Goldman Sach's delay in crypto-related projects leads to tumbling cryptocurrencies

Back in the December 2017, a report released on Bloomberg revealed that Goldman Sach’s was going to set up a cryptocurrency trading desk, which showed the corporation’s ambition to become one the first Wallstreet firm to embrace the new gadget.

However, according to Business Insider, Goldman Sach is considering putting off of the building of a cryptocurrency trading desk, which consequently leads to a large-scale selling off and tumbling prices in most of the token value.

The delay of building a desk, though, was proved to be a misleading message caused by wrong interpretation, has reversed the upward trend in the market.

source from:

For Bitcoin price, which struggled to stand firm around $7200, plummets to around $6,400 at the press time, with most other pricing data in the Top 100 all show an up to 10% decrease, notably the price of BCH, EOS, and Ethereum, almost drop to record-low levels.

The disastrous drop also has an effect on the whole market cap. Data shows the whole capitalization of cryptocurrency market has shrunk to $223 billion, a fifth of Apple’s.

source from

As investors are all under great panic, which may spark a new round of selling off, therefore, a further loss of the value and market capitalization are foreseeable.

No corresponding comment