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

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

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

The situation changed dramatically following a report from the Business Insider, suggesting that United States banking giant Goldman Sachs has put on hold plans to open a trading desk for cryptocurrencies. The "gold rush" is in the past and now the average person is aware of blockchain and digital currencies, thus erasing the surprise element of previous year. "At this time, we have not concluded the goal of our offer", an unidentified Goldman Sachs spokesman said. As such, in this period, it is more urgent for major cryptocurrencies to remain stable in their low price range for weeks if not months to ensure the market truly bottoms out in the $190 billion to $200 billion range.

The study also showed that men are more aware of Bitcoin (BTC) and cryptocurrencies in comparison to women.

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.

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. 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. However, Goldman Sachs, which would be preparing a cryptocurrency exchange platform, would have placed the project on its low priority list. "Know that folks also were skeptical when paper money displaced gold." created the expectation that the bank would open a Bitcoin trading desk relatively soon. However, a lot can happen in a year, and a lot has.

Since falling from $7,400 to $6,300 on September 6, Bitcoin has stabilized in the $6,400 region, providing the crypto market with a small breathing room. From skyrocketing valuations and market caps, cryptocurrencies have come way back down to earth. Litecoin, Ethereum and Ripple followed suit. On the news, bitcoin belched up more than 5% in minutes. It could revive these plans later, they added. "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".

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