CJ - Cryptocurrency Specialist
The second-largest cryptocurrency investment asset has increased client demand for options; as a result, Goldman Sachs Group aims to launch over the counter (OTC) Ether option trading "in due time."
A growing number of Goldman Sachs clients are switching to Ether as the Ethereum development team gets ready to finish the network's transition to the Proof of Stake consensus mechanism this summer. Ether has developed into "more of an investable asset class" than market leader Bitcoin.
Assist in predicting price direction
Options are a type of financial derivative that provide traders the option, but not the obligation, to buy or sell assets at a defined price for a specified amount of time. By acquiring an option, investors can defer the purchase or sale of an asset. At the same time, they may make a significant profit without making a sizable financial commitment.
Options have lately been one of the most popular types of investing, particularly among retail traders, due to their increased accessibility and variety of features. Daily options trading quantities, for example, climbed by 35% last year compared to prior years.
Options data, on the other hand, may be used to forecast the market's or a single asset's future direction.
Untraceable Movements Become Even More Untraceable
With more than 3 million clients, Goldman Sachs is one of the biggest investment banks in the world. Each of these clients must have at least $10 million in investable assets in order to open an account.
This means that capital inflows into Ethereum options transactions are likely to be substantial.
Cryptocurrency OTC deals, on the other hand, alter a lot in this setting. Over the counter (OTC) trades are private transactions that take place outside of exchanges. To put it another way, they operate as direct exchanges between the two parties, with no one else being aware of or tracking them.
Given this, there is little to no likelihood that ETH option trade volumes will be reflected on data tracking and cryptocurrency exchange platforms. Because of this, whales will be secretly moving assets. The first OTC Bitcoin options trading program was introduced by Goldman Sachs in May, and platforms in Canada and Europe are already offering crypto ETPs. The bank still opposes spot Bitcoin trading despite this.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards