Bitcoin And AltCoins Hit Hard By Reported Goldman Exit From Crypto Plans

Bitcoin

Faced with regulatory uncertainty over bitcoin, Goldman has suspended for now plans for the exchange in favor of other digital currency efforts, Business Insider reported, citing unnamed sources. The situation changed dramatically following a report from the Business Insider, suggesting that U.S. banking giant Goldman Sachs has put on hold plans to open a trading desk for cryptocurrencies.

A Goldman Sachs spokesman did not directly comment on the report.

However, this time Bitcoin manages to hold its place among the most volatile time of the market and manages to keep the dominance by increasing significantly in short time. In a madcap morning, Bitcoin fell by a total of 6%, while Ethereum, Litecoin and Ripple all racked up double figures - ETH lost 12% in a single morning.

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. It was only early last month when rumors circulated that the legacy financial institution was also doubling down on their digital asset fever. We have purposely ignored technical analysis for we know that any real or fake news can negatively or positively impact the crypto markets.

In the past 24 hours, the bitcoin has dipped by 5% and now is trading around $6,996 at the time of press. This downfall may continue until BTC prices hit support levels; some of which are as low as $6000.

More news: Elon Musk Smokes Weed, Talks Electric Plane Designs on Joe Rogan Podcast

Morra added that the cryptocurrency market will have to see solid stability in the low price range before properly bottoming out and initiating a mid-term rally.

Even on a day when BTC goes from $7,377 down to $6,776 USD Bitcoin has a way to make itself feel special.

Bitcoin leads the market into a bloodbath; further declines are likely to continue. Apparently, the pullback from one of Wall Street's biggest, boldest-faced names spooked investors, provoking a selloff for Bitcoin and it's brethren.

Ethereum (ETH), one of the most regarded cryptocurrencies in the market, has reached new lows in the 2018 calendar year. But if Goldman Sachs comes out with a new plan to built a better relation with BTC, we may see something that the market finds out fruity.

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