Crypto market overview – Bitcoin, Ethereum go down; Goldman predicts more pain

• All major cryptocurrencies lost positions in recent 24 hours.

• Goldman experts believe that the upside was temporary.

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Cryptocurrency market continued sliding from recent highs. All major coins finished Monday in a red zone, while the total cryptocurrency market value slipped to $290B against $296.9B this time on Monday. EOS proved to be the worst-perfomer out of top-10 (the coin has lost over 9%), while Bitcoin went down 2.5% .

 

Bitcoin, the digital currency No.1, is changing hands at $8,100, the coin has lost 0.7% in recent 24 hours and touched $7,850 during Monday trading

 

Ethereum, the second largest digital coin with current market value $45.8B, broke below critical $460 to trade at $452 at press time, down 2.5% on a daily basis. ETH touched $516 high on July 18 and lost nearly 10% since that time.

 

EOS is the worst performing cryptocurrency out of top-10. The coin has lost over 7% to trade at $7.65 amid a combination of a technical and fundamental factors. Thus a sustainable movement below $8.00 handle increased the bearish pressure and triggered new selling orders.

 

Meanwhile, institutional bankers came up with gloomy forecasts. Thus, Goldman Sachs experts believe that the recent upside of Bitcoin and other virtual currencies will be short-lived.

 

“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value,” Sharmin Mossavar-Rahmani from bank’s Investment Strategy Group wrote.

Tanya Abrosimova Tanya Abrosimova

FXStreet

 

David