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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    FG approves 300% increase in electricity tariff

    NERC has no authority over state tariff – Enugu Electricity Regulator

    US Court clears Donald Trump to run for President

    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

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    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Consolidated Hallmark Holdings Plc declares 10 kobo interim dividend for H1 2025

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

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Home Markets Cryptocurrencies

Bitcoin price crashes to $51,000 as Goldman Sachs file for ETF with Bitcoin Option

Thursday, 25 March 2021, 7:06 pm
in Cryptocurrencies, Markets
0
Bitcoin price crashes to  $51,000 as Goldman Sachs file for ETF with Bitcoin Option
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Sustained bearish trend has pulled down the price of Bitcoin to as low as $50,884.40 as at 12.28 GMT on the Investing.com index on Thursday, down by over 10% on the day.

Bitcoin had traded in a range of $50,868.30 TO $53,175.40 in the previous twenty-four hours. The 10.08% loss recorded earlier on Thursday was the largest one-day percentage loss since January 2021.

Looking over the past seven days, Bitcoin has lost 11.79% of its value. It has been trading in a range of $50,867 to $59,882.

  • Read also; Stanbic IBTC Holdings Plc directors recommend N3.6 final dividend with share bonus
  • Export, Agro-Processing to Get US$50m Mobilization from AFREXIM-EXIM COLLABO

At the time of writing, Bitcoin is trading at $51,462.9, still down from its all-time high of $61,795.84 set on March 13, 2021.

In what should be a good stimulus for the cryptocurrency market, Goldman Sachs dipped another toe into the cryptocurrency pool when it filed to offer notes linked to the performance of an exchange traded fund (ETF) that may have exposure to cyrptos such a Bitcoin.

This was contained in a filing with the U.S Securities and Exchange Commission. In it Goldman said it plans on offering $15.7 million of the “autocallable contingent coupon ETF -linked notes due 2026.”

The ETF is an actively managed exchange-traded fund that will invest under normal circumstances primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are related to the ETF’s investment theme of disruptive innovation.

Payout on the notes would be dependent on the performance of the ARK Innovation ETF, an actively managed fund offered by Cathie Wood‘s ARK Investment Management.

The ARK Innovation ETF’s strategy involves exposure to companies that are capitalizing on disruptive innovation and developing technologies, including blockchain.

The ETF may also have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust, according to the filing.

The filing comes weeks after Goldman President and Chief Operating Officer John Waldron reportedly said the investment banking giant has been seeing more demand for bitcoin among its clients, and that while the bank was “regulated” on what it could do Goldman continues to “engage” with clients.

It also comes after the bank recently relaunched its cryptocurrency trading desk with the intention of supporting futures trading for bitcoin, three years after shelving plans to do so.

A few days ago, rival bank Morgan Stanley announced that it will start exposing its clients to Bitcoin. Morgan Stanley clients will soon have access to three BTC funds including one with crypto firm Galaxy Digital.

However, Morgan Stanley specified that interested investors should have no less than $5 million in their account.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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