#CryptoCorner: Market Stagnant with #ETH at Lowest in Over a Year, Goldman Sachs CFO Clarifies #Crypto Trading Desk Position, #Robinhood to Go Public and Australian Watchdog Lists ICOs and Crypto as Focus Area in Corporate Plan
September 7th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - September 7, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: Market Stagnant with #ETH at Lowest in Over a Year, Goldman Sachs CFO Clarifies #Crypto Trading Desk Position, #Robinhood to Go Public and Australian Watchdog Lists ICOs and #Crypto as Focus Area in Corporate Plan
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Market Stagnant with ETH at Lowest in Over a Year, Goldman Sachs CFO Clarifies Crypto Trading Desk Position, Robinhood to Go Public and Australian Watchdog Lists ICOs and Crypto as Focus Area in Corporate Plan
Heading into the weekend the market is looking similar to yesterday. Despite minor fluctuation, data from CoinMarketCap indicates that the total market cap is again $204 billion USD at press time, with Bitcoin (BTC) trading at $6467 USD. Ethereum (ETH), which is still the second-largest crypto by market cap, is trading at $220 USD, which is its lowest in more than a year. An analysis of the market drop on Cointelegraph argues that the commonly-blamed Goldman Sachs decision to cancel plans of launching a crypto trading desk is irrelevant to recent market behaviour.
Experts generally agree that the correction of the cryptocurrency market on Sept. 6 was caused by increasing sell pressure and a culmination of various developments, rather than a single event like the Goldman Sachs Bitcoin trading desk announcement having an immense impact on a global market.
Speaking of the widely reported Goldman Sachs move, according to an article on CNBC, it is not actually true. Goldman Sachs CFO Martin Chavez, speaking at the TechCrunch Disrupt Conference in San Francisco yesterday, clarified that recent reports were false.
"I never thought I would hear myself use this term but I really have to describe that news as fake news."
Chavez then went on to explain that Goldman Sachs' digital assets venture had no timetable and was multifaceted.
"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time. Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but its not here yet."
Also speaking at the TechCrunch Disrupt Conference was Baiju Bhatt, CEO of stock trading and crypto exchange company Robinhood. TechCrunch reports that Bhatt revealed the company was looking to go public, and are currently searching for a CFO. Robinhood is valued at $5.6 billion USD, tracks 5 million customers and is currently undergoing audits from the SEC, FINRA and its own security team in preparation for an IPO.
The Australian Securities and Investment Commission (ASIC) released its corporate plan for 2018-2022 today, in which it revealed that monitoring threats from ICOs and cryptocurrencies would be a chief focus area. Two points of focus in the crypto space were listed as:
> Developing our approach for applying the principles for regulating market infrastructure providers to crypto exchanges
> Monitoring emerging products, such as ICOs, and intervening where there is poor behaviour and potential harm to consumers and investors
Sam Mowers, Investorideas
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