Bitcoin (BTC) and the broader crypto market surged on Thursday as the total value of digital assets topped $2 trillion for the first time in more than three weeks amid signs of a clear shift in market sentiment – no less than that of Goldman Sachs.
According to data from Cointelegraph Markets Pro and TradingView, the price of bitcoin reached an intraday high of $44,253 after gaining more than 3% in a session. The largest cryptocurrency, as measured by market capitalization, has now rebounded more than 33% from its January low.
According to data from Coingecko, the total market capitalization of cryptocurrencies has increased by more than 7% since Monday to nearly $2.1 trillion. The market capitalization of CoinMarketCap has also reached $2 trillion.
The Bitcoin Fear and Greed indicator, although not bullish, has eluded the “extreme fear” and is now in a “fear” phase with a value of 40. The Volatility and Sentiment indicator is based on a scale of 0 to 100 with higher values. as this corresponds to a more optimistic forecast. for bitcoin.
The Bitcoin Fear and Greed Index remains an important indicator of overall market conditions. Source: Alternative.me
The apparent shift in sentiment in the cryptocurrency market came after months of falling prices for bitcoin and altcoins, leading some investors to speculate the possibility of a full-blown bear market. Amid geopolitical turmoil, members of the old financial community have identified cryptocurrencies as a potential opportunity.
As Cointelegraph reported, BlackRock CEO Larry Fink said the war in Ukraine could force countries to reconsider their currency dependencies, potentially paving the way for digital assets. In particular, the head of BlackRock identified cryptocurrencies as a viable tool for international settlements and transactions.
Crypto has been on Fink’s radar since at least the last quarter of 2020.
Meanwhile, multinational investment bank Goldman Sachs appears to have included cryptocurrencies in its sights and even redesigned its website to reflect the rise of digital assets and the metaverse. Goldman called these technologies “big trends” and filled the site’s new “Insights” section with previously published reports on games, the metaverse, and Web3.
Goldman Sachs website, March 24, 2022
Goldman Sachs recently completed its first OTC cryptocurrency trading with Galaxy Digital. The investment bank first launched its bitcoin futures product on the Chicago Mercantile Exchange in June 2021.
Related Topics: US Investment Bank Coin Launches Cryptocurrency Section
Finally, Grayscale Investments recently announced the launch of a new smart contract fund that will allow accredited investors to support Ethereum competitors. The new fund, which is already open for daily subscriptions, provides access to Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM). .