The oldest cryptocurrency, bitcoin, topped the $52,500 level on Wednesday on reports that US-based investment banking giant Goldman Sachs Group Inc. is restarting its crypto desk.
According to a Reuters report, Goldman Sachs resumed its cryptocurrency trading desk and will begin dealing in bitcoin futures and non-deliverable forwards for clients starting next week. The development comes on the back of recent endorsements from US-based Fidelity Investments and Citigroup.
Also Read | Why Das should heed Buffett on bond yields
“Bitcoin has gained some momentum. A top executive at Fidelity compared bitcoin to gold. Goldman is restarting its crypto trading desk after three years. Now, it looks like bitcoin holders will soon be in for a treat as there are multiple indicators that may push prices up further, including a recovery in US stocks,” said Ashish Singhal, chief executive officer and co-founder, CoinSwitch Kuber, a crypto investment platform.
At 10.15 PM, bitcoin was trading at $51,287, up 6.5% after hitting a low of $47,462.13 and a high of $52,639.20in the past 24 hours, as per cryptocurrency tracker CoinGecko.
The world’s biggest cryptocurrency hit its all-time high of $58,640 on 21 February, but as the rally looked stretched, prices slipped to a low of $43,343 last week, representing a more than 25% correction. With the latest leg of the recovery, the digital currency is around 12% away from its lifetime high. “The market is moving towards stability and will reward the long-term investors with a horizon of two-three years,” said Shivam Thakral, CEO, BuyUcoin.