Monday , February 6 2023

Wall Street went to Cold Feet while Bitcoin continued Crypto Crash



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Photo: Rick Bowmer (AP)

The crypto crash continued and was pulled out of the market since the peak of $ 700 billion and $ 800 billion at the beginning of the year, leaving traces of the ruined startles behind. At one point, Bitcoin closed $ 20,000 in 2017 and the $ 3,000 price under the highest peak and the $ 6,000 so-called "floor." According to Bloomberg, Wall Street, a year ago, warned that they are about to enter the crypto currency market, especially the future of bitcoin, and this year has received cold feet after a miserable fit of crypto prices.

Bloomberg writes that the widow of big firms, including Goldman Sachs, Morgan Stanley, Citigroup, and Barclays (London), has postponed plans to start all the bitcoin financial services. "Among the first ones on Wall Street to wipe out Bitcoin's future," Goldman has not offered a crypto trading offer, which he designed a trading desk and called "Non-delivered Forevard Derivatives" (NDF) offers, and little interest in the NDF product:

The bank is still offering crypto operations and, according to people familiar with the issue, has gained less weight for the NDF product by signing only 20 customers. Justin Schmidt, who was hired to lead the digital asset business, said last month that he was restricting the ability of regulators to attend the industry conference. Still, Goldman plans to add a digital asset expert to his main brokerage division

Sources told Bloomberg that Morgan Stanley "has been technically designed to track Bitcoin's future since at least September," but still trade with a deal. Citigroup did not sell any of its encryption products to any of its business entities within existing business structures, Barclays lost two hired administrators to investigate the industry and did not plan to open a crypto trading desk at Bloomberg.

Most of the attention has been made due to an accident, but according to Bloomberg's report, regulators have a lack of management and other factors that have led to criminal and other investigations in other areas.

According to Bloomberg, true believers in encrypted currency continue to build large infrastructure of infrastructure (which can save the slaughter prices of important coins like bitcoin) to enter the market. Some industrial sites have described this as an opportunity to clean up the crash and reduce price fluctuations. Bloomberg wrote:

Bitcoin sees the employers who are transparent in the $ 4,000 after the striking purchase of digital assets in 2018, at 20,000 dollars, and of course, businesses are about to go back when needed.

"The more important story is all the infrastructure built for institutional trading," says Ben Sebley, a former Credit Suisse Group AG trader who mediates the NKB Group's crypto boutique.

Eugene Ng, a former Deutsche Bank AG trader crypto hedging fund, said that "if forward, but nothing can be more than the truth," after defeating $ 700 billion in value of crypto assets, who founded the company Circuit Capital.

In addition, NASDAQ and the New York Stock Exchange are preparing to advance in 2019 with future projects against the CNBC until late November 2019, although the two existing ones, the Chicago Board Options Exchange and Chicago Mercantile Exchange, level has been applied since December. "

But at the beginning of this month, Bloomberg's appearance was no better.

"According to GTI VERA Band, Bitcoin is under the bottom tape to indicate more potential damages, and there is no existing floor," said the site with more probable damage.

[Bloomberg]
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