Bitcoin fails to break $60,000

Goldman Sachs is reportedly planning to offer Bitcoin investment vehicles

Bitcoin failed to break $60,000 on Wednesday, retreating after testing the psychological benchmark.

The world’s leading cryptocurrency rose as high as $59,831 but failed to sustain this momentum, falling by more than 3 per cent in half an hour and reaching as low as $57,054.

Bitcoin nonetheless trades up 30 per cent in the past month, buoyed by increasing acceptance from major financial institutions.

On Tuesday, PayPal announced it will launch a crypto-to-fiat checkout payment service in the coming months for US customers. Rival finance giant Visa signalled its intention to move into the cryptoasset space, announcing a pilot program to support USDC, the second-largest stablecoin pegged to the US dollar.

The wave of increasing mainstream acceptance continued into Wednesday, with CNBC’s report that Goldman Sachs is close to offering its first investment vehicles for Bitcoin and other digital assets to clients of its private wealth management group.

Mary Rich, the newly-appointed global head of digital assets for Goldman’s private wealth division, stated in an interview this week: “There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we’re sitting at the dawn of a new internet in some ways and are looking for ways to participate in this space.”

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The move follows Morgan Stanley, which is reported to be offering clients access to Bitcoin funds from next month onwards.

By mid-afternoon, Bitcoin traded down 0.15 per cent at $58,709.40.

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