For all the recent talk about long-term bullish behavior and bitcoin reaching $10,000 by November, it's becoming clearer and clearer that analysts have no idea what they're talking about, and it's almost impossible to predict where cryptocurrencies will go considering they are all still too vulnerable to outside news and influence.
Back in October of 2017, reports suggested it was studying cryptocurrencies through with a group of employees, and in December it was claimed a bitcoin trading desk would be ready in June. The report stated that an uncertain regulatory regime meant Goldman was instead focusing on developing custody services for cryptocurrency.
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Things started getting better for the market when large institutions like Goldman Sachs started showing signs of embracing the digital assets, and that somehow breathed some life into the market and kept it on a high over the last few weeks. Do your market research before investing in cryptocurrencies. Goldman Sachs has opted to deal only in custodial products. However, Brian Kelly, founder and CEO of crypto hedge fund BKCM, is more anxious about the long-term impact of Goldman Sachs' about-face. Institutional and wealthy investors are likely looking for regulation support and legal protections before pouring money in.
"They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd [of mainstream financial institutions], this is a negative", he told CNBC.
The cryptocurrency market is bleeding for the second consecutive day, with prices of most popular coins down double digits in the last 24 hours. This chart shows another drop forthcoming, even after a correction upward of the drop from the Goldman news. All top 10 leading cryptocurrencies were in the green while reporting, with Bitcoin above United States dollars 6500. Its low point is around $5800 for the year; will we see that in September?