Bitcoin Sharply Tumbles By 12.6%, Other Cryptos Fall As A Result

Bitcoin Value Drops Sharply, Concerning Investors and Experts

Bitcoin Value Drops Sharply, Concerning Investors and Experts

The legacy financial institution is reportedly dropping all plans to open a trading desk for cryptocurrencies, however.

The new report comes on the heels of Bitcoin plunging almost $1,000 to its current price of just over $6,400. Goldman Sachs has opted to deal only in custodial products.

In recent weeks, executives have come to the conclusion that many steps still need to be taken, majority outside the bank's control, before a regulated bank would be allowed to trade cryptocurrencies, the financial news website reported, citing one of the people. Instead, Goldman Sachs execs concluded that despite the interest, a framework does not exist that makes trading cryptocurrency legally compliant in the eyes of the Securities Exchange Commission (SEC).

Goldman has been making a clear and steady effort to capitalize on crypto markets.

The dramatic hour slowed down the entire crypto market capital, and it appears to have made its place among the downward trend on the charts recently.

Even though there was no major incident that could have possibly slackened the crypto market performance, a slew of speculations has erupted in the wake of the crash.

First photos of Marvel's new superhero
They'll join Carol Danvers, the military pilot who wages a crucial battle within - between her human and superpowered Kree traits. Asked why it took so long for Marvel to make a female superhero film happen, Feige added: 'I think there are a lot of reasons.

The response to this news has been swift and negative. Today, the currency started off with a price of $7,371 - and hit the lowest point of the day at $6,997 momentarily. The ebbs and flows of Bitcoin's price have been dependent upon news of institutional trading firms like Goldman Sachs and BlackRock getting involved in cryptocurrencies.

Many across Twitter were left wondering why the price dropped so suddenly and the downward action remained a mystery as many speculated on whale manipulation.

That news saw bitcoin hold 4% lower at around $7,000 per coin, before falling again late on Wednesday evening.

The quickly soaring volume of both Bitcoin and Tether (USDT) shows the manner and tendency of investors in Crypto market to tie their investments to the value of the US dollar in order to shun short-term drops. The position was so contrarian it was nearly as if that person knew something the market didn't.

Gabriele Giancola, CEO and Co-Founder of Qiibee, a blockchain based loyalty ecosystem said: "South Korea has had somewhat of an impact on the current market and price situation, however we have seen prices plummet previously and the market tends to rally".

Bitcoin, which surged past the 6500-6900 mark last week, has since been trying to grow but continues to face tough resistance from the market bears.

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