Bitcoin (BTC) and the larger crypto market surged on Thursday, as the entire value of digital assets surpassed $2 trillion for the first time in more than three weeks, owing to signals of a dramatic shift in market mood – headed by Goldman Sachs, no less.
According to statistics from Cointelegraph Markets Pro and TradingView, BTC reached an intraday high of $44,253 and gained more than 3% throughout the session. The leading cryptocurrency in terms of market value has already rebounded more than 33% from its January low.
According to Coingecko statistics, the overall crypto market cap has increased by more than 7% since Monday, reaching approximately $2.1 trillion. On CoinMarketCap, the market capitalisation has also surpassed $2 trillion.
While not positive, Bitcoin’s Fear & Greed Index has moved out of “severe fear” and into the fear stage, with a value of 40. The volatility and mood indicator is scaled from 0 to 100, with higher readings indicating a more positive view for BTC.
The apparent reversal in mood in the crypto market comes after months of negative price movement for Bitcoin and altcoins, which caused some investors to speculate about the prospect of a full-fledged bear market. However, in the midst of global upheaval, many of the legacy banking world have seen cryptocurrency as a possible opportunity.
According to Cointelegraph, BlackRock CEO Larry Fink stated that the crisis in Ukraine may compel states to reconsider their currency reliance, potentially opening the way for digital assets.
Crypto has been on Fink’s radar since at least the fourth quarter of 2020. Meanwhile, major investment giant Goldman Sachs appears to have put cryptocurrency on its radar and even changed its website’s homepage to reflect the emergence of digital assets and the metaverse. Goldman referred to these technologies as “megatrends,” and loaded a new “Insights” section of its website with previously issued research on gaming, the metaverse, and Web3.
Goldman Sachs has completed its first over-the-counter crypto options deal with Galaxy Digital. In June 2021, the investment bank introduced its first Bitcoin futures contract for the CME. Finally, Grayscale Investments recently announced the establishment of a new smart contract fund that would allow authorized investors to support Ethereum rivals. The new fund, which has already begun accepting daily subscribers, invests in Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO), and Stellar (XLM).