It was a tough end of the week for many of the world's leading digital currencies, as nearly all of the top 10 coins and tokens are down entering into the weekend. Bitcoin has plunged in the past two days, erasing previous gains and falling back to the mid-$6,000s level that has characterized much of the summer so far. Ethereum, though, may be the bigger story; ETH has been falling for weeks with only slight improvements along the way. The second-largest cryptocurrency by market cap is down to just over $218 per token as of this writing, the lowest level that it has been at in months. Other top coins like XRP, bitcoin cash, and EOS have all plummeted along with the biggest names in the market. Tether, linked to the U.S. dollar, has made slight gains over the week, but most of the other tokens remain coupled with bitcoin, falling as the crypto leader does.
Goldman Desk Confusion
One of the biggest and also most puzzling stories of the week has to do with Goldman Sachs. After months of speculation and hints, Goldman Sachs appeared to put to rest the idea of its launching a cryptocurrency trade desk in the foreseeable future earlier this week. However, a senior-level Goldman executive, Martin Chavez, later indicated that the report of the bank's plans to shift away from a crypto desk were "fake news." If the original bit of Goldman news was what sent cryptocurrencies spiraling for the rest of the week, the "fake news" claim does not seem to have caused a resurgence in value.
The Winklevoss brothers have most recently made headlines for experiencing a second rejection of their bitcoin-linked exchange-traded fund (ETF) by the SEC. However, the creators of the popular Gemini Exchange have nonetheless continued to gather intellectual property rights with patents on new blockchain applications. Late in the week, news broke that the U.S Patent and Trademark Office had awarded the brothers a patent under the title "Systems and methods for storing digital math-based assets using a secure portal." The patent describes a means of securing a network of computers which can then generate digital asset accounts to store cryptocurrencies securely.