• Mon. Mar 4th, 2024

Not Even The Dip Lessened Bitcoin Investors’ Interest, Growing Demand May Encourage Goldman Sachs Too

Jan 18, 2021

Following the longest Bull-Run for Bitcoin, more investors are joining in the investment frenzy. Exchanges that are offering Bitcoin exchange-trading products have been recording a significant increase in their trade volumes. On the other hand, more financial institutions, such as Goldman Sachs, are trying to pave their way into the crypto regime.

 The value of Bitcoin continued to soar even with a few hitches at several occasions since 2020 till date. However, it seems that there is no ending of investors’ thirst for Bitcoin, even though the coin’s value had declined significantly last week when it suffered its first major dip since 2020. Resultantly, Bitcoin lost about US$ 10,000 and traded as low as US$ 30,000. It took only 2 to 3 days for Bitcoin to fight back and earn an increase of US$ 5,000. By this time, Bitcoin’s value had been hovering around US$ 36,606 and further increase is expected.

However, it seems that the thirst of investors for Bitcoin hadn’t been over yet nor it had lessened to some extent. It was reported by CoinDesk that a fresh group of Bitcoin investors is expected to pour money into Bitcoin. Most of this group members are reported to be institutions, which also include globally leading financial institutions as well.

It was reported that since the start of 2021, Bitcoin’s value had soared by about 24%. In addition, since the start of December 2020, Bitcoin’s value had increased for about 90% approximately. These figures seem to be the reason why investors’ interest was not jeopardized even though Bitcoin suffered a massive upset. Although there were many disbelievers who said that Bitcoin’s bull had ended but the majority never lost faith in it.

Recently, many globally renowned crypto exchange firms had told that their Bitcoin trade volumes had increased exponentially. In particular, during the first 10 days of January 2021, Bitcoin exchange-traded products such as BTCE had received a volume of US$70 Million.

Similar statistics were also revealed by Deutsche Borse – Switzerland’s prominent crypto exchange trading platform. The exchange informed that its 2020’s crypto trading volume was its all-time-high which reached at US$ 1.2 Billion approximately. Deutsche Borse had also enlisted around 3 dozen additional crypto-exchange traded products in 2021.

But no one dared to come close to Grayscale Investment which kept its supremacy of holding the world’s biggest Bitcoin Trust Fund. Grayscale too revealed that the daily turnover in its Bitcoin Trust was over US$ 1 Billion which continued for the initial two weeks of 2021. It also told that as compared with the turnover in 2020, 2021was nine times bigger than the previous one.

Most recently, Jeff Currie, Global Head of Goldman Sachs’ Commodities Research said that Bitcoin’s industry was maturing day by day. He went on to state that Bitcoin could be regarded as hedge against inflation. It is widely debated these days that Goldman Sach too is exploring the possibility of entering into a crypto regime soon.

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