It wasn’t that long ago that Goldman Sachs was watching the $4,827 level on Bitcoin USD, predicting a bull market. This was before exchange heavyweight CMEGroup and Terry Duffy piled into what was declared an asset that could be “tamed.” In announcing the launch of Bitcoin futures, a move juxtaposed to that of JPMorgan’s Jamie Dimon, who called investments in the cryptocurrency a “fraud,” CMEGroup isn’t taking directional price exposure but rather transactional exposure. Such market gyrations are playing themselves out as Goldman Sachs, after accurately predicting the recent price rise in bitcoin usd, now looks to $7,941 as a…
After Bitcoin Futures Launched, Goldman Says Price Headed Higher, New Hedge Fund Launches
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.