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Goldman Sachs Resumes Bitcoin Futures Trading

Goldman Sachs Group Inc has resumed its cryptocurrency trading division, Reuters reports, citing sources. Starting next week, the bank will offer its clients bitcoin futures and non-deliverable forwards deals.

The team specializing in cryptocurrencies will become part of the global markets division, the source added. Goldman Sachs is also exploring the potential of an exchange-traded fund (ETF) based on bitcoin and has issued a request for information to enter the digital asset custody business, he said.

Goldman Sachs opened a cryptocurrency trading division in 2018 at the same time that Bitcoin began to decline from previous all-time highs. Opinions vary on what to expect from the latest news. In addition to the obvious positive impact of the proliferation of bitcoin-based financial products, the relaunch of futures trading will open the door for traditional bank customers a simple opportunity to go short.

In January, Goldman Sachs analysts said institutional investor participation in the bitcoin market was still negligible.

JPMorgan Chase Co-President and COO Daniel Pinto previously announced that they too can join cryptocurrency trading if they find sufficient interest among their clients in it.

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