Any observant crypto trader and/or analyst can easily identify September 5th as the date the crypto markets turned for the worst after the fake news that Goldman Sachs had abandoned plans for a crypto trading desk. Before this date, Bitcoin (BTC) was comfortably trading above $7,300. But since then, the King of Crypto has fallen continuously to current levels of $3,400. Current levels look set to retest last year’s low of $3,200 if the trading volume does not increase in the next few hours.
In the last six months or so, there has been a proliferation of crypto exchanges offering Over-the-Counter (OTC) trading desks for their Institutional clients, High Net Worth Individuals and the traditional whales willing to cash out or buy in using large amounts of capital. These services have provided a new avenue for large crypto transactions to happen that are hidden from the regular trader like you and I. If performed on regular exchanges, these transactions would grossly affect the price of Bitcoin and all our favorite cryptocurrencies.