Cryptocurrency market is lack of control and legal regulations the market is in very early stage. Thus the market kind of fluctuate by the news no matter the news is important or not. Nevertheless, there are certain kinds of news that fiercely affects the market.
- Regulation announcement by the government.
- News that infer large amount of asset might flow in.
- Accidents that can affect crypto asset.
Recently, the new which is related to reason no.2 have been issue among many investors. On July 16th news reported that BlackRock has organized a team to analyze cryptocurrency investment. This new was very welcomed by investors because people though the inflow of BlackRock's money will result as explosive growth of the market.
However, on September 5th there was a sharp decrease in market volume affected by the news notifying that Goldman Sachs decided not to invest in cryptocurrency market. What made people upset was that very next day Goldman Sachs CFO Martin Chavez showed up denying about the news from yesterday.
Actually, Goldman sachs have been blamed for quite a lot of incident they are related to.
On 2009 Goldman Sachs was accused by SEC for playing a main role to cause Subprime mortgage crisis.
Also, in South Korea May 3th Goldman Sachs was suspected of naked short selling which is not allowed in South Korea. The Financial Supervisory Commission is investigating about this and lot of investors are showing discomfort about their action.
Therefore, there are some opinions that the Goldman Sachs intentionally manipulating the market which has no regulations or controls over it. Cryptocurrency market is only a beginning stage, and it's too fragile that countries and government have to come up with certain ideas as soon as possible