Goldman Sachs puts crypto trading desk launch plans on hold

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The hourly dip has lowered the top 100 crypto coins to result in red areas. Today, the currency started off with a price of $7,371 - and hit the lowest point of the day at $6,997 momentarily. If and when the first bitcoin ETFs are launched, it's likely that they will see early success, as both cryptocurrency enthusiasts and traditional investors take part.

Beyond bitcoin, the price of other cryptocurrencies also continued to plunge, according to tracking site CoinMarketCap. Ethereum tanked more than 10% to trade in the levels of September 2017. The total market capitalization is down by $12 billion and the crypto market features a sea of red.

Such a decrease in BTC caused nearly all cryptocurrencies listed on Coinmarketcap to show significant losses in price, with only the TrueUSD token showing an increase of 0.03% and Tether increasing by 0.8%. Over 20% of those who don't hold cryptocurrency also indicated that they believe it is a "scam", and the same percentage of respondents thought it was a "bubble". The position of bitcoin performs in equivalent to the effects in the market.

"Bitcoin is now tested and proven to the market: more importantly, people now separate the Blockchain's incredible abilities from outside issues, so bitcoin is gaining more solid confidence from users and outsiders as this understanding improves".

OmiseGO (OMG) is now trading at $3.82 against the dollar, a -9.30 percent change in the last 24 hours.

The new report comes on the heels of Bitcoin plunging almost $1,000 to its current price of just over $6,400. Ethereum took an even worse hit, down nearly 19%, Ripple was down more than 12%, and Bitcoin Cash and EOS were both down more than 20%.

The biggest problem for financial institutions that want to buy and sell bitcoin is that the centralized exchanges the asset trades on have a history of being vulnerable to hacks.

Alternatively, Bitcoin Diamond (BCD) is sighting exemplary growth as of today as it reaches over 110% in the last 24 hours till the time of press.

Originally, the new trading desk was to be operational by the end of June. Goldman Sachs understands that the times are still not right to accomplish such a goal and as so, it devised another way of supporting the cryptocurrency industry while there is a lot of regulatory uncertainties.

A large number of the respondents, about 57%, stated that they would not use Bitcoin (BTC) over the US Dollar, the majority of them considering Bitcoin (BTC) transactions illegal.