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Crypto Markets Remain in Hibernation Mode

Dave Jackson Dave Jackson, Stockhouse
1 Comment| November 1, 2018


Click to enlarge

As is the new normal, crypto markets seem to move every couple of weeks instead of on a daily basis, perhaps indicating that some of that mid-summer massive volatility could be coming to an end. Needless to say, there has been no significant movement in markets since this time yesterday as they're still holding the same level.

Bitcoin’s (BTC) birthday came and went and it hasn’t moved since. Currently sitting at US$6,392, BTC has found its new channel for the time being. The fact that it has remained above US$6,000 all this time when other digital coins have continued to fall is a good sign for the world’s number one cryptocurrency.

Number two player Ethereum (ETH) is equally static today, remaining below US$200 for the fourth day in a row.

CLICK BELOW FOR LIVE CRYPTOCURRENCY PRICE INDEXES:

Total crypto market capitalization has done very little since yesterday and remains around US$203 billion on Einstein Exchange. A small spike just before press time threatened to inject some life into markets but it hasn’t materialized and the lethargy continues.

According to a report published by The Block, Goldman Sachs has been working with a small number of clients to trade the product actively and is currently researching ways to implement custody of the cryptocurrency for its customers.

The report also goes on to say that the investment banking giant is quietly onboarding clients for its new Bitcoin derivatives product. Representatives from the firm report that despite excitement in the cryptocurrency community for the new rollout, they are in no rush to push additional cryptos like Ether into market. Nevertheless, this potentially marks an important moving-forward point as Goldman has long been considered one of the major financial institutions whose involvement in crypto could inspire the next market boom.

And in a report from CNBC, BlackRock – the world’s largest asset manager – is avoiding a bitcoin ETF until cryptocurrencies become “legitimate.”




Comments

wellthereyougo
The inevitable will prevail ………………….
(0)
November 1, 2018

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