Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

Last year when Bitcoin dominance was over 50%, conditions of the market were different compare to what is obtained this year.

The crypto market has shown a rapid downfall since last day.

On Wednesday of this week, the cryptocurrency market saw a sharp decline across the board. "At this point we have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs spokesperson described.

Last April it was also reported that Goldman Sachs hired an expert in crypto trading, Justin Schmidt, to explore the benefits of a Goldman Sachs crypto trading platform, which the financial institution is now postponing on the grounds of lack of cryptocurrency regulations clarity. Officially Goldman Sachs has neither confirmed nor denied the report in any of the news.

Despite the uncertainty hanging over the launch of a crypto trading desk, there's some strong suggestions from within that suggest some relevant interest on the subject matter. According to blockchain investor and advisor Oliver Isaacs, "The increased price stability of Bitcoin over the last couple of days has not been witnessed for a while and I think it should be viewed as a positive sign with more gains to come, especially in the coming months".

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They said that the bank was looking for some regulatory changes that would have protected it from some risks unique to trading cryptocurrencies.

Speculation about Goldman and crypto goes all the way to a year ago, when many considered its entrance to be a matter of time.

Goldman Sachs had been working on the cryptocurrency trading desk for a number of months, but because it still perceives an ambiguous regulatory atmosphere in the USA and its developers say there are many steps yet to be taken to crystalise the project, the firm has chose to put its plans on hold. On the news, bitcoin belched up more than 5% in minutes.

The crypto slump is impacting other currencies, with litecoin and bitcoin cash both lower by more than 3%, while ethereum, has slumped 20% in value over the past 24 hours, falling to its lowest level in over a year. It could revive these plans later, they added. The Wall Street banking giant is focused on other digital-coin services, such as a custody product, the report said.

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