Bitcoin is rising because of the new business of Goldman Sachs

Bitcoin price rose to a two-month high on Thursday(American time), because the news that Goldman Sachs is promoting the business of bitcoin trading was released. Meanwhile, the newest report of Square mentioned that its income gaining from bitcoin token is $34 million.

Bitcoin price fluctuated by 6.2% on Thursday, and the trading price is between $9163 and $9713. The data nowadays is 51% lower than the highest price on 18 December, 2018. Bitcoin value has risen by 5.8% in the past week while declined by 33% since this year.

However, some details of the news may prevent investors from moving on. An insider revealed that Goldman Sachs is struggling for the long-term cryptocurrency trading, planing to start its small-scale transaction through offering a limited number of derivatives, which reminds people that many traditional financial institutions are supervised by the rules of regulators.

Meanwhile, Square revealed the contribution of bitcoin to the financial situation, which is not as optimistic as the rise of bitcoin. Although $34.1 million of the income was from the bitcoins selling to the users of Cash App, the company spent $33.9 million to buy bitcoins, which means the company earned only $200 thousands. Nevertheless, some people think the enthusiasm of the company about digital currencies and blockchain technique as the progress of emerging industry.

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