The world of crypto is a wonderful place. A place where just a few words can move the markets up and down in a crazy carousel. That's exactly what happened yesterday, when Bitcoin lost more than 10% in a matter of hours. The reason: probably a wallet connected with Silk Road dumping large amounts onto the market, combined, probably with a rumor about Goldman Sachs ditching their plans for a crypto exchange.
I already wrote about that mysterious wallet yesterday, so today I'm going to talk about the Goldman Sachs rumor.
Because that's exactly what it seems to have been: just a rumor.
According to an article published on Cointelegraph a few hours ago, that "news" was actually fake news. Goldman Sachs CFO (Chief Financial Officer) Martin Chavez declared at the TechCrunch Disrupt conference that:
"I never thought I would hear myself use this term but I really have to describe that news as fake news."
And then he went on and on about the "opportunity" of such a crypto exchange, with the absence of a proper custodian solution being the only obstacle in front of it.
Now, ever since I got into this crypto thing, I started to keep a consistent amount of salt on my desk. Every time I see news coming from the corporate zone, news that are drastically disrupting the crypto markets, I take some salt and start pondering around.
Now, what if...
What if Goldman Sachs did indeed leaked that initial rumor, betting on a relevant market move, in this case a massive sell-off? What if they did this in order to see the price reaching a more comfortable level and then, just like that, step in and buy some more?
What if...
Well, I'll leave the rest of the speculation to you, guys.
Just remember to take all these "serious market players", like Goldman Sachs, with a pinch of salt.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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