EOS Price Watch: Currency Falls Alongside Rest of Crypto Market

Between Wednesday September 5th and Thursday 6th, the Bitcoin price went berserk, falling from a $7,400 high straight down to a sad $6,400.

Yesterday, CryptoGlobe reported the movement and dumping of some of the 111,000BTC stash - about $100m-worth of it, in fact - via the two exchanges, and attributed the dual price drops of mid-morning yesterday to a the sell-off.

South Korea's national postal service operator, Korea Post, has reportedly sought out Goldman Sachs' assistance in regards to learning about cryptocurrencies. The news has investors nervous that the U.S. financial giant might know something about Bitcoin and cryptocurrencies that the market has not learned yet.

The decision came amid regulatory uncertainty over bitcoin, Business Insider added, citing sources. As CCN reported, Goldman Sachs CEO Lloyd Blankfein repeatedly denied that the firm had any plans at all to launch a bitcoin trading desk, nearly up until the day that the bank revealed that it had been quietly assembling such an operation.

This announcement of Goldman Sachs' interest in crypto trading was important for the virtual currency market.

Some are claiming that the news is likely to keep bitcoin and cryptocurrency down for good - that this was the highlight of digital money's journey towards legitimacy, and the barricades will be too much to handle without Goldman Sachs' help. It would have allowed enterprises and institutional investors to enter the market. As a result, any bank looking to facilitate those trades has to figure out how to safeguard those assets in a way that keeps regulators happy.

"They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative." . Overall, EOS seems to be down by roughly 15 percent over the last 24 hours, making it one of the largest single-day losses over the past week. "When people see their name, their eyes may light up, and they say: OK, we've finally made it - the bigger players are going to start to enter".

For Ethereum, the second largest coin by market cap, this is the low point of the year.

  • Eleanor Harrison