Cryptocurrency trading higher; Goldman Sachs makes OTC crypto trade -- first of its kind

Cryptocurrency prices were edging higher early Tuesday morning with Ethereum topping the $3,000 mark for the first time in two weeks.

Bitcoin was trading at approximately $42,585 (+3.31%), while the aforementioned Ethereum and Dogecoin were at nearly $3,025 (+4.64%) and 12.39 cents (+2.91%), respectively, according to Coindesk.

With the exception of a brief spike above $3,000 early this month and today's move into positive territory, ether has mostly meandered in the $2,400-$2,800 range during March. Ethereum has shown a 5.8% increase in the last 24 hours, the Coindesk report said.

GOLDMAN SACHS MAKES OTC CRYPTO TRADE, A FIRST FOR MAJOR WALL STREET BANK

There was a significant uptick in Ethereum exchange outflows Friday, with more than 180,000 withdrawn, according to data from IntoTheBlock, a crypto data firm.

 "The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days," the firm tweeted.

In other cryptocurrency news, Goldman Sachs executed its first over-the-counter cryptocurrency transaction, marking a significant step towards possible wider adoption among major Wall Street banks. 

Galaxy Digital Holdings, a global provider of blockchain and crypto financial services, said Monday it traded a bitcoin-linked instrument called a non-deliverable option (NDO) with Goldman Sachs Group Inc. 

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The OTC trade, which refers to private dealing between two parties without a middleman, is a significant step in the development of cryptocurrency trading. Major Wall Street firms have been hesitant to fully embrace crypto, but Goldman’s trade with Galaxy may signal maturation of the digital asset.