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U.S. bank Goldman Sachs announced Wednesday that it is reopening its cryptocurrency trading desk and will begin trading bitcoin futures and forwards starting next week.
As advanced by Reuters, that desk will be part of the entity’s Global Media division and will be encompassed within the digital assets sector, which includes other projects related to blockchain technology and central bank digital currencies.
This is the second time Goldman Sachs creates a desk of this type: it tried in 2017, coinciding with the other big moment of interest in these assets. The intention was to launch it in June 2018, but the entity stalled the process.
This resumption of operations coincides with the growing interest of private and institutional investors in the asset, which has appreciated by more than 470% so far this year and has reached $58,000.
The U.S. bank’s decision has caused the asset to rise by around 2% to $49,000, thus overcoming the falls recorded in recent days, when it fell as low as $44,000.
The cryptocurrency fell sharply last week and closed Friday with its worst drop since March as falling global bond markets pushed yields higher and in turn triggered a sell-off in riskier assets.
It also emerged on Wednesday that MicroStrategy, a business analytics platform, had invested a further €12.5 million in the asset.
The bets of these 2 companies on the cryptocurrency join the considerations of the financial Citigroup, which considers that bitcoin is at an “inflection point” from which it could become the usual currency in international trade and a common asset in investment portfolios.
In recent months, several companies have bet on cryptocurrencies, such as Paypal, which announced in October that it was going to allow its customers to operate with cryptocurrencies, as BBVA and Mastercard did later.
Analysts consulted by Business Insider Spain for previous reports point to this as the main reason for the rise, although this is joined by others such as the halving of May and the low profitability of other assets.