Published: Sun, September 09, 2018
Markets | By Jeffery Armstrong

Goldman Sachs puts crypto trading desk launch plans on hold

Goldman Sachs puts crypto trading desk launch plans on hold

"Many market observers have stated that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings". EOS at present has a market cap of $4,691,341,704 and its twenty four hour trading volume is about $503,646,303.

As expected, the majority of the respondents heard of Bitcoin (BTC), in a ratio of 80%, while only 13% were aware of Ethereum (ETH).

However, investors in cryptocurrencies' markets have been having a rough time since the Bitcoin prices started dropping late past year.

Crypto markets are down sharply, with BTC falling by as much as 5.3% on news Wall Street is out of love with the thought of digital assets, at least for now. The overall market has lost around 18% of its capitalization in just the half-day after the announcement.

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The price of Ethereum dropped to a one year low of $228.8 on Sept 7, dropping below the $255.05 of Sept 17 last year, satisfying expectations of all those experts have forecasted a vulnerable support which ICOs have placed on the second biggest crypto since early 2017.

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 dominant pair traded with BTC is tether (USDT) which captures 42 percent of trades. "Today it's $7,200. Money is moving back into bitcoin leaving the majority completely unaware of what is really going on". "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies".

Despite the lack of rebound, there are many that believe that it is still imminent. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary.

Coincidentally, traditional currency markets, specifically the Dollars is showing a lot of strength against a wide variety of nation state-issued currencies.

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The next few days are going to be crucial for market.

We say that whatever the reason behind this sharp drop, it is surely opening new dimensions for the crypto world.

What's Your Thought On This?, Let Us Know In the Comment section Below. This article is for informational purposes only and should not be taken as investment advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader.

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