Goldman drops bitcoin trading plans for now

Bitcoin Value Drops Sharply, Concerning Investors and Experts

Bitcoin Value Drops Sharply, Concerning Investors and Experts

Goldman Sachs first announced plans to start a crypto trading desk late past year, but, at least for now, those plans are on hold.

The slump has affected other cryptocurrencies just as severely: Litecoin and Bitcoin Cash have both dropped by more than 4%, while Ethereum's price as plummeted by 20% to its lowest level this year, according to a Business Insider report.

The entire cryptocurrency market seems to be in the hands of the bears once again.

On his part, Chavez said that Goldman wasn't scaling back its roadmap - which he said was never actually set in stone - and that the bank specifically plans to create a bitcoin derivatives product that functions similarly to the cash-settled cryptocurrency futures contracts now available on Chicago-based exchanges CME and CBOE.

Goldman has dropped the planned launch of a cryptocurrency trading desk to a lower spot on its list of priorities.

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Earlier this week, a report suggested Goldman Sachs was backing away from its plans to open a cryptocurrency trading desk, as it was rumored to have meant to do this summer. The hitch is that the regulatory framework from cryptocurrencies is murky.

The CFO continued by reaffirming Goldman Sachs' exploration into the Bitcoin market, suggesting that interest into the area from the bank's clients has been high, and they are keen to have tradeable Bitcoin products in the near future.

"Their name carries weight across the globe", said Ryan Rabaglia, head trader at digital asset brokerage OSL in Hong Kong, referring to Goldman Sachs.

However last night's fall was created, it is a further blow to any thoughts of a concerted recovery in the crypto markets, at least for now.

However, while at a TechCrunch conference in San Francisco on Thursday, the CFO of Goldman Sachs, Martin Chavez, disputed any claims that the bank had been considering setting up a trading platform, saying that such was fake news and that Goldman Sachs has never set any timeline for building such a trading desk. 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.

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