Bitcoin (BTC): 80% of Americans Are Aware Of Bitcoin

Bitcoin (BTC): 80% of Americans Are Aware Of Bitcoin

Bitcoin (BTC): 80% of Americans Are Aware Of Bitcoin

Global banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to U.S. media report Wednesday that sent bitcoin prices lower. The "gold rush" is in the past and now the average person is aware of blockchain and digital currencies, thus erasing the surprise element of a year ago.

The subtle art of predicting the future of the crypto markets hinges more on news and the reaction to it, than to the highly respected technical analysis of BTC.

Forbes also reported that the Goldman Sachs said in a statement that "We have not reached a conclusion on the scope of our digital asset offering". As such, in this period, it is more urgent for major cryptocurrencies to remain stable in their low price range for weeks if not months to ensure the market truly bottoms out in the $190 billion to $200 billion range.

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"The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the previous year, so any kind of updates on that can certainly move the prices", said Mati Greenspan, senior market analyst at currency trader eToro, by phone from Russian Federation. In an interview, Solomon told Bloomberg that Goldman Sachs must "evolve its business and adapt to the environment". Citing too much ambiguity in the regulatory space surrounding crypto, executives pulled the plug on the desk, urging more needs to be done in terms of regulation before a regulated bank such as itself can confidently dabble.

Previously, we wrote about Goldman Sachs and its decision to suspend a cryptocurrency trading desk. However, a lot can happen in a year, and a lot has. The price of Bitcoin was hovering near $6,200 at the time of this newsletter's composition. From skyrocketing valuations and market caps, cryptocurrencies have come way back down to earth. In a madcap morning, Bitcoin fell by a total of 6%, while Ethereum, Litecoin and Ripple all racked up double figures - ETH lost 12% in a single morning.

From Goldman Sachs delaying its trading desk, delay of Bitcoin ETF, China FUD, and India's ban - Nothing has full control on the crypto industry, and has nothing to do with the sharp decline of BTC, ETH or any of your crypto. It could revive these plans later, they added. This includes custody service for cryptocurrencies, in which the bank will hold cryptocurrencies and track price changes on behalf of its large fund clients.

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