Crypto: This $2 Billion Goldman Sachs “bomb” is approaching as the prices of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin fluctuate.

Bitcoin, Ethereum and other major cryptocurrencies recovered from a massive market crash this month (which some say future tech giants could reveal).

Bitcoin’s price has recovered 20% since crashing to less than $18,000 per bitcoin last week – despite a stark warning from China – with ethereum and other cryptocurrencies in the top ten raws.

Wall Street giant Goldman Sachs is reportedly seeking $2 billion to buy the assets of struggling cryptocurrency lender Celsius, which has been hit hard by the latest bitcoin and crypto crisis.

Want to stay ahead of the market and understand the latest crypto news? Sign up now to receive the free CryptoCodex – a daily newsletter for traders, investors and crypto curious.

Goldman Sachs has begun cautiously dipping its toes into the cryptocurrency world in recent years, amid… [+] huge surge in the prices of bitcoin, ethereum, BNB, XRP, solana, cardano and dogecoin.

Goldman Sachs is asking for crypto funds and traditional financial institutions as part of the deal, which would allow it to buy Celsius’s crypto assets at a discount, it was first reported by Coindesk, and Blockworks added that the deal could take place even if the lender does not declare bankruptcy, citing unnamed sources.

“Goldman didn’t want to buy at the top of the market,” a source told Blockworks. “It’s more their style.”

Celsius, which managed $12 billion in assets in May of this year, was on the brink of bankruptcy after suspending users’ withdrawals from the platform earlier this month, citing “extreme market conditions” and exacerbating a cryptocurrency price crash that caused bitcoin fell below $20,000.

Celsius has hired restructuring advisors, Alvarez & Marsal, as The Wall Street Journal previously reported, adding to previous reports that CitigroupC
was commissioned to advise on possible solutions.

Goldman Sachs’ bid for Celsius’ crypto assets is expected to restore some measure of market confidence after traders were shocked by the pace of bitcoin, ethereum and cryptocurrency sales.

“Still, now may not be the best time to buy, as it could take a long time for the cryptocurrency market to digest the recent turmoil and enter a new phase of sustained market demand. From broad segments of investors, not just stressed-out wealth hunters,” said Alex Kuptsikevich, principal market analyst at FxPro, via email.

Bitcoin price has bounced off its recent lows, pushing Ethereum, BNB, XRP, Solana, Cardano, and… [+] dogecoin rally.

The collapse of Celsius, which closely resembles that of stablecoin terraUSD and its backing coin luna, has sparked renewed calls for better regulation of the cryptocurrency market and businesses.

“I suspect, following the recent events with Celsius, that the US will soon provide more clarity on regulations regarding custodianship providers and lenders, in order to bring more stability to the crypto space,” wrote Marcus Sotiriou, an analyst at in UK-based digital assets. broker GlobalBlock, in a note by email.

Thomas Estimbre
Latest articles by Thomas Estimbre (see all)

Leave a Comment