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Goldman Sachs maintains its rejection of Bitcoin

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On Tuesday, Goldman Sachs, one of the world’s greats in investment and securities banking, raised its forecast for the price of gold to $ 2,300 per troy ounce in 12 months. This projection is based on the problems associated with the US dollar, but the question is: Could the bank bet on Bitcoin or crypto?

Goldman Sachs bets on gold, but not Bitcoin?

Yesterday the entire crypto market was stunned at the fierce move Bitcoin made, leaving behind that boring and stable cryptocurrency. But, did you manage to gain the affection and respect of institutional investors?

The question comes after Goldman Sachs strategists warned, according to Bloomberg, that the days of the US dollar may be numbered.

That statement could delude many who see Bitcoin as the replacement. However, Goldman Sachs remains in love with gold as a valuable asset, not Bitcoin or some other cryptocurrency.

As we have previously discussed in CryptoTrend, the situation in the United States is raising the alarm of the world economy as inflationary concerns increase.

“Combined with a record level of debt accumulation by the US government, real concerns began to emerge about the longevity of the US dollar as a reserve currency.”, the group of strategists of the Goldman Sachs assured Bloomberg.

Consequently, gold is used as a “currency of last resort.” But why not Bitcoin? Well, despite the fact that they did not comment at the moment on the cryptocurrency, in May the bank assured that “cryptocurrencies, including Bitcoin, are not an asset class.”

Meanwhile, although Goldman Sachs maintains its position of rejecting Bitcoin, the number of institutional investors who have decided to trust Bitcoin in the current situation increases.

Will Goldman Sachs regret not trusting Bitcoin?

Graph of the price of the troy ounce of gold. Source: GoldPrice.com
Graph of the price of the troy ounce of gold. Source: GoldPrice.com

What happens to Bitcoin fees?

Today we report that Bitcoin (BTC) rates have increased significantly in recent days. In fact, we point out that they reached a maximum of two months, a total of $ 3.80 for each transaction made.

The surprising increase in the valuation of the cryptocurrency perhaps caused us not to pay attention to the rate increases. However, others did report their annoyance and concern.

And, on July 14, BTC fees rose to $ 0.55 per transaction. However, a few days later, on July 23, the amount rose 590%, that is, to $ 3.80.

Ethereum breaks record crypto but does it surprise us?

Today we reported on CryptoTrend that Ethereum surpassed the $ 1 billion mark in the Open Interest.

Very briefly, Open Interest is an indicator that measures the total level of activity in the futures market. When Open Interest increases, it means that fresh or new money is flowing in the ETH crypto futures market.

Obviously this is very positive news for ETH given that it allows us to see that investors have a positive vision about the future of the cryptocurrency.

Tomorrow will be Cardano’s Hard Fork, Shelley

On July 29 Cardano (ADA) will migrate from the Byron era to Shelley, with his Hard Fork planned for that date. In this sense, the team stated today that the event is expected to occur with normality tomorrow.

In fact, as we report today on Crypto Trend, Charles Hoskinson, founder of Cardano, has been quite optimistic about crypto’s future.

By this time next year, I predict there will be hundreds of assets up and running in Cardano, thousands of DApps, tons of cool projects, and tons of unique uses. In 2021 it will be a lot of fun to see Cardano grow and evolve. The community is definitely ready to innovateHe noted on Twitter.

In a few lines …

  • LocalBitcoins partners with Elliptic, a company that will monitor transactions for possible illegal activities on the crypto exchange. Will it cause you to lose more market share?
  • Report CoinMetrics reveals that only 13 crypto exchanges (Binance / Binance US, Bitbank, Bitfinex, bitFlyer, Bitstamp, Bittrex, CEX.IO, Coinbase, Gate.io, Gemini, itBit, Kraken and Poloniex) offer accurate volume figures.
  • It was held on the second day of Trading Mastery Summit where they discussed the behavior of the stock market and Forex in recession as well as the importance of tokenized securities.



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