Goldman Drops Plans for Crypto Trading Desk

Virginia Carson
September 8, 2018

Beyond bitcoin, the price of other cryptocurrencies also continued to plunge, according to tracking site CoinMarketCap. However, the agency made a decision to review the Bitcoin ETF applications.

Edward Morra, a Crypto trader and technical analyst, noted that the correction is arriving for Bitcoin unless it indicates a movement reversal supported by a cluster in volume.

"The drop in price is actually beneficial for the industry, as investors and cryptocurrency enthusiasts will be more incentivised to educate themselves about the space". 71 percent of those said that they've heard of Bitcoin, while the next best-known is Ethereum with 13 percent.

Such a decrease in BTC caused nearly all cryptocurrencies listed on Coinmarketcap to show significant losses in price, with only the TrueUSD token showing an increase of 0.03% and Tether increasing by 0.8%.

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The statistics coming from these reports signal that although the markets are sitting near their year-to-date lows, and sentiment from investors is overwhelmingly negative, the crypto markets are still in their infancy. In fact, for the most part, most coins that have been around for longer than one year, are either the same price or less than exactly one year ago, except for Bitcoin (about $4,500 one year ago).

But is there a chance that Bitcoin makes a comeback? As recently as May, the bank still seemed committed to the idea.

NEM (XEM) is now trading at $0.10 against the dollar, a -7.19 percent change in the last 24 hours.

It seems that the SEC aren't so concerned about the ETF platform, they are actually concerned about Bitcoin as the asset linked to the ETF.

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There are individuals within the financial world who believe bitcoin will breach the $100,000 mark this year.Kerim Derhalli, CEO of investment app Invstr, said: "Bitcoin is the next logical stage of the information revolution". As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

Overnight trading brings another sizeable fall in the value of Bitcoin, as it dips $500 in and hour.

In an event that is being described as a "flash crash" in the markets, Bitcoin lost 3% of its market capitalization in 10 minutes - while Ethereum faced an even bigger impact, losing 12% in a matter of hours.

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