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Is Wall Street The Cause Of The Ethereum Crash?

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New decisions from large Wall Street entities have caused a lot of cryptocurrencies to sharply lose value. Bitcoin and Ethereum crash came as an immediate result.

Large Ethereum crash follows Goldman Sachs new announcement

As if this year wasn’t hard enough on cryptocurrencies already, it would seem that the bad news still won’t stop coming. After a month of a seemingly bullish market that finally gave hope to everyone, the crypto world has just had a really bad week.

The first thing that hit the crypto world was the US SEC recent decision to once again reject the Bitcoin ETF request. The market barely started to recover from this, when another hit fell. This one included a new activity within a long-dormant wallet filled with Bitcoin. The activity caused BTC price to drop immediately, as the wallet started sending long lost BTC tokens to various exchanges.

The market was already in a bad shape at this point, but a lot of investors remained hopeful, thinking that things can still get better. That is when the market received the final few hits, starting with Goldman Sachs’ decision to drop the launch of crypto trading desks. Immediately after this news, Bitcoin fell by as much as 7%, but Ethereum crash was even worse. ETH dropped by 15% in the first 24 hours following the announcement.

To be fair, Goldman did not completely turn its back to the crypto project. Instead, it only postponed it for a later time, seemingly due to bad regulations. Still, the decision had bad consequences for the entire crypto world. Besides the Bitcoin and Ethereum crash, other leading coins like Ripple and Litecoins dropped down a lot as well.

Additionally, Goldman is not the only one who dropped or delayed its big crypto plans. Mike Novogratz, who was a known Bitcoin bull, did the same thing. His plans for starting a crypto hedge fund were shelved in favor of a merchant bank.

Only now do we realize just how much this industry was depending on the Wall Street crypto adoption. When we look back, big plans like these were having crypto enthusiasts excited for over a year now. What’s worse is that all these negatives came at pretty much the same time, causing the market to go down just when things finally started looking up.

Cryptos still not ready to get on Wall Street?

According to sources familiar with the bank’s plans, Goldman Sachs is moving the crypto trading desks lower down on its list of priorities. Instead, it plans to dedicate its efforts to other crypto services, like providing custody products. The bank has been trying hard to enter the crypto world, but it still only made small steps to do so. The biggest progress was hiring Justin Schmidt a few months ago, as a head of the digital asset markets.

For the time being, the bank is still supposedly looking into how to best serve its customers, according to its spokesman. Unfortunately, it would seem that they have yet to reach any real conclusion regarding the digital asset offering.

Goldman’s caution is should not really come as a surprise for anyone at this point. After all, Bitcoin lost almost three-quarters of its value this year. Additionally, crypto trading on various exchanges went down by 80%. The total crypto market cap is at around $205 billion, which is almost four times less than its worth back in January. All in all, cryptocurrencies are not in a good place right now, and some positive development is desperately needed.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Stablecoins Rivalry: Which New Coin will Replace Tether (USDT)?

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After the recent Tether (USDT) incident, a lot of investors started paying more attention to stablecoins. However, they were quite popular long before USDT started losing its value, and a lot of new ones were in development for a while now. These days, the stablecoin invasion is in its full swing, with around 57 coins being around — either already in circulation, or about to enter.

While most crypto investors already know this, we should explain that stablecoins are cryptocurrencies that are backed by another asset. This other asset is often a fiat currency, such as the USD. This is done so that their price would always be the same. with each coin being backed by the same amount, which is usually $1. That way, the coin is able to escape volatility, and ensure stability, hence the name.

While there were numerous stablecoins in circulation already, the one that made them known and popular was Tether (USDT). This is a coin issued by the Tether company, which claims that it can back each coin in circulation with 1 USD. However, since the company failed to provide proof that it actually has enough money to do so, the coin lost its credibility, and investors started dumping it.

This has left an empty spot in the space, and numerous stablecoins rushed in to fill the gap left by Tether. Today, we will review some of these coins.

1. Tiberius Coin…

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5 Reasons Why BAT is A Good Investment

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In their search for the next great investment opportunity, people often tend to run into Basic Attention Token (BAT). A lot of investors have developed a significant interest in the coin, and are wondering if things are truly as good as they seem.

With so many scams and fake coins out there, as well as bad investments that seem good at first, it is a good idea to be skeptical. However, in the case of BAT, many agree that the coin is an excellent investment that should not be missed or overlooked. So, today, we will discuss why this is, and why you should add BAT to your investment portfolio.

1. The project’s goal

BAT has a goal to solve a problem that all of us are already very familiar with, and that is the issue of online ads. For a lot of people, ads are annoying, often irrelevant, and they tend to pop up in all the wrong moments. No to mention that they are intrusive, advertisers steal or buy your private data in order to process it and target you with more appropriate ads, and more.

Most people choose to deal with this by installing ad block extensions. However, what if there is a better way to go around it?

This is where BAT comes in. The project uses its technology to solve this problem by blocking ads unless users decide to interact with them by…

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How and when Electroneum (ETN) mass adoption will catch fire

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Before we talk about how Electroneum is thriving towards mass adoption, let’s take on some basics. What is the meaning of “mass adoption” and what cryptocurrencies could really achieve it? The answer to these two questions will ultimately determine the destiny of the cryptoverse.

Sooner or later some tokens will become useful (and used by) a lot of people in the real world. That will create demand for those tokens and that demand will bring its value up. It will be the point at which the crypto market becomes mature, one that answers to real economic forces (such as supply and demand) instead of being a toy for speculators as it still is today.

So let’s start at the beginning. Mass adoption means that, given any kind of technology, product or commodity, at least seven out of ten people know what it and what they can do with it. This definition doesn’t take into account if they actually use it, only if they know about it. Think about Facebook, for instance. Not everybody you know has an active account there.

But chances are almost everybody you know understands what it is and that they could start using it anytime they wanted (if they’re not using it already) at a rate higher than 70%. Maybe a more explicit example is coffee. The percentage of coffee drinkers in the US is about 83% which is enough to ensure it’s mass-adopted. And everybody…

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