Bitcoin Falls Off a Cliff Again as Cryptocurrency Slump Deepens

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Price Analysis Ethereum Price Ethereum Price Battle for $200 is on as Reversal Seems Imminent By JP Buntinx

Goldman Sachs is now focusing on a new custodial service for Wall Street investors that will bring the cryptocurrency industry closer. As recently as May, the bank still seemed committed to the idea. "I think one of the wonderful things about being a Goldman Sachs is we do get written about a lot and I never thought I'd hear myself actually use this term, but I'd really have to describe that as fake news". This price can be the highest point in bitcoin dominance for two weeks.

With the newfound custodian project, Goldman Sachs aims to act as cryptocurrency custodians for large institutional clients, holding the digital assets and monitoring their price fluctuations.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at US$6,480, down 6.8 per cent, as of 10 a.m.in NY, according to Bloomberg composite pricing. Ethereum, Ripple, and Litecoin did basically the same, with ether giving up double digits.

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"Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal)". Purchasing Bitcoin from someone like Goldman Sachs supposedly makes cryptocurrency easier to stomach, particularly when concerned with being to exposed "dirty" digital coins.

Bitcoin has struggled to return to the former heady heights of December 2017 when it was trading at $20,000.

According to a report from Barrons and Business Insider, Goldman Sachs is probably going to back out of the cryptocurrency business mostly because there is no clear regulatory framework on the alt coin market. Moreover, with appointing a new CEO David Solomon, who will replace the incumbent chief executive Lloyd Blankfein in October, the company was expected to add more bitcoin and other crypto services to its portfolio.

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According to a recently conducted survey, the number of Australians who own cryptocurrency has almost tripled in 2018 alone, signaling that the current bear market is not an accurate signal of interest in cryptocurrency, which is growing at rapid rates.

Many believed that 2018 signaled the beginning of the end for the crypto market.

Etoro market analyst Mati Greenspan observed, "The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the a year ago, so any kind of updates on that may certainly move the prices". It has caused a drastic sell-off in other cryptocurrencies.

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