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 is a Writer, Investor and Entrepreneur