cuban also mentioned that he is fascinated with the concepts like liquidity provision and decentralized lending that DeFi brings to the crypto space.
Switzerland-based digital assets bank Sygnum has added banking services for decentralized finance (DeFi) tokens including Uniswap (UNI) and Aave (AAVE). Sygnum will be offering support for several other crypto tokens along with offering custody and trading for stablecoins like USD Coin (USDC).
Going ahead, Sygnum plans to launch DeFi yield-generating products and services along with some unspecified “custom solutions” while partnering with other DeFi players. Sygnum said that its DeFi products and services shall be “integrated seamlessly” with other national currencies, digital assets, digital Swiss franc, all within a single account.
German luxury carmaker Porsche is dabbling into the nonfungible token (NFT) market while announcing its own NFT collectible startup Fanzone. The carmaker is willing to focus on the soccer-themed NFT collectibles market as of now.
Porsche said that the NFTs will be ERC-20 tokens issued through the Lusko blockchain. Porsche also stated that part of Fanzone’s transaction costs will go towards “sustainable sports and environmental projects”.