Cryptocurrencies collapse after report Goldman is rolling back trading desk plans

[Zippyjuan]

https://www.cnbc.com/2018/09/06/bit...ies-plunge-after-report-on-goldman-plans.html

Bitcoin dropped $1000 so far.

Those prices began slipping Wednesday following a Business Insider report, which cited people familiar with the issue saying Goldman Sachs was pulling plans to launch cryptocurrency trading, and continues to see uncertainty in the regulatory landscape. In October of 2017, the Wall Street giant had said it was looking into the possibility of launching a new trading operation focused on bitcoin and other digital currencies. In October of 2017, Lloyd Blankfein, Goldman Sachs' outgoing CEO, had tweeted that the bank was "still thinking about bitcoin."

"Once the market sees Goldman stepping back and being patient, it starts to wonder 'what does Goldman know that I don't know'?" said Kyle Chapman, an analyst venture capital firm Cosimo Ventures. "The market has trepidation about impending regulatory decisions."

More bearish news for cryptocurrencies came late last month when the U.S. Securities and Exchange Commission once again rejected proposals for a bitcoin exchange-traded fund as it continued to voice concern over fraud and possible manipulation in bitcoin markets. In bids to attract institutional investors, multiple groups have attempted to obtain SEC approval for cryptocurrency-focused exchange-traded funds.

More at link.

 

[dannno]

Zippy is fake news.

Goldman Sachs CFO says bank is working on bitcoin derivative for clients

• Goldman Sachs Chief Financial Officer Martin Chavez called a report that the bank was ditching plans to launch a cryptocurrency trading desk "fake news."

https://www.cnbc.com/2018/09/06/gol...s-of-shutting-down-crypto-desk-fake-news.html

 

[dannno]

Bitcoin dropped $1000 so far.

...and that was as far as it went

You know who sold?

Trading bots that are reading news headlines.

 

[Zippyjuan]

...and that was as far as it went

You know who sold?

Trading bots that are reading news headlines.

Thanks for the update. They note they are still "exploring the possibility".

Chavez on Thursday looked to knock down this week's report about the bank dialing back plans, but also make clear that there's never been a timeline for this effort.

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time," Chavez said. "Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but its not here yet."

 

[Djlakhany]

The current scenario is really hard with Cryptos going by day by day, but I guess in an industry of this sort you have to be ready for all this. But this is why trying to be prepared upfront is so very crucial to get things working nicely. I always look at upcoming options and one such option is Inlock, it is incredibly cool and got huge potential and sort of that could be the game changer for the whole industry in some gigantic way.

 

[ccmm]

Cryptos and, in particular, bitcoin has increased in popularity and adoption over the past 24 months across the globe. Recently, Citigroup (NYSE:C) has announced new technology making Crypto transactions more secure and reducing the risk of such transactions. Additionally, Circle recently announced a US Dollar based Crypto-currency that is backed by Goldman-Sachs. News from Europe is that the EU has been urged to adopt common Crypto-Currency rules that will fuel more attention and enterprise on developing suitable Crypto solutions for the European markets.


All of this plays into our research that a breakout/breakdown is inevitable and it is just a matter of time before this coiling price consolidation “apexes” and expands.


This chart shows price of bitcoin massive breakdown washout below $6000 taking it back to prices before crypto became popular in early 2017.