American banking giant Goldman Sachs has made a bleak prediction for the S&P 500 and its one that will impact Bitcoin and the rest of the crypto market.
According to the firm, the major US stock index will eventually retest 2400 points around mid-year before a stronger rally back to nearly 3000 points takes place. However, due to Bitcoin‘s continued correlation with the S&P 500, not only could this point to another stock market collapse but another epic crash in the cryptocurrency market.
A Repeat of Black Thursday Market Crash Possible Around Mid-2020
Black Thursday is a day that few will forget. The stock market suffered a catastrophic crash as a result of the coronavirus halting economic production and striking fear into the hearts of investors everywhere.
Bitcoin also suffered one of the worst corrections the asset has even had in its short history, falling over 40% in 24 hours to under $4,000.
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Since then, the two wildly different assets have been tightly correlated. The two assets have staged a strong recovery since, with the S&P 500 rallying over 30% from lows, and Bitcoin doubling in value and reaching over $8,000 just today.
However, according to banking powerhouse Goldman Sachs, the S&P 500 is in for another crash and retest of lows, which if the correlation between the stock index and cryptocurrencies continues, will spell disaster for Bitcoin.
S&P 500 and Bitcoin Must Set Higher Low Before Wider Investor Interest Returns
According to a chart from the banking firm, after peaking near current levels around 2900, the S&P 500 would fall to around 2400 mid-year, before making a stronger push higher.
The failed momentum to push the stock market higher, according to Goldman Sachs analyst David Kostin, is due to a lack of wider participation.
He explained that “the further market concentration rises, the harder it will be for the S&P 500 index to keep rising without more broad-based participation.”
Essentially, until more retail investors, retirements funds, and others begin re-entering the stock market, the upside is limited for now.
The same has been true for cryptocurrencies like Bitcoin. In late 2017, retail investors’ interest drove the first-ever cryptocurrency to $20,000. Today, it’s trading at just $8,000.
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A dramatic drop is often required to bring assets to a more attractive price before wider participation starts, and a retest of lows that holds above the previous low, is a signal that its safe to get back into the stock market or crypto assets.
For now, neither the S&P 500 or Bitcoin has set a higher low since Black Thursday, and until they do, the assets are still vulnerable to another drop – and according to Goldman Sachs, this could happen around mid-year.
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According to a regulatory filing with the U. S. Securities and Exchange Commission, Goldman Sachs has amassed roughly $419 million in exposure to Bitcoin via exchange-traded funds (ETFs). The investment banking giant disclosed holding positions in seven out of the 11 U.
Goldman Sachs' significant investment in Bitcoin ETFs signals growing institutional acceptance and could drive broader adoption of crypto assets.
The post Goldman Sachs holds $238 million in BlackRock’s Bitcoin ETF shares appeared first on Crypto Briefing.
The latest data from Goldman Sachs shows that Bitcoin has cemented its position as the go-to store of value among many investors.
The post Goldman Sachs shows Bitcoin outperformed all capital markets in 2021 appeared first on CryptoSlate.
Goldman Sachs has taken many stances on bitcoin and cryptocurrencies at large in the past, even going as far as providing trading services to its wealthier clients. However, CEO David Solomon does not seem as keen on the digital asset.
Bitcoin (BTC) price is up over 6% as buyers approach the $60,000 handle following a series of positive developments coming from the major financial institutions. Fundamental analysis: Goldman the latest to embrace crypto Goldman Sachs became the latest major financial player to enter the crypto ecosystem.
On 25 May 2020, when Goldman Sachs announced that they were going to host a call involving Gold, Inflation, and Bitcoin, a sense of exhilaration ran wild in the crypto-community.
When the institutiThe post Goldman Sachs' Bitcoin opinion will change with time appeared first on AMBCrypto.
Goldman Sachs held an investor call Wednesday to discuss current policies for bitcoin, gold and inflation. The stalwart investment bank is still no fan of bitcoin or other cryptocurrencies.
Crypto community has been eagerly awaiting Goldman Sachs’ client call today in which they were to discuss bitcoin. But it all turned out to be a complete disappointment, as had been expected and not what was hoped.
As interest in cryptocurrency grows among institutional investors, global investment banks, like Goldman Sachs and JPMorgan Chase, are reexamining their views about bitcoin. Goldman Sachs is hosting a call for its clients to learn about the implications of current policies for bitcoin, gold, and inflation.
Goldman Sachs vice president and known Bitcoin skeptic Richard Gnodde is among 17 senior executives who could face ten years’ in prison for money laundering. Vice President Could Face 10 Years In Jail According to a press release from Malaysia’s attorney general August 9, Gnodde is now wanted in connection with the infamous 1MDB scandal from 2013.
Goldman Sachs, the global investment banking behemoth, will soon start rolling out a Bitcoin [BTC] derivatives trading facility, and has been working with a small number of selected clients to trade the product actively, The Block reported on October 30, 2018.
New York banking giant Goldman Sachs is quietly onboarding clients for its new Bitcoin derivatives product. Representatives from the firm report that despite excitement in the cryptocurrency community for the new rollout, Goldman is in no rush to push additional cryptos like Ether into market.
Update (September 7): Goldman Sach’s CFO Martin Chavez has since called reports of dropping the bitcoin trading desk “fake news. ” (The original Business Insider report quoted unnamed sources as the basis of the information.
In an article published today, August 3rd by Business Insider, heads of American multinational investment bank and financial services company Goldman Sachs have slammed Bitcoin and the cryptocurrency market.
