Goldman Sachs Group Inc. executed the first OTC cryptocurrency transaction utilizing a non-deliverable bitcoin option (NDO). Goldman Sachs and Galaxy also said that their partnership is long-standing. Globally, the OTC settlement is a continuation of a "partnership between the bank and Galaxy Digital".

Goldman Sachs has a long history with cryptocurrencies and blockchain technologies. In January, former Goldman Sachs CEO Lloyd Blankfein indicated his views on Bitcoin are evolving. Soon after Blankfein's comments, Goldman Sachs analysts warned that bitcoin (BTC) was vulnerable to Fed rate hikes.

GALAXY DIGITAL'S GLOBAL MARKETS DIRECTOR BELIEVES THE TRANS
Goldman CEO Max Minton believes the successful OTC crypto settlement deal with Galaxy represents a watershed moment. Minton said:

This is a big deal for our digital asset capabilities and the asset class.

Galaxy aided Goldman Sachs in its first CME Group Inc. Bitcoin Futures transaction last year. "Bitcoin is a lifeline for folks in nations with absolutely bad economic management," said Galaxy inventor Mike Novogratz in a recent interview. Galaxy Digital's co-president and worldwide markets head, Damien Vanderwilt, sees fresh prospects in the Goldman Sachs deal.

"We expect the transaction to inspire additional institutions to use OTC to trade digital assets," Vanderwilt added. As crypto becomes the fifth asset class, Goldman's continuous trust in Galaxy shows its experience and ability to meet growing institutional demands.
Another trap for shorts and longs sees roughly $200 million in cross-crypto assets liquidated.

On March 16, Bitcoin (BTC) tested traders' nerves again, as a huge $40,000 surge ended in minutes

Shorts are feeling the pinch following a sudden $41,700 spike.

Two hourly candles were enough to boost the market by$2,000, breakthrough important resistance levels, and then reverse direction.

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While the transition has been increasingly common in recent years, it has had implications as seen by exchange liquidations.

According to data from on-chain monitoring firm Coinglass, Bitcoin accounted for $98 million in the last 24 hours. Liquidations of cryptocurrencies reached over $200 million.

BTC/USD broke past resistance at $40,000 and$41,000, only for the latter to strengthen when the pair deflated.

According to data from Binance's order book acquired by tracking site Material Indicators, $41,000 remained the sell-side pressure point on March 16.

For spectators, the recent past looked inconsequential in relation to what was ahead on March 16.

The US Federal Reserve is expected to announce interest rate increases at 2:00 p.m. EST, which many expect will shift the price paradigm.

Crypto Ed, a well-known trader, and analyst had nothing to do until the news came.

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While the market had already priced in the 0.25 percent rate increase, PlanC noted that this would not help macro inflationary dynamics–which may favor BTC as a wealth store.

According to the account, the Fed will raise interest rates by 25 basis points, which will not affect inflation.