Price of Bitcoin and Other Cryptos Drops All of a Sudden

Devin Lawrence
September 9, 2018

And there hasn't been the rush of ICOs this year like there was last, so new money doesn't appear to be flowing into the market. On January 13 this year, according to Coinmarketcap.com, the Ethereum price marked $1,377.72 pushing the crypto market boom at the moment. "At this point we have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs spokesperson described. Some analysts have already suggested that the news directly impacted prices in the cryptocurrency markets, which dropped sharply on Wednesday. The report cited unnamed sources familiar with the matter, according to whom the bank had chosen to focus on other crypto-related projects such as a custody product for digital currencies. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies".

This news confirms, to some extent, that Goldman Sachs' customers have interest in cryptocurrencies, but the financial institution would offer such services only as an alternative that complies with the established regulatory framework surrounding cryptos. 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.

Brian Kelly of BKCM, a crypto hedge fund, stated that the Goldman Sachs report is behind the bearish sentiment towards Bitcoin.

Speculation about Goldman and crypto goes all the way to previous year, when many considered its entrance to be a matter of time. The price of Bitcoin was hovering near $6,200 at the time of this newsletter's composition.

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LTC has suffered from the ongoing bear market and is now ranked 7th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens. Most of the media landscape covering cryptocurrency have yet to peel the onion back much further than looking at Bitcoin specifically, but it seems inevitable that this will change in soon.

At the time of writing, Bitcoin (BTC) is down over more than 10%, Ethereum (ETC) has dropped up to 20%, XRP and Bitcoin Cash (BCH) are down over more than 15% and EOS is dropped to 20%.

The supposed reason: a Business Insider story claiming that Goldman Sachs planned to abandon its rumored pursuit of a cryptocurrency trading desk. It could revive these plans later, they added.

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