Cryptocurrencies continue to tumble on Goldman reports

Goldman drops bitcoin trading plans for now: Business Insider

Bitcoin Value Drops Sharply, Concerning Investors and Experts

Concurrently, the investment bank (which is already a market maker for Bitcoin futures and contracts for difference) plans to forge ahead with plans for developing a cryptocurrency custody solution - a service which Coinbase and BitGo are also working on.

Bitcoin now sits just shy of $6,500 as buyers have begun to return to the market. At the time of writing, Bitcoin [BTC] was trading at $6467.57 dollars still dropping at a rate of 7.29%.

BusinessInsider reports Goldman Sachs big-wigs recently shelved plans for a cryptocurrency trading desk.

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As first reported by Business Insider, the bank is dropping its plan due to an ambiguous regulatory environment with too many steps required to be taken, many of which are outside of the banks control, before a regulated bank could trade cryptocurrencies. The company stated that it was backing away from its alleged cryptocurrency trading desk that it previously claimed would arrive during the summer, and it should come as no surprise that regulatory uncertainty is the reason why.

The latest crash began Wednesday after the Goldman news broke, but it accelerated into Thursday. The rest of the top five cryptocurrencies by market cap toppled by more than 12 percent.

The next key level to watch for Bitcoin is $5 000, according to Stephen Innes, head of trading for Asia Pacific at Oanda, who said a drop below that threshold may cause losses to accelerate. As a result, any bank looking to facilitate those trades has to figure out how to safeguard those assets in a way that keeps regulators happy.

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The Wall Street giant has not given up hope of trading cryptocurrencies entirely.

"In response to client interest in various digital products we are exploring how best to serve them in this space. At this point, we have not reached a conclusion on the scope of our digital asset offering".

Taking the stage at the TechCrunch Disrupt Conference in San Francisco, Chavez looked to clear the controversy surrounding recent news that Goldman Sachs is postponing its launch of a Bitcoin trading desk. One crypto writer, Tanya Abrosimova, said that the drop could be attributed to attempts to regulate the global crypto market, which may have spooked investors.

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