Firm also sees institutional interest growing
The recent surge in cryptocurrency prices has been driven by retail investors, but institutions are starting to join in, Goldman Sachs’ head of digital assets Mathew McDermott said on Tuesday.
Goldman Sachs launched a crypto trading desk in 2021 and is continuing to build on it, McDermott said. The bitcoin rally has cooled slightly in recent days, along with other riskier assets, after a series of U.S. data releases that suggested the Federal Reserve may not cut interest rates this year as much as previously expected.Cryptocurrencies surged during 2020 and 2021, when ultra-low interest rates helped drive speculative investment.
Various banks, including Goldman Sachs, have expressed an interest in crypto’s underlying blockchain technology, saying it could be used to trade assets other than cryptocurrencies.
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