Bitcoin Forum

Just today saw that the news from a couple weeks ago of Goldman Sachs delaying their crypto trading desk was incorrect! Granted I'm a bit late to the party but that is very good news that they are still going ahead with it! I bet someone just wanted to buy the dip, and it did indeed dip, crashed like $1000 off that news! I'm looking forward to in a few years when the market is many times larger and you can't just cause a serious correction with a single piece of incorrect news.

And that is the proof that news impact the price, and they impact it greatly. it is impossible to predict news like that.
Maybe it didnt have connection with the plunge but sure it did help.

It didn't move that much actually and if that mere 1 news is a thing to move the value of bitcoin then I think it is very easy to manipulate the price but in my opinion it is a no no that any particular news like this would change the price so suddenly, I think the manipulation occur when whales sell most of their hold bitcoin, that is a big example why price sometimes fluctuate without further notice.

The Goldman Sachs news didn't affect the price at all. It was a calculated dump. If it was really this news that caused the dump, it would climb back up as soon as Goldman Sachs said it was fake news, but it didn't.

It's always the media that's connecting price actions with certain "news events", but they have zero clue about the market either. They just want to get their articles out so you guys start clicking and generate ad revenue for them.

I'm quite sure that when Goldman Sachs announces that their trading desk is live, the market will ignore it entirely. Who gives a shizzle about it anyway? It might just as well be a CFD trading desk that's purely cash settled.

Plus the fact people don't want to just accept that the price can move without little reason and instead assign a reason to everything because it makes them feel and seem as if they have more control than they do.

I was surprised as well, and didn't know about it until today. Source of the news is here: http://fortune.com/2018/09/07/bitcoin-goldman-sachs-cryptocurrency-trading-fake-news/

Seems like markets did react extremely negatively to that initial FUD which turned out to be completely false, and prices are indeed somewhat recovering now (though I don't necessarily think that it's due to this news getting debunked per se).

Either way, I don't think even if they did launch the trading desk would it have a lasting effect on the prices. The maximum it will do to the markets would be a short term price hike in my opinion. It simply doesn't affect any on chain transactions, it's a completely speculative product.


Also, remember this. They don't have a timeline in place, so there are no guarantees that they're even going to launch it in the first place.

Breaking News !!!  Breaking News !!! This Just In!!!

Bitcoin price moves on Rumors Of News of possible News of Rumors in a Rumored future.

the price has been fluctuating for a while now and it has been going up and down to and from the same price levels more or less. i don't think we can say the reasons for each of these rises or falls are certain news. in this case Goldman Sachs negative news or FUD was not the reason for the drop, the drop would have happened the same way for some other reasons, this was just an excuse and the current rise is the same as price keeps going back up before day traders cash out again.

It doesn't matter if this is fake news or real news.Why do forum members care about Goldman Sachs?
Some naive people here still think that Goldman sachs is about to pump the bitcoin price(or any altcoin price).
This is totally wrong.GS is going to exploit the cryptomarkets,take the profits and participate in the future crypto destruction.  >:(

I totally agree with you, This type of news are nothing but just creating FUD in the market and fudders waned the reaction in the market price. If the market have to go up really then no matters what ever the news is it will go up just like last year it happened even on ETF rejection the market went up.

Are you kidding me. The Goldman Sachs incorrect news came out on Sept 5th, and shortly afterward that same day the price dropped $900, and you think that is a coincidence?? haha OK ::)

There can be no doubt that news article caused the drop.  News has immediately caused severe drops plenty of times before, this was just a textbook negative news causing a quick several hour crash. A very normal thing in the Bitcoin world.

Well the general idea is that when big money wall street rolls into town Bitcoin will skyrocket. Goldman Sachs opening a trading desk is one of the first examples of wall street getting into the market. Sure Wall St entering crypto does nothing for cryptocurrency itself in terms of usage, but for investors which, lets face it, is the reason why Bitcoin is popular so far, Wall St big money coming in means we get rich. Sure they will exploit it to make money, but they have to buy in first. A trading desk means their clients get access to Bitcoin through a company they are familiar with. It simply just means new money will come into Bitcoin which obviously will have a positive effect on price.

I think this is just a market environment where bots and professional traders can slowly siphon off
the newbie deposits. Besides, this is obviously expected when exchanges like Bitfinex or BitMEX
are actively trading against their own customers. If short positions get to high, we get a highly
unorganic green candle, which squeezes the shorts. The price also can´t really fall
too low, because the price is already too close to the average cost of mining
a single Bitcoin.

the question is do you honestly think that the "big money wall street whatever..." is waiting for Goldman Sachs, SEC, etc to come in bitcoin and has not done it yet? I don't think so.
besides I do believe that this "big money" that you are talking about which would be belonging to wall street guys is only aiming for making profit and making profit does not require price rise. it can actually be a huge drop while they short bitcoin, use Futures, ... to make a lot more profit and do it in a safe way away from exchanges!
so I wouldn't be so happy about them entering the market if I were you

QFT.

It's quite funny how this market has changed significantly with absolute lunatic retail investors finding their way to Bitcoin. Back in the days shorts piling up was a negative aspect according to the general sentiment, and now everyone wants to see sky high shorts because of a potential short squeeze.

