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September 7 2018

Goldman Sachs “fake news” did not drive Bitcoin’s price drop

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CoinCorner’s co-founder, Danny Scott, says: “Many have been speculating that this week’s Bitcoin price drop was due to the news that Goldman Sachs would be ditching its cryptocurrency trading plans. Despite the fact that the company itself has now branded this claim as ”fake news”, I would still disagree that this rumour was the cause of the price movements.

“I don’t believe that news of this calibre provides enough sway in the industry for it to affect the price in the manner that it supposedly did. We have seen far bigger announcements in the past from companies such as Microsoft, which had no subsequent impact on the price.

“A different theory which we have been following ourselves for the last few days comes from a very old Bitcoin wallet beginning to move a large amount of Bitcoins (100,000+ BTC). These look to be from MtGox which could match up well with their recent announcement that creditors can now open the claims to any lost funds. It looks as though roughly $100 million worth of Bitcoin moved from these wallets and were potentially sold on the market on Wednesday, which is more likely to have been the key driver behind Bitcoin’s price movement over the last few days.”

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