Crypto market crashes after Goldman reportedly scraps trading plans

[Baofeng]

Crypto market crashes after Goldman reportedly scraps trading plans

The crypto market is down significantly today, practically across the board of all coins, following a report that claims Goldman Sachs  has backed down on plans to start a dedicated cryptocurrency trading desk.

https://techcrunch.com/2018/09/05/bitcoin-and-the-crypto-market-is-crashing/

Been looking around as to what may have brought the price of bitcoin again as I was not expecting a sudden dump because indicators shows that we are having a healthy growth in the last couple of years. Do you think this news causes the market to go below $7K again? Or this news will just have a short term effect and we can recover what we have lost today (like $300)?

[TravelMug]

I think any negative news (fake or real) has a negative effect on the price of bitcoin. I'm not saying that this is the main reason for a sell-off we witness in the last 24 hours, but it could be one factors.

I'm sure that Goldman&Sachs has reasons behind their U-turn, maybe legal one or they see that crypto is not ready yet because it is really prone to manipulation. But just like the rest of negative news we have witnessed before, it's only short-lived and bitcoin is so resilient that in matter of time we are back from the last fall. Specially went things settle down and air is clear as to what really happens for them to backed down from their initial intentions to do trading with cryptos.

[Kainhighwind]

Forget Goldman. Forget the ETFs. Bitcoin does not need institutional adoption to succeed. The more the institutions drag their feet or play hot-and-cold with BTC, the more time there is for ordinary people all over the world to learn about it and become hodlers.

Do we really want the established institutions of today to get in on Bitcoin while it's still cheap? I don't. Let them come last.

[carlou]

Forget Goldman. Forget the ETFs. Bitcoin does not need institutional adoption to succeed. The more the institutions drag their feet or play hot-and-cold with BTC, the more time there is for ordinary people all over the world to learn about it and become hodlers.

Do we really want the established institutions of today to get in on Bitcoin while it's still cheap? I don't. Let them come last.

Yes, forget about Goldman. Bitcoin was made not for the wealthy people or financially fulfill bitcoin was made for everybody not for the rich and famous bitcoin was made for ordinary people.

[bitfocus]

Goldman Sachs is just missing the Bitcoin Business for their stupid act and remarks.

[pooya87]

it is not bitcoin AND the crypto market that is crashing, it is another serious case of altcoins getting dumped hard and that huge price drop which is equal to a lot of money exiting the altcoin market is putting a lot of sell pressure on bitcoin and that has been bringing its price down.

if you check the charts you can clearly see that the dump began by the altcoins dropping. for instance ETH lost a big chunk of its price yesterday before bitcoin even began to go down which shows a big part of the money is existing through bitcoin and bringing it down.

[BanditCharlie]

Forget Goldman. Forget the ETFs. Bitcoin does not need institutional adoption to succeed. The more the institutions drag their feet or play hot-and-cold with BTC, the more time there is for ordinary people all over the world to learn about it and become hodlers.

Do we really want the established institutions of today to get in on Bitcoin while it's still cheap? I don't. Let them come last.

It's hard to believe that when for the last few months people in the Bitcoin community have been praising ETFs and GoldmanSachs as being huge for adoption, finally bringing institutions and Wall Street money, and making it easier for the general public to get on board, which was gonna bring a TON of money in, and send Bitcoin to the moon.

[Amandaturner]

Forget Goldman. Forget the ETFs. Bitcoin does not need institutional adoption to succeed. The more the institutions drag their feet or play hot-and-cold with BTC, the more time there is for ordinary people all over the world to learn about it and become hodlers.

Do we really want the established institutions of today to get in on Bitcoin while it's still cheap? I don't. Let them come last.

It's hard to believe that when for the last few months people in the Bitcoin community have been praising ETFs and GoldmanSachs as being huge for adoption, finally bringing institutions and Wall Street money, and making it easier for the general public to get on board, which was gonna bring a TON of money in, and send Bitcoin to the moon.

we both know the memory is short in here. this drop is good for btc, because it reduces our DCA, and increases our exposure. and James Conner has a prop bet of over/under 150 yards combined recieving/catching.... lots steelers fans cashed out their BTC to put money on this.

[Cruxer]

i don't like when FIAT masters like banks and similiar companies trying to influence or control bitcoin/crypto world
its not their world, they do not have power here and everybody should remember that to not care what they saying, its not important

[jseverson]

Forget Goldman. Forget the ETFs. Bitcoin does not need institutional adoption to succeed. The more the institutions drag their feet or play hot-and-cold with BTC, the more time there is for ordinary people all over the world to learn about it and become hodlers.

Do we really want the established institutions of today to get in on Bitcoin while it's still cheap? I don't. Let them come last.

As much as I agree, their plans were on a trading desk. It could very well have been a positive factor in adoption and usage. It's sad that they scrapped their plans, but it doesn't look like they've closed the door yet, so whatever.

