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Bitcoin Drops £1000 in Value in 24 Hours

08 September, 2018, 22:14 | Author: Sara Gill
  • Bitcoin Value Drops Sharply, Concerning Investors and Experts

He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. In April, the investment firm hired crypto trader Justin Schmidt as head of its digital asset markets to explore client interest in trading crypto assets.

Data from a poll by YouGov Omnibus shows that 79 percent of Americans are familiar with cryptocurrencies, with another 71 percent naming Bitcoin as the most popular cryptocurrency. Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies.

A week earlier, a second attempt of the infamous Winklevoss' twins was shot down, leading to the creation of the Virtual Commodity Association (VCA) - an influential group led by the Winklevi with a goal of having Bitcoin et al openly traded on Wall Street as soon as possible. But given that Goldman Sachs found out that there was no legal framework with regards to cryptocurrency trading that could be compliant with the current rulings by the Securities Exchange Commission (SEC). Having an investment bank with its pull and power was seen by observers as previously handing over its seal of approval, a very valuable imprimatur on cryptocurrency.

Officially Goldman Sachs has neither confirmed nor denied the report.

While many banks and institutional investors are dipping their toes into the world of cryptocurrencies, concerns over everything from market manipulation to regulatory uncertainty have prevented institutional adoption.

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

Several traders in the crypto industry have hoped the season of tokens and small market cap Cryptos to come in September putting into consideration that tokens have faced huge losses against bull Cryptos for eight months consecutively. Major Cryptocurrency coins Ripple (XRP) is down by 11%, Bitcoin Cash (BCH) by 10.2% and EOS by 10.9% by the time of press.

Still, according to various other sources, Goldman Sachs won't fully drop the prospect of crypto trading, as the company will allegedly focus more on the custody product for crypto. It could revive these plans later, they added. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients. Bitcoin BTC=BTSP fell almost 5 per cent to touch five-day low at $6,985 on the Luxembourg-based Bitstamp exchange.



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