Goldman Sachs Reveals Game Changer in Bitcoin, as $300 Billion Earthquake Hits Ethereum, XRP and Cryptocurrency Market

The prices of Bitcoin BTC and cryptocurrencies – including major currencies such as Ethereum and XRP XRP – have suddenly skyrocketed, after a famous stock market picker made a huge Bitcoin price prediction.

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The price of Bitcoin has surpassed $70,000 per bitcoin, returning to an all-time high of approximately $74,000. Ethereum ETH, XRP and other major cryptocurrencies also rose, adding $300 billion to the combined cryptocurrency market over the past week, despite Elon Musk's dramatic return to the front lines of cryptocurrencies being tempered.

Now, as BlackRock prepares for the second phase of its “$5 trillion by 2030” plan, a senior Goldman Sachs executive has revealed that the banking giant’s hedge fund clients are preparing to flock to the cryptocurrency market.

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More from Forbes 'More Dangerous' Than Nuclear Weapons China and Russia Reveal They've Suddenly Abandoned the US Dollar for a Rival Inspired by Bitcoin, Ethereum and Ripple Amid Pumping Cryptocurrency Prices By Billy Bambrough

Goldman Sachs clients are said to be interested in Bitcoin and cryptocurrencies again after the latest cryptocurrency… [+] The market rally is pushing the prices of Bitcoin, Ethereum, and Ripple higher.

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Wall Street giant Goldman Sachs is seeing an uptick in the number of its hedge fund clients eyeing the latest cryptocurrency market gains and feeling the pangs of FOMO (fear of missing out) in the wake of the approval of a fleet of Bitcoin exchange-traded funds in the US. (Traded Funds).

“The recent EIC approval has led to renewed interest and activity from our clients,” Max Minton, head of digital assets in Asia Pacific at Goldman, told Bloomberg. “Many of our largest customers are active or exploring activity in space.”

The majority of interest from the bank's clients is directed toward bitcoin, according to Minton, who said that could change if ethereum wins an ETF of its own. However, reports released last week indicated that the current May deadline for approval of ETFs looks increasingly unlikely due to the lack of involvement of the US Securities and Exchange Commission (SEC).

Goldman Sachs launched a cryptocurrency trading desk in 2021 and currently offers cash-settled Bitcoin and Ethereum options trading.

Clients of BlackRock BLK, the world's largest asset manager that launched what became the largest new spot bitcoin ETF in the U.S. in January, have “little” interest in ethereum compared to bitcoin, the firm's head of digital assets, Robert Mitchnick, said during Press Conference. This was reported by Coindesk at a conference in New York last week.

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More from ForbesJPMorgan CEO Issues Surprising Bitcoin Reversal as $1 Million Price Prediction Was Suddenly 'Pulled Forward'By Billy Bambrough

The price of Bitcoin has surpassed an all-time high of $69,000 per bitcoin, surpassing… [+] $70,000 per Bitcoin which caused the price of Ethereum, XRP and other cryptocurrencies to rise.

Forbes digital assets

Meanwhile, Matthew McDermott, head of digital assets at Goldman Sachs, said last week, at a cryptocurrency conference in London, that institutional investors are showing interest in the cryptocurrency market.

“Price movement… remains primarily retail driven,” McDermott said in comments reported by Reuters. “But we're starting to see institutions coming in. And now you're seeing that the appetite has changed.”

However, flows into 11 Wall Street bitcoin ETFs fell last week, losing a combined $850 million — a sign for some that the latest pump may be coming to an end.

“People looked at how low the price of bitcoin was and decided to hold off,” James Butterville, head of research at cryptocurrency investment group CoinShares, told the Financial Times. “No one wants to catch the knife falling.”

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