Goldman Sachs is Quietly Enrolling Clients for its Bitcoin Trading Product and Bank of America…

The State of The Market — October 31, 2018BTC: $6,327.21 (-0.15%)ETH: $197.85 (+0.25%)XRP: $0.4453 (+0.10%)

The cryptocurrency market is staging a very slow recovery. Bitcoin still trades below $6,400 and the $6,200 resistance has been well defended by bulls. Ethereum remains below $200 and $190-$195 is proving to be a strong support zone. XRP has remained relatively stable and currently trades for $0.4453. Currently, the total market cap is $203.2 billion.

In other news, the Nasdaq and Microsoft signed a partnership for blockchain services in the financial markets. As a result, Nasdaq customers will gain access to a blockchain system that will streamline the process for matching buyers and sellers as well as the delivery, payment, and settlement of transactions. Also, Warren Buffett’s Berkshire Hathaway invested $600 million in fintech firms. The fintech firms focus on mobile-payments technology primarily in emerging markets like India and Brazil.

1) Despite Jamie Dimon’s disdain for cryptocurrencies, JPMorgan, the bank at which he is CEO, is fielding requests from clients for ways to access digital currencies. As a result, the firm is exploring a relationship with the soon-to-launch regulated cryptocurrency exchange Bakkt, Abacus Journal reports. The article, which was retweeted by Fundstrat Co-Founder Thomas Lee, suggests that while the bank may not be a “first mover” in Bitcoin, JPMorgan’s clients will likely eventually gain access to BTC through Bakkt. Fundstrat’s Lee tweeted: “Highlights how Bakkt is providing the security/compliance/reputation needed to truly attract large financial institutions to crypto, previously concerned about reputation risk.” (Read More)

2) Goldman Sachs, one of the largest investment banks in the world, has covertly started to sign up a limited number of its customers for its upcoming Bitcoin trading product. A source familiar to the matter has stated that a “small number of clients” have been enrolled to actively trade the new, non-deliverable forward derivative, which is a cash-settled product similar to a futures contract. The source also refuted rumors that the bank was exploring a similar product for Ethereum, saying that the bank is not currently pursuing the creation of an Ether derivative. (Read More)

3) Bank of America recently had a patent approved that details a new way to store cryptographic keys in yet another example that while the big banks may put down cryptocurrencies in the press, they are actively exploring and developing the technology behind the scenes. One interesting feature outlined in the abstract is the ability of the storage device to delete the private cryptography key(s) held on the device from memory if the device receives a signal that physical or non-physical tampering is taking place. (Read More)

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