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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
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