Goldman Sachs About Ditching Their Plans For A Crypto Exchange: "Fake News"
The world of crypto is a wonderful place. A place where just a few words can move the markets up and down in a crazy carousel. That's exactly what happened yesterday, when Bitcoin lost more than 10% in a matter of hours. The reason: probably a wallet connected with Silk Road dumping large amounts onto the market, combined, probably with a rumor about Goldman Sachs ditching their plans for a crypto exchange.
I already wrote about that mysterious wallet yesterday, so today I'm going to talk about the Goldman Sachs rumor.
Because that's exactly what it seems to have been: just a rumor.
According to an article published on Cointelegraph a few hours ago, that "news" was actually fake news. Goldman Sachs CFO (Chief Financial Officer) Martin Chavez declared at the TechCrunch Disrupt conference that:
"I never thought I would hear myself use this term but I really have to describe that news as fake news."
And then he went on and on about the "opportunity" of such a crypto exchange, with the absence of a proper custodian solution being the only obstacle in front of it.
Now, ever since I got into this crypto thing, I started to keep a consistent amount of salt on my desk. Every time I see news coming from the corporate zone, news that are drastically disrupting the crypto markets, I take some salt and start pondering around.
Now, what if...
What if Goldman Sachs did indeed leaked that initial rumor, betting on a relevant market move, in this case a massive sell-off? What if they did this in order to see the price reaching a more comfortable level and then, just like that, step in and buy some more?
What if...
Well, I'll leave the rest of the speculation to you, guys.
Just remember to take all these "serious market players", like Goldman Sachs, with a pinch of salt.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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After reading all the "post drop" news, it seems a clear market manipulation. We need more and more volume in the crypto markets to make this type of practice harder and harder.
Ah just like the good ol' days for the big institutions. A small volatile market without a lot of regulation that they can easily manipulate with rumors. This kind of crap is what gets the regulators involved. Damn it and I don't want the regulators involved.
The big whales definitely know how to manipulate market so that they can keep buying crypto in cheap
I think that institutional money are buying cheap Bitcoin for a good amount of time. It's just that they don't go on CNBC bragging about it. Once they have their bags full they will proudly announce that they're going into crypto trading and then all the dumb money will FOMO and grow the price. That's when they, the smart money, will sell a some good X of the price they bought.
As I learned in school, whoever controls the media controls everything and I don't see dumb money controlling anything in this environment. For small investors like myself the only god strategy is to buy as low as possible and hodl for some good months or even years and then sell, regarding of the ups and down in between.
Very well said
Stick to your guns and don’t trust the media
All these major financial institution are taking of the crypto market with their fake news to drive the price of crypto currencies down or up and manipulate the market to their own benefits . I believe what Goldman Sachs did was a pure way of manipulation in other for them to buy more Bitcoin and other valuable crypto currencies
Yeah, the institutional investors is a place where big money is...
So every speculation can be a possibility.
I personally believe the news was real after all and the company will never come out to say they did.
It's a corporation thing.
I guess you keep the salt next to the tin foil hat :P
And a few dreamcatchers and south-american amulets, every once in a while...
You can't be too careful :)
many people are bringing new users here that are great inveators so i hope new crypto users can change the crytpworld for sure ?? what do you say sir dragosroua ?
Sad to see the market is not even rebounding to make up for this fakenews.
Thank you for sharing it with us nevertheless.
Take care
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