What could be the reason for the sharp cryptocurrency price drop during the last week?
Bitcoin has lost 13% of its value over the last week, dropping from $ 7387 to $ 6422, Litecoin (-16%), Ethereum (-33%) and Bitcoin Cash (- 25%).
One of the reasons for the fall in the value of cryptocurrency may also be the statement made by Business Insider according to which Goldman Sachs, one of the the leading investment banks, has for the time being postponed its trading plans for cryptocurrency trading.
According to the information provided by Business Insider, one of the main reasons for such a decision made by the American investment bank is the uncertainty that still persists with regard to the legal regulation of cryptocurrancy.
We remind you that the news agencies reported in early August that Goldman Sachs, which for a long time is one of the most prominent defenders of cryptocurrency, is about to launch a cryptocurrency depository service soon.
At the same time, the decision of Goldman Sachs threatens the approval of the possible bitcoin-ETF by the Securities and Exchange Commission, the decision of which is expected by the end of the month. And, although the analysts point out that, according to technical indicators, the impulse of the buyers is still being observed at the market, the pessimistic mood of investors may have a negative impact on the first rate of cryptocurrency.