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Banking Giants Goldman Sachs and Citi Warm Up to Offering Bitcoin (BTC) Services

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  • Goldman’s Bitcoin derivative product makes all settlements in cash.
  • A person familiar with the matter said Goldman might consider offering exchange notes to hedge funds.
  • Citi Group is currently evaluating the Bitcoin and crypto developments and plans to launch its services following regulatory go-ahead.

Looking at Bitcoin’s indomitable rise, traditional banking institutions have been compelled to offer Bitcoin services to their clients. America’s two banking giant’s Goldman Sachs and Citi Group have announced offering Bitcoin derivative products and custodial solutions to its users.

As Bloomberg announced, Goldman Sachs is all set to offer Bitcoin derivatives to Wall Street investors. The banking giant has opened up trading of non-deliverable forwards (NDFs), a derivative product tied to the Bitcoin (BTC) price.

As per the announcement, Goldman shields itself from the massive BTC price volatility by buying and selling CME Bitcoin futures in block trades in partnership with Cumberland DRW. Speaking to Bloomberg, Max Minton, Goldman’s Asia-Pacific head of digital assets said:

“Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities. The new offering is “paving the way for us to evolve our nascent cash-settled crypto-currency capabilities.”

Goldman’s partnership with Cumberland DRW shows that the bank is willing to work with third-party players to make the most of the market opportunity and demand. Bitcoin’s indomitable performance and indomitable rise over the last year has been game-changing forcing many financial institutions to jump into the BTC game.

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Citi Group consider Offering Bitcoin Trading and Custodial Services

In other news, banking giant Citi Group is also considering offering Bitcoin trading and custodial services to its clients. On Friday, May 7, the Financial Times reported this news quoting Citi’s global head of foreign exchange Itay Tuchman. Speaking to the publication, Tuchman said: The new offering is “paving the way for us to evolve our nascent cash-settled crypto-currency capabilities.”

Tuchman, however, added that the bank won’t rush to offering Bitcoin and crypto services. It will weigh all regulatory considerations before jumping into the game. Tuchman said:

“I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market,” he said. “This isn’t a space race. There is room for more than just one flag.”

This two latest news comes a day after NYDIG announced that it is working with FIS to bring Bitcoin “buying, selling, and string” services to hundreds of U.S. banks this year.

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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