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Cryptocurrency

25 Mar 2022

Crypto Crosses $2 Trillion-Mark as Goldman Sachs Forecasts Bullishness

The Index Today

On Thursday, Bitcoin and the cryptocurrency sector at large rallied as the value of digital assets surpassed $2 trillion for the first time in more than three weeks as Goldman Sachs projected a bullish outlook for digital currencies.

As per data from Cointelegraph Markets Pro and TradingView, Bitcoin hit a daytime high of $44, 253 after surging by over 3% during the session. This comes as Bitcoin recoups its losses by more than 33% after previously plummeting to a marked low in January.

However, Cointelegraph reports that although crypto has not turned entirely bullish, Bitcoin’s Fear & Greed Index has crossed over from the “extreme fear” mark to the “fear” point as the current reading rests at 40.

The crypto industry has experienced a striking turnaround in investor sentiment in the months following prominent lows which even led market analysts to project a full-scale bearish outlook. However, that has since changed following the geopolitical upheaval in Eastern Europe.

The CEO of BlackRock, Larry Fink, has contended that the Ukraine-Russia war has compelled countries to broaden their economic operations, thereby clearing the path for the emergence of digital currencies and assets, reported Cointelegraph.

Goldman Sachs has also updated its website to make room to track cryptocurrency growth and progress, citing it as a “megatrend”.

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