Published: Sat, September 08, 2018
Finance | By Jaime Brady

Is Goldman Sachs out of the cryptocurrency trading desk idea?

Is Goldman Sachs out of the cryptocurrency trading desk idea?

This valuation represents a 68% fall in price since the cryptocurrency soared to an all-time high of $20,000 in December 2017. While there isn't proof of insider trading, there is a lot of speculation that an insider at Goldman Sachs took this position knowing what the news would do to the market.

Unfortunately, investors long on Bitcoin were, on Wednesday, shocked when Bitcoin prices sharply dropped by over United States dollars 300 in a matter of minutes.

Coverage of these developments had lead the crypto industry to believe the bank would soon launch its crypto trading desk.

Reporting from Business Insider claims Goldman has backed out of those plans. Now, three months after the planned release, Goldman Sachs finally announced its cancellation of short-term plans at a sensitive time for the market, and the market panicked. There are several steps that need to be fulfilled in order for the bank to enter the crypto market in this way.

"In response to client interest in various digital products we are exploring how best to serve them in this space". Goldman Sachs is ditching its proposed cryptocurrency trading desk, citing yet more regulatory anxiety.

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Goldman has been making a clear and steady effort to capitalize on crypto markets.

Even though there was no major incident that could have possibly slackened the crypto market performance, a slew of speculations has erupted in the wake of the crash. The overall market has lost around 18% of its capitalization in just the half-day after the announcement. The ebbs and flows of Bitcoin's price have been dependent upon news of institutional trading firms like Goldman Sachs and BlackRock getting involved in cryptocurrencies. Moreover, the downfall continued within the next hours, and presently BTC price is as low as $6,452.

Yesterday, CryptoGlobe reported the movement and dumping of some of the 111,000BTC stash - about $100m-worth of it, in fact - via the two exchanges, and attributed the dual price drops of mid-morning yesterday to a the sell-off.

Prior to the negative development triggered by the news on Wednesday, Bitcoin was on the way to breaching the $7,500 barrier after swinging between $6,000 and $7,000 for weeks. "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".

As Bitcoin's price drops, tokens and small market cap Cryptos are expected to bleed out further, forgoing their temporary gains right the way through early September.

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