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Bitcoin price: Goldman Sachs advises client to pay closer attention to cryptocurrencies

on Aug 10, 2017
Updated: Oct 11, 2019
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Goldman Sachs has published a report aimed at institutional investors, in which it touched upon some of the most frequently asked questions regarding the cryptocurrency space. Most notably, the bank advised its clients that they should be keeping a closer eye on the market.

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“Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching especially in light of the growing world of initial coin offerings (ICOs) and fundraising that now exceeds Internet Angel and Seed investing,” analysts including Robert Boroujerdi and Jessica Binder Graham wrote in the report.

The analysts also noted that the debate had shifted from the legitimacy of the “fiat of the Internet” to how fast new entrants are raising funds.

The report follows a series of bitcoin that Goldman Sachs has sent to its clients in recent months. The analyses by Goldman’s head of technical strategy Sheba Jafari managed to accurately predict the bitcoin price rally that followed a steep correction.

“The minimum target for an eventual Vth wave from current levels is 2,988; an extended 5th could reach ~ $3,691,” Jafari wrote in late July.

Last weekend the bitcoin price climbed above $3,000 and then quickly gained new ground, driven by newly-found investor confidence. On Tuesday the original cryptocurrency for the first time ever broke through $3,500 and, while it wasn’t able to maintain that level, it has mostly remained above the $3,300 mark.

In today’s trading, the bitcoin price stood at $3,393.86, as of 10:08 BST. According to data from Coinmarketcap, the cryptocurrency has gained 0.4 percent over the past 24 hours and currently has a market capitalisation of nearly $56 billon.

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