Bitcoin Higher on the Week as Investors Trash Goldman Advice

May 31, 2020, by Maayan
Bitcoin was 8% higher on the week as bulls ignore investment bank comments on the asset.

Wall Street Bank Draws Criticism from BTC Bulls

The price of Bitcoin was 8% higher on the week as the market remains cautious about the next big move in the crypto market. The $10k level is still a barrier, but with a lack of selling thus far, BTC still has the chance to see a further rally.

The talking point of the week was the news that Wall St. investment bank Goldman Sachs had remarked in an investor presentation that the coin was, “not an asset class,” and also remarked that it was not suitable for the bank’s clients.

Crypto enthusiasts were quick to rush to the defence of the industry and many questioned whether the bank can be impartial when they are unable to charge fees for BTC investments. The big fear for banks like Goldman, is losing big investor money to the crypto industry. This would reduce their all-important asset reserves, trading fees and, more importantly, their dominance in global finance.

Litecoin Quiet as Market Awaits BTC Movement

Litecoin had another quiet week in volume and price as the crypto market remains cautious due to Bitcoin’s pause.

Stock markets have edged higher, but risks are building with the U.S./China relationship being strained and cryptocurrencies could again see selling if the markets drop once more.

LTC was trading at $44.25 and is only 50 cents higher than the close of trading two weeks ago. Average trading volume was $2.7bn for the week compared to around $5bn in the middle of May.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.