The same applies to hard forks. Before BCash people were so afraid of hard forks, that they actually believed the end was near. After BCash, and thus knowing that free money is part of the deal, people suddenly started to wish for more hard forks, and they got plenty of it afterwards.

If you like drama, pumps and dumps and some random shit happening, this is the right place to be. :D

I keep thinking all this and related news doesn't shizzle with the Bitcoin nizzle but I keep getting proven wrong. Dimon did the fake news dump once to get in at a good price, shame on him. But others keep doing the same old hat and Bitcoin peeps keep believing Wall Street, shame on us many times over, I guess.

Got to say that Sachs has been pretty much on the ball with their predictions since dabbling a year ago, so they took a gamble with their clout on this.

All noise in the grander scheme...

I am not kidding you, and did I say it was coincidence? You don't seem to be capable of correctly understanding the context of people's posts I have noticed, which is your fault entirely.

As I said, it was a calculated dump. It was bound to happen anyway, but they may have chosen to use that news as trigger to make it not completely look like pure manipulation, because that's how smart money works.

If the price tanked with $1000 just because of this news, the price would somewhat recover directly after Goldman Sachs CFO having called it fake news. It didn't recover and thus it's not the main cause of the drop.

There will be no trading desk of these big wall street guys until they are loaded with coins. We are still in the accumulation phase. Im ready for the price to go lower, would actually love another year of a stable low price to accumulate BTC at a faster rate, because next time there will be no second chances, we will never go below 5 figures ever again and then most of us can forget about even making 1 BTC a year, since for a lot of us $20,000 can be a year worth of wage, and considering going 100% on things is too risky, it will be even harder.

Last chance to get in the train for 4 figures is now until 2019 or 2020. I believe there will be no ETF until 2020, which may get all these guys on board. If an ETF gets passed im sure Goldman's will have the insider info to plan accordingly. These guys never lose, they are smart and they know they cannot kill BTC, only become bigger holders than the rest.

Not just that, they have insider knowledge on the entire Us gov.
Everyone of them is related to Us politicians ,its all nepotism at the highest order.

So instead of accepting the obvious reason for the dump you make up that it was a calculated dump of which you have no proof, that just by coincidence took place immediately when the news hit....riiiiight.

And the fact that you think the news being discovered as false proves that it wasn't the news that made the drop shows that you don't understand the market well at all. The news that they were cancelling or delaying their trading desk was far bigger than a correction later on that said nevermind. News stating an sudden and unexpected shift in potential interest of new money will always have a much bigger impact than a simple retraction later on. The damage is always done with the initial hit. I'm pretty sure I already explained that in my last post, but I guess you are hell bent on inventing this "calculated dump" that just happened to occur exactly when the news hit.

Yes absolutely I honestly think big money has not come in, because the amount of money that is currently in Bitcoin is absolutely nothing compared to what the big money can throw around, so they can't possibly be in Bitcoin to any significant degree. Do I think a small amount of Wall St firms have put a tiny amount of their money in, yes, though that was more likely towards the end of last year which helped with the run-up. If any significant amount of big money was in Bitcoin right now we'd know it because we'd be hitting ATHs now. I don't think you understand how much money they have to throw around, the entire crypto market right now at $200B is nothing compared to the type of money Wall St big money could collectively throw around if they were in the game in any meaningful way. Manipulating the price around by a few hundred dollars or a thousand dollars can be done by a single very wealthy person or a small fund. Trust me, big Wall St money hasn't even dipped their toes in yet, when they do you'll know.

And I'm not sure why you are talking about Futures. I'm talking about them actually getting into crypto. Futures are not "getting into crypto/Bitcoin" so that's not even part of the conversation. We're talking about trading desks and ETFs, etc that actually deal with Bitcoin, not financial products that are bets on Bitcoin's price and have nothing to do with the actual Bitcoin. Some investment firms are talking about futures only stuff right now, but some are talking about actual Bitcoin. Goldman Sachs is talking about actual Bitcoin, which is why a lot of the work they are doing now is building custody solutions for storing the Bitcoin their clients buy through their trading desk. Essentially they are working on their own Coinbase to service their clients with.
And yes the price has to go up because they have to buy in in the first place.

And no big money is not waiting for Goldman Sachs to enter Bitcoin. Not sure why you would even bring that up. Goldman Sachs is simply the first major Wall St firm to say they are building actual Bitcoin trading services for their clients. No one is waiting for them, they simply represent the head of the pack right now at least in terms of "big money" Wall St players that have publicized that they are indeed working on full service crypto (not futures) investment solutions.

This is how news can affect prices and market emotions completely irrationally.

People take headlines at face value and sometimes, these aren't even legit as this case shows. But nonetheless such news seem to inject fear into the market to the point where prices essentially tanked 10+% during the period at which the news of this was released.

I'd say that markets have already matured to the point where news coverage no longer affects it as much as it used to (just look back to when China banned exchanges and ICOs, and its effects on BTC prices), but I mean, dips like this are going to continue to happen in a bear market when people are essentially seeking reasons to dump more coins.