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Goldman Sachs pulls back on bitcoin trade plans

09 Septembre 2018

Combine prices plummeting with bitcoin ETF denial after denial from the US Securities and Exchange Commission (SEC), and a bleak picture began to form for executives. As of Wednesday September 5, the share of Ethereum had dropped to 11.48% to Bitcoin's 54.99%.

Still, Edward Morra, a widely recognized technical analyst in the crypto community, has said that Bitcoin and the rest of the market are still on a clear downtrend. According to the statistical analysis reports from CoinMarketCap, the crypto markets sees a sharp decline as the market cap dips by $12 billion in just a matter of an hour.

Alternatively, Bitcoin Diamond (BCD) is sighting exemplary growth as of today as it reaches over 110% in the last 24 hours till the time of press. The sudden decline in the markets has mostly affected ETH which is trading at new lows at $192.

Speculation about Goldman and crypto goes all the way to past year, when many considered its entrance to be a matter of time.

However, if you will look at Bitcoin's performance from last year, it remains higher than it was in this part of the year.

Ether, the cryptocurrency that fuels the Ethereum blockchain, has slumped more than 80 per cent from a January high this year and now trades at less than $250, according to Bitstamp exchange pricing compiled by Bloomberg. Since that moment, ETH lost 84%.

However, regulators across the world have been intensifying their scrutiny of initial coin offerings (ICOs) and cryptocurrency exchanges. While the market waits for positive news (like perhaps a futures market), the Ethereum team has maintained its focus on milestones and not trading price.

CEO of BitMEX, Arthur Hayes, said in mid-August that the price of Ethereum was being backed by the ICOs that happened beginning in early past year. After that, projects need to sell their tokens and have dollars to pay salaries and other responsibilities. That appears never to be the case anymore, and markets aren't taking the news well.

A considerable number of people holding bitcoin were betting that Goldman Sachs would launch a bitcoin desk and thus spark more demand for bitcoin and other cryptocurrencies from institutional investors, raising prices. Though it is an unexplained market behavior, there are experts thinking that it's panic selling that has triggered the situation.

Goldman Sachs pulls back on bitcoin trade plans