RATE Group | Goldman Blasts Cryptos, Square Reports Bitcoin Profit: This Week In Cryptocurrency
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Goldman Blasts Cryptos, Square Reports Bitcoin Profit: This Week In Cryptocurrency

03 Aug Goldman Blasts Cryptos, Square Reports Bitcoin Profit: This Week In Cryptocurrency

Posted at 20:25h in Cryptocurrency News by

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The cryptocurrency market finished a difficult week on a quiet note on Friday, with most major currencies trading up less than 1 percent on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market this week and which currencies were on the move.

Headlines

On Friday, Goldman Sachs analyst Sharmin Mossavar-Rahmani bashed cryptocurrencies in the firm’s mid-year economic report. Rahmani predicted “further declines” in price in the future, adding that cryptocurrencies don’t meet any of the three roles of a traditional currency. His comments came just one day after UBS said bitcoin is too “unstable” to be a mainstream currency.

“A massive wrong-way bet on Bitcoin left an unidentified futures trader unable to cover losses, burning counterparties and threatening to dent confidence in one of the world’s largest cryptocurrency venues,” Bloomberg reported Friday.

Cryptocurrency trading platform Coinbase announced Tuesday it has hired…

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