The push for widespread adoption of cryptocurrencies got a boost Wednesday when U.S. investment bank Goldman Sachs Group GS, -1.64% announced it would be opening a cryptocurrency trading desk.
In an interview with the NY Times, Goldman executive Rana Yared, who will oversee the operation, admitted she wasn’t completely sold on digital currencies. “I would not describe myself as a true believer who wakes up thinking bitcoin will take over the world,” Yaren told the newspaper.
The company will allow clients to trade bitcoin as a non-deliverable forward, where there is no physical exchange of the underlying asset but an exchange of the currency it is quoted in—likely U.S. dollars—on the settlement date of the forward.
The news has had little impact on the price of the No. 1 digital currency, which continued to trade in a tight range around $9,000. A single bitcoin BTCUSD, +2.90% last exchanged hands at $9,180.40, up 0.1%, since Wednesday’s levels at 5 p.m. Eastern Time on the Kraken exchange.
Read: Bitcoin will lose its crown amid 90% crash in cryptos, investment bank warns
Ether breaks $700
As bitcoin continues to trade sideways, altcoins continue to push higher. This morning, ether ETHUSD, +9.61% which runs on the Ethereum network, traded above $700 for the first time since March 12. The token that is distributed in most initial coin offerings, or ICOs, will continue to flourish as coin offerings increase, according to one analyst.
“Should the ICO trend continue, I predict initial coin offerings to take over traditional ways of fundraising and Ethereum to reach new dizzy highs,” wrote Naeem Aslam, chief market analyst at Think Markets U.K.
Ether last traded at $718.94, up 5.7%.
Read: Ethereum could hit $2,500 by year-end, consulting firm says
What are altcoins and futures doing?
After adding 15% yesterday, Bitcoin Cash BCHUSD, +4.46% is up 1.3% at $1,469.30, Litecoin LTCUSD, +6.42% is up 0.4% at $151.46 and Ripple’s XRP XRPUSD, +1.44% has lost 0.4%, last trading at 85 cents.
Futures have eked out small gains early Thursday. The Cboe’s May contract XBTK8, +3.68% is up 1% at $9,210 and the CME Group Inc. May contract BTCK8, +3.39% is up 0.7% at $9,215.
Read on: MarketWatch adds prices for Ethereum, Litecoin, Ripple and other cryptocurrencies