Bitcoin Falls After Goldman Reportedly Drops Crypto Trading Plans

Image courtesy of Ethereum World News archives

Still, Edward Morra, a widely recognized technical analyst in the crypto community, has said that Bitcoin and the rest of the market are still on a clear downtrend. The market is still a long way from recovering, leading to many people questioning if a rebound will occur at all. He believes that the drop is do with Goldman Sachs backing out of its plans to build a Bitcoin trading desk, although Sachs claims that this was simple fake news. But, BTC and ETH, along with other assets, have not shown any signs of stabilization in their low price range.

The first possible near future scenario for BTC, is that it retests levels of $5,800 as seen back on June 29th. If this is broken, due to slow trading today (a Sunday), further decline is imminent.

Without much technical analysis, we can tell that BTC has been massively oversold over the weekend.

Alex Kruger, a business analyst and a crypto trader, expressed not long ago that Bithumb, South Korea's second biggest digital currency trade behind Kakao-run UPbit, said that more than $250 million worth of phony volume was made since August 25.

On Wednesday, the value of Ethereum declined to $211 dollars.

Tesla Stock Takes A Hit - After Elon Musk Does The Same
He took leave from the company in 2015 but rejoined to work on the Semi truck revealed in November of a year ago . Tesla representatives did not immediately respond to a request for comment from The Hill on Guardado's claims.

However, this is not guaranteed given the unpredictability of the crypto markets. Arthur revealed the ICO investments originate from VCs that will discard their Ether in response to the market. The probability of the authority approving the ETF are slim given the SEC's past record of rejecting or postponing any such rule change that comes its way. It being the major cryptocurrency, BTC suffers a crucial dip and reaches the graphs by going below $7,000 price as of today as per the reports by Cointelegraph BTC price index. What the cryptocurrency trading community needs to do, is to prepare for the worst as we approach the aforementioned D-Day.

Bitcoin was trading down almost 4.8 percent at $7,007 on the Luxembourg-based Bitstamp exchange on Wednesday.

Ethereum's nudiustertian drop has obliterated most of the profits it earned in its share of the crypto market as a result of Bitcoin's 2018 fall.

Only Dogecoin is trading in the green (up 2.41%) - and Bitcoin Diamond, which has taken a massive leap in the opposite direction over the past few hours. Let us know your thoughts in the comments section below.

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