Cryptocurrencies rally after Goldman Sachs denies crypto withdrawal

September 07, 2018
Chris Wheal

Many cryptocurrencies were mounting a modest rally on Friday, halting the dramatic losses seen in the wake of reports that Goldman Sachs was to abandon plans to launch a digital asset trading desk.

Cryptocurrency prices have stablised in the last 24 hours

On Thursday, the bank’s chief financial officer denied the reports, dismissing them as “fake news” and saying although it was setting no timetable, no plans for any future digital asset services had been withdrawn.

Steep losses

The report that the investment bank was withdrawing from its digital trading desk plans was first published by Business Insider and caused some dramatic fall-out on crypto exchanges.

Bitcoin, the largest cryptocurrency by market capitalisation, fell nearly 12% in the subsequent 24-hour period while ethereum, the second-largest, fell more than 20%.

On Friday, most of the top 10 cryptocurrencies were higher, with monero leading the percentage gains following recent positive remarks from analysts.

Price round-up

Here’s a round up of Friday’s price moves at 10am [London time]:

  • Bitcoin +0.8% at $6,446
  • Ethereum -0.9% at $224
  • Ripple +2.4% at $0.29
  • Bitcoin cash +2.9% at $512.29
  • Eos +1% at $5.07
  • Stellar lumens +2.6% at $0.20
  • Litecoin +2.2% at $56.39
  • Tether flat at $1
  • Cardano +1.8% at $0.09
  • Monero +4.3% at $114.03

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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