More Gains for BTC and ETH?
Goldman Sachs, one of the world’s leading investment banks, explained the recent developments as follows: Spot Bitcoin ETF He sees the confirmations as a “major psychological turning point.” The bank highlighted the impact of the approval and called its BTC investment offering in January an “astonishing success.” This news created excitement among investors and significantly affected the digital asset market.
Goldman Sachs Praises Success of Bitcoin ETF
US Securities and Exchange Commission (SEC)’s approval surprised many and marked a significant shift in perception towards digital assets. Within three months of approval, Bitcoin rose to an all-time high of $73,000. This rise led many to predict that the market would gain more.
At the beginning of 2024, the digital asset industry underwent a major transformation with the launch of Spot Bitcoin ETFs. This development affected digital asset values and sparked great interest in institutional investments. The approval of such an important financial product confirmed the legitimacy of the market and increased its attractiveness.
Goldman Sachs has now echoed this sentiment. Matthew McDermott, global head of cryptocurrency Goldman Sachs, emphasizes the importance of this development. McDermott said at the Consensus Crypto Conference in Texas:
Since approval, the asset has increased by over 60%, highlighting the impact of the product.
McDermott also expressed optimism about the future, suggesting that Ethereum could soon follow Bitcoin’s path.
Despite this, Bitcoin and Ethereum remain the most sought-after cryptocurrencies among institutional investors, indicating continued interest and confidence in these digital assets.
Bitcoin and Ethereum Show Strong Market Growth
The approval of Bitcoin and Ethereum ETFs has created new opportunities for the digital asset market in the US. As a result, a potential approval Spot Ethereum ETF It is expected to further increase market dynamics. Over the past month, Ethereum has increased by more than 26.11% while Bitcoin has increased by 12.84%, indicating the positive trend of the market.
Bitcoin It is trading in an uptrend, up 1.15%. Backwards, Ethereum It has seen a slight price decrease of 0.47%, with its current value being $3,761. Despite the minor volatility, the overall sentiment remains optimistic and investors are expecting further gains.
So read: Bitcoin (BTC) May Come Back As MVRV Ratio Indicates Ongoing Accumulation Phase
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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