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Is Wall Street The Cause Of The Ethereum Crash? - Global Coin Report
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Is Wall Street The Cause Of The Ethereum Crash?

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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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Top 3 Crypto Trends That Might Go Big in Q2 2019

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So far 2019 has brought a significant change to the crypto industry. Q1 of this year has seen the rise of the idea of IEOs, the crypto space has finally managed to shake off the bears, and numerous coins throughout the industry have seen their prices grow once again.

The latest rally happened only several weeks ago, and it allowed Bitcoin to surge up by $1,000. Most other coins followed in their own way, but the investors are now wondering what to expect out of Q2? The Q1 started off badly, but it ended up being extremely successful. The chances are that history might repeat itself in the second quarter, as there are some key trends that might point the way for the further development of the crypto market.

1. The rise of IEOs

Back in 2017 and early 2018, ICOs (Initial Coin Offerings) were everything that the crypto space was talking about. Their popularity allowed startups to raise billions upon billions of dollars. Soon enough, however, that ended in a pretty bad way. STOs (Security Token Offerings) emerged as an alternative that does not depend on trust, follows regulations, and it actually holds value. However, asset tokenization might still be in its early stages, and this is something that might come back at some point in the future.

In 2019, however, IEOs (Initial Exchange Offerings) started attracting the…

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The Crypto Space Once Again Divided Over Bitcoin SV

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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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