Follow bitcoin in real-time here. Despite headline-making plans to open a bitcoin trading desk earlier this year, Goldman Sachs still isn’t sold on the virtual currency. For now, at least, Goldman maintains they won’t have much of an impact on any other asset class.
Goldman Sachs Has No Faith In Bitcoin, And Says the Price Will Never Make It Back to Its Better Days Even with Goldman Sachs’ claims that they want to get involved in Bitcoin with their own trading desk, it seems that they are still on the fence about how far this crypto token will go. […]
David Solomon, Chief Operating Officer of Goldman Sachs (one of the most successful financial firms in the world), announced on Wednesday that the bank is considering expanding its involvement in crypto trading to incorporate more types of investment.
Шеба Джафари в очередной раз выступила с прогнозом относительно дальнейшего развития событий вокруг первой криптовалюты – Bitcoin. Отметим, Джафари является непосредственным главой технологического подразделения по вопросам развития инвестбанка, известного под названием Goldman Sachs.
Мэттью Гетц, ранее бывший заместителем главы банковской организации под названием Goldman Sachs, утверждает, что на сегодняшний день криптоинвестирование очень напоминает вложение в Интернет в период 90-х годов.
Korean Bithumb exchange hacked for over $30 million, Goldman Sach’s CEO - it's too 'arrogant' to say Bitcoin won't have a future, EOS network freezes for 5
Korean Bithumb exchange hacked for over $30 million, Goldman Sach’s CEO - it's too 'arrogant' to say Bitcoin won't have a future, EOS network freezes for 5
WallStreetOnParade, one of my favorite sites tracking the depredations of America’s overclass, has a fun little story out today. The author, Pam Martins, tells of how she received a solicitation from Goldman Sachs for a loan only available to those for with the best credit rating for a ‘low’ APR of 7-25%. This offer, of […]
Lloyd Blankfein, CEO of Goldman Sachs, spoke at the Economic Club of New York on Tuesday and struck a surprisingly optimistic chord for Bitcoin. The banker said that he does not rule out the possibility of a future for the largest digital currency.
In early May 2018, Goldman Sachs confirmed plans to launch a Bitcoin futures trading desks to meet client demand. With cryptocurrency gaining traction in the investor community, one of the largest U.
While Lloyd Blankfein doesn’t own any bitcoin himself — nor does his American multinational investment bank and financial services company — the CEO of Goldman Sachs still believes that critics shouldn’t dismiss the first and foremost cryptocurrency’s future.
Days after the Federal Reserve’s major announcement that it would hike short-term interest rates four times instead of three in 2018, bank stocks have failed to improve as expected. Jim Cramer shared his take on the matter, outlining the rising popularity of Bitcoin and other blockchain-based technologies as one of the possible reasons.
Speaking at an event, Goldman Sachs CEO Lloyd Blankfein talked about Bitcoin in an optimistic light, saying that although he doesn’t own any, he can’t rule out the cryptocurrency having a future in the world of finance.
CEO Goldman Sachs Ллойд Бланкфейн рассказал, что не считает, что bitcoin не заслуживает его внимания. В интервью изданию Bloomberg Бланкфейн заявил, что не занимается криптовалютой и не покупает ее.
Первые несколько лет после своего появления криптовалюты в целом и bitcoin в частности считались чем-то маргинальным. Крупные финансовые компании игнорировали виртуальные валюты, топ-менеджеры смотрели на них со скепсисом.
Lloyd Blankfein admits that while Bitcoin might not be for him, the emergence and adoption of cryptocurrencies may make sense in hindsight in the future.
“When Blockchain Revolution came out, bitcoin was worth around $7 billion. Today, it’s more than twenty-two times that. Bitcoin is the workhorse of the cryptocurrency world and the cryptocurrency that launched a thousand ships.
Christopher Matta, the Co-founder of Crescent Crypto Asset Management, and former Vice President at Goldman Sachs Investment Management Division, claimed in his debut on CNBC’s Fast Money that it is safer to hold a variety of altcoins rather than Bitcoin since this diversity would offer better risk-adjusted returns. The Crypto 20 Private Index Fund is […]
It is not a shocking place for Mr. Bannon, 64, to plot his re-emergence. “It’s disruptive populism,” Mr. Bannon said in the interview at his Capitol Hill townhouse in Washington. Mr. Bannon still accepts a steady stream of visitors who provide him intelligence and gossip from the conservative circles he once commanded. Goldman Sachs, where
It is not a shocking place for Mr. Bannon, 64, to plot his re-emergence. “It’s disruptive populism,” Mr. Bannon said in the interview, at his Capitol Hill townhouse in Washington. Mr. Bannon still accepts a steady stream of visitors who provide him intelligence and gossip from the conservative circles he once commanded. Goldman Sachs, where
I’m Goldman corporate trading!” Princeton, like Wall Street, where Novogratz has made at least three fortunes and lost at least two, is full of stories about him. As a hungry, insecure kid growing up in eastern Queens, I remember watching the movie “Wall Street” and fantasizing about how I would look in suspenders and a
Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has lost 60% of its market cap, with the S&P 500 only about 15% from its all-time high.
Coinspeaker
Bitcoin Becomes Best Performing Asset in 2023 as BTC Consolidates Above $30K
Popular coin Bitcoin is up 80% in 2023 and is by far the year’s best-performing asset compared to gold and others.
Data shows Bitcoin has been more stable than gold, DXY, Nasdaq, and S&P 500 recently, here’s what history says could follow next. Bitcoin 5-Day Volatility Has Fallen Below That Of Gold, DXY, Nasdaq, And S&P 500 According to the latest weekly report from Arcane Research, BTC has been more stable than these assets for a record duration already this year.