Goldman Sachs Reportedly Delaying Creation Of Crypto Trading Desk

Bitcoin falls off another cliff as cryptocurrency slump deepens

Maybe Goldman Sachs Isn't So Keen On Crypto, After All

Rumors of Goldman setting up a crypto trading desk to make markets in digital currencies, such as bitcoin, have been circulating since December 2017.

For the time being, Goldman will direct its efforts toward custody services, where it securely holds crypto assets on behalf of its large institutional clients to ensure those assets are kept safe and secure.

A Goldman spokesman said the bank had yet to decide on the scope of its "digital asset offering". Goldman Sachs is ditching its proposed cryptocurrency trading desk, citing yet more regulatory anxiety. Matthew Newton, a market analyst, told the publication, "Bitcoin's price might be rising but it's way too early to call this a true resurgence..." The information has been released on Wednesday 5 producing an important drop in the crypto market. Clearly, though, the regulatory landscape is far from ideal.

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Bitcoin and other tokens have continued to tumble in value, amid concerns that Wall Street institutions are eschewing cryptocurrencies.

Speculation about Goldman and crypto goes all the way to previous year, when most considered its entrance to be a matter of time.

The response to this news has been swift and negative.

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The price of ethereum has plunged almost 20 per cent in 24 hours and is now down 1.56 per cent on the day to around $229.08, while litecoin and ripple both shed more than 7 per cent of their value in recent days. Panic selling from the downtrend has likely kicked off a downward spiral that could continue until BTC prices hit support levels; some of which are as low as $5900. This chart shows another drop forthcoming, even after a correction upward of the drop from the Goldman news.

This news was the catalyst that pushed the cryptocurrency market down by over 7% within a few hours. "When people see their name, their eyes may light up, and they say: OK, we've finally made it - the bigger players are going to start to enter". Or will sellers follow the lead from this action and continue pushing Bitcoin downward?

For Ethereum, the second largest coin by market cap, this is the low point of the year.

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