Crypto Market Takes A Bloody Hit After Goldman Sachs Scraps Crypto Plans

Crypto Market Takes A Bloody Hit After Goldman Sachs Scraps Crypto Plans

Crypto Market Takes A Bloody Hit After Goldman Sachs Scraps Crypto Plans

Goldman Sachs is ditching plans to open a desk for trading cryptocurrencies as the regulatory framework for crypto remains unclear, Business Insider reported on Wednesday, citing people familiar with the matter. "We're listening to our clients and trying to help our clients as they're exploring those things too".

"A lot of retail investors' hopes for a bigger institutional presence were really being driven by Goldman Sachs", Stephen Innes, head of trading for Asia Pacific at Oanda Corp., said by phone from Singapore.

Things started getting better for the market when large institutions like Goldman Sachs started showing signs of embracing the digital assets, and that somehow breathed some life into the market and kept it on a high over the last few weeks.

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. Founded in 1869, the firm is headquartered in NY and maintains offices in all major financial centers around the world.

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The price of bitcoin, ripple, litecoin, ethereum and other cryptocurrencies are falling amid fears an increasing number of lenders and finance bodies are shunning them.

Rumors of Goldman setting up a crypto trading desk to make markets in digital currencies, such as bitcoin, have been circulating since December 2017. According to the company, this setback is likely to be only temporary, and such a decision may be revised in the near future if the regulatory climate improves. Business Insider reports, "Executives have concluded that many steps still need to be taken, majority outside its control, before a regulated bank would be allowed to trade cryptocurrencies".

Cryptocurrency markets seemed to respond negatively to the news. News related to institutional traders tends to have some impact on bitcoin's price - indicating that there is an appetite for institutional involvement in the cryptocurrency world. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies".

Following that report, the price of bitcoin fell by around $300 in the space of an hour.

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