RATE Group | Cryptocurrency plunges 20% in two days
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Cryptocurrency plunges 20% in two days

07 Sep Cryptocurrency plunges 20% in two days

Posted at 05:28h in Cryptocurrency News by

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Bitcoin buying is like 'trading turds'

Bitcoin investors are getting their digital butts kicked lately. Hard. Bitcoin prices have plunged more than 20% in the past two days.

Ethereum, Litecoin, Ripple and other cryptocurrencies have suffered similarly large drops. The reason for the latest pullback? A Business Insider report that investment banking giant Goldman Sachs (GS) may be dropping plans to launch a crypto trading desk.

Goldman Sachs told CNNMoney though that it hadn’t made a firm decision about bitcoin or other cryptocurrencies just yet.

“In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering,” Goldman Sachs said in a statement.

But if Goldman Sachs is pulling back, that is not good news.

Naeem Aslam, chief market analyst with ThinkMarkets UK who is bullish on bitcoin, said in an email that “there is no doubt that the bitcoin price is…

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