Bitcoin And AltCoins Hit Hard By Reported Goldman Exit From Crypto Plans

Investing, News, Regulation | September 5, 2018 By:

Bitcoin did an abrupt about face this morning, as investors were spooked by a news report that institutional giant Goldman Sachs was dropping plans for a cryptocurrency trading desk.

Business Insider reported Wednesday that Goldman Sachs sees the regulatory environment as ambiguous and therefore too risky to delve into cryptocurrencies. The Wall Street giant had made several hires recently and had previously acknowledged customer interest in digital currency. Now, apparently, they may have backed off a bit, although whether this is a temporary stall or a more permanent strategy remains to be seen.

As of early this morning, the price of bitcoin plunged $500 in minutes after several days of upward momentum. Market charts resembled an airplane being shot down, as narrow range trading suddenly plunged. By early afternoon, it hovered around $6,900, with extremely high volume.

Beyond bitcoin, the rest of the market did not fare well. Ether took a ten percent hit, while Bitcoin Cash was down more than 11 percent.

Bitcoin market highlights for the 24 hours ending September 5, 2018 at 1:00 pm US Eastern Time

The highest price seen was $7,591.98 on the OOOBTC exchange at 6:07 am today. OOOBTC saw $21,051,058 of bitcoin change hands.

The lowest price seen was $6,929.39 on Coinsuper’s exchange at 7:49 am today. Coinsuper’s 24 hour volume was $76,104,995.

The average price on the surveyed exchanges, as weighed by volume, was $7,250.89.

Volatility was greater than average, with the BlockTribune Volatility Index coming in at 66.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 16 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.