I'm more curious as to what made them cancel their plans anyway. Customer interest was their reason for planning it anyway, so maybe there's barely any interest now?

Either way, I don't think this is the driving factor behind the crash. The plans didn't spark a bull run when they were made, so it wouldn't make much sense for it to crash the market once cancelled. It was pretty obscure too anyway.

[qiwoman2]

Problem is the traders are just dictating everything, they use these kinds of news just as an excuse to squeeze out any profits from the markets and cause the dumps, nothing more than that. As soon as they see just some positive news or bullish sentiment in the market, just enough to cause some hope in retail investors, they dump on us. Those big fish want us all small retail investors out before big money comes in, they need to kill all of us off first and yes, many of us are dying in this market.  I for sure don't know how long I can last and might have to exit crypto entirely if this just continues like this for another year.

[Kakmakr]

It might just be a perfect storm, where you have Alt coin dumping going on and also some whale dumping large amounts of bitcoins on exchanges and also this news coming from Goldman&Sachs.

The market is definitely being triggered by the influx of coins on the supply side, so the price drop is expected. Let's hope this is the bottom and that we will see a real push towards the end of this year.

We need a lot of good news now, to turn this around. 

[Spain2000]

Crypto market crashes in this year several times and if we look at the bitcoin the value is not stable in the whole year and crypto market will recover after crash and it is not a permanent status of bitcoin and crypto.

[squatter]

Knowing Goldman Sachs, they filled their shorts and wanted to get the market moving with a little rumor leak.

it is not bitcoin AND the crypto market that is crashing, it is another serious case of altcoins getting dumped hard and that huge price drop which is equal to a lot of money exiting the altcoin market is putting a lot of sell pressure on bitcoin and that has been bringing its price down.

There's no point blaming altcoins. Sure, people are dumping ETH and that spills over to BTC. But if people were so bullish on BTC, they would have absorbed the selling and pushed price back to previous levels. Instead, the price of BTC dumped more than a $1,000 in a day!

No matter how you look at it, price dropped 15% today. Looks like there's not much buying pressure for BTC.....

[stompix]

Forget Goldman. Forget the ETFs. Bitcoin does not need institutional adoption to succeed. The more the institutions drag their feet or play hot-and-cold with BTC, the more time there is for ordinary people all over the world to learn about it and become hodlers.

Do we really want the established institutions of today to get in on Bitcoin while it's still cheap? I don't. Let them come last.

Yes, forget about Goldman. Bitcoin was made not for the wealthy people or financially fulfill bitcoin was made for everybody not for the rich and famous bitcoin was made for ordinary people.

Utter bs.

You have money you buy bitcoins, you're dirt poor you can't have a single satoshi.
Those that poured money have made more money, those that did not remain poor.

Bitcoin is not some socialist tool to bring equality, and Satoshi never intended for it to be such a thing.

It might just be a perfect storm, where you have Alt coin dumping going on and also some whale dumping large amounts of bitcoins on exchanges and also this news coming from Goldman&Sachs.

The market is definitely being triggered by the influx of coins on the supply side, so the price drop is expected. Let's hope this is the bottom and that we will see a real push towards the end of this year.

We need a lot of good news now, to turn this around.  

You can't really call this a perfect storm.
It's a drop, nothing special compared to the rest of the year and probably not the last....

To be labeled a perfect storm you would have to add a tx spam attack on the chain, some country banning it, a hacked exchange and MtGox selling again  
Now, that would have been fun

[LeGaulois]

Goldman Sachs is just missing the Bitcoin Business for their stupid act and remarks.

They are not...
They bought Circle which then bought Poloniex. It continues to offer Bitcoin futures contracts to speculate on the future of prices. And it is still studying a solution to offer storage to bitcoins owner. Their trading plans are a lot smaller than their Bitcoin Futures alone.
Goldman Sachs worth million dollars, how much do you?

[JenkinsCharlie]

Goldman fake news started all of this. Yet you all continue to be sheep. Do as your told with your crypto weaklings.

[WilliamAnderson235]

Goldman fake news started all of this. Yet you all continue to be sheep. Do as your told with your crypto weaklings.

The sheep is the one who holds his depreciating asset because somebody on reddit told him banks are bad

[Pursuer]

it is mostly temporary market manipulations by the big whales who are day trading in order to make profit from some FUD by creating a panic in the market. as you can see after the manipulation the price is still above the major buy support at $6k and it is not showing any signs of going any lower.

additionally because of this manipulation and the drop and  the natural altcoin dumps that has been going on for months there is an additional sell pressure on bitcoin as some part of the money is exiting from the altcoins through bitcoin/usd market. and the more altcoins are dumped the more this pressure is going to be felt in bitcoin but it is interesting that the $6k support has been ridiculously strong despite all that!

[cizatext]

Since the cryptocurrency market is volatile any news either negative or positive have direct impact on the market most especially when the news generate from a well established personality or institutions. But even at that the effect will be for a short time and in no time the bitcoin/cryptocurrency market will recover again.