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Goldman Sachs Exec Predict Massive Growth For Digital Assets In 2024

Head of Digital Assets at Goldman Sachs, Matthew McDermott, has projected a massive growth in the cryptocurrency market in 2024. McDermott shared these positive predictions in a recent interview with Fox Business, expressing much optimism in the future of digital assets. 

Goldman Exec Expects Spot ETFs To ‘Gradually’ Boost Institutional Demand For Crypto Assets

Speaking to Fox Business, McDermott has backed the continuous growth of cryptocurrencies as he foresees a rise in the institutional adoption of these assets. 

Notably, the Goldman executive shares popular sentiment with many crypto enthusiasts that the approval of a Bitcoin or Ethereum spot ETF will open up the digital asset ecosystem to more institutional investors who are weary of the market volatility attached to direct crypto investments. 

McDermott said:

One, it broadens and deepens the liquidity in the market. And why does it do that? It does that because you’re actually creating institutional products that can be traded by institutions that don’t need to touch the bare assets. And I think that, to me, that opens up the universe of the pensions, insurers, etc. 

However, McDermott has cautioned crypto enthusiasts against expecting a sudden impact of crypto spot ETFs. He believes the anticipated increased demand and price rise will be a gradual process that will occur over the course of 2024. 

The US Securities and Exchange Commission (SEC) is expected to grant approval orders to several Bitcoin spot ETF applications in the coming weeks following discussions between the regulator and multiple asset managers. Bloomberg analyst Eric Balchunas has set a potential decision window of January 8 – January 10, stating there is a 90% chance the SEC finally delivers a verdict on these various applications putting an end to the 6-months chronicle.

Asset Tokenization In 2024

In addition to potential crypto spot ETFs, McDermott also mentioned a potential increase in commercial blockchain application as another contributing factor to his projected rise in institutional demand for digital assets.

Particularly, he spoke about an improvement in existing tokenization systems, which can lead to the creation of secondary liquidity on blockchains.

He said:

When I think about tokenization, which is obviously a topic that’s kind of talked about quite extensively, I think for me next year what we’ll start to see is the development of marketplaces. So where we start to see scale adoption, particularly across the buy side in the context of investors. And that’s because we’ll start to see the emergence of secondary liquidity on chain, and that’s a key enabler. So for me, that’s one of the key developments for next year.”

At the time of writing, the entire crypto ecosystem is valued at $1.602 trillion, with a 15.09% gain in the last month. The market’s leader Bitcoin currently trades at $42,082, having declined by 1% in the past day.

Goldman Sachs

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New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024

Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap. Following the announcement on Wednesday that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000. 

However, over the last two days, Bitcoin has witnessed a slight price decline of 2%. As the most-priced blockchain asset now hovers around $26,500, crypto analyst Captain Faibik has predicted an incoming bullish run, which may see BTC close out 2023 with impressive gains. 

Analyst Says Bitcoin Is Poised For 30% Gain Soon

On Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price forecast. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation in a falling wedge stretching as far back as March 2023.

According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run.

To explain, a falling wedge pattern is generally interpreted as a bullish signal. It usually suggests that a bearish trend is losing momentum, and a price reversal could soon occur. 

If this pattern holds true in the present Bitcoin market, Captain Faibik predicts Bitcoin could start rising in November, attaining a price of $34,500 in January 2024. Such price gain would mark a 30% increase in Bitcoin’s current price. 

As usual, there are no guarantees no this prediction as the crypto market is subject to various factors. Investors are advised to conduct proper personal research before making investment decisions.

Bitcoin Non-Whales Attain New Levels Of Market Supply

In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market. 

According to data from Santiment, these wallet addresses have acquired 2.4% of BTC’s supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin’s available supply. 

On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of BTC’s available supply, their lowest level of market dominance since May. 

At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token’s daily trading volume is also down by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin retains its spot as the largest cryptocurrency in the market.

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XRP Could Gain By 2500% In 2024, Crypto Analyst Says

Prominent cryptocurrency XRP remains among the major talking points in crypto over the last few months. Following Ripple’s partial victory over the US Securities and Exchange Commission (SEC) in July, analysts have continued to weigh in on XRP’s future, mostly predicting a bullish price trajectory for the altcoin.

In the latest development, a crypto analyst, EGRAG CRYPTO on X, predicts that XRP could be set for massive gains in 2024 based on historical price data. 

XRP To Repeat Price Rally In 2024?

According to an X post on September 12, EGRAG CRYPTO describes XRP as possessing “incredible potential.” Using data from the altcoin chart on Tradingview, the analyst projects a possible market gain of 2500% in 2024.

EGRAG CRYPTO’s bullish prediction on XRP is based on the token’s price history. Between 2016 and 2018, XRP embarked on a strong bullish run upon forming a symmetrical triangle pattern, which appears again on the token’s monthly chart.

For context, a symmetrical triangle chart pattern represents a period of consolidation that can result in either a price breakout or a breakdown. If the bullish prediction holds, the XRP token could experience a similar price breakout as in previous times.

In line with EGRAG CRYPTO’s prediction, Sharon Thorp, a crypto analyst and business development executive at Wells Fargo, recently forecasted that XRP could trade at $500 in 2027. 

This prediction is based on the anticipated growth of the cross-border payment industry, which is expected to reach $250 trillion in valuation by 2027.

However, while these predictions may encourage the XRP community, they are individual speculations and should not be considered financial advice.

Pain Before Gain?

Although there may be a bullish sentiment towards XRP’s potential adoption in the coming years, some analysts believe the token could struggle in the remainder of 2023. 

According to a recent X post by a pro-XRP analyst, Jungle Inc 2.0, the rest of 2023 does not bode well for XRP or the general crypto market. The crypto analyst hinges this prediction on “tough financial times” marked by increasing interest rates by the US Federal Reserve.

Furthermore, investors should remember that Ripple remains in court with the SEC. The US securities watchdog recently submitted a petition urging the court to approve its request to appeal the recent ruling in its case against Ripple.

At the time of writing, XRP trades at $0.4805, dipping by 4.32% in the last week. Meanwhile, the altcoin remains the fifth-largest cryptocurrency with a market cap value of $25.46 billion.

XRP