Citing unnamed sources familiar with the matter, Business Insider had first reported that Goldman was deprioritizing launching a bitcoin trading desk, responding to a still-murky regulator environment for cryptocurrency trading.
This morning, in the space of an hour, the price of Bitcoin dropped more than $300, and this is after a week of steady gains, where some people thought things were looking up for Bitcoin. "At this point, we have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs said in a statement. Institutional money is considered by many as a trigger for next bull run in cryptos and this news meant there would be no much reason for traders to stay in the market in the short term.
According to a report from Barrons and Business Insider, Goldman Sachs is probably going to back out of the cryptocurrency business mostly because there is no clear regulatory framework on the alt coin market.
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Other cryptocurrencies have followed always Bitcoin's lead and the drop in price has put several of them in hot water. The move comes as bitcoin dropped over 5% in about 90 minutes.
The dramatic hour slowed down the entire crypto market capital, and it appears to have made its place among the downward trend on the charts recently.
However, Goldman Sachs (gs) now claims the report was "fake news", on the basis that the trading desk plans never had a timeline. Over the months since January 2018, the cryptocurrency has lost about 80% of its trading volume - down to a sad $223 billion from an impressive $800 billion recorded at the beginning of the year.
However, Mati Greenspan who is the senior market analyst at eToro stated that "The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market the a year ago, so any kind of updates on that can certainly move the prices". Some of the market speculators even believed that the price of BTC and other cryptocurrencies in the market plunged because of this.
On 7th September, during the TechCrunch Conference, Disrupt, the CFO of Goldman Sachs, Martin Chavez said that he holds some Bitcoins since 2015 and reveals the financial giant's stance on Bitcoin [BTC].