As at the time of filling this report, the mother of all coins has fallen by another $100 and is currently trading at $7093 which is another massive fall from it’s a day before yesterday’s $7600. The coin reached it’s highest price of $8460 last week, a price it has not for over 5 months now.
However, things are not looking alright for digital currencies now following the the news which took over the headline earlier this year. Goldman Sachs group announced earlier this year that it was going to release a new-bitcoin based trading desk, even though he does not believe that the virtual currency would last any longer. In summary, the group claims that Bitcoin is never coming back again.
Already, the currency has lost about 60% of it’s value in 2018 and we are still expecting more to occur in the next coming months.
The wall street representative, Officer Sharmin Mossavar-Rahamani still stands on his view about Bitcoin, cryptocurrencies generally, declining further than it has now. In his speech, the officer made his view clear:
We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value.”
Goldman Sachs group representative came in to make his own point of view clearly to everyone by saying cryptocurrency only occupy a little fraction of the world investment space despite the fact that so many people thinks the new technology is out to disrupt the financial arena. Mossavar-Rahamani referred to cryptocurrencies as just occupying 0.3% of the world GDP, so he took this as the very reason why this new technology will not last long or if at all it lasts, would take a very long time.
In the early hours of today, coinmarketcap.com claims that the price of Bitcoin jumped all the way up to $8400 only to fall back down $7093 now. This, however shows that their are a lot of high risks to be taken by short term traders, long term traders may benefit on the long-run.