Daily Berminal Brief (9/7/18): Fake News and the Bitcoin Blues Drag the Cryptocurrency Market…

Too Long; Didn't Read

The State of the Market: What a week it has been! Bitcoin crashed and lead the rest of the cryptocurrency market to literally erase an entire month’s worth of gains in mere minutes. Meanwhile, it turns out that part of the news that helped kickstart the crisis is fake. According to Goldman Sachs CFO, Martin Chavez, there are no plans to shelve the Bitcoin trading desk and the news is literally, “Fake News”. In other refutations which prior to be invalidated may have helped crush Bitcoin price, Changpeng Zhao of Binance explicitly stated that there are no plans for Binance to hold an IPO. Perhaps in the week ahead financial and crypto-media outlets could spent a little more time and due diligence checking that the news we report is actually credible. Currently the cryptocurrency market capitalization stands at $204.8 billion.