Goldman Sachs cryptocurrency debacle and the Bitcoin Beast
The markets were ripe with speculation that Goldman Sachs would be launching the facility to trade in cryptocurrencies soon.
This news was greeted with much cheer and boosted the sentiment of the cryptocurrency market.
Of late there has been news that Goldman Sachs would be dropping its plans to set up its cryptocurrency desk.Soon after Business Insider reported the news on Wednesday, Bitcoin price fell by 5.3%
As per the Business Insider report Goldman Sachs has reported the reason for dropping its plans as the current regulatory environment.
It may be noted that a few days back the news of bitcoin ETF did not get approval and there was a lot of anticipation that the Bitcoin market may crack.
Interestingly the markets showed a lot of maturity and resilience. Bitcoin prices stayed in the green and took support around the $7100 mark.
This time round the news of Goldman Sachs not opening a crypto currency trading desk has ruffled a few feathers.
Perhaps a bit too much is being read into the news and Bitcoin being what it is can hardly be tamed by governments and a some bad news.
Price charts and history suggests that Bitcoin does its own thing. You cannot tame it or control it.
It is a giant that would rise when it has to.
Most people are waiting for it to rise so that they can ride the wave.
Perhaps bitcoin and crypto gives them hope in a world where money is losing value.
Despite the fall bitcoin is trading above $7000 that is a crucial support level.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by thetimetravelerz from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.