Crypto rallies to $2T market cap as institutions signal readiness to enter

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Goldman Sachs has updated its website’s homepage to reflect newfound optimism about cryptocurrency and blockchain technology.
Bitcoin (BTC) and the broader crypto market surged Thursday as the total value of digital assets surpassed $2 trillion for the first time in more than three weeks amid signs of a significant shift in market sentiment — led by Goldman Sachs.

According to data from Cointelegraph Markets Pro and TradingView, the price of BTC hit an intraday high of $44,253 and gained over 3% during the session. The largest cryptocurrency by market cap has rallied more than 33% since its January low.

According to data from Coingecko, the cryptocurrency’s total market cap is up more than 7% since Monday to nearly $2.1 trillion. The market cap has also hit $2 trillion on CoinMarketCap.

While Bitcoin’s Fear and Greed Index is not bullish, it has avoided “extreme fear” and is now in its “fear” phase at a reading of 40. The volatility and sentiment indicator is based on a 0-100 scale with higher levels reflecting a more optimistic outlook for BTC.

The Bitcoin Fear and Greed Index remains a key indicator of overall market conditions. Source: Alternative.me
The apparent shift in sentiment in the cryptocurrency market followed months of price declines in bitcoin and altcoins, prompting some investors to speculate on the possibility of a full-blown bear market. However, amid geopolitical turmoil, members of the traditional financial community have identified crypto as a potential opportunity.

As Cointelegraph reported, BlackRock CEO Larry Fink said that the war in Ukraine could force countries to reconsider their currency dependence, which could potentially pave the way for digital assets. BlackRock’s CEO, in particular, has touted cryptocurrencies as a viable tool for international settlements and transactions.

Crypto has been on Fink’s radar since at least the fourth quarter of 2020.

Meanwhile, multinational investment bank Goldman Sachs appears to have set its sights on cryptocurrencies, even revamping its homepage to reflect the rise of digital assets and the metaverse. Goldman dubbed these technologies “megatrends” and populated the new “Insights” section of its website with previously published reports on games, the Metaverse, and Web3.

Goldman Sachs homepage as of March 24, 2022
Goldman Sachs recently completed its first OTC cryptocurrency options trade with Galaxy Digital. The investment bank first launched its bitcoin futures product for CME in June 2021.

Also Read: US Investment Bank Cowen Launches Own Crypto Arm

Finally, Grayscale Investments recently announced the launch of a new smart contract fund, allowing accredited investors to back Ethereum competitors. Already open for daily subscriptions, the new fund offers access to Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM).

Source: CoinTelegraph

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