Anyone who has kept close tabs on the value of cryptocurrency knows that the markets have been on a roller coaster ride for the past 10 months. On September 5, 2018, the estimated market value of all cryptocurrencies was $239 billion, but that dropped to $200 billion on September 6. This is believed to be an effect of Goldman Sachs's announcement that the firm is not going to have a trading desk for cryptocurrency after all. In a statement about the assumption, the CEO of Goldman Sachs said that it was "fake news," and that the company is still working out how it could set up a derivative market for Bitcoin. Although the CEO's statement stabilized the market capitalization value of cryptocurrencies, the market did not recover any of the value that it lost. In the near future, Coinbase is considering setting up a cryptocurrency-based exchange-traded fund with BlackRock. As a long-standing investment firm, BlackRock might add more stability to the market and bring the trade of cryptocurrencies to a larger market of everyday investors and traders. If the shares of cryptocurrency could be blended with other mixes of investments, wild rides would not have as big of an effect on an investor's portfolio. Even with attempts to stabilize the market volume and value of cryptocurrency, a lot of regular investors and specialty, high-risk investors are glad they did not invest in Bitcoin or any of the other cryptocurrencies on the market today. An astounding 49 percent of everyday investors were glad they never bought any shares of Bitcoin. Another 15 percent said they wished they had purchased Bitcoin at an earlier stage, but they believe it is now too late to invest in the cryptocurrency. Few respondents said that they had plans to buy shares of Bitcoin in the future. Bitcoin has a bear pattern when taking a look at its value and volume. Ethereum also has a bear trend and may have been oversold. Ripple is expected to drop again, while Bitcoin Cash and EOS are trending downward. Analysts also predict that Stellar is on a downward trend.
Subscribe to Find the Best Cryptocurrencies & News - 99 Crypto
Get the latest posts delivered right to your inbox.