Once again we are witnessing a wounded animal scream in desperation to hold onto its money and power that is now under threat due to blockchain technology. Left wing news media reported the cryto-crash as "mysterious", but in this day and age you have to be pretty stupid to believe that CNBC did not know WHO or what was behind the cryto-crash.
Goldman Sachs has since came forward calling the reports about the abandoning its plans to open a crypto-currency trading desk are "fake news". (So to set the record streight, Goldman Sachs is STILL planning to open a cryptocurrency trading desk!)
Goldman Sachs Chief Financial Officer said "I never thought I would hear myself use this term but I really have to describe that news as fake news."
When the crypto-markets crashed thousands of investors began to quickly withdrawal their funds causing an immoderate price drop in Bitcoin and other alt-coins with gigantic market caps.
Note from cointelegraph: The price of Bitcoin and other digital currencies plummeted following the news about Goldman Sachs cancelling plans for a trading desk, with total market cap dropping by $12 billion in an hour. All of the top 100 coins experienced losses over the last 24 hours. BTC is trading around $6,479, having lost more than 6 percent on the day. At press time, total market capitalization is around $206 billion, according to Coinmarketcap.
The reason why this is so much of a concern because as the price drops, companies such as Goldman Sachs who have massive funds are able to then reinvest in more crypto-coins for a much lower price all the while smaller investors losing their shirts. This puts more centralized power in hands of the swamp creates, the very enemy blockchain was designed to fight against.
Large companies are actively causing volatility in the markets to raise false concern that crypto must be regulated (cryto is inherently self regulating in my opinion). So they are purposefully causing problems in efforts to create regulations that only work in their favor and never in favor of "the litle guy" or every day consumers, or even small time investors. Of course crypto regulations will be in favor of companies like Goldman Sachs and Left wing media shills because they are the very ones with enough capital to pay the Liberal swamp politicians who create the regulations in the first place!
So what can you do? I'm not a financial adviser, but I am holding on to my Bitcoins and alt-coins. Keep your coins in an offline wallet and keep them SAFE until the market recovers. In my opinion now is the time to buy. The banks are waiting for lower prices so they can buy up the market and keep everyone poor or shall we say "safe". Check out this video below that elaborates a little bit more on this issue.
If you liked this article please check out my two latest blogs here: