A former foreign exchange trader hit Goldman Sachs (NYSE:GS) over its alleged “untrue reports” of announcing plans to roll out a Bitcoin trading desk only to pull back on its decision, saying this shows the mindset and ease of manipulation in the cryptocurrency market.
In an interview with Cryptovest, Garen Ovsepyan, a former hedge fund manager who shifted to digital currency, said the market reaction to the Goldman Sachs news could have been better handled by better liquidity from better-suited cryptocurrencies.
He stated, “Goldman Sachs, just like many of its Institutional counterparts, will most likely enter and participate in any market where the retail market is bleeding, and profusely bleeding we are in the crypto markets right now. Over the 15 or so years that I traded, I never read a report or market analysis from institutions that either never panned out, or they were simply touting their own book for their own benefit. We used to almost always take the opposite side of Goldman recommendations in FX and I could comfortably say that 80% of the time, these trades were winners.”
Ovsepyan advised that when the markets hear that any institution is doing this or that, they should not let the “FUD” (fear, uncertainty and doubt) take over and not get emotional about their own holdings and remind themselves that they are still at the ground floor of the cryptocurrency evolution.
Business Insider reported last week t...
This article appeared first on Cryptovest
