Bitcoin and other cryptocurrencies suffer a sudden crash
Bitcoin and other cryptocurrencies suffer a sudden crash
Goldman Sachs Puts Plans for a Crypto Trading Desk on Backburner
08 September, 2018, 14:01
TOO RISKY. According to Business Insider's sources, Goldman Sachs had hoped that by now the government would have established regulations to protect banks from some of the risks associated with trading crypto. So for now, it seems, Goldman is putting a halt on their cryptocurrency plans. It seems that the bank is still looking for regulatory clarity before it decides to dip its toes into the crypto market completely.
"I never thought I would hear myself use this term but I really have to describe that news as fake news".
But 2018 has been a rocky year for the world cryptocurrency with bitcoin prices sliding from record levels, pressured in part by regulators' increased scrutiny of initial coin offerings (ICOs) and cryptocurrency exchanges. In April, the investment firm hired crypto trader Justin Schmidt as head of its digital asset markets to explore client interest in trading crypto assets.
"The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies, whose wild price swings and surging values have captured the public's imagination but given pause to established institutions", Bloomberg noted. Rival coins Ripple, Ether and Litecoin also slipped.
Other cryptocurrencies have followed always Bitcoin's lead and the drop in price has put several of them in hot water.
Goldman has been making a clear and steady effort to capitalize on crypto markets.
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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.
Since May, Goldman Sachs has been clearing Bitcoin-linked futures contracts that are offered by CBOE and CME.
The dive saw market capitalisation of so-called cryptocurrencies dive around US$40 billion over 24 hours, specialist market media reported.
The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the a year ago, so any kind of updates on that can certainly move the prices. It has caused a drastic sell-off in other cryptocurrencies. Since then it has recovered by a few dollars to just barely go past the $7,000 price point.
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