Possible Short Term Scenarios for Bitcoin (BTC) and the Crypto Markets

Possible Short Term Scenarios for Bitcoin (BTC) and the Crypto Markets

Worldwide banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to United States media report Wednesday that sent bitcoin prices lower.

Last April it was also reported that Goldman Sachs hired an expert in crypto trading, Justin Schmidt, to explore the benefits of a Goldman Sachs crypto trading platform, which the financial institution is now postponing on the grounds of lack of cryptocurrency regulations clarity.

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

Besides Bitcoin (BTC), the study also surveyed the popularity of Ethereum (ETH), Litecoin (LTC), ZCash (ZEC), Dash (DASH), XRP (XRP), Monero (XMR), Cardano (ADA), Stellar (XLM), NEO (NEO), EOS (EOS), NEM (XEM), Dogecoin (DOGE), Midseason/SafeCoin, Lisk (LSK), and Storjcoin X.

Preceding Wednesday, during the time of August, Bitcoin demonstrated its largest amount of soundness since June of 2017, as specialists at Diar noted.

According to Business Insider, Goldman Sachs would still be interested in participating in the cryptocurrencies market but, for now, its focus would be on other projects, such as designing a cryptocurrency custody service.

Tropical Storm Florence continues to churn toward United States coast
Forecasters expect the storm to bring tropical storm conditions to parts of the Cabo Verde Islands on Saturday night and Sunday. It appears the high pressure filling in behind Florence will extend far enough south to block this system from turning north.

The speculation at the moment is that a sell-off was sparked by news that Goldman Sachs may be delaying launching their crypto trading desk.

On Sept. 6, the crypto market lost nearly $40 billion from its valuation in under 24 hours, exhibiting one of the steepest decreases in the previous three years.

The biggest thing you need to realize while reading online news ("fake news") is that the price decline is never due to a single reason. But, BTC and ETH, along with other assets, have not shown any signs of stabilization in their low price range. It being the major cryptocurrency, BTC suffers a crucial dip and reaches the graphs by going below $7,000 price as of today as per the reports by Cointelegraph BTC price index.

Bitcoin leads the market into a bloodbath; further declines are likely to continue.

Bitcoin was riding on the wave and news that institutional investors are intending to bring a fresh influx of money into the market. Its low point is around $5800 for the year; will we see that later this month or the market will still go down? Yet we are now a few days after the event and we are yet to see much change when it comes to value.

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