US investment bank Goldman Sachs has given up plans to open a special department for trading in crypto currencies will not happen. According to the investment bank, there are still too many factors that make the crypto-currencies too risky for trading: due to the lack of regulation, and the easy manipulation of the market. This is another big refusal by big financial institutions to trade in crypto-currencies. Prior to that, the SEC refused to create a Bitcoin ETF as the market could not be regulated and could be manipulated easily.
Though Goldman Sachs does not actively trade crypto-currencies, the bitcoin slump was likely caused the sentiment of institutional traders to crypto-currencies. Bitcoin collapsed by 5.3% in less than a day.
The price remains in the downward channel, although in the last week the price attempted to break below $ 7,500. The break fails and we expect the price to fall to support around $ 6,500 (78.6% Fibonacci). After $ 6,500, we expect the downward trend to continue to bottom for 2018 about $ 5,800- $ 6,000.
Source: CNBC
Original post: Bitcoin falls after Goldman reportedly drops crypto trading plans
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