Cryptocurrencies continue to tumble on Goldman reports

Half of American Millennials Interested in Using Primarily Cryptocurrency

Banks like Goldman Sachs are getting the jitters about cryptocurrencies as government finance bodies around the world are making their stances on the craze increasingly clear. As a result, any bank looking to facilitate those trades has to figure out how to safeguard those assets in a way that keeps regulators happy. How can fake news potentially affect crypto markets? But it is above this year's low of $5,826 which was recorded on Jun. 24, 2018, following when the cryptocurrency staged a tentative price recovery.

"Their name carries weight across the globe", said Ryan Rabaglia, head trader at digital asset brokerage OSL in Hong Kong, referring to Goldman Sachs.

Is Goldman Sachs abandoning its bitcoin plans?
Bitcoin and other cryptocurrencies suffer a sudden crash

In a nutshell, it is apparent that although the corrective move that Bitcoin has been going through since December a year ago seems to be over, the uptrend is having difficulties resuming due to the negative news that the Blockchain industry has been suffering.

Still, according to various other sources, Goldman Sachs won't fully drop the prospect of crypto trading, as the company will allegedly focus more on the custody product for crypto.

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But while Goldman Sachs is abandoning plans to open an institutional crypto trading desk, it moved its plans onto a new service which also has to do with cryptos.

According to a recently conducted survey, the number of Australians who own cryptocurrency has almost tripled in 2018 alone, signaling that the current bear market is not an accurate signal of interest in cryptocurrency, which is growing at rapid rates. Ripple lost 7.7%, Litecoin went down by 7.1%, and Ethereum sunk by 9%. Purchasing Bitcoin from someone like Goldman Sachs supposedly makes cryptocurrency easier to stomach, particularly when concerned with being to exposed "dirty" digital coins.

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While still industry-forward, the firm did not explicitly say they were working on launching a Bitcoin trading desk. This interest if translates well could swell the crypto markets and probably take them to their all-time highs which they hit a year ago.

As previously reported by FOX Business, the broader crypto market shed more than $600 billion in value from February through mid-August.

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Such a decrease in BTC caused nearly all cryptocurrencies listed on Coinmarketcap to show significant losses in price, with only the TrueUSD token showing an increase of 0.03% and Tether increasing by 0.8%.

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