Last year when Bitcoin dominance was over 50%, conditions of the market were different compare to what is obtained this year.
Etoro market analyst Mati Greenspan observed, "The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the a year ago, so any kind of updates on that may certainly move the prices".
The U.S. Securities and Exchange Commission had warned past year that some of the coins issued in ICOs could be considered securities, meaning trading them would have to comply with federal securities laws. "At this time, we have not concluded the goal of our offer", an unidentified Goldman Sachs spokesman said.
"In response to client interest in various digital products, we are exploring how best to serve them in the space", a company spokesman said. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies".
A Goldman Sachs spokesman did not directly comment on the report. "Know that folks also were skeptical when paper money displaced gold." created the expectation that the bank would open a Bitcoin trading desk relatively soon.More news: Watch Husband Ohanian’s Touching Celebration Of Serena’s Run To US Open Final
Of course, one of the most popular theories is that the decline rested with the decision by Goldman Sachs to hold off on a cryptocurrency trading desk. 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".
According to the Business Insider, Goldman Sachs made the announcement that opening a Bitcoin trading desk isn't a priority at this time, most likely due to continued uncertainty around regulations. In a madcap morning, Bitcoin fell by a total of 6%, while Ethereum, Litecoin and Ripple all racked up double figures - ETH lost 12% in a single morning. It could revive these plans later, they added.
Experts say reputable custody offerings to safeguard holdings need to be in place before major banking firms decide to get in on the crypto action.