It is never easy to get to the top of anything in any market. Call it: art, baseball cards, certainly not stocks, bonds, or apartments.

On the other hand, it looks a bit high for Bitcoin, at least in terms of sentiment, which may indicate some fluctuations in speed.

Goldman Sachs has gone down and restarted a cryptocurrency trading desk that started and then sunk in 2018, Reuters reported. This time, the bank will begin trading Bitcoin futures and non-deliverable futures for customers from next week (as directed by an unnamed “person familiar with the matter”). The bank is also reportedly considering launching a Bitcoin Exchange Traded Fund (RTF) and has filed an application for custody of digital assets.

What a difference just a few months make. On the other hand, we are in an area where Bitcoin crossed the $ 50,000 mark and then passed the $ 58,000 mark and then retreated – and yet still remain leagues above previous rallies when it peaked at $ 20,000 .

Goldman first set up a cryptocurrency counter in 2018 when the price of Bitcoin fell from record highs and dampened investor interest in digital coins.

Goldman said in May that cryptos are “not an asset class”. This is partly due to the fact that the cryptos do not generate any cash flow or profit and are not instruments for diversifying investments.

“We believe that a security that depends primarily on whether someone else is willing to pay a higher price for it is not a suitable investment for our customers,” the analysts said.

Now things have obviously changed. Part of the pivot may be due to the fact that other larger players are engaging in, or at least closer to, engaging with Bitcoin.

CNBC reported that companies like JP Morgan are looking into how and when to deal with the marquee’s crypto name.

Speaking to employees, Daniel Pinto, co-president of JP Morgan, said, according to CNBC, “If over time an asset class develops that is used by various asset managers and investors, we need to be involved. The demand is not there yet, but I am sure that it will eventually be. “

This contradicts previous statements by CEO Jamie Dimon, who has described Bitcoin as a scam in the past.

New York, New York

And it should be noted that Wall Street is in New York and New York is being scrutinized for cryptos. Attorney General Letitia James stated this week that cryptos are dangerous and will be the crosshairs.

“We are sending a clear message to the entire industry that either you obey the rules or we will shut you down,” she said, according to a press release.

The parties must be registered with the Investor Protection Bureau of the AG. There is no doubt that the big banks like Goldman will do what they need to to meet regulatory and legal mandates. But one wonders what customer demand will be and if they can handle drawbacks.

Consider this statement from James: “All investors should exercise extreme caution when investing in virtual currencies. Cryptocurrencies are high risk, unstable investments that can lead to devastating losses as quickly as they can generate profits. “

In the meantime, Goldman and JP Morgan may simply be trying to give the public what it wants, even though the uptrend may be heavily overshadowed by the downtrend.

Read more about Bitcoin:

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