- Goldman Sachs, a US banking giant, completed its first over-the-country Bitcoin options trade, a key milestone in the crypto ecosystem.
- Galaxy Digital participated in the trade of a Bitcoin-linked non-deliverable option for Goldman Sachs.
- Banks are taking the first step to offering cryptocurrency options, a bullish development for Bitcoin price.
US banking giant Goldman Sachs welcomes over-the-counter Bitcoin options in a watershed moment for crypto. Proponents believe the Wall Street banking giant could fuel a Bitcoin price rally.
Bitcoin breakout with Goldman Sachs’ over-the-counter BTC trade
Bitcoin price has posted double-digit gains over the past week. Goldman Sachs, an American multinational investment bank, is close to announcing that it is the first US banking giant to trade an over-the-counter Bitcoin option.
Goldman completed a Bitcoin-linked non-deliverable option trade with Galaxy Digital, an investment management company. Proponents believe that Goldman’s move to trade Bitcoin options over-the-counter is a key milestone for cryptocurrencies and fuels a bullish narrative for the asset’s price.
The move is considered high risk as Goldman Sachs has taken a greater risk to act as a principal in the over-the-counter Bitcoin options trade.
Damien Vanderwilt, co-president and head of global markets at Galaxy Digital, was quoted as saying:
This trade represents the first step that banks have taken to offer direct, customizable exposures to the crypto market on behalf of their clients.
In a watershed moment for crypto, Goldman Sachs pushed the boundaries of the crypto derivatives market further and is closer to announcing its move in the cryptocurrency market.
Andrei Kazantsev, Head of crypto trading at Goldman Sachs, said that the bank had seen a high demand for options tied to cryptocurrencies. The next big step for the banking giant was to move forward in developing options markets in crypto.
Analysts have evaluated the Bitcoin price trend and predicted that the asset is ready to breakout. FXStreet analysts believe Bitcoin price upside is limited to $45,000.
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