Bitcoin stayed higher on Mar. 2 after overnight progress saw a brief return to $50,000.
Goldman Sachs plans Bitcoin ETF—report
A subsequent dip to $48,400 bounced to leave the pair at around $49,000 at press time prior to the Wall Street open.
For popular trader Scott Melker, the overall trend was plain to see—Bitcoin had a solid month in February, regardless of its short-term ups and downs.
“So what we ended up with was a pretty decent close here,” he summarized about the monthly close in a fresh YouTube update on Monday.
“As you can see it does have an upwick which indicates some selling, but generally this is a very, very bullish monthly chart, nothing to panic about here in my opinion.”
On the recent bottom, Melker added that buyers had stepped in at around $43,000—above the widely-expected retest of $42,000, this being the previous all-time high before last week. “The crowd rarely gets the level that they’re looking for,” he concluded.
Building on the flood of bullish signals from investors on Monday, meanwhile, was news that Goldman Sachs was reopening its neglected crypto trading desk.
As Reuters reported, a source claimed that the banking giant was also researching the possibility of offering crypto custody services and even launching its own Bitcoin exchange-traded fund (ETF).
Goldman had been giving increasingly complimentary signals around Bitcoin, and its latest move came in tandem with a firmly-bullish report from fellow legacy financial institutional Citibank.
“Institutional adoption of #Bitcoin strengthens with the arrival of Goldman Sachs to the marketplace,” Michael Saylor, CEO of MicroStrategy, commented after his company itself bought another 328 BTC.
“This news should accelerate the plans of other major banks to offer Bitcoin services.”
As payment gateway Square launched its bank this week, sister company Twitter planned a sale of $1.25 billion of convertible notes, with rumors suggesting that the proceeds would go towards a BTC allocation.
Such a move would in itself copy MicroStrategy, which has used the proceeds of two offerings to up its position to over 90,000 BTC.
An accompanying press release from Twitter stated that the funds would go towards “general corporate purposes, including capital expenditures, working capital and potential acquisitions.”
Schiff a lone critic among sea of bulls
As ever, there were counterarguments. Even as two of Bitcoin’s formerly more vocal skeptics flipped their stance, gold bug Peter Schiff implied that institutional optimism was a concerning sign.
“Congratulations to those who bought Bitcoin early, pumped up the price, and who’ve been dumping into the hype,” he tweeted.
“You succeeded in getting Wall Street to buy into the mania. When I first learned about #Bitcoin I didn’t think smart investors would be dumb enough to buy. I was wrong.”
Schiff had also claimed that Tesla CEO Elon Musk would also avoid Bitcoin.