Bitcoin Price in Freefall

Sep 08, 2018, 00:16
Bitcoin Price in Freefall

However, a number of other cryptocurrencies have suffered far greater than Bitcoin did.

Worldwide banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to US media report Wednesday that sent bitcoin prices lower. It wasn't like we announced anything or that anything had changed for us... This would include a lot of panic selling from a bit of news; but if Goldman Sachs knows something that the market finds out later we may see this come to fruition.

"... we've got a commodities business".

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8% and was trading at $6 480, down 6.8%, as of 10:00 in NY, according to Bloomberg composite pricing. We've been in the commodities market for a long, long time and Bitcoin, some think of it as a currency.

Some are claiming that the news is likely to keep bitcoin and cryptocurrency down for good - that this was the highlight of digital money's journey towards legitimacy, and the barricades will be too much to handle without Goldman Sachs' help.

The bottom appears to have fallen out of the cryptocurrency market with Bitcoin losing nearly $1,000 in just twenty four hours.

He added that the firm is trying to do the same with Bitcoin and that is the main factor that has always driven the firm's institutional clients. The organization repeated its previous statement on the matter (quoted below); as for what their CFO said, a spokesperson declined to elaborate. "It's these derivatives over the counter derivatives". "They're settled in U.S. dollars and the reference price is the Bitcoin-U.S. dollar price established by a set of exchanges", he said.

"... something tremendously interesting and tremendously challenging from the perspective of custody".

Following the report, bitcoin price fell roughly 5 percent to below $7,000 and the rest of the top five cryptocurrencies by market cap were also down by more than 12 percent. Successful crypto traders are always keen on what the crowd says and how that affects the market dynamic, but they're always skeptical of insignificant factors.

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