- Goldman Sachs mulls over facilitating its clients trading Bitcoin
- Litecoin (LTCUSD on xStation5) outpaces Dash (DSHUSD) in terms of market capitalization
- Dash approaches its pivotal support area where some buyers could lurk
Bitcoin seems to be losing some of its appeal since the beginning of this week following the Chinese clampdown which has come into effect since October 1st. Meanwhile, Goldman Sachs mulls over helping its customers trade Bitcoin (BTCUSD) and other cryptocurrencies. According to Bloomberg, the bank is in talks with cryptocurrency experts but hasn’t yet formulated a business plan, a timetable for implementation or made any bitcoin-related investments. Moreover, one of the most famous US investment bank is reportedly seeking an answer for the question: how to address clients’ requirements and how to understand the risks of the volatile currency.
It’s worth highlighting that the GS’s view differs from that voiced by its peers such as JP Morgan whom CEO Jamie Dimon said last month that Bitcoin is a fraud and that he would fire any employee trading it for being “stupid”. In turn, Morgan Stanley CEO James Gorman stressed that Bitcoin is more than just a fantasy. Finally, former Goldman Sachs trader Mike Novogratz is starting to raise a required amount of money in order to fund a hedge fund which will invest in cryptocurrencies, ICOs and related companies.
Moving on, it’s worth mentioning that Litecoin has outpaced Dash in terms of market capitalization. A change stems mainly from the feebler performance of the latter which is constantly going down and approaching a key support area. The level in the vicinity of $280 could act as a springboard for buyers, a bullish candlestick has to be drawn before entering a long though.
Technically, the price of Dash has been dropping since the end of the last month and it’s already just shy of a notable support area at around $280. Once the price manages to draw a bullish candlestick, it could ignite hopes for a rebound.