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Market Wrap: Bitcoin Pushes $60K as Goldman, BlackRock Moves Signal Adoption

Bitcoin finishes the first quarter double where it started the year, versus a 5.8% gain for the S&P 500. No wonder Goldman’s clients want in.

Bitcoin was stable at slightly lower on Wednesday, although it closed its best start of the year since 2013 with signs of increasing adoption of cryptocurrencies by companies like Goldman Sachs and BlackRock on Wall Street.

“The major rebalancing of the portfolio is already underway,” wrote Matt Blom, head of sales and negotiations at digital assets company Equos, via email.

Some analysts predict that prices may jump to the $ 70,000 bitcoin forecast based on a “flag rising” pattern seen on price lists, but rival analysts have criticized the model, saying the flag had no flagpole.

The price of the biggest cryptocurrency in the past week has gone up to $ 60,000, and a breach of that crucial psychological level could lead to a recovery to a new historical record, analysts said. The record price now stands at $ 61,557, reached earlier this month.

Prices have doubled so far in 2021, the best performance of bitcoin in the first quarter in eight years.

In absolute dollar terms, the price of bitcoin jumped about $ 30,000 over the three-month period, far surpassing the second best quarter of the cryptocurrency, a gain of about $ 22,000, during the fourth quarter of 2020. comparison , is about 5.7%. (Stocks soared on Wednesday, with President Joe Biden set to reveal his next stimulus plan to follow the recent $ 1.9 trillion deal.)

Cryptocurrency firms, including CoinDesk’s sister company, Genesis and BlockFi, are slashing the interest rates they pay on large-scale bitcoin deposits, potentially signaling the end of the glorified levels of 4% to 6% that have served as a staple profitable market.

Ether rises with bitcoin

Ether moved up after maintaining support at around $ 1,800. The cryptocurrency increased about 30% in the month, against a 25% gain in BTC.

The decentralized finance space (DeFi) continued to make headlines this week after Aave announced on Wednesday that it will work with the Ethereum layer 2 polygon to circumvent congestion on the blockchain network.

The Rope network of the enterprise software company R3 now has a bridge for public blockchains. The group of bankers RBS, now known as LAB577, will use its native token, the Ethereum-compatible XDC, as a settlement currency within Corda